- the miners use electricity to solve the cryptographic puzzle, in this way they are forced to follow he rules to not loss money. Basically they secure the network whit that energy.
2.When someone whit bad intention want to hack the network have to spend approximately the same amount of energy.Practically is more profitable to follow the rules instead to break it. - Network regulate mining difficulty by increasing difficulty on cryptographic puzzle, practically reduce number of correct answer in this puzzle.
-
It is important to make sure that miners spend money while mining, because it keeps them incentivized to be honest, and not attempt to maliciously modify the blockchain. This design feature of the blockchain helps to keep the network secure.
-
It would be difficult for someone to change a previously added block, because you would have to re-mine the entire blockchain in an unfeasible amount of time, with a ridiculously large amount of computing power, one that must only be imagined or estimated.
-
The network regulates mining difficulty by keeping it proportional to the hashrate of the network.
- To make sure there are incentives for miner to play by the rule. If miner doesnât play by the rule, he lose money.
- When someone try to change the previous block, every following blocks has to change as well. In the mean time, other miners try to produce new blocks, it is difficult to compete with other and also consume a lot of electricity. Not practical.
- The block is accepted by the network only when hash number is less than target. More miners --> lower target --> higher difficulty level.
It creates incentive for miners not to cheat or to be dishonest
Changing invalidates blocks and requires to re mine all blocks while new blocks are being mined and would be very time consuming and not as fast rewarding as being honest and following protocol.
The network increase and lower the Nonce target for mining difficulty in order to keep blocks 10 min apart
- To keep them incentivized on producing effective blocks and thereby maximizing rewards
- Because all later blocks will have to changed also, since every block contains the info of the prior block. It would cost tremendous calculation power and energy.
- A target hash is used to determine the difficulty of the input. This target can be adjusted.
It is important that miners spend money while mining because it stops them from being dishonest and helps to secure the network. If they didnât have to spend money to mine then there would be no proof of work consensus.
Each blockâs hash is based on the hash of the previous block and so if you change a transaction in a previous block, the link between that and all the subsequent blocks will be broken. You would have to re-mine all the blocks again.
The network regulates mining difficulty based on the nonce which is a random number that is included in the data that is hashed. The network sets a difficulty level, called the target which changes depending on the hash rate of the network (I think). The miners have to guess the nonce which generates a hash (random number) that is lower than the target. The lower the target is, the more difficult the nonce is to guess and so the more difficult mining is.
To incentive miners to follow the rules, or they might risk loosing potential rewards if the rules are broken.
Doing a change in a block will result in a different hash in current and following blocks.
Hashrate determines the difficulty.
Increased hashrate will lower the target, making it harder to mine.
- It creates incentives for the miners to follow the rules, keeping the network secure and in turn getting Block Rewards and tx fees in return for solving puzzle.
- Once changed, all block chains will be corrupted and need to be re-mined to keep the integrity of the whole blockchain.
- The more miners, the lower the target number and in turn the more difficult to guess the hash.
a. Why is it important to make sure that miners spend money (on electricity) while mining?
The network is secured by miners and miners have to be incentivized to secure the network. It is important that miners incur upfront cost to deter them from trying to attack the network. By trying to mess with transactions in blocks they risk to lose their potential reward for the proof of work they have already done since a malicious block is most rejected by the network. Because they incur costs up front they are unlikely to risk losing their rewards.
b. Why would it be very difficult for someone to go back change a previously added block?
You need more hash power then the remainder of the network in order to reproduce blocks and keep up with the blocks that are being produced. In theory this is possible practically highly unlikely.
c. How does the network regulate mining difficulty?
It does this by changing target in the range of the nonce. If the hashrate is high the target nonce is set to be lower and more difficult to guess the nonce goes up. If the hashrate is low, the nonce is set to be higher and the difficulty to guess it goes down
-
To incentivize miners to win the reward
-
Because any changes made to previous blocks will alter the subsequent hash values
-
Increased hash power results in a lower target which is more difficult to guess
- to incentivize them to participate in creating new blocks to recover there investment and become profitable
- because it would change every block created after it in the blockchain
- it increases difficulty to compensate for the number of miners online
-
Why is it important to make sure that miners spend money (on electricity) while mining? Because they are incentives-ed to be honest, if there not honest they will not make make money, they will loose money.
-
Why would it be very difficult for someone to go back change a previously added block? Because it would change all the blocks in the link and would be almost impossible to do so, it wouldnât be worth it.
-
How does the network regulate mining difficulty? It regulates each block is mined approximately every 10 minutes and then it gets easier if the puzzle is not solved.
-
Why is it important to make sure that miners spend money (on electricity) while mining?
So they can lose money when they break the protocol rules, because the block will not be excepted by the network, so you wasted your mining power. -
Why would it be very difficult for someone to go back change a previously added block?
He would have to remine all the following blocks that were linked to the block he wants to change until he has the longest blockchain. -
How does the network regulate mining difficulty?
Its regulated by the hashrate (the higher the hashrate the more difficult the problems).
-
Why is it important to make sure that miners spend money (on electricity) while mining?
So that they have incentive to mine for the rewards and transaction fees when hashing a block. This will mean more comptetion for rewards which in turn will output more hashing and will make the blockchain more secure. -
Why would it be very difficult for someone to go back change a previously added block?
By changing a previously added block, the chain/links after that will break. The miner would have to re-mine all the blocks to fix the chain which is virtually impossible. -
How does the network regulate mining difficulty?
Using Target Hash. When the target hash is lower, the difficulty gets greater. When the target is higher, it get less difficult.
-
Because if they spend money, they make sure to follow the rules. Because if they donât they gonna loose alot of money.
-
Because he would have to re-mine all the blocks and catch up to the longest chain. This is almost impossible and not worth the effort.
-
If many miners are around the difficulty increases and if lesser miners are around, it gets easier. Is it like price regulates the demand? This is how I understand it.
1 Without skin in the game there would be no incentive to play by the rules and the system would cease to operate. Operating costs need to be recouped and a profit made to incentivize miners as they only get paid for POW once it has been verified and accepted.
2 If the contents of a previous block are changed, the link between blocks is broken and all subsequent blocks are invalid. The computing power and time required to get ahead of the current blocks would be astronomical and unfeasible.
- The level of difficulty is set by the hash target level. The more miners, the lower the target therefore the higher the level of difficulty.
-
Why is it important to make sure that miners spend money (on electricity) while mining?
Proof of work, so that they will lose money if they donât follow the rule. -
Why would it be very difficult for someone to go back change a previously added block?
when you changed a previously added block, all the following blocks will be changed, so you want to re-mine all the following blocks, while the other part of the world are continuing to add to the previous block, which made you compete with the other world. In theoretical, you need to own >50% hash power of the whole world to win this competition. But itâs almost impossible. -
How does the network regulate mining difficulty?
By setting the nonce, which will be included as part of the hash. The hash value should lower the target to be accepted, the more miner, the bigger nonce, the lower target, more difficulty.
-
It is important to make miners spend money, not just on electricity, but also the capital that goes into the computer itself to make it powerful enough to compete with other miners, to discourage them from doing the wrong thing - the incentive of rewards for doing the right thing is greater than the cost and very low probability of reward for doing the wrong thing.
-
It would be incredibly difficult to change data in a previous block because it would invalidate all of the blocks that proceed it. Therefore the person/s wanting to change the data would have to re-mine all of the blocks again and the new blocks that would be getting created while they were re-mining the previous blocks. This becomes exponentially more improbable with each new block. Also, it would require at least 51% of the mining resources to achieve this.
-
The network regulates mining difficulty by reducing the target when there are more mining resources (difficulty). If difficulty is high, target is low, meaning that miners will generally have to make more mining attempts to get the hash within the small target. If difficulty is reduced (less miners or less computer power) then the target increases, making it easier to find a hash that fits within the target.
So they follow the rules. If they try to be malicious and fail, they will still lose money. This is a security measure.
Because that would change the hash of the block, and then the nonce needed to solve the PoW, then all subsequent blocks after that change would also need to be changed. To get this new blockchain to be adopted by the network, theyâd have to catch up all the blocks and then become the longest chain. Changing things on the blockchain is nearly impossible.
It regulates itself so that a block is found every 10 minutes or so. This is based on current total hash power/how many miners in the network.
1 Like
- Why is it important to make sure that miners spend money (on electricity) while mining?
To incentivise them to follow the rules and keep the network secure
- Why would it be very difficult for someone to go back change a previously added block?
It would require them to re-mine subsequent blocks
- How does the network regulate mining difficulty?
Adjusting the target difficulty of nonce