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[Whyknow78]

Happy o be here, we should continue with the ethereum lecture   

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[Choco_boy]

Perfect! We are all here finally! So lets start with business

[Christ_bit]

We can continue with the mining topic about ethereum so we should start again with that

[Croosss123]

Yeah, well I mean, i dont know if we should start all over but we can do it

[Choco_boy]

Lets go again with how mining works because I think thats an important part we should all understand

[Whyknow78]

Let me start with it then:

Today, ethereum’s mining process is almost the same as bitcoin’s.

[Christ_bit]

For each block of transactions, miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins. 

[Croosss123]

More specifically, the miners will run the block’s unique header metadata (including timestamp and software version) through a hash function (which will return a fixed-length, scrambled string of numbers and letters that looks random), only changing the ‘nonce value’, which impacts the resulting hash value. 

[Choco_boy]

Next we go with this one:
If the miner finds a hash that matches the current target, the miner will be awarded ether and broadcast the block across the network for each node to validate and add to their own copy of the ledger. 

[Whyknow78]

Its like with this example if miner B finds the hash, miner A will stop work on the current block and repeat the process for the next block. 

[Christ_bit]

This is the interesting part because as a right now it’s difficult for miners to cheat at this game.

[Croosss123]

There’s no way to fake this work and come away with the correct puzzle answer.   

[lanoraediey]

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[Ioann11]

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[Choco_boy]

That’s why the puzzle-solving method is called ‘proof-of-work’.

[Whyknow78]

On the other hand, it takes almost no time for others to verify that the hash value is correct, which is exactly what each node does. 

[Croosss123]

See:

Approximately every 12–15 seconds, a miner finds a block. If miners start to solve the puzzles more quickly or slowly than this, the algorithm automatically readjusts the difficulty of the problem so that miners spring back to roughly the 12-second solution time.

[Choco_boy]

The miners randomly earn these ether, and their profitability depends on luck and the amount of computing power they devote to it.

[Whyknow78]

The specific proof-of-work algorithm that ethereum uses is called ‘ethash’, designed to require more memory to make it harder to mine using expensive ASICs – specialized mining chips that are now the only profitable way of mining bitcoin.


Really cool right?

[Christ_bit]

In a sense, ethash might have succeeded in that purpose, since dedicated ASICs aren’t available to mine ethereum.