Mining Bitcoin: Solving the Puzzle

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Andreas explains how mining Bitcoin involves hashing, puzzle-solving, and a special number called the nonce.
0:00 What miners do to solve the mining puzzle?
0:16 The miners use a hashing algorithm called SHA 256 to produce a hash
1:02 The miners takes the block header from the candidate block
1:43 There's a special number in there called the nonce
2:03 How difficult is it to solve the puzzle?
2:33 Summary: What is the miner doing?
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#Bitcoin #BitcoinEducation #BitcoinMining

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3 авг 2024

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Комментарии : 58

@EmpireBuilding 2 года назад

This explanation was sooo much better than "They solve complex problems." I learned something new about Bitcoin today. Thank you.

@ricsike7842 2 года назад

So how and why is this keep on being explained as "solving a puzzle"??!! It's not, it's simply what he described here. Seems very few actually know this part, so each person just repeats what they've heard from another..."solving a puzzle". In a wider topic already so complex to fully understand, yet so many interested in studying it, why is this small aspect of hashing being isolated like this and explained like the audience are babies that won't be able to grasp this simple construct!! Finally, thanks for the clear and "honest" explanation! (And here I was thinking we've got 1000s of miners trying to solve massive Rubik's cubes or something lol)

@DiscoverCrypto1 2 года назад

There's so much knowledge that Andreas offers. EVERYONE who cares about financial freedom needs to watch his videos.

@dannywayne311 2 года назад

The hero we don’t deserve, thank you good sir

@onlymoney526 2 года назад

Perfectly explained thank you!

@aromax504 2 года назад

We have to protect this man at all cost

@davearthur8656 2 года назад

Thanks for the technical breakdown.....you the best at it.

@christianleetrager4605 Год назад

Finally someone has explained it! Thanks!

@ricardosoares2706 2 года назад

Thanks for explanations again!

@vt3330 2 года назад

Well explained 👏

@jabibgalt5551 2 года назад

Thank you!

@Reizermo 3 месяца назад

The more I hear about how complicated Bitcoin is, the more I think....there's no way one person created it. It seems so complicated and smart.

@lesliescurates 2 года назад

Brilliant as always. 🤩

@jonathanlivingston7358 Год назад

Amazing explanation

@majiddehbi9186 2 года назад

hello , sir thanks for u expl but what about byzantine generals problem here in the hashing algo thx anyway

@Happytruth 2 года назад

If the SHA number can be more difficult to find from time to time how then do blocks on the Ledger guarantee they’ll be solved every 10 mins give or take? What happens if they can’t find the number needed to verify the block with the 10 minute time? BTW stellar knowledge and one of the best people in this space period thanks Andreas.

@SAL-fs1mr 2 года назад

If, over a period of about 2000 blocks, the average time between blocks is greater than 10 minutes, then the Bitcoin difficulty adjustment algorithm kicks in to make the mining easier to target an average of 10 minutes per block.

@levivandenboogart8388 2 года назад

What if there's a block, where there is no nonce that gives the required # of 0's? Is it possible? Can we prove it's impossible? I need more brain-power on this theoretical question.

@daviddibacco5770 2 года назад

thanks for explaining! is any of this done manually? or is it simply just a matter for plugging in and running the software?

@DerekF-u7e 2 года назад

It's done automatically using mining software but is technically possible to do on pen and paper as it's "just" math, although it would be so slow that the likelihood you could find the correct hash before somebody else is essentially 0.

@user-vt2ul6yc6l 2 года назад

Andreas, how do you count the number of full nodes in Bitcoin? I'm wondering how many full nodes does Dash have? Information is only available on Dash masternodes, but there are many volunteer running full Dash nodes like in Bitcoin

@Freddan0 2 года назад

lel you forgot it contains tx as well

@mentalist417 10 месяцев назад

How do we know which hash is suitable for the solution? the one which has more zeroes in the beginning? If yes, what is the reason for that?

@EmaMazzi76 2 года назад

…there’s an aspect that keeps baffling my mind (even if I followed your lessons and read your book): all the header’s data are fixed except for 1. the nonce and 2. the time stamp; if we both start mining at the same time (say 8 pm - 20.00 and zero seconds) then the one of us with more computing power will likely be the first to find the required nonce…but if one of us add extra time (say 1 second - 20.00.01) then the whole hash would be different as the nonces to produce the leading zeros required…if the average time (roughly 10 minutes) to find the nonce is encoded in the protocol and it’s auto-adjusted according to the speed of network, do miners explore all the possibilities of the next 10 minutes (plus the seconds) all at once? It would be great if you could make a video targeting and expanding this specific topic in depth. Thank you for the knowledge you have shared, no one else has done so much as you, both technically and conceptually

@DerekF-u7e 2 года назад

Miners "pick" a timestamp automatically and start mining so long as it's within the constraints of the protocol (a valid timestamp must be greater than the median timestamp of the previous 11 blocks.). The actual value of the specific timestamp is largely irrelevant as the difficulty already takes all of the components into account and, as you say, the generated hashes will be completely different with even a single bit changed. The likelihood of "winning" is the same for any given timestamp.

@EmaMazzi76 2 года назад

@@DerekF-u7e Thank you for your reply Adam, have a great day 👍

@shaneb315 Месяц назад

What is the origin of puzzles miners are trying to solve ? What are the results of solved puzzles - who uses that information and what is its purpose ? Are they solving scientific research problems for example ?

@hosamtayyeb6001 2 года назад

I have a qestion pls: For indiviual miners who mine through the pools, are they (the indiviuals) literaly do the mining process? OR they just provide the hash power to the pool in which the pool it self accumulates the hash powers and do the prosses of mining ?

@hosamtayyeb6001 2 года назад

@@__Brandon__ thanks dear

@marty590 2 года назад

Mr. A How does a Trezor generate a random private key? In my experience as a programmer you would use a random number generator based on a seed but how does a Trezor do it? Also, although highly unlikely, what happens if the private key generated is not unique so that the public key wallet contains someone elses btc? Thks.

@howboutno2776 2 года назад

In simple terms, Trezor generates 256bit number (number starting with 10 and 77 x 0 after) , then computer generates its own 256bit number, then it is hashed together by SHA-256. Then it does checksum to verify sequence integrity - hash by SHA-256 - then by adding first 8 numbers of Trezor-generated random number and adding them to the end of the number => producing 264bit number. This 264bit number is divided into 24 parts (each one 11bits long - 0 to 2047) and each part gets its english word according to the BIP-39 standard. Private keys are generated based on this seed + passphrase if you have set it. This is so enourmous entropy, that you can't even slightly imagine. So yeah, nobody's going to have the same seed as you do, if they use software which has correctly implemented random number generation. If by a greeeeeeeeat miracle you end up generating the same private key to the address (hash of a public key which is generated from private key), then you can spend those coins on that address.

@wildride1641 2 года назад

Dear Andreas. Sometimes I saw an empty block containing only the coinbase tx. Could you please explain this phenomenon. Thank you

@nechar-joshi 2 года назад

Thank you for making me even more confused.

@arunv6159 11 месяцев назад

miners are hashing to find a solution but solution for what exactly?

@EduVencovsky 2 года назад

If only one person wins the prize when it solves the puzzle, how can anyone mine and still get some money? Wouldn't that go to only one person?

@CarlosGarcia-bj2py 2 года назад

There is a new block mined, on average, every ten minutes. Also, there are "mining pools" which allow miners to collaborate and share the rewards.

@howboutno2776 2 года назад

Basically what you can and should do is joining so-called mining "pool". Many people join their computers together and are working on solving it and if anyone of them finds it, the pool distributes bitcoins to the all miners that tried proportionally to the power they provided.

@frednuernberger2136 2 года назад

Why don´t the use just a lottery for all the miners who verified all transactions in the block correctly?

@SAL-fs1mr 2 года назад

Because anyone can do that, so you won't converge on consensus. You need a proof of work puzzle so that there is only one winner per block, not many, that would be chaos.

@frednuernberger2136 2 года назад

@@SAL-fs1mr I understand how pow works. The question remains why not via a lottery only ONE miner gets the reward per block. Finding the nonce just is a "nonsense" brute force race which costs enormous amount of energy.

@SAL-fs1mr 2 года назад

@@frednuernberger2136 without proof of work, what's to stop me from making tens of thousands of nodes to game the lottery in my favor?

@spectra7gaming471 2 года назад

& honestly this is where I do have some doubts about the technology itself because it dosen't make sense to me that computers race to solve an algorithm and people/ miners are awarded with 12.5 btc

@SAL-fs1mr 2 года назад

Just because you have trouble understanding it doesn't mean the technology is flawed.

@spectra7gaming471 2 года назад

@@SAL-fs1mr I didn't say it was flawed just that part doesn't make sense to me.

@holodeckdragon8876 11 месяцев назад

wow! look how different u looked a year ago. love u without the beard.

@JayCo- Год назад

Can you make new videos please Andreas

@grildcheez1504 2 года назад

Doesn't that mean if you don't have enough compute power you may not earn ANY bitcoin at all to even pay for the work you are doing since you never solved the puzzle.

@dutch-man 2 года назад

If you solo mine, sure. Join a pool and you fix this issue.

@JavierSalcedoC 2 года назад

Mining pools are older than the first exchanges. They are indispensable for the decentralization of the network. They also use open source protocols to connect with their peers and share rewards in a transparent way

@narumango22 2 года назад

If I understand correctly, yes

@howboutno2776 2 года назад

@trisnrik2245 2 года назад

Bitcoin is only growing in importance And...it the one thing that is politics neutral! Wait did his guy say there is a Merkel bloc? I don't like the sound of that blck