After spending most of last night and today reading up on BitCoin, I still have a few questions. Please also correct me where I state something incorrectly. Pointing me in the direction of good further reading on the subject is just as much appreciated as an answer.
As best I understand the BitCoin mining process:
BitCoin miners work with the existing accepted block chain to create a new block hash. The new block itself contains recent transactions (since the last validated block?), a random number, and the previous (most recently validated) block's hash. The new block is hashed until a hash is found that meets the current difficulty standards. The new block is then published - presumably with its hash and the key required to validate it - in hope that it will be generally validated and yield a BitCoin minting (currently 50 BTC).Question 1:
If Alice has just created a successful hash and publishes her new block to the network just moments after Bob has published his own block and hash, would the network then (likely) reject Alice's block in favor of Bob's probably already accepted block?Question 2:
I'm asking this about the "original" BitCoin client at bitcoin.org
, although I expect that all other miners generally do the same. As the client receives notifications of published blocks and transactions, it presumably uses them in its block hashes? (and stops using "old" information as appropriate?)Question 3:
I see a couple posts
mentioning that mining has been removed from the "original" BitCoin client (in 0.3.22 ?). I am using version 0.3.23-beta. Does this mean that my client only maintains connection with some peers and downloads/validates publications? (in addition to providing me with a "wallet" and a means of publishing transactions)
If so, then the only mining I have going on, despite having two "original" clients fired up, is the GUIminer running on my GPU with slush's pool? (if this is the case, I highly agree that they need to update the main site that claims you're mining with that client; I thought I was until just a bit ago)
More questions are likely to come as I receive clarification. In part, I'm trying to get a handle on how futile it is to do solo mining.