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Author Topic: what are the bitcoin miners really solving?  (Read 576 times)
mithali
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November 10, 2017, 09:19:36 AM
 #1

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?
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liuqi
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November 10, 2017, 10:16:17 AM
 #2

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?

They solve the network blocks with the fees per per byte. It cost some satoshis moves in the block. This is the real work done by the bitcoin and altcoin miners. To help this work miners will get the reward that is the transaction fees. If there is network pool delay that time bitcoin transaction will be delayed. Don't reduce the fees which is by default in the wallet that will reduce the transaction speed.

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staradvincula
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November 10, 2017, 10:10:56 PM
 #3

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?

They solve the network blocks with the fees per per byte. It cost some satoshis moves in the block. This is the real work done by the bitcoin and altcoin miners. To help this work miners will get the reward that is the transaction fees. If there is network pool delay that time bitcoin transaction will be delayed. Don't reduce the fees which is by default in the wallet that will reduce the transaction speed.

So the caused of delay of fees is due to the delayed of transaction and network. Am I right or wrong?
phexchanger
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November 12, 2017, 05:34:07 AM
 #4

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?

They solve the network blocks with the fees per per byte. It cost some satoshis moves in the block. This is the real work done by the bitcoin and altcoin miners. To help this work miners will get the reward that is the transaction fees. If there is network pool delay that time bitcoin transaction will be delayed. Don't reduce the fees which is by default in the wallet that will reduce the transaction speed.

So the caused of delay of fees is due to the delayed of transaction and network. Am I right or wrong?

One of the reasons maybe is that some miners turned to mining bitcoin cash instead because of the higher price so less miners for bitcoin means more delayed transactions
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November 12, 2017, 08:42:38 AM
 #5

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?

They solve the network blocks with the fees per per byte. It cost some satoshis moves in the block. This is the real work done by the bitcoin and altcoin miners. To help this work miners will get the reward that is the transaction fees. If there is network pool delay that time bitcoin transaction will be delayed. Don't reduce the fees which is by default in the wallet that will reduce the transaction speed.
because when the transaction costs are reduced, this will disrupt the network and affect the speed of the transaction, even more than 2x24hour for 1 confirmation,,this will be bad for us who want to do transaction instantly, because to get 1 confirmation we have to wait a long time .. because even though the large transaction fee is in line with the higher bitcoin prices

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liuqi
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November 12, 2017, 09:24:50 AM
 #6

As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve?

They solve the network blocks with the fees per per byte. It cost some satoshis moves in the block. This is the real work done by the bitcoin and altcoin miners. To help this work miners will get the reward that is the transaction fees. If there is network pool delay that time bitcoin transaction will be delayed. Don't reduce the fees which is by default in the wallet that will reduce the transaction speed.

So the caused of delay of fees is due to the delayed of transaction and network. Am I right or wrong?

Yes you are right! if there is default fees in the transaction you cannot find the transaction blocked at all. Some time it delay because huge of number of pending transaction in your wallet provider site. Moreover from the past three weeks bitcoin transaction fees has been increased but can be modified it if you are desktop wallet user.

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QuiteLoud
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November 12, 2017, 06:28:39 PM
 #7

Am I getting it right, that in PoW the difficulty is getting stronger artificially, so basically all this electricity is burning for nothing just to make the distribution of the coin equitable?
Belkaa
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November 19, 2017, 10:11:48 PM
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Miners are not so much solving a math problem as they are spending a lot of effort making guesses until they guess correctly. Bitcoin works by having a linked set of "blocks" of transaction records that document who has what bitcoin. To make bitcoin work, they needed some way to ensure that the record of blocks is immutable, i.e. nobody can change it.


The way they accomplished this was to create the concept of mining. Miners take a current set of transactions, which includes a link to the last set accepted, and make many trillions of guesses, each time putting a number into the "nonce" field of the block header. The block header is run through a hash function, also known as a "one-way" or "trap-door" function. In this case, the SHA-256 hash function is used twice. If the output of the hash function is below a threshold value, then the block is valid, is accepted by other miners, and the miner who guessed correctly is rewarded with the block reward, currently 12.5 bitcoins.


 The lower the hash function output threshold, the harder it is to provide a guess that will cause the output of the hash function to be low enough, and just how low the threshold is is determined by something called bitcoin "difficulty." Difficulty adjusts every two weeks so that no matter how much mining is happening worldwide, a new block continues to be created every 10 minutes on average.
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November 20, 2017, 07:59:55 AM
 #9

there is a movie about solving math problem down to near zero, I think its advance math calculation like algebra solutions.. just my imagination

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November 20, 2017, 08:10:33 AM
 #10

network blocks with the fees per per byte. depending on how big the block, the bigger the fee
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