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Title: The Blockchain Lottery: How Miners Are Rewarded | Coindesk report Post by: nomi913 on November 24, 2014, 09:49:20 AM As an incentive for users to update the blockchain as frequently as possible, Bitcoin uses a lottery-based reward system. Many people become miners and try to be the first to add a block to the blockchain. Then, based on some probability, a winner is chosen and gets to add a block.
What is the purpose of using a lottery like this to run Bitcoin? Well, let’s imagine Crowley wants to buy a $10,000 car from Clarice. Using traditional currency, two people engaging in this transaction would probably go to a bank and have the money transferred between their bank accounts SOURCE: https://www.coindesk.com/blockchain-lottery-miners-rewarded/ Title: Re: The Blockchain Lottery: How Miners Are Rewarded | Coindesk report Post by: lihuajkl on November 24, 2014, 01:43:43 PM using lottery as an analogy is making ppl easy to unsterstand the mining process of bitcoin. But the chance of winning is depending on the hashpower you are getting comparing with other miners.
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