- Why is it important to make sure that miners spend money (on electricity) while mining?
This is one thing that incentivizes miners to play buy the rules of the network. It is the miners’ cost of investment - Why would it be very difficult for someone to go back change a previously added block?
The hash of the current block depends in several things- including the has of the previous block. So you’d have to remine every block between that block and the current block- all the while everyone else is continuing to mine. It is theoretically possible but practically impossible. - How does the network regulate mining difficulty?
By making the cryptographic puzzle -the target - higher or lower. It is lower when more people are mining to make the puzzle more difficult. It is higher when less people are mining to encourage participation in the network
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It’s important that the miners spend money on electricity so that they’ll need the incentives to cope up with the cost that they have spend and they’ll have more motivation/need to follow by the rules and win the blocks/puzzle.
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Each hash is a computation of previous hash, transactions/data, and nonce. Once you change one data on the the previously added block then it will affect other blocks and each one would be invalid on domino effect.
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Through Target. If the target is low then the difficulty is high.
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- to proof of work to the consensus
- because it will change the hashes of all the blocks after that block
- by the available bitcoins and the number of miners
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Hi everyone,
- The cost of trying desperately to introduce a malicious transaction remining all necessary blocks (corrupted block + subsequent ones) would be way too high to have any profit doing so, also it would not be feasible competing with the rest of te miners (you’d need way too much power). It would not be worth it. They would do better just playing by the rules to get the benefit of getting block rewards and fees as a return for their investment on electricity.
- You’d have to remine all subsequent blocks, it will cost a lot, and other miners will go on adding blocks to a chain that you will never be able to compete with, it will be longer than yours unless you have 51% of the total power. It is theoretically possible but not in practice.
- If there are many miners, trying to find the nonce to get a hash (which is a function of previous hash + transactions data current block + nonce) lower than the target, we need to increase difficulty, so we make the bar/target lower (as if we were playing limbo, it will take more tries before one participant finally manages to pass below). If there are not that many miners, we decrease difficulty, so we set the bar (the target hash) higher.
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It’s important to make miners spend money on electricity because it ensures they will follow the rules because they don’t want to spend money and not get anything back in return.
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It is difficult for someone to go back and change a previously added block because then they will have to re-mine that block and every block that came after it while trying to catch up to everyone else.
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The network regulates mining difficulty through the hash rate and through proof of work. The hash rate is derived from the hash of the previous block, the transaction list, and the nonce (random number). It also makes sure that each block is mined in approximately 10 minutes.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
To let them play by the rules (incentives) to solve the puzzle, which leads to blockrewards and transaction fees.
- Why would it be very difficult for someone to go back change a previously added block?
Every hash is made out of previous hash, transactions in the current block and the nonce. Once you change just one data in the previous block, it will affect the blocks coming after that. To complete the chance you have to remine every link that is coming after it. Meanwhile every other miner is working on new blocks, which you also have to solve.
- How does the network regulate mining difficulty?
Depends on the number of miners. The more miners trying to solve the puzzle, the harder the puzzle gets (the target is lower with more miners trying to guess it)
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- Why is it important to ensure miners spend money (on electricity) while mining?
Spending money incentivizes miners to recoup the cost of mining by successfully upending their block and receiving rewards in the form of block rewards and transactions fee
- Why would it be difficult for someone to go back and change a previously added block?
Altering any transaction history in previous blocks will consequently change the hash of that specific block, which in turn will invalidate the remaining blockchain since all the following blocks in the network require a new hash (acquired through mining again) due to the alteration as the hash of a block is generated in part by the previous block’s hash
- How does the network regulate mining difficulty?
The network creates a ‘target’ threshold in the form of a number that automatically adjusts based on the difficulty of mining, which seems to be affected by the number of miners in the network. As mining becomes more difficult, the ‘target’ threshold becomes lower and since the hash generated by the miner needs to be lower than the ‘target’, it becomes more difficult to generate the right hash.
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Why is it important to make sure that miners spend money (on electricity) while mining?
Miners spend money on electricity when mining to get the block reward and the transaction fee by following the rules. if they don’t they lose money spend on electricity and there is no reward. -
Why would it be very difficult for someone to go back change a previously added block?
A change in the precious block affects all other subsequent blocks or a current block, And it breaks the link that connect the previous block and all subsequent blocks added. -
How does the network regulate mining difficulty?
When there are lot of miners on the network, The lower the target and which makes it hard to get a new hash below the target.
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They become invested and are rewarded by playing by the rules. Spending on electricity upfront commits them to pursue incentives.
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A change in one block requires all the blocks in the chain to be revised, vast computing time frames make it all but impossible.
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The more miners that are on the network increase the difficulty by making the target nonce hash lower. This is regulated to block verification output of approx. every 10 minutes.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
Because it’s the main incentive to earn money (return the investment). And miner must follow the rules to get the money. - Why would it be very difficult for someone to go back change a previously added block?
Because it will call re-mining all the chain after the added block including added one. - How does the network regulate mining difficulty?
It regulating the complexity of guessing the nonce with the result block hash range wideness.
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Because otherwise it the blockrewards would be as worth as it is and it would be more easy to hack bitcoin because you would loose no money doing it.
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Because every Block is Linked to the next Block, so if you hack one Block you need to hack all blocks that are already mined following the hacked block. And if you hack a Block the following blocks are not linked anymore because the hash is diffrent
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To make the target for the difficulty higher if there are less miners or lower if there are a lot of miners
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Homework on Mining and Proof of Work - Questions
- Why is it important to make sure that miners spend money (on electricity) while mining?
- This is to ensure that the miners show commitment when mining bitcoin. The upfront cost incentivizes miners to follow the rule book in order to obtain the mining reward.
- Why would it be very difficult for someone to go back and change a previously added block?
- It is very difficult because if one tries to change any previous block, the whole block will be changed and therefore invalid.
- How does the network regulate mining difficulty?
- The network regulates the mining difficulty by increasing the mining hash rate complexity as more and more transactions are done in the blockchain network.
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- Mining is based on incentive - the miners need to recoup the money spent on electricity.
- Each block’s hash is based on the transaction, nonce and previous block hash. Changing anything would break the existing change from the altered block forward. All the blocks after the altered block would need to be re-mined and the chain caught up but that would be practically impossible to do unless there was only one computer mining the blocks.
- When there are fewer miners mining the difficulty lowers and vice versa. This is to maintain the rate that blocks are mined remains close to 10 minutes per block.
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[quote=“ivan, post:1, topic:8439”]
- Why is it important to make sure that miners spend money (on electricity) while mining?
To inventivise them to recoup that money and possibly make a profit from bock rewards and transaction fees. - Why would it be very difficult for someone to go back change a previously added block?
This would change the hash for that block and invalidate the hash value in the current block and for all others that follow. - How does the network regulate mining difficulty?
By adjusting the value of the target hash. The lower it it, the lower the mining difficulty and vice-versa.
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Miners are made to spend money because they are incentivized to follow the rules.
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Because any change affects the hash of the block which affects the hash of the next block and the blocks after hence breaking the chain.
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The network regulates mining difficulty by either lowering or increasing the target threshold of the hash of the current block.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
Minors get incentives if they mine properly. If not, they lose money.
Since nobody wants to lose money, blockchain is well maintained.
- Why would it be very difficult for someone to go back change a previously added block?
The modification changes the hash values for every single block after the modified block.
You need to mine all blocks that come after modified block, and it costs a lot due to huge electricity. It also takes a pretty long time for the computation. Peer to peer review (comparing minors last hash result) shows if it is invalid or not because most of minors end up getting the same hash result after properly mining.
- How does the network regulate mining difficulty?
Minors need to compute a proper hash number due to the regulation. More minors, the more strict regulations are applied to mining process.
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miners need to spend money on electricity because that way new blocks are being created and solved without there being an overflow of unsolved blocks slowing down the network which in turn the miners get incentives with rewards for following the blockchain rules. If not then they lose money.
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It is difficult for someone to go back and change an old block because as soon as the old block is slightly altered then the rest of the blocks after it will also change and the chain is broken.
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The network regulates mining difficulty by the amount of people mining on the network = a lower target number.
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- To discourage them to build malicious blocks.
- Because if any of the previous blocks are changed, all the blocks to the present block needs to be mined again and they have to catchup with the newly created blocks that other miners created. This is nearly impossible.
- If the number of miners are more, the difficulty is raised by lowering the target number. This makes guessing Nonce difficult.
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Why is it important to make sure that miners spend money (on electricity) while mining?
Miners must prove that they spent time and money (electricity) trying to solve very difficult transaction puzzles and are rewarded based on their proof.
Why would it be very difficult for someone to go back change a previously added block?
It’s so difficult that it would take exponentially more money and time than it would to just mine the block without cheating. One small change requires remining the entire series of blocks that are affected by the change recomputing for changes in each hash, nonces, and broken links.
How does the network regulate mining difficulty?
The blockchain adjust the difficulty automatically targeting new block creation every 10 minutes.
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1. Why is it importastrong textnt to make sure that miners spend money (on electricity) while mining?
This ensures that the miners follow the rules and not to damage the blockchain.
2. Why would it be very difficult for someone to go back and change a previously added block?
Because this would break and affect all the following links and the following block which comes after. And for the miners to be able to mine all blocks again and the new ones requires a huge hashpower which makes it impossible.
3.How does the network regulate mining difficulty?
By regulating the blocks with target. Which means the more miners in the network the lower the target is, in its way makes it more difficult to mine.
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