Bitcoin Mining · Why does bitcoin exist? Intro-10 +10 Ledger. Why does bitcoin exist? Intro-10...

Bitcoin MiningAn Introduction

About Intro

IntroAbout

IntroAbout

IntroAbout

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

Why does bitcoin exist? Intro

-10 +10

Why does bitcoin exist? Intro

-10 +10

Ledger

Why does bitcoin exist? Intro

-10 +10

Why does bitcoin exist? Intro

-10 +10

What is Bitcoin? Intro

-10 +10

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

-10 +10

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

Problem

What is Bitcoin? Intro

ProblemWhich Transaction?

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

Memory Pool

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

random

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

What is Bitcoin? Intro

Solution

Hash Function Mining

Hash Function Mining

Hash Function Mining

Small computer program

Hash Function Mining

Hash Function Mining

a1

Hash Function Mining

a1

Hash Function Mining

a1

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.2. Fixed-length result.

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

1. Same data produces same result.2. Fixed-length result.

32 bytes (64 characters)

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07

Completely Different

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07

a3 f46dd28a5499d8efef0b8fb8ee1ec1c5a5e407c9381741d576ba8deb4f59ec3f

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

9876543210

Decimal

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

Hexadecimal

9876543210

fedcba9876543210

Decimal

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

Hexadecimal

151413121110

9876543210

fedcba9876543210

Decimal

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

Decimal

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

data

Decimal

Hash Function Mining

a1 110986164698320180327942133831752629430491002266485370052238869825166557303060

a2 20004699973444259106832769305100157129890497967822946728731731367322388695815

a3 110558374480492830394381912301702732669425904788263259158895862965223613393983

random numberdata

Decimal

Hash Function Mining

a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114

a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07

a3 f46dd28a5499d8efef0b8fb8ee1ec1c5a5e407c9381741d576ba8deb4f59ec3f

data random number

Hexadecimal

Miner Mining

Miner Mining

Miner Mining

random

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Miner - Canditate Block Mining

Block Header

Miner - Canditate Block Mining

Block Header

Version:

Miner - Canditate Block Mining

Block Header

Version: 4

Miner - Canditate Block Mining

Block Header

Version: 4Time:

Miner - Canditate Block Mining

Block Header

Version: 4Time: 01 Oct 17, 3:15 PM

Miner - Canditate Block Mining

Block Header

Version: 4Time: 01 Oct 17, 3:15 PM

Miner - Canditate Block Mining

Block Header

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root:

Miner - Canditate Block Mining

Block Header

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root:

Miner - Canditate Block Mining

Block Header

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Block Hash

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Target

Block Hash

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Target

Block Hash

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

0000000000006a93b30000000000000000000000000000000000000000000000

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

0000000000006a93b30000000000000000000000000000000000000000000000

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

0000000000006a93b30000000000000000000000000000000000000000000000

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce:

0000000000006a93b30000000000000000000000000000000000000000000000

66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 1

0000000000006a93b30000000000000000000000000000000000000000000000

57cf53d815f3cf4d8025fbc4c495f65c2463fb7a06b5ea28b786a508b5208604

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2

0000000000006a93b30000000000000000000000000000000000000000000000

f6ce3fd0ad29de9ece621662dc6e9e9f71195adc51735e75b1d64ab5063781f9

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 3

0000000000006a93b30000000000000000000000000000000000000000000000

d9e7a9627a292844470a9e881093c7f6407e9a97f298cca5bbdb97841d3179ce

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 4

0000000000006a93b30000000000000000000000000000000000000000000000

bd0a01da6cd0910a1b6dcd0c43a06091fbbb0845552d018b0c79e31e0f1e9796

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 5

0000000000006a93b30000000000000000000000000000000000000000000000

d342413bdb80f801ff6cfd442dc50fe21637563d8c891b3a1c0835e95e9384a2

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 5...

0000000000006a93b30000000000000000000000000000000000000000000000

d342413bdb80f801ff6cfd442dc50fe21637563d8c891b3a1c0835e95e9384a2

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219

0000000000006a93b30000000000000000000000000000000000000000000000

0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219

0000000000006a93b30000000000000000000000000000000000000000000000

0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca

Miner - Canditate Block Mining

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219

0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca

Miner - Canditate Block Mining

0000000000002917ed8065...

Miner - Canditate Block Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner Mining

Miner - Blockchain Mining

Miner - Blockchain Mining

Miner - Blockchain Mining

Miner - Blockchain Mining

Miner - Blockchain Mining

Blockchain

Miner - Blockchain Mining

Blockchain

Miner - Blockchain Mining

Blockchain

Miner - Blockchain Mining

Miner – Block RewardMining

Miner – Block RewardMining

Miner – Block RewardMining

+50

Miner – Block RewardMining

+50Block Reward

Miner – Block RewardMining

+50Block Reward

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Miner – Block RewardMining

+50Block Reward

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Miner – Block RewardMining

+50Block Reward

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Coinbase Transaction

Miner – Block RewardMining

+50Block Reward

Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...

Coinbase Transaction

50

Miner – Block RewardMining

+50Block Reward

Miner – Block RewardMining

+50Block Reward

0

Miner – Block RewardMining

+50Block Reward

0+50

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

488,000

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

4 years

4 years

4 years

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

03 Jan 2009

4 years

4 years

4 years

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

03 Jan 2009

28 Nov 2012

4 years

4 years

4 years

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

03 Jan 2009

28 Nov 2012

09 Jul 2016

4 years

4 years

4 years

Miner – Block RewardMining

+50Block Reward

0

210,000

+50

+25

420,000+12.5

630,000+6.25

488,000

03 Jan 2009

28 Nov 2012

09 Jul 2016

4 years

4 years

4 years

early/mid 2020

Miner – Block RewardMining

+12.5Block Reward

Miner – TargetMining

Miner – TargetMining

Miner – TargetMining

Miner – TargetMining

MiningMiner – Target

Mining

.Miner – Target

Mining

..Miner – Target

Mining

...Miner – Target

Mining

...Miner – Target

10 minutes

Mining

...Miner – Target

10 minutes

Mining

...Miner – Target

10 minutes

MiningMiner – Target

MiningMiner – Target

MiningMiner – Target

.

MiningMiner – Target

..

MiningMiner – Target

..8 minutes

MiningMiner – Target

MiningMiner – Target

MiningMiner – Target

MiningMiner – Target

takes 10 minutes

MiningMiner – Target

takes 10 minutes

MiningMiner – Target

takes 10 minutes

MiningMiner – Target

takes 10 minutes

0

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time 20160 mins

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time 20160 mins18144 mins20160 mins

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time 20160 mins18144 mins20160 mins

= 0.9

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time 20160 mins18144 mins20160 mins

= 0.9x

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

time 20160 mins18144 mins20160 mins

= 0.9

00000000e6658000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

time19152 mins

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

time19152 mins20160 mins

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

time19152 mins20160 mins

= 0.95

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

time19152 mins20160 mins

= 0.95x

MiningMiner – Target

takes 10 minutes

0

00000000ffff0000000000000000000000000000000000000000000000000000

2,016

00000000e6658000000000000000000000000000000000000000000000000000

4,032

time19152 mins20160 mins

= 0.95

00000000cf5b5999999998000000000000000000000000000000000000000000

MiningMiner – Target

Thanks

Thanks

http://learnmeabitcoin.com

Thanks

http://learnmeabitcoin.com/workshops