- Because this basically makes them invested and thus have an incentive to want the block rewards + tx fees to get their cost investment back. Without them spending electricity, they would have no incentives to play by the rules. So they could go back and change old blocks and remine other blocks since it wouldn’t be costly and would have nothing to lose.
- Because then they would have to remine every transaction after by themselves > the network will accept the longest chain, so if they want theirs to be accepted, they would need to remine every transaction after the block they changed; all while other miners are still going so they would need to catch-up which would be very time consuming and most importantly, very expensive due to energy usage and needing to solve every block after by themselves, which is extremely difficult.
- If there are more miners, the target becomes lower, which means that your hash has a better chance (statistically) to fall between target and infinity than 0 and the low target. If less miners are in the network, target gets raised, meaning that probability of your hash being between 0 and target is greater (thus easier).
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Every 2016 blocks should be mined in 2 weeks. If it got mined faster or slower, the difference will be used to adjust the target.
- It is important to make sure that miners spend money while mining, because in that way they opt for the block reward & tx fee, so to earn to pay back the cost of electricity & earn some extra money to get payed for their work. They will be able to earn only if they play by the rules (do not include tx in their blocks that double spend UTXOs), their block is validated & appended on the blockchain.
- It will be very difficult for someone to go back change a previously added block, because they will have to remine the block that had the changed data, what will take a long period of time, even if succeeded & also the miner will later have to catch up with the other miners, because his blockchain will be smaller because of the time frame he used to remine while new blocks were being added. This proces is time & energy consuming, because guesing the right nonce & hashing is so. Rebuilding the whole chain from where the change occured & the respective blocklinks is practically imposssible.
- The network regulates mining difficulty in such a way that the more miners are mining the lower the target will be. That means the chance to guess the right nonce & hash is less probable, so more difficult.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
This is important to ensure that miners have a vested financial interest in creating and verifying valid blocks. By requiring miners to spend money to participate in building and maintaining the blockchain, miners are disincentivized to cheat. If miners cheat, they lose the opportunity to make money from participating, while still having spent their money on electricity.
- Why would it be very difficult for someone to go back change a previously added block?
Because they would also have to re mine each subsequent block, including all new blocks created while they are busy trying to catch up.
- How does the network regulate mining difficulty?
By adjusting the difficulty target to create a situation where all compute power on the network equals approximately 10 minutes per block.
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Why is it important to make sure that miners spend money (on electricity) while mining?
It’s to ensure that these people have skin in the game. They are incentivized to recoup their losses. -
Why would it be very difficult for someone to go back change a previously added block?
In theory this isn’t impossible. However the hash function of the edited block will alter the recorded hashes of the existing blocks. The miner would then need to have control of more than 51% of the mining network to make all nodes come to a consensus that the altered block and the blocks before it are compatible. Considering there are millions of miners across almost every country, this is hypothetically impossible. It would be like taking over the internet.
- How does the network regulate mining difficulty?
Difficulty is regulated by the protocol. The function checks the difficulty every 2016 blocks or approximately every 2 weeks to ensure the time frame of each block creation averages 10min intervals. It adjusts the difficulty by reducing the target range the miners have to guess to have their block added to the network. This is important because millions of miners may come online or go offline at any moment. This is even more essential now as miners may be affected by the economical and political trouble now being felt during the corona virus.
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- Making them spend money keeps them honest or they will lose money and not receive any incentives .
- If you change a previous block it changes the hash which changes the hash on all the blocks moving forward. so you would have to re-mine all the blocks after your changes and try to catch up to all the new blocks that have been created which is virtually impossible.
3.The more miners trying to solve the puzzle the more difficult and lower the target number .
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- Because if the miners try to change a transaction and not act honestly, the consensus will reject thier block. And thus have waste they electricity (loss money).
- If they change a previous block, they will have to re-mine all block that come after it. By the time they do that, another miner would have already mined the lastest block and therefore make them waste money. Making it more profitable to just ack honestly.
- By changing the target threshold. If there are less miners, is increases (making it easier to geneart a acceptable hash). If there are more mines, then it decreases( making it harder to find a acceptable hash).
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1.) Its important for miners to uses electricity because are incentive by tx rewards and fees its there are cheating the network the block will be not accepted and they are penalize themselves by the waste of electrisity.
If block its correct is a uses of electricity . If the block is not correct its a waste of electricity. thats the prove of work.
2.) its difficult because it also have to change all the consecuents block so its a race to change all the blocks to the most recent one . Its theoretically no imposible but mathematically imposible it will take hundreds of years to do it.
3.) Targets are lowered to increase difficulty. if targets are high it consequently reduces difficulty to find the answers of the puzzle.
A lower target =A few correct answers . A higher targets =lots of corrects answers
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- so they are playing by the rules of the network
- He would need a super computer, in theory it is possible practically not. he could never catch up
- by guessing the nonce, if the target is low the difficulty is high
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My bad. I got the number mixed up with the block reward halving interval which IS every 210k blocks.
And BTW congratz on your role as a forum mod, and thanks for helping out. You’ve been on a “like” rampage the last few days following up on all the academy homework postings. Cheers! 
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- The money spent on energy keep the miners honest and true to the main chain. If they follow the rules they will get the block reward + transactions fees; else they will spend massive amounts money mining a chain that is rejected by the rest of the network.
- Its almost impossible to change the history of the blockchain. A bad miner would have to have 51% or more of the total hashrate to double spend. They would have to re-mine all of history and overtake the main chain to become the longest chain. Only the longest chain will survive.
- If the total hashrate is high on the network and there is a lot of miners the difficulty will be increased. This would lower the target hash making it more difficult to mine.
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- Incentive to be honest in order not to lose money
- All subsequent blocks would have to be remined
- Via the target. Blocks should be constant at 10 min per Block. Deviations are readjusted every 2 Weeks.
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- By spending money the miners have incentives to follow the rules since they are invested in the mining process
- If anything is changed in the previous block it would break the link to the next and the following blocks, becuse it would change the hash
- As there are more miners the difficulty to guess the nonce is increased by lowering the target.
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In order to prevent malicious activities on the network, the miners need to spend money. By spending money, it is in their best interest to follow the rules of the network.
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Going back and changing data would require that they mine all of the blocks in front of that block, all the while keeping up with all of the other miners. It gets exponentially more difficult the further back they go.
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Every 2016 blocks the difficulty is adjusted, based on the previous 2015 blocks, to maintain the blocktime around 10 minutes.
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Why is it important to make sure that miners spend money (on electricity) while mining?
To provide an incentive to perform responsibility with integrity
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Why would it be very difficult for someone to go back change a previously added block?
Because the risk far outweighs the rewards of such an effort
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How does the network regulate mining difficulty?
Based on the numbers of miners mining
1.Miners spend money on electricity if they dont follow the rules they loose money.
2.Any modification will breake the blockchain
3.The more miners the more mining difficulty
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- If miners spend money on mining they are incentivised to guess the correct Nonce in order to complete the block and be rewarded. If they try to cheat the system they will be financially punished.
- You cannot go back and change a previous block as it will change every block that came after that one which breaks all the links between every block thereafter .
- The more miners there are the Target number is lowered to increase the difficulty of finding the Nonce with the correct hash.
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#1 - Why is it important to make sure that miners spend money (on electricity) while mining?
Miners spending money on electricity ensures the security of the network. Miners are incentiviced to get the block reward to cover their electricity costs. It also makes it unprofitable to try to change (attack) the blockchain
#2 - Why would it be very difficult for someone to go back change a previously added block?
Because the content of the block is hashed within all following blocks as well. So it is not enough to change just one block, all following blocks have to changed to, in addition to that all new blocks that have been mined during this time have to bee mined too.
#3 - How does the network regulate mining difficulty?
Mining difficulty is regulated through the cryptographic puzzle. If there are many miners the puzzle is difficult to solve, if there are less miners it is easy to solve.
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- Why is it important to make sure that miners spend money (on electricity) while mining?
They are incentivized because electricity needs to be paid and playing by the rules is the best way to pay it back and earn additionally. - Why would it be very difficult for someone to go back change a previously added block?
It would require the re-mining of the block and all the blocks afterwards and it has to be done faster then the existing chain. The longest chain wins. The only way this is possible is if some entity has 51% or higher of the hashpower. - How does the network regulate mining difficulty?
It does this by adjusting the target to keep an avarage blocktime of 10 minutes. If difficulty is high the target = low and when difficulty is low the target = high. The target is a number and it is compared with a calculated hash. The hash should be lower than the target for a block to be accepted.
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- It keeps the blockchain solid and reliable. A rejected block costs the miner a lot of money
- You must also mine the following blocks. You cannot overhaul the following blocks unless you have 51% of the hashrate (theoretical). Practical no way to get it.
- By changing the target. The target is set between 0 and indefinite. When the target is low, all is rejected above the target and approved under the target. So the chance to be rejected is very large, to get the right nonce takes a lot of time (read money).
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