07 Sep '12, 7am

Bitcoin Mining in Plain English

Bitcoin Mining in Plain English

The hashes aren't just to make life difficult for the miners. Because it takes so much computing power to find a hash that follows the rules, a would-be hacker trying to change the contents of a block would have to find a new hash that fits those rules again. Because he's trying to rewrite history he not only has to find a new hash, he has to find it faster than the legitimate miners can, which would require a tremendous amount of computing power and confers very little benefit. The more miners there are, the higher the difficulty goes. The higher the difficulty goes, the harder it is to commit fraud on the Bitcoin network. Before anyone asks: yes, the difficulty is already high enough that it would cost hundreds of millions of dollars to be able to rewrite a single transaction, so not worth it unless you're buying an aircraft carrier or something. Remember how I said the ...

Full article: http://codinginmysleep.com/bitcoin-mining-in-plain-english/

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Bitcoin Mining in Plain English

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reddit.com 09 Sep '12, 10am

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reddit.com 08 Sep '12, 3pm

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youtube.com 08 Sep '12, 3pm

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reddit.com 09 Sep '12, 11pm

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