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07 Sep '12, 9pm

David Perry - Bitcoin Mining In Plain English #bitcoin

David Perry - Bitcoin Mining In Plain English A blog post by David Perry (@KJ6CCZ ) gives a thorough explanation of how mining works without any of the specific details that “might scare the non-techies”. Excerpts: “Core concepts and terms: “Hash - I tell you that I added two numbers together and the result was 14,862. Given only that number there’s no way you could tell me what two numbers I added to get that total, but it would be easy to reproduce my result if I asked you to add 3,608 and 11,254. Block - Transactions are bundled up into big chunks of data called blocks. These blocks are linked together in such a way that each one proves that the block before it was valid. Difficulty - Ensures that [Bitcoin’s] math problems are hard enough that it always takes the combined efforts of all the miners around 10 minutes to solve a block.” - “The more miners there are, the hi...

Full article: http://www.bitcoinnews.com/post/31068930605/plain-english...

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