Topic: Need help understanding technical details (Read 445 times)
Try reading this http://startbitcoin.com/ you should find atleast some answers to your questions here.
It's 6.2 billion * 2^32 hashes on average to find a block.
Hi guys,
Im doing a project about Bitcoin as a whole and one part of that is mining.
Right now the way that i understand mining as something like this:
The difficulty increase over time so that the total amount of hashpower will find a block in around 10 minutes.
The current difficult is somewhere around 6.2 billion. Miners try to find a hash thats under the current difficulty, and if its valid a block will be generated.
Now there currently are ASCI's that give over 4GH/s. How are these not finding blocks in 1.5 seconds?
If someone can explain mining as a whole to me in simple language, that would be awesome.
Emenemer
Im doing a project about Bitcoin as a whole and one part of that is mining.
Right now the way that i understand mining as something like this:
The difficulty increase over time so that the total amount of hashpower will find a block in around 10 minutes.
The current difficult is somewhere around 6.2 billion. Miners try to find a hash thats under the current difficulty, and if its valid a block will be generated.
Now there currently are ASCI's that give over 4GH/s. How are these not finding blocks in 1.5 seconds?
If someone can explain mining as a whole to me in simple language, that would be awesome.
Emenemer
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