Topic: Question : Bitcoin how mining working (Read 427 times)

the block is just a list of pending transactions. the miner create the block by choosing (some) pending transactions and some random data. the miner creates a hash of this "block". the hash must met some predefined conditions. if the calulated hash did not met the conditions, the miner change some of the random data (nonce) and calulate the hash of the block again. the miner repeat this process until the hash fulfills the predefined conditions (or another miner found a correct hash). this random search should take by design aprox. about 10 minutes.

the "predefined conditions" (difficulty) will be adjusted automaticly by the software. the target is, that the search for the correct hash of a block, lasts about 10 minutes. if the correct hash ist found earlier the difficulty (conditions) will be adjusted.

It is broadcast to all the connected peers.


No.  There is no "10 minute time slot".  The amount of time it takes to solve a block is RANDOM. The mining difficulty is adjusted so that it will require the entire global hash power combined approximately 10 minutes ON AVERAGE, but sometimes it will take much less time and sometimes it will take much more.

The block does NOT necessarily contain ALL the transactions that were sent in the last 10 minutes. It also does NOT necessarily contain ALL the transactions that were sent since the previous block was solved. Solo miners and mining pools are allowed to choose whichever transactions they want to confirm in their block. The total size of all the transactions of the block combined together is not allowed to be more than 1 megabyte.


There is nothing to "commit".  There are no changes.  There is just the new block.  That block will be broad cast to all the peers that are connected to that solo miner or mining pool.  Each of those peers will verify that the entire block is valid. If it is, then they will add that block to the end of their blockchain and they will re-broadcast the block to all the peers that are connected to them. Each of those peers will verify that the entire block is valid. If it is, then they will add that block to the end of their blockchain and they will re-broadcast the block to all the peers that are connected to them. Each of those peers will verify that the entire block is valid. If it is, then they will add that block to the end of their blockchain and they will re-broadcast the block to all the peers that are connected to them. And so on, until the entire nearly the entire network has heard about the block and added it to their own copy of the blockchain.


There you go using the "committing" word again.  There is no "committing".

The miner (or pool) gathers together one megabyte (or less) of the unconfirmed transactions that they know about. They then build an 80 byte header for that block of transactions. They then hash that header. If the result of the hash is lower than the current difficulty target, then they have "solved" the block and they broadcast it.  If the result is not lower than the current difficulty target, then they change something and try again.  Typically the thing that they change is a 4 byte value in the header called a "nonce".  However, at any time prior to solving the block, they can also change the 4 byte timestamp in the header, or they can change the list of transactions.  Changing either of those things will also change the result of hashing the header.


Here is what Satoshi said about being part of a segmented portion of the internet:

Hi,

Sorry Guys for starting this post , I read a lot article videos etc but still have some doubts .

one of the major question is about what actually done with the block which is discovered by miners .

So as a miner I hit the block and get some BTC good -> No issues on this

so if 1 block is found then will it hold all the transactions which is done on last 10 min time slot -> is this correct ?

like block is found then it will commit the changes or its reverse like it will start committing the transaction on newly found block untill the next block is found -> is this correct ?

2nd issue is with Tracking , As i found in net Bitcoin work like bit torrent too. and have some trackers so that client will discover each other , what if due to tsunami in Pacific USA & japan are cut from world then how this 10 min time slot commit ?


Thanks