-
It is important for miners to spend money on electricity to keep the network secure because if the miners have skin in the game it maintains the security and integrity of the network.
-
It would be very difficult to go back and change previous blocks because that will affect the whole chain since the hash values are connected therefore breaking the whole chain.
-
The network regulate mining difficulty by increasing or lowering the target value
-
It is important for miners to spend money/electricity on mining (up front) so that they are financially incentivized to correctly compute a âwinningâ hash function to achieve a new block. Because mining software and facilities spend so much money just through computing power, they are pressured to succeed and essentially âget it rightâ.
-
The hash of any given block is based not only on the current blockâs transactions, but also on the hash of the previous block. Because of this, changing anything about a previously added block will affect said block, but also every successive block that follows it. Because the bitcoin protocol relies on a consensus from nodes (majority rules), a change like this will be automatically seen as false.
-
The consensus system of each node, together with the hash rate of every miner that currently exists within the network essentially makes sure that miners must play by the rules. Any amendment/change/discrepancy occurring in a given block will change the hash of that block and every succeeding block that follows. All of this will occur while the other existing âlegitimate minersâ keep moving forward at their given hash rate. In order to disrupt or basically overthrow this system, you would need hardware that outpaces this hash rate by 51%, and that is assuming that you start at the latest giving block. Changing a transaction at a previously hashed block will increase the difficulty of âcheating the systemâ to an exponential degree.
Mining difficulty in the Bitcoin network is adjusted automatically after 2,016 blocks have been mined in the network. An adjustment of difficulty upwards or downwards depends on the number of participants in the mining network and their combined hashpower. The greater the hashpower the harder to find the target and vice versa.
- Why is it important to make sure that miners spend money (on electricity) while mining?
Mining Bitcoin demands commitment from the miners; itâs time and energy consuming and thatâs necessary for the cryptocurrency to work and for people to have faith in its legitimacy. - Why would it be very difficult for someone to go back change a previously added block?
To reverse transactions in the blockchain would require 51% of the whole networkâs computing power. This ensures that changes (attacks) are difficult and pointless as it would need a lot of mining hardware and thousands of years . - How does the network regulate mining difficulty?
The more miners, the higher the mining difficulty to ensure that the puzzle solving is still approx every 10 minutes, otherwise with a lot of mining power, the problem would be solved much quicker.
- financially incentivized to correctly compute a âwinningâ hash function to achieve a new block.
- When a block is changed, all the connections from that block forward are also changed. The hash changes on all the blocks from the changed block and forward, which means all the blocks will have to be reminded.
- by the number of miners on a network. The more miners there are on a network, the lower the target number that has to be nonce.
- Attempts at nefarious acts will be rejected by the network but still cost the miner the amount of electricity used.
- Each block is determined by all the transactions within the block, a nonce and the previous hash. Because the blocks are linked together, all subsequent blocks would be invalid and need to be processed again. While these blocks are being hashed, the network would continue producing blocks which would also need to be hashed to match.
- A target threshold helps regulate by fluctuating, dependent on the amount of active miners.
-
Why is it important to make sure that miners spend money (on electricity) while mining?
To make sure the miners have incetive to stay honest. -
Why would it be very difficult for someone to go back change a previously added block?
In their altered version all subsequent blocks of the chain would become invalid. Thus, they would also need to solve more than the number of subsequent blocks in the original chain, to have their version be the longest. -
How does the network regulate mining difficulty?
The network determines a target number that the hash needs to be less than, which shrinks the accepted number space the hash, essentially a random number (due to the nonce, a random number appended to the payload), needs to hit.
1 - To make sure they pay upfront before they could try to behave maliciously
2 - Because of the sequence of hashes, they would need to remine the whole serie of previous blocks as well
3 - By adjusting the nounce
-
Forcing miners to spend money to mine further incentivizes them to not attempt to attempt any malicious actions because they will not only lose the potential reward but also the money already spent.
-
Changing a previous block changes its hash and therefor all of the hashes of all subsequent blocks.
-
Approximately ten minutes should elapse between new blocks. When more hashing power enters the network and this time decreases, the âtargetâ number that minerâs hashes must be below decreases and it therefor takes longer to mine blocks.
-
It secures the network by putting money in first before being able to get rewarded so that miners are incentivized to be honest.
-
Changing a previous block will also change the hash of every block that comes afterwards which would require 51% of the hashpower and a lot of electricity.
-
An increase of hashpower causes the target difficulty to become lower making it less probable to obtain the right hash.
1.The miners lose money wasting electricity so they need to cover this loses with mining rewards ant tx fees.
2. Because it breaks all the chain since this moment and itâs a big effort changing all the nonces, data, and hashes
3. When more nodes are mining the difficulty increases which means the hash target is lower which means that is also more difficult to find it
- Because if they dont do it they dont put effort on it. At the end the money/energy gets transformed in security.
- Because you dont have to change only that block; you have to change all following blocks as well. That costs you the energy of all that blocks and all blocks after that. Practically nearly impossbile.
- If there is more hash rate they level it up after 10 minutes through lowering down the nonce and the other way round.
-
Because there needs to be expenditure in order to make miners value bitcoin and to incentivize them to not fraud the system.
-
As blocks are mined based on previousâes block hash, transaction hashes on current block and a random nonce, any change to a previous block hash would invalidate all following blocks, making it so that the entire block would have to be redone.
-
By the current hash rate. The higher the hash rate, the more difficult the block becomes by lowering the target value.
1 Why is it important to make sure that miners spend money (on electricity) while mining?
One reason for this is so that they are incentivised to spend electricity on more productive pursuits. That of being honest and maintaining integrity by mining new blocks rather than trying to alter previous blocks which will prove to be an expensive feat which would not be possibile.
2 Why would it be very difficult for someone to go back change a previously added block?
It would require not only finding the right nonce for each block and generating a correct hashsum for that one block but also doing the same for all subsequent blocks including the ones that are being generated on the fly by other miners. Even if one had most computing power available, the effort required to find the nonce becomes bigger (due to moving targets) and also other blocks in the block chain will still need to acknowledge it (if it were ever possible to reach that stage).
3 How does the network regulate mining difficulty?
Each block has a hash that is generated on the transactions, the previous transactions and a nonce (which is a just a number). The miner has to keep trying different nonces until such time when after generating the hashsum of the transactions, the previous hash and the nonce together, the resultant hash is lesser than a moveable target. The smaller the target, the closer it is to zero making it even more hard to find a hash between zero and the target.
- It is important as it creates incentive for miners to play by the rules of the network. Because if they donât and mine a block with bad transactions their block wont be validated by the nodes and they wont get the block reward + fees. They will lose money as they have spent electricity trying to mine the block.
2.Changing a previously added block would be difficult as the links in each block is based of information in the previous block on the blockchain. This means that all connections from that block going forward would be broken and someone would have to re-mine the changed block, all blocks following it and to catch up with the rest of the network (longest chain) .
- When the number of miners increase and therefore hash rate, the target lowers which increases the difficulty of mining.
-
The miners need to spend money to receive the potential block reward + transaction fees. So they need to play by the rules to receive the incentives.
-
Youâll need at least 51% of the mining capacity to change the previous block(s) and then also catch up with the next generated blocks. So itâs practical impossible.
-
When there are more miners the difficulty to guess the nonce will increase.
- Why is it important to make sure that miners spend money (on electricity) while mining?
Mining consume a lot of electric power to solve the cryptograph puzzle due to its complexity. The incisitivness is a virtuous system to stimulate miners the be honest in their validating and mining work. The complexity of going against the rules cost more then solving the puzzle. - Why would it be very difficult for someone to go back change a previously added block?
Because each block has the same content:
-Previous hashes from previous blocks
-Hash of last transaction in the block
-a nonce, a number randomly created directly linked to the previous hashes and target. The change of one part of an element present in one single block in the chain will create a cascade of changes in the following blocks. Nodes and miners controlling overcrossingly each otherâs should be, all of them been changed.
The chain of blocks being thereafter breached would be rejected by other chains. As the length of the chain is a factor of first choice , the chain would never been reintegrated back into the blockchain . - How does the network regulate mining difficulty?
As the target guess is inversely proportional to its highly, the highest the target is, the most difficult the onceâs guess becomes.
The mining difficulty is regulated by the highth of the target. The most computation= the highest electricity consumption.
- Making them spend a lot of money in advance leads them to play by the rules. If there wasnât anything to lose, some would try to break the system.
- Because every block contains previous blocks information. A single change would break the whole system.
- In order to make mining more difficult, the target number gets closer to zero. It means the target area gets smaller and it would make it harder to guess.
-
Why is it important to make sure that miners spend money (on electricity) while mining?
proof of work; to keep trying solve the nonce -
Why would it be very difficult for someone to go back change a previously added block?
as any change will change the hash output of that block which immediately effects the hash output in the next block of that blockchain. -
How does the network regulate mining difficulty?
The more hashing power connected, the greater the mining difficulties.
- Why is it important to make sure that miners spend money (on electricity) while mining?
Because they spend on electricity beforehand. This incentivizes them to mine correct blocks and play by the rules
- Why would it be very difficult for someone to go back change a previously added block?
When you alter a block all links between following blocks are broken, blockchain is invalidated. To fix this all links need to be reconnected. In other words all links need to be remined.
- How does the network regulate mining difficulty?
The more people are mining, the lower the target will be, the more difficult it is to guess the right nonce.