1.if they dont play by rules they wont get fee+reward=money 2.then you will have to mine blocks again+ other blocks after wont be walid.3.if there is high hashrate target will be low make nonce harder to ges using more elektricy.
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Why is it important to make sure that miners spend money (on electricity) while mining?
Because it creates an incentive to play by the rules of the blockchain and mine legitimate new blocks to get the block reward and fees to make a profit.
If they did not spend money on electricity there would be much less incentive to play by the rules as it would not be expensive for them to try and change history so the benefit of changing history may outweigh that of the block reward + fees. -
Why would it be very difficult for someone to go back change a previously added block?
If a miner tries to change a previous block, the hash of that block would change, this would break the link to the next block as it contains the hash of the previous block. So the miner would also have to re-mine all the subsequent blocks that took place after the block they changed - this would be so expensive and take so long that it is not even worth attempting as other miners also continue to add blocks to the chain. -
How does the network regulate mining difficulty?
If the hashrate on the network is too high, this means that there is more miners or more electricity being used which results in finding the required nonce faster. If this reduces the time to find blocks to much less than 10 minutes per block, the difficulty will be increased i.e. the target threshold required to be met for a block to be accepted is lower. This will then increase the length of time taken to mine new blocks.
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it is important to make sure miners spend electricity while mining in order to keep them honest. If miners want to break rules, they will lose time and money. It is much more profitable for a miner to âplay by the rulesâ
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it is very difficult for someone to change a previously added block because then the hash would change, which in turn means they will have to change all the hashes of the blocks linked together. This means they would have to re-mine all blocks which would take a very long time.
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mining difficulty is regulated by setting a target. If thereâs many miners, Target is low which means mining difficulty is high and vice versa.
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Why is it important to make sure that miners spend money (on electricity) while mining
1To incentivize them to stick to the rules as if they break the rules and e.g add something malicious to the block it will be rejected by the network and they will have wasted time and money in electricity
Why would it be very difficult for someone to go back change a previously added block Because this would invalidate that block and then all subsequent blocks would also then be invalidated and have to be re mined this would take so long it is near impossible and definitely infeasible
How does the network regulate mining difficulty?
The more hash power the harder it becomes the less hash power the easier it becomes more miners higher difficulty to keep the block time at 10 mins if there are less miners for some reason then the difficulty becomes easier
Difficulty high target low difficulty low target high
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- they need to invest/spend money to incentivize them to play by the rules, cause if they dont they wont make money
- If you go back to change previous information, you are changing the hash of that block which in turn breaks the link between blocks, cause all hash will change and then you have to re mine all the following blocks yourself and that will be so difficult that it will take forever and you will just waste money.
- The network regulates mining difficulty by lowering the target the more miners join the network and by lowering the target, you miss the target more to the upside than below. Which means you have to keep guessing and spending more and more electricity.
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It incentivizes accurate data so that the block is accepted to the blockchain resulting in return on investment
2. it would be extremely difficult. they would have to change all the linked blocks hash numbers as well
3. by changing the threshold for the nonce
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- Without incentive there is no motivation to try and achieve the block reward. By having already spent the miner has effectively pre-invested and is committed to achieving the result (block reward + Tx Fees)
2.by changing a single digit in a previous plock, the whole hash outcome will change, resulting in a discrepency between the block and subsequent blocks. Trying to find the same hash outcome for different data would be an endless endeavour. Such changes are simply ignored.
3.By playing with the difficulty, the network can play with the hashrate and the rate at which new blocks are released onto the network.
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So that the incentive that you receive BTC rewards when you mine a block actually is a incentive.
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Because all the blocks ahead of that one would become invalid and in order to REALLY change something in a previous block youâd have to mine all the blocks again after the changed one and it needs to be really fast since the longest blockchain is the one that the network agrees on being THE valid Bitcoin blockchain and if new blocks are being added faster than you mine then you wouldnât have the longest chain. So youâd need at least 51% of all the hash power of the network to mine faster than new blocks are being added. And since the biggest miners mostly use the latest and best technology to mine Bitcoin, it would be really difficult for yourself to have technology that is a lot more efficient than what the market already provides.
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By lowering the target number your blockâs hash number need to be under.
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- It is important that miners spend money on mining so they have to play by the rule if they want to get profitable.
- If youâd would want to change a block and get away with it, you would have to mine also all the new following blocks to the actual one to be successful, which would demand discouraging amount of investment and power and would make the entreprise quasi-impossible.
- Every two weeks, mining difficulty is recalculated in order to target a block mined every 10 mins relatively to the center of hash.
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- Since the miners have high energy expenses the incentives are a reward for the mining. It also ensure the miners follow the rules since cheating becomes unattractive considering the amount of money/energy and time it would require in order to succeed.
- Every block and every link is based on a unique hash; if transactions or contents of blocks are being changed it will change the hash of all consecutive links and blocks.
- Difficulty is the measured based on the number of nodes that are mining. More miners equal higher difficulty. Less miners equal low difficulty. The aim is to keep the block time at 10 minutes.
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The network will reject attempts by bitcoin miners to break the rules (consensus algorithm). Requiring an investment in electricity assures that they will lose money if they donât play by the rules. One current question I have is how the ridiculous use of electricity may inhibit the exponential scale of bitcoin but I imagine that might be covered later.
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Altering one block will not only change the hash of that block it will also change the hashes of all of the subsequent blocks - which would need to be re-solved as well. This makes it practically impossible to anyone to alter a previous block. Provenance.
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The âTargetâ range lowers when there are more active miners, making solving the nonce more difficult. The network seeks an equilibrium between the hash rate and the target number so that the time it takes to mine new blocks is relatively stable.
1: It ensures an economic incentive for them to not break the rules because if they did break the rules they would lose the money they spent on the electricity.
2: Because they would break the chain and have to mine everything again while catching up with the blockchain. During this catchup they would only gain minimal rewards and to even catch up they would need to control 51% of the hash rate.
3: The target hash is lowered if there are more miners, making it more difficult to guess a working nonce. If there are fewer miners the target will be broader, making it easier to guess.
- To keep the miners honest.
- It would break the link.
- The more miners, the more difficult.
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to ensure the reliability of the blockchain. if they would not spend money (or anything else) or only a little, some miners might begin not playing by the rules (e.g. modifying some transaction of a past block for their personal favor, knowing that it would become easier to re-mine the rest of the blockchain). Instead, if miners have to spend lots of money in electricity, they choose always the more feasible option to gain money: mining and playing by the rules, in order to (maybe) receive the next block reward and the fees. The more they have to spend, the more risky will it be for them trying to cheat.
- all the blocks after the compromised one will be invalid and would have to be re-mined by himself tor the next eternity, while other miners are continuing adding blocks to the blockchainâŚ
- he would need to do it alone (=mine alone, that would last an eternity). I guess however that this is how forks are created?
- by defining the target. The lower it is (=the lower is the number of the target, which usually has to begin with some zeros), the more difficult is it for miners to find a right nonce. The more miners are taking part at the network, the higher will be set the difficulty. As far as I know the difficulty gets re-defined regularly in order to assure always an approximate time of 10 minutes for mining the next block.
Why is it important to make sure that miners spend money (on electricity) while mining? The fact that miners spend electricity while mining is the Proof of Work that they effectively mined blocks and it is what incentivize them to obtain the reward and fees so they can fund their electricity costs. And this keeps the miners involved and the network viable.
Why would it be very difficult for someone to go back change a previously added block? Absolutely! The hash for each new block in the chain uses as input the new transactions in addition to the nonce as well as the hash of the last inserted block. If somehow someone could go back and change a previously added block, that would imply a misconstruction of the hashes for the blocks after the one that was changed that would necessitate its correction to restore the consistency of the blockchain. If that restoration could be feasible it would take a very large amount of time, not to mention the synchronization-related problem arising due to the continued mining work of the rest of miners in the network while the change is updated in the blockchain. It would be impossible to change a previously added block.
** How does the network regulate mining difficulty?** The difficulty adjustment is directly related to the total estimated mining power. It is adjusted every 2016 blocks (every 2 weeks approximately) so that the average time between each block remains about 10 minutes.
- It is important to make sure that miners spend money while mining because it helps keep them honest. If they try to cheat the system, they will lose the profit they could have made on the block reward, and on top of that, will have to pay out of pocket for the electricity they used while mining.
- Itâs very difficult to change a previously added block because they are all interlinked with data from previous blocks. Changing data that has previously been verified, will cause the linked data in other blocks to become invalid and will need to be validated all over again before proceeding.
- The network regulates mining difficulty by making it harder to mine when there are more miners, and easier when there are less.
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Why is it important to make sure that miners spend money (on electricity) while mining?
It makes them follow the rules. Itâs called Proof Of Work -
Why would it be very difficult for someone to go back change a previously added block?
Because they would have to remine all the following blocks again on their own which is impossible to keep up with. -
How does the network regulate mining difficulty?
Every 2016 blocks the difficulty gets adjusted. If there are more miners the difficulty will become higher.
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Why is it important to make sure that miners spend money (on electricity) while mining?
Since the miners are spending money on electricity there is an incentive to contribute to the network to mine bitcoin and add blocks to the chain. -
Why would it be very difficult for someone to go back change a previously added block?
Requires a large amount of capital that will be wasted, a need to work faster to catch up on the chain, and the link would be messed with since the previously added block changed. -
How does the network regulate mining difficulty?
The lower the target, the higher the difficulty. Lower target meaning a higher amount of miners.
- Why is it important to make sure that miners spend money (on electricity) while mining?
- If the process was free everyone would be mining, removing the security and incentive.
- Why would it be very difficult for someone to go back change a previously added block?
- The processing power required to mine the current block is enormous and exponentially increases the farther back in the chain you go.
- How does the network regulate mining difficulty?
- By reducing the difficulty with fewer miners, and raising it with more.
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Why is it important to make sure that miners spend money (on electricity) while mining? This is how we know miners are being honest and following the rules. Miners have to spend a lot of electricity upfront to solve the puzzle of the next block in return for the block reward and transaction fees.
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Why would it be very difficult for someone to go back change a previously added block? All the blocks are linked together by the previous block, if a person tries to change a previously added block the link will be broken and the person would have to mine the previous block over and the current blocks being added, which will take years and years.
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How does the network regulate mining difficulty? by using a target, the miner that nonce a hash that is less than the target will be awarded the block. The more miners in the network the lower the target, which makes it difficult to produce a block.