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It gives them incentives to keep mining because the want to profet.
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Beacause they would have to remine all of the the new blocks, at the same time keeping up with all of the blocks that are being created.
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The more miners their are the lower the taget will be.
- So that they lose money if they are dishonest. On the contrary, they are incentivised if they follow the rules.
- If a previously added block is changed, its hash value changes and it will break the chain.
- When there are more miners and more blocks, it becomes extremely difficult to predict the nonce and subsequently keep the hash value lower than the target.
It is important because with paying the electricity you insentivise miners to keep up mining by the rules.
If somebody attempts to break a block and change it first of all it would alarm all other nodes. Secondly it would mean that he would break the link with the next blocks that are mined and to catch up the last real block and overwite it, by mining a new block, he would need imensive amount of hashpower, electricity and propably many years. Something almost impossible even if you take over 60% of the network power.
To enable the difficulty level to be adjusted, the proof-of-work algorithm includes a difficulty target. If the target by the network is set close to 0 then the difficulty increases. If the target is closer to the infinity it becomes easier to mine because the posibilities between 0 and the target are much more.
1.This serves as a deterrent to cheating.
2. It will be noticed as the BlockChain is transparent. Also, it will break the link of the other blocks and change their hashes.
3. The difficulty is increased if the target is low and the difficulty decreased if the target is high.
**1. Why is it important to make sure that miners spend money (on electricity) while mining?**
Having a miner spending a lot of money while mining you can ensure that they will follow the right
PoW procedures so they can get the block rewards and get back the money they spend. Also with this
you have incentive miners trying to solve the puzzle so they can get their blocks on the network and earn the block rewards.
**2. Why would it be very difficult for someone to go back change a previously added block?**
Having that difficult task which is practically impossible for a miner to do that with the current technology you can achieve the security on the network and also make the miners incentive to follow
the rules of the network.
**3. How does the network regulate mining difficulty?**
The network regulates the mining difficulty from the amount of miners are mining. The more miners mine the more difficult is to guess the nonce because the target number of the nonce it gets lower. The less miners, the higher the target number so that makes it easier for miners to solve the puzzle.
** I probably watched 15 times the video âMath behind PoWâ. I can say it was really fun 
- Because they are incentivized to play fair and not try to cheat. Trying to modify blockchain previous blocks cost money.
- He would have to remake the broken link between blocks and to reach from behind other miners. This is very costly and hard to do.
- If hashrate increases also the mining difficulty increases by lowering the target.
- Why is it important to make sure that miners spend money (on electricity) while mining?
The more money miners have to spend the securer the network is. This results in more trust in the use of the bitcoin network and probably a higher intrinsic value of the blockchain of the bitcoin network. The miners lose money if they are dishonest. - Why would it be very difficult for someone to go back change a previously added block?
the miners have to re-mine the blocks. All blocks are linked together via the hash of the previous bock, transactions and the nonce they are guessing. Other miners are in competition to mine the blocks donât have re-mine. - How does the network regulate mining difficulty?
The more miners the lower the target the higher the difficulty. Block-time is around 10 minutes. The mining difficulty is related on the block-time so that each new block will be mined in 10 minutes.
ivanLeader
Homework on Mining and Proof of Work - Questions
1. Why is it important to make sure that miners spend money (on electricity) while mining?
- To incentivize miners to solve the puzzle for hash rewards & transaction fees, and to promote
honesty.
2. Why would it be very difficult for someone to go back change a previously added block?
- It would be nearly impossible to efficiently change the previous and subsequent blocks resulting
from the altered block, as the amount of time, energy, and expense would be prohibitive.
3. How does the network regulate mining difficulty?
- By requiring miners to solve mathematical puzzles by guessing a number below the Nonce which ranges from 0- infinity. The more miners working, the higher the difficulty by setting the target low.
- Why is it important to make sure that miners spend money (on electricity) while mining?
It helps secure the network through the incentive of spending money.
- Why would it be very difficult for someone to go back change a previously added block?
That would change the blocks that came after it as well and then require you to then re-mine the block and all the blocks that came after it and that continued to pile up; it would make it most unlikely to happen.
- How does the network regulate mining difficulty?
The more miners the more difficult the mathematical puzzle. The target number gets lowered for the miners to get below which makes the odds much more difficult.
- to prove they have put in the effort and avoids cheating
- they would have to mine 2 blocks faster than everyone else mining 1 block, it becomes impossible quickly
makes them spend money and so incentivises to get on with filling and hashing
Because it changes the hashes all the way forwards and all blocks now have to be remined
By changing the target for the hash. Lower target less probability of success
- Why is it important to make sure that miners spend money (on electricity) while mining?
There must be some outside investment into producing new bitcoin. - Why would it be very difficult for someone to go back change a previously added block?
Because you would have to hash all the blocks all over again from the block that you had changed. - How does the network regulate mining difficulty?
If there is more miners then the difficulty is hard. The difficulty is adjusted that the new hash have to be lower that the difficulty requirement.
It is important to make sure miners spend money so that they are pushed to mine blocks within the rules in order to receive the block reward and transaction fees. If these calculations were free of charge they would not have to follow the rules and we could possible have an infinite amount of forks with invalid transactions.
It is nearly impossible to change a previous blocks transactions because each subsequent block relies on the previous hash. therefore changing a single character in a previous block would break all the links in the following blocks. you would have to have 51% of the hash power to even consider changing the blocks and you would still have to be faster than everyone else who is elongating the original correct chain.
the network regulates mining difficulty by changing the hash target according to the collective hash power. If few people are mining the hash target will be higher and take less nonce guesses to reach the target, however the target is lowered the more hashing power available making it increasing harder to find the correct nonce that will achieve the target goal.
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Why is it important to make sure that miners spend money (on electricity) while mining?
because the proof of work consensus system demands that energy be put into the mining of the blocks -
Why would it be very difficult for someone to go back change a previously added block?
because in order to go back the attacker must rebuild the whole chain from the point where the chain was made and it takes a lot of energy to do that -
How does the network regulate mining difficulty?
by making it harder or easier to find the nonce value
Why is it important to make sure that miners spend money (on electricity) while mining?
So that they will lose money by being dishonest. Working like incentives
Why would it be very difficult for someone to go back change a previously added block?
Because the link/links to all the following blocks would be destroyed and everything would need to be remined, while the rest of the miners keeps solving new blocks making more following blocks.
How does the network regulate mining difficulty?
It regulates the difficulty depending on the hashpower, trying to keep the mined block time at 10min
1.The minig cost is the incentive to solve the puzzle. If the miners try to cut corners they will have to spend more money and actually lose.
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When the previous block is changed the hash of the current, and the following block changes immediately. The other miners are adding new blocks and it becomes impossible to keep up.
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The network regulate the mining difficulty by lowering the taget (number) when there are many miners in the network. When the target is is low it becomes more difficult to guess the nonce.
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It ensures Proof of Work and incentivises block reward
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Each block is based on previous blocks. If you change a previous block, it will break the link(s) Then the blocks would be invalidated and would have to be remined. It would take thousands of years to recreate, and so you would lose your place in the blockchain. This is a disincentive to changing a previously added block.
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The more miners, the lower the target number. The lower the target number, the higher the difficulty.
Homework on Mining and Proof of Work - Questions
- Why is it important to make sure that miners spend money (on electricity) while mining?
Because of this, a miner will stick to the rules or heâll lose money.
- Why would it be very difficult for someone to go back change a previously added block?
Because then the links between the blocks will be broken and you will have to re-mine the blocks again and catch up with the rest of the network. This is practically impossible because of the lack of time and hashpower.
- How does the network regulate mining difficulty?
The mining difficulty is variable and it adapts every 2,016 blocks (about 2 weeks), to the total amount of computer power that miners make available to the network. If the mining difficulty were not variable and did not adjust to the hash rate, Bitcoinâs supply would increase linearly with the increase in the hash rate. This is because there is a direct relationship between the hash rate and the speed at which a valid hash is found. The higher the target hash is, the easier it becomes to find a valid hash. Conversely, the lower the target hash is, the harder it is to find a valid hash.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
- The upfront expense incentivites the miner to mine the new block correctly and as quickly as possible in order to win the block reward.
- Only if the block is accepted by the network of nodes, will the miner be reimbursed for energy + profit of the expense for having mined.
- Why would it be very difficult for someone to go back change a previously added block?
- Hash power would need to be spent on computing a new hash for the block.
- The new hash for the block would âinvalidateâ the hash for the subsequent block, which would also need to be recalculated.
- While recalculating existing blocks, other miners would be continuing growing the chain by calculating new blocks, which would need to be recalculated as well in order to make the modified block valid.
- How does the network regulate mining difficulty?
- the resulting hash from the blocks ansestors hash, tx list and nonce must be lower than the target.
- target is lowered closer to zero when more more miners participate.
- Lower target --> higher difficulty
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Why is it important to make sure that miners spend money (on electricity) while mining? - So there is an economic cost put into the work that is being completed.
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Why would it be very difficult for someone to go back change a previously added block? - It would be difficult if anything in previous blocs are changed it will change the hash and break the link to the next block. The only way to do this would be to re-mine the entire chain and get ahead (i.e. a 51% attack) to have the longest change. However this would be very expensive.
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How does the network regulate mining difficulty - It regulates the mining difficulty by adjusting the âNonce.â The lower the target value to more difficult.