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Title: What's behind the mining? Where is all that hashing power used? Post by: endriuska on May 20, 2013, 04:08:07 PM The subject says it all. Do we even know what is being done hashing power we produce?
Title: Re: What's behind the mining? Where is all that hashing power used? Post by: Photon939 on May 20, 2013, 05:53:16 PM It is used to create a hash value with a number of leading zeroes that matches the current difficulty level. The hash is comprised of previous and current transaction data as well as some arbitrary data.
The hashing power goes to secure transactions and nothing else. Title: Re: What's behind the mining? Where is all that hashing power used? Post by: doosey2 on May 20, 2013, 07:07:27 PM It's solving SHA-256 algorithm - hashing the block header plus a nonce to find a value less than or equal to the current_target.
Title: Re: What's behind the mining? Where is all that hashing power used? Post by: wasted on May 20, 2013, 09:15:49 PM we are decrypting hashs for the NSA.. its cheaper for us to do it..
Title: Re: What's behind the mining? Where is all that hashing power used? Post by: crazyates on May 21, 2013, 01:56:20 PM Start here: https://en.bitcoin.it/wiki/Block_hashing_algorithm
If like that and want more, go here: https://en.bitcoin.it/wiki/Protocol_specification Title: Re: What's behind the mining? Where is all that hashing power used? Post by: wrenchmonkey on May 21, 2013, 02:43:08 PM we are decrypting hashs for the NSA.. its cheaper for us to do it.. I think you mean we're decrypting NSA files, and selling them to the Russians... Now, put your tinfoil hat back on, Comrade... Title: Re: What's behind the mining? Where is all that hashing power used? Post by: cp1 on May 21, 2013, 02:44:07 PM The only useful work that mining does is to record transactions into the block chain.
And heat your house Title: Re: What's behind the mining? Where is all that hashing power used? Post by: endriuska on May 21, 2013, 08:15:45 PM well i guess there's no definite answer what's behind all that power? it's not like it was built to make up a number and then try to crack it?
Title: Re: What's behind the mining? Where is all that hashing power used? Post by: bcpokey on May 22, 2013, 02:43:18 AM we are decrypting hashs for the NSA.. its cheaper for us to do it.. It'd actually be incredibly expensive if that were the case. To the tune of $450,000 per day ($164,250,000/yr). Just about any other way would be cheaper. Title: Re: What's behind the mining? Where is all that hashing power used? Post by: notaek on May 22, 2013, 02:50:50 AM we are decrypting hashs for the NSA.. its cheaper for us to do it.. It'd actually be incredibly expensive if that were the case. To the tune of $450,000 per day ($164,250,000/yr). Just about any other way would be cheaper. What do you mean? Electricity costs or bitcoins produced? Title: Re: What's behind the mining? Where is all that hashing power used? Post by: bitpop on May 22, 2013, 09:45:54 AM We are really cracking Chinese governments.
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