Bitcoin payout per hashtags
Previously I covered the howtransactions take place, miner fees, and a little bit on how miners pick transactions up from the mempool. Right now Bitcoin payout per hashtags will cover the process of hashing. Make sure to let me know if there is another cryptocurrency mining topic that you would like to see videos about!
Bare with me and I will break this down and explain it to you as simply as I can. Hashing is a very complicated function of cryptography that is relatively easy to understand without knowing exactly how a hash is calculated. The process of hashing takes a bitcoin payout per hashtags of characters and turns them into another string of seemingly random characters. As you can bitcoin payout per hashtags the resulting character strings are completely different, but the important thing to note is that every time you put in the same characters, you will get bitcoin payout per hashtags same string as a result.
So now you know bitcoin payout per hashtags than a lot of people about what hashing means and how it is done; I want to show you how this process is applied to bitcoin and blockchain technology.
I said in my previous video that miners pick up bitcoin payout per hashtags from the mempool. Each transaction contains inputs and outputs. All of this is just text that can be hashed using one of the cryptographic functions.
All of the transactions, just have to be put through the hash function, which will return a string of bitcoin payout per hashtags. I bitcoin payout per hashtags just using my web browser to generate these hashes, this website is most likely using a javascript plugin that uses the computing power of my computer and the web browser to complete these simple hashes.
Every time i enter some text into this box and a result is computed, that is one hash. Application Specific Integrated Circuit, which simply means they only do one job; which is to hash one specific cryptographic algorithm mine are SHA both of these miners are hashing at This means that every second they are running, they are calculating 17 Trillion Billion hashes.
It seems like my miners could find all the bitcoins in existence is bitcoin payout per hashtags tiny tiny fraction of a second; and they could. The creators of blockchain thought about this and made sure to implement a difficulty function that was ever expanding to ensure that no one miner could sweep in with a ton of hashing power and mine up all the bitcoins. Every blocks, or about 14 days the bitcoin protocol looks at how long the previous blocks took to find.
If it only took 12 days to find blocks the protocol knows that is too short of a time, so it increases the difficulty for the next blocks. If it sees that it took more than 14 days, then it will lower the difficulty. It will change the entire hash. I can keep adding hashtags or any random character to the end of the sentence until I find a hash that starts with a 0.
In this case it took 14 Hashtags at the end of the sentence to find a hash that starts with 0. If the mining difficulty was set at 1 0 at the beginning of the hash, it would have taken me 14 hashes to find that specific block. The bitcoin protocol says that there must be bitcoin payout per hashtags certain number of zeroes at the beginning of the hash to be accepted.
Slush Pool, not the biggest mining pool; but certainly the fairest in their payout method; Operates around 1. That is Petahashes Per bitcoin payout per hashtags, and 1, Terahashes Per second. This means that every second, of every day. Slush pool is trying 1. A quintillion is 1, trillion. Slush pool on average finds a block every 1. Which means that it takes, on average 10, quintillion, or I say average, because sometimes this process is fast 2 Minutes and sometimes it will take much longer 10 Hours.
Since the method that is used to try the different hashes is random; the amount of time it takes to find a block is also random. I will cover block rewards, and payouts in more depth in my next edition. If you are wondering how profitable bitcoin mining is currently, make sure to check out my mining profitability videos: How is it bitcoin payout per hashtags Seems pretty easy right? How is this difficulty adjusted, might you ask? The final hash was: Intro To Bitcoin Mining Part 1: Bitcoin Mining Profitability Update — February 8,