- Why is it important to make sure that miners spend money (on electricity) while mining?
Miners spend money in forefront to receive bigger gains. Because they spent money, they are used to follow the principles of the protocol, in order to get the rewards. If they try to cheat or not playing correctly, their invest would be useless, because the their block would be rejected and not used in the chain, which means they are not able to receive rewards for the invested capital. - Why would it be very difficult for someone to go back change a previously added block?
This would lead to a new chain, because all the following blocks would be set to false, too.
As only the longest chain is valid, the cheater would have to recreate/remine all other blocks in order to create the the longest chain. And this against the rest of the network. This would need real high calculation power, which costs a lot. This is under normal circumstances not possible to do (in BC chain) - How does the network regulate mining difficulty?
Difficulty will be rebalanced in a defined timeframe to ensure that even with higher hashpower, the creation time of blocks stays “constant”. this will be done by defining the (hash)target, which gives the upper limit of the to be created hash during mining procedure.
more hashpower leads to a lower target
Good morning.
1. Why is it important to make sure that miners spend money (on electricity) while mining?
Importance of miners to spend money is due to principles that if miner is honest and keeps network safe he gets rewarded/payed. If miner is dishonest then he will lose money.
2. Why would it be very difficult for someone to go back change a previously added block?
When manipulating block in any way then the hash of the block will be changed, this creates new block with new hash and this will lead to chain protsess breaking all the next links between blocks in blockchain. In order to fix broken links manipulator have to mine all the blocks again. As we know network will choose the longest chain, in order to get back, manipulator is racing against miners who are ahead with blocks or several blocks.
3. How does the network regulate mining difficulty?
More miners lower “target”= harder to guess nonce and vice versa.
Why is it important to make sure that miners spend money (on electricity) while mining?
This is the POW, in other words, the amount of effort, infrastructure and money spent to mine the block needs to be offset against profit. This is the Miners Incentive.
Why would it be very difficult for someone to go back change a previously added block?
As the blocks have been growing over the years the chain is growing. So to change any Tx in a previous block would require to first of all re hash that block plus all the previous blocks. Meanwhile, while your spending electricity re doing all the block, by the time you have done this, you then must also catch up with all the blocks that were created while you were re hashing the past blocks. This is impossible except for 51% hash rate attack of the blockchain. So generally the incentive is to maintain an honest approach and maintain a consensus about the current state.
How does the network regulate mining difficulty?
Between 0 and infinity the Difficulty is adjusted and calculated on the hash power rate. SO the higher the difficulty the lower the target.
eg; if we have a scale from 0 to infinity and I can place the target closer to 0, it stands to reason that the small space from 0 to the target, set closer, has less space verses target to infinity. The chances of falling into the smaller space decreases hence more difficult, and the same applies in reverse.
- Why is it important to make sure that miners spend money (on electricity) while mining?
- Because like that they are incentivized to play by the rules, it is so expensive to mine, that is better to be honest and keep the network secure than going back and try to change transactions. Is paying a bigger cost upfront before getting the reward.
- Why would it be very difficult for someone to go back change a previously added block?
- Because it will take LOTS of energy to go back and try to change the data of a previous block as each new block depends on the hash of the previous block, doing so will affect not only the hash of the new block but as well all the blocks before the one he is trying to modify. On top the miner will need to re-mine again all the blocks and that will take thousands of years. Practically IMPOSSIBLE.
- How does the network regulate mining difficulty?
- As miners need to guess a nonce to add to the block to find the final hash of this new block, this resulting number needs to be lower than the TARGET imposed by network . The more miners in the network, the smaller the TARGET number (close to 0), so the miners need to try over and over again (and spend lots of money on electricity doing so) in order to find the final hash that is below the TARGET Nº to add their block to the blockchain and get the REWARD.
- It makes the miners stick to the rules. If they don`t then the will lose money.
- Because it would disrupt the chain, so you have to remine the blocks starting from the block that was
changed. Also you have to outpace the new mined blocks for which you need 51% or more of the
hashrate.
Theoretical possible, practical impossible. Too costly. - When there are a lot of miners the targetnumber is set lower. When the hashnumber (wich is a
output from the previoushash, tx-list and the nonce) is lower lower then the target the block
is accepted. The lower the target, the more difficult it is to generate a block.
- It is important that it costs miners money so that they’re financially incentivised to make it back (skin the game, dawg). If it cost nothing, then there’d be no real incentive to maintain the integrity of the network.
- If you were to try to change a previous block, the further you might try to go back the harder its be. This is because every block thereafter would the to have a new ish calculated (costly and time consuming process), and you’d also be playing a game of cat and mouse trying to catch up with the current blocks position. It is however possible, at this point it is just infeasible.
- The network regulates mining difficulty by lowering the target that the hash must beat. This happens if the current hash rate is faster than the inherent 10 minute block creation time restriction.
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By incentives to miners in the mining process related to the cost of electricity.
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Because you would break the link and all of the next blocks
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Lowering the target, increasing the ability tobguess the nonce since there are so many miners.
- Why is it important to make sure that miners spend money (on electricity) while mining?
when it is like this it creates incentives and to secure the chain - Why would it be very difficult for someone to go back change a previously added block?
this will change the entire block chain which will result in the change being canceled anyway - How does the network regulate mining difficulty?
it is regulated that when many Mines the difficulty becomes worse
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Why is it important to make sure that miners spend money (on electricity) while mining?
- It assures a physical cost to the end product. That cost causes miners to follow the rules so they can earn a profit while both processing the transactions and providing consensus security to the network.
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Why would it be very difficult for someone to go back change a previously added block?
- If there are any changes to a block, that block and all subsequent blocks become unconfirmed. If that occurred. The changed block would need to be rehashed and all subsequent blocks would need to be rehashed at the same time that all the other miners on the network are continuing to hash new block.
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How does the network regulate mining difficulty?
- The protocol attempts to regulate the solving of each block to a ten minute interval. As additional computing power is added to the network the difficulty is increased to attempt to maintain that 10 minute target. The difficulty is increased by lowering the number that the hashed block needs to add up to. To decrease the difficulty when computing power is lower the target number for the hashed block may be higher. This creates a larger “window” of acceptable guesses for the solving of the block.
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Because it is all about incentives, a miner has to spend a lot of money on electricity in order to try and get a block reward, it’s all about solving the cryptographic puzzle through proof of work.
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It would be almost impossible to change one of the blocks because it is linked to the previous block and changing one would break the links between blocks making it invalid and you would have to re-mine new blocks.
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The higher the difficulty the lower the target is and it becomes more difficult to get a nonce.
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If they didnt need to spend money nothing would prevent them from attempting to cheat. Whoever had the most time resources would win.
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Each new block depends on the previous blocks for hashing. if those were changed it would be apparent to all that there have been changes.
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The puzzle (nonce)is adjusted in order to achieve the proper difficulty for the amont of hash power working on mining.
Why is it important to make sure that miners spend money (on electricity) while mining?
It is important to make sure that miners spend money while mining to:
- motivate their honest participation as stakeholders eligible for financial recovery and gain
- contribute value to the links between blocks
- impose a significant financial deterrent to re-writing blocks and links
Why would it be very difficult for someone to go back and change a previously added block?
It would be difficult to go back and change a previously added block because all subsequent links would require recalculation at prohibitive cost.
How does the network regulate mining difficulty?
The network regulates mining difficulty by strategically lowing the target hash value so that it imposes a challenge to the total power available.
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Making miners spend money ensures they gave an incentive to play by the rules.
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To change a previous block a miner would have to also mine all following blocks and perform it faster than the entire network. The longest chain wins others will be rejected.
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The network difficulty is adjusted by regulating the nonce level. The lowering the nonce required reduces the available possibilities in turn lowering the probability of guessing it.
1. Why is it important to make sure that miners spend money (on electricity) while mining?
Miners’ spending of electricity adds to their incentives to recoup their losses through block rewards and fees.
2. Why would it be very difficult for someone to go back change a previously added block?
You would have to re-mine that previous block, since the cryptographic ‘puzzle’ which needs to be solved for the new block would be different.
3. How does the network regulate mining difficulty?
The network sets a low target for the nonce.
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By requiring financial investment in the process of mining, miners are encouraged to stay honest through the incentive of making enough money to receive their initial investment back plus profit. This is accomplished through receiving the block reward and transaction fees as payment once their block has been added to the blockchain.
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It would be practically impossible for someone to successfully change information in any given block because when information of the block is changed, then the hash is changed for that block in addition to every block following that particular block. This means that someone would have to re-mine all of the changed blocks, plus be creating new blocks in order to keep up with everyone else in the mining process.
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The network regulates mining difficulty through the number of miners that are currently mining in the network. When the target is lower, then the nonce becomes more difficult to guess; and when the target it higher, then the nonce is easier to guess. The difficulty is higher when the number of miners in the network is higher, making the target lower; when there are less miners the difficulty is lower and the target is higher. A new block is usually created about every ten minutes regardless of the level of difficulty, which is accomplished through raising and/or lowering the target number.
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By spending money on electricity miners create incentives to abide by the network standards governing the mining process. In return miners receive return on investments.
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The change will change the hash output of that block which therefore immediately effect the hash output in the next block of that blockchain.
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More of the hashing power connected the better the mining difficulty-close to 10 minutes apart.
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It is important to make sure that miners spend money on mining to incentivize them not to cheat and make any changes to the blockchain. Considering the cost of making changes to the blockchain, it’s much more cost effect to do the mining honestly.
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It would be very difficult for someone to go back and change a previous block because any alterations in a previous block would result in changes to the hashes of all of the following blocks which would need to be hashed again.
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The network regulates mining difficulty by lowering the target nonce when there are more miners and a greater amount of competition, and by raising the target nonce when there are less miners active and a lower level of competition.
Why is it important to make sure that miners spend money (on electricity) while mining?
Because is the only way to mine a new block so they get back the cost of electricity plus the block reward and tx fee.
Why would it be very difficult for someone to go back change a previously added block?
Beacuse you need a lot of energy cost to change the past blocks and mine the new block at the speed of the creations of the block of the original blockchain.
How does the network regulate mining difficulty?
By lowering the target number that miners have to guess in order to mine a block.
- Why is it important to make sure that miners spend money (on electricity) while mining?
Miners spending on electricity ensures they have to initially invest financially before getting a return on that investment (once a block is successfully mined). The electricity is needed to perform the computations in order to produce the subsequent block on the chain.
- Why would it be very difficult for someone to go back and change a previously added block?
It would be difficult for a nefarious party to alter a previously produced block because the computation power needed would be too great. The possibility is there but by the time it would have solved the puzzle for that particular block, how many more extra blocks would the blockchain have produced? Any subsequent blocks added to the blockchain in the time needed to perform this act would also need to altered in the same fashion. The nefarious party would never win/catch up because the longest chain would be the ‘truth’.
- How does the network regulate mining difficulty?
The network regulates mining difficulty by setting a target for miners to ‘hit’ below on a scale of 0 to infinity. Within any new block produced there will be the previous block’s transactions, the previous block’s hash, a time/date marker and a nonce. This nonce is a number that the miners need to guess in order to release the block. The target can be lowered or raised depending upon the amount of miners competing to produce the blocks at any given time. If there are a high number of miners competing in the network then the harder the target will be to hit, and conversely, if there are not many miners competing the target will be set higher.
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1. Why is it important to make sure that miners spend money (on electricity) while mining?
Because they will have to play by the rules, if they dont want to lose money.
If a miner try to add an infected or malicious block, they will have to spend time, hash power and electricity only to TRY, when consensus is reached, this block will be rejected, and miner have lost money.
2. Why would it be very difficult for someone to go back change a previously added block?
The block contains transactions, it have the hash of the previous block, so if a miner want to change a block, it have to recalculate the next blocks to append his previous hash, so have to mine more quickly than all the network, meaning, it must have at least 51% of the hash power to be fast enough to append his previous hashes into new blocks.
3. How does the network regulate mining difficulty?
By lowering or adjusting the mining target hash, if a target hash is low, the probability of found it is difficult, mathematically, the calculate difficulty is high so more hash power from miners will be need it.
The difficulty is re target it in order to keep the block time limit.