- To incentivize miners to play by the rules. So if a miner works hard enough (uses electricity) it will be paid (with rewards and fees).
- Because it would change all the previous hashes and make the rest of the blockchain invalid. So changing previous block would result in almost instant invalidation of the blockchain (it would break it)
- Difficulty rises with miners count.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
A: so there is a penalty of cost for not following the rules, built in reward for doing the work and solving the puzzle, create competition. - Why would it be very difficult for someone to go back change a previously added block?
A: Since each block in the blockchain is linked to to all previous blocks using hashing, changing any previous block would change all following blocks, Plus all nodes would also need to changed at nearly the same time (10s of thousands) before the next block is added or consensus of all nodes would eliminate the changes block. - How does the network regulate mining difficulty?
A: as more miners participate in solving the same puzzle the difficulty increases, so that the average time to solve the puzzle is approximately 10 minutes.
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- Miners need to spend money on mining, as this is the incentive mechanism to make sure that miners behave correctly. If a miner tries to validate an invalid block, they will expend energy and not receive an award.
- It would be difficult to change older blocks, because then they would have to change all subsequent blocks, and this would have to be done faster than all of the other miners in the world can produce new blocks. In other words, the longest chain will prevail, and a single miner would have difficulty creating the longest chain.
- The more miners in the systems, the higher the difficulty.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
A: So that they are interested in receiving incentives (the block reward and the transaction fees) to cover their loss with electricity and computing power/hardware. - Why would it be very difficult for someone to go back change a previously added block?
A: Because it would have to resolve the new puzzles and re-mine all the blocks from the one that has been changed, therefore it will take too much time and processing power to catch up with other miners that are already ahead. The network will always choose the longest chain, therefore it makes no sense to try and change an older transaction/block and re-mine everything up to date. - How does the network regulate mining difficulty?
The more people are mining all across the World, the more difficult is to solve the puzzles. The more miners there are, the lower the target is, and for a hash to be accepted, then the guessed hash has to be below the target, in order for the block to be accepted, and vice versa.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
To win money they must spend money.
Proof of work PoW.
Spending money incentivizes the miners to play by the rules of the algorithm, if they donât, not only they will not earn money, but they will lose what they invested in electricity.
- Why would it be very difficult for someone to go back change a previously added block?
If just one character is changed from a previously added block the hash output would change and in consequence the hole chain will be altered, since the hash of each block is hashed in dependence to the hash of the previous block, this means that each subsequent block would have to be mined again to include any alteration in previous blocks. It would be very difficult and unaffordable to mine all the subsequent blocks, additionally this additional mining would have to beat the last block being mined because the chain wonât stop, miners will continue mining the newest block and the algorithm will always choose the longest chain.
- How does the network regulate mining difficulty?
More miners mean the hashing rate increases and difficulty increases.
The hash has to be less than a so-called target, this regulates the difficulty on the bitcoin network, more miners in the network the algorithm allows a lower target and the difficulty to solve the puzzle increases.
The puzzle consists in part in guessing the nounce (which is the number the miners have to guess) and can only be achieved thru guessing and hashing. This makes miners spend money because of the computing power that depends on electricity.
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so they got skin in the game, hold them accountable so they donât and wonât mess around with own investment.
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because itâs not mathematically and time sensible, and not feasible for the amount of energy and time require to do that.
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mining difficulty is determined by the degree of competitiveness among miners. So more miners to compete for the reward of solving the algo, the more difficult it is because the range of the target is getting narrower. Meaning the probably of solving the hash that is lower than the target decreases.
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Itâs important to make sure that miners are spending money on electric while mining because if they try and fail to manipulate any previous blocks they will lose money on the block being rejected. Essentially garnering more financial incentive to play by the rules.
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It would be difficult for someone to go back and change a previous block because each time a transaction is altered a new nonce must be guessed invalidating that block and all subsequent blocks attached to it.
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The network regulates mining difficulty by volume. The higher the volume the lower the target is, which in turn makes it harder to guess a lower nonce than the target.
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It incentivises miners to play by the rules in order to get the rewards to recoup losses caused by spending on electricity. Itâs within their interest to follow the rules if they spent money upfront on electricity.
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This is because the current block is based on data in the previous block so by changing data in the previous block affects the current block.
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Hashing power on the network directly correlates with the mining difficult. The bigger the hashrate, the difficulty of mining increases.
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- To incentivize them to follow the rules and do the right thing
- They would have to, not only re-mine the block, but re-mine every block after catching up to all the other miners in order to have the longest chain to be accepted by the protocol .
- By monitoring that hash rate and changing the target based off how many miners are mining.
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- To incentivize the miners to follow the rules of mining.
- Because when you go back and change a block, every following block has to be changed to.
- the more miners there are the harder it is to reach the target, but also to make sure every block is mined
in ten minutes.
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Why is it important to make sure that miners spend money (on electricity) while mining?
This process secures the network with the high investment so everyone is playing by the rules on the otherhand they get incentivizes when playing by the rules. -
Why would it be very difficult for someone to go back and change a previously added block?
hackers have to recalculate each block due to the design of the blockchain. This requires a lot of energy and computing power. -
How does the network regulate mining difficulty?
If the network participants become more, i.e. the miners in this case, then the block difficulty is increased if there are fewer of them the block difficulty will be decreased
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- To incentivize miners to follow the rules. If the miner does not follow the rules/tries to change a block or make a fraudulent transaction, the miner gets no reward and loses money.
- It would be very difficult for someone to go back and change a previously added block as all blocks created after that transaction would also have to be changed to fo the chain to be valid which would mean you would have to not only remine the changed block but also remine all blocks attached to it whos hashes would have been altered by the change in the noted block. This is statistically impossible to do.
- The network regulates mining difficulty by tieing difficulty to the number of miners. Increased miners = increased difficulty = lower target = less likelihood of guessing the nonce below the target
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It is important to make miners spend money on electricity while mining because it helps to keep the integrity of the network. this expense is high so it becomes an incentive for miners to follow the rules. It is in the miners best interest to follow the rules so they can get their block appended to the blockchain and allow them to get the block rewards and tx fees that will recuperate the money spent and earn some profits.
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It is difficult for someone to go back and change a previous added block because any change at all will disrupt the blockchain by breaking the link from that block to the present block making it easily identifiable to locate where the change was made which is visible to the whole network.
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Mining difficulty is regulated by increasing network difficulty when it becomes easier for miners to mine and decreasing network difficulty when it becomes harder for miners to mine.
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Incentivising miners is essential for the safety of the network and keeping it up and running.
When miners are required to use electricity in order to calculate math problem miners are basically paying in advance for the change to be rewarded with block rewards and are motivated in solving the math problem and making sure that all transactions are being valid.
Hashing function in proof-of-work consensus mechanism makes tampering with previous blocks basically impossible.
The math problem miners are solving is partly based of on the content of previous blocks. As block are linked using hashing even a slightest change on previous block would mean that all block after that would need to be re-solved and re-hashed.
More miners means harder difficulty.
If the amount of miners decreases the difficulty becomes easier which makes mining more attractive. This also regulates network safety as it is safer when there is more miners and nodes supporting the network.
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- Miners must spend money on electricity in order to pay in advance and therefore incentivizes them to play by the rules in order to recoup their cost plus additional profit.
- It is difficult to change a previously added block because the any changes to the previous block will break the links to the following blocks.
- The network regulates mining difficulty by increasing the mining difficulty as the hash rate increases.
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1- By using electricity (spending money) to participate as a miner, the miner has the incentive to adhere to the rules of the protocol if it wants to earn the reward for its effort or the cost of the its work
2- If a miner makes a change to a prevously mined block it must rehash the block, then rehash all subsequent blocks, AND do it faster than the whole Bitcoin network, until its new version of the blockchain overtakes the existing blockchain it will not be accepted as legitimate by the whole network.
3- The mining difficulty is regulated by use of a target hash, this is lowered in order to make mining a block more difficult tthus slowing the rate at which a block is mined keeping the time to complete mining of a new block as close to 10 mins as possible.
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Why is it important to make sure that miners spend money (on electricity) while mining?
because it keeps them working for the incentives which they can only get when they play by the rules -
Why would it be very difficult for someone to go back change a previously added block?
because they are all linked to each other and it is impossible to catch up with the comming blocks. -
How does the network regulate mining difficulty?
with the target number. if there are many miners the target will be more difficult to get.
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Why is it important to make sure that miners spend money (on electricity) while mining?
*Miners need an incentive to do the work of mining. If they have some skin in the game (money is at stake), they will make the greatest efforts to succeed in solving the puzzle and earning the reward, to recoup their investment. -
Why would it be very difficult for someone to go back change a previously added block?
- If someone were to try to change history in the blockchain, it would discombobulate every block that cam afterwards, and then theyâd have to re-mine all of those too, all the way up to the current block. In the end, it would be undoable⌠itâs more beneficial to just follow the rules honestly.
(We must apply this technology to our elections)
- How does the network regulate mining difficulty?
- The network makes it more difficult to succeed in solving the puzzle the more miners are at work, easier when fewer are working.
It does this by lowering the target when there are more miners, making it harder to solve the puzzle.
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1- So that they end up losing money if their intention was to cheat the system.
2- Because heâd need to change all the linked blocks since every one contains the previous one hash.
3-As more miners join the mining process, the difficulty level increases.
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- Because then they are incentivized to follow the protocol to have a chance to profit from block rewards and fees.
- Because the network always accepts the largest chain. And assuming you edit something from a previous block, youâd have to remine every block after that block. And it would be nearly impossible to catch up with other nodes.
- The more miners there are , the more difficult it is to guess the nonce. The less miners - the easier it gets to guess the nonce.
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