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April 15, 2014, 09:20:28 AM |
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Hi guys, Im doing a project about Bitcoin as a whole and one part of that is mining.
Right now the way that i understand mining as something like this: The difficulty increase over time so that the total amount of hashpower will find a block in around 10 minutes. The current difficult is somewhere around 6.2 billion. Miners try to find a hash thats under the current difficulty, and if its valid a block will be generated. Now there currently are ASCI's that give over 4GH/s. How are these not finding blocks in 1.5 seconds? If someone can explain mining as a whole to me in simple language, that would be awesome.
Emenemer
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