Bitcoin mining terminology and facts

[Makus]

nodes are devices connected together which share information for the purpose of validating and storing data, every transaction that takes place in the network gets checked and validated by the nodes and in approximately 10minutes the record of these validated transaction are grouped together into a block
these blocks get linked together via cryptography to form a chain of blocks known as block chain, which is commonly used as a digital transaction ledger, due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes), and these blocks comes with rewards of coin which is profitable to the miner

Bitcoin mining is a type of node that is involved with running the Bitcoin network and it is responsible for crediting it's miner with new coins by solving the cryptographic problem and validation of transaction

proof of work is a term used to describe the competition between miners as they all want to be the one to gain the block reward by adding to the block chain the latest block containing all those recent transaction, and to do so they all compete to be the first one to essentially guess a random number
the number all these miners are trying to guess is made up of lots of digits and that means they have to submit a lot of guesses up to trillions of guesses then a miner gets lucky and the process starts all over

[tranthidung]

Please read books like:

• Mastering Bitcoin
• The little Bitcoin book

Some onlines educational resources:

• Learnmeabitcoin.com
• Bitcoin information & resources

Due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes)

It is because Bitcoin network has very high hashrate which makes it safe from attacks. Hashrate together with many nodes decentralized hosted globally are important for Bitcoin network.

How many Bitcoin confirmations is enough?

• https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
• https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

[hosseinimr93]

proof of work is a term used to describe the competition between miners as they all want to be the one to gain the block reward by adding to the block chain the latest block containing all those recent transaction, and to do so they all compete to be the first one to essentially guess a random number

Every block has a size limit and it's not that miners put all recent transactions in the new block. Miners can include up to 4 million weight units or 1 vMB of data in a block and they are free to choose any of the (valid) transactions they want from their mempool. They usually prioritize transactions based on their fee rate to maximize their profit.

[Makus]

Please read books like:

• Mastering Bitcoin
• The little Bitcoin book

Some onlines educational resources:

• Learnmeabitcoin.com
• Bitcoin information & resources

Due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes)

It is because Bitcoin network has very high hashrate which makes it safe from attacks. Hashrate together with many nodes decentralized hosted globally are important for Bitcoin network.

How many Bitcoin confirmations is enough?

• https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
• https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

Thanks for the links more studies would be conducted

[Charles-Tim]

these blocks get linked together via cryptography to form a chain of blocks known as block chain, which is commonly used as a digital transaction ledger, due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes), and these blocks comes with rewards of coin which is profitable to the miner

What makes 51% not possible is the very high hashrates that bitcoin miners are generating and also because mining pools are well generating the hashrates with the highest not have up to 51% hashrate generation.



https://www.blockchain.com/explorer/charts/pools

Bitcoin mining is a type of node that is involved with running the Bitcoin network and it is responsible for crediting it's miner with new coins by solving the cryptographic problem and validation of transaction

I noticed you did not mention anything like transaction fee. You mentioned that miners also included transaction into blocks. The people that broadcast the transaction pay transaction fee which the miners are also rewarded with.

[348Judah]

Snipped

When we are talking about bitcoin mining terminologies i expect to see more than what am seeing here as presented by OP in this context because this is very common and the usual words we are used to aside that this topic has been countless times discussed already on the forum and from the threads that were referenced to, you could discover a big number of people that have made alot of efforts in discussing related matters, you could be a newbie quite alright but there's more to give and discover about, additionally, you could as well always make use of the search button to know about some other aspects that have already been discussed on the forum before posting about them.

[Faisal2202]

When we are talking about bitcoin mining terminologies i expect to see more than what am seeing here as presented by OP in this context because this is very common and the usual words we are used to aside that this topic has been countless times discussed already on the forum and from the threads that were referenced to, you could discover a big number of people that have made alot of efforts in discussing related matters, you could be a newbie quite alright but there's more to give and discover about, additionally, you could as well always make use of the search button to know about some other aspects that have already been discussed on the forum before posting about them.

I was also expecting something new and unique as the OP said in title, "Facts". Well, after reading his post i can say one thing for sure, he is just visual or Kinesthetic learner. Because he just learnt the art of mining and understood the basic functioning of mining like how the whole thing happens.

He obviously did not read about the basic architecture of Blockchain and of a single block. And to prepare what he learnt he just made a post here. Which is not bad. But also not very useful and i thought the links provided by the first commenter will be useful but they were only related to BTC only and i found nothing special and unique Facts about BTC which would contribute more. But still if OP find them useful then i should ignore that reply. (No offense).

[BIT-BENDER]

I am still searching for the fact in all of this? I think you should try to do more research about Bitcoin mining terminology and fact or better still about Bitcoin in general.

I think you still a newbie and you haven't yet understood the terminology yourself, I think you should take a break from lecturing and first start to build up your own knowledge and after that you can definitely do this sort of post but you would be doing it kore effectively.

[Bushdark]

When I saw the topic, I thought I'm going to see list of Bitcoin mining terminologies from what I used to know. I think op need to do some work to make his post more comprehensive and interesting. I am happy that he is a fast learner and someone that is open minded to learn in addition to what he knows. We learn everyday and it will be better if he go back to his book to get the full knowledge which is going to open way for him and help those newbies that are open to learn new things.

[Lida93]

nodes are devices connected together which share information for the purpose of validating and storing data, every transaction that takes place in the network gets checked and validated by the nodes and in approximately 10minutes the record of these validated transaction are grouped together into a block
these blocks get linked together via cryptography to form a chain of blocks known as block chain, which is commonly used as a digital transaction ledger, due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes), and these blocks comes with rewards of coin which is profitable to the miner

Bitcoin mining is a type of node that is involved with running the Bitcoin network and it is responsible for crediting it's miner with new coins by solving the cryptographic problem and validation of transaction

proof of work is a term used to describe the competition between miners as they all want to be the one to gain the block reward by adding to the block chain the latest block containing all those recent transaction, and to do so they all compete to be the first one to essentially guess a random number
the number all these miners are trying to guess is made up of lots of digits and that means they have to submit a lot of guesses up to trillions of guesses then a miner gets lucky and the process starts all over

Just like the some commenters above I felt disappointed with what I saw, just scratched explanation while I was hoping to see series of mining terminologies and facts like the thread subject clearly states. I didn't see anything new or unique from the little I am literate with about bitcoin and mining.
OP this topic is not the first of it's kind there are many similar ones much richer and that's what makes it unnecessary. You need to do more.

[Makus]

Just like the some commenters above I felt disappointed with what I saw, just scratched explanation while I was hoping to see series of mining terminologies and facts like the thread subject clearly states. I didn't see anything new or unique from the little I am literate with about bitcoin and mining.
OP this topic is not the first of it's kind there are many similar ones much richer and that's what makes it unnecessary. You need to do more.

Purposes of creating a thread is not for the op to share only his knowledge, it is a dual way discussion whereby you also share your idea to help beginners and beside I am a newbie desperate to learn from my superiors, that is why I posted in Beginners & Help board to seek your knowledge concerning mining terminology and fact.

I would be happy if more terminology from my superiors are added to this thread for the benefit of beginners like me.

Thanks in advance.

[Makus]

these blocks get linked together via cryptography to form a chain of blocks known as block chain, which is commonly used as a digital transaction ledger, due to it's frequent addition of blocks it makes the system difficult for hackers to penetrate ( the longer the chain the more secure the network becomes), and these blocks comes with rewards of coin which is profitable to the miner

What makes 51% not possible is the very high hashrates that bitcoin miners are generating and also because mining pools are well generating the hashrates with the highest not have up to 51% hashrate generation.



https://www.blockchain.com/explorer/charts/pools

Bitcoin mining is a type of node that is involved with running the Bitcoin network and it is responsible for crediting it's miner with new coins by solving the cryptographic problem and validation of transaction

I noticed you did not mention anything like transaction fee. You mentioned that miners also included transaction into blocks. The people that broadcast the transaction pay transaction fee which the miners are also rewarded with.

Thanks for the added info sir

[Hamza2424]

When I saw the topic, I thought I'm going to see list of Bitcoin mining terminologies from what I used to know. I think op need to do some work to make his post more comprehensive and interesting. I am happy that he is a fast learner and someone that is open minded to learn in addition to what he knows. We learn everyday and it will be better if he go back to his book to get the full knowledge which is going to open way for him and help those newbies that are open to learn new things.

Haha Seems like Op spoiled your mood, anyway as you said he is new in your own words so forgive him at least for a couple of weeks, I am damm sure he will try to shape himself as you wanted to him (Kidding).

Anyway, what if Op didn't provide comprehensive and Interesting information we can make this thread more useful by posting our experiences and sharing the things we at least for me it was not a waste a have found some links haha to use in my next posts to guide others. HEhe, Keep Smiling.

[ImThour]

Nice try, I would love if you tried using the formatting options available on this forum. That would had made the post more interesting to read and consume. Here are some examples of formatting:

Bold
italics
underline

Different font sizes:

Big
Medium
Normal

BTC symbol.

[nakamura12]

Nice try, I would love if you tried using the formatting options available on this forum. That would had made the post more interesting to read and consume. Here are some examples of formatting:

Bold
italics
underline

Different font sizes:

Big
Medium
Normal

BTC symbol.

I hope that will use it because it is very helpful to use that feature when you post and you want to highlight a word or sentence in your post to make it clear. I think it's okay if OP didn't even use it as long as the post isn't hard to understand. I am interested to read the thread after reading the title but to my dismay, I didn't even see terminology in op. I say, this is clearly a clickbait even though the content isn't spam.