that I have edited, reformatted, and elaborated. So what do "64-digit hexadecimal numbers" have to do with Bitcoin mining? As of the date this article was written, the author owns less than 1 BTC, and no positions in any of the other companies mentioned in this piece. What they're actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a " hash that is less than or equal to the target hash.
Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin s famous blockchain). Here is an extremely simplified sketch of the problem, but it should give. Other miners will now build upon your block, you ve just got 25BTC.
This proof of work is verified by other Bitcoin nodes each time they receive a block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless. To be valid, yours would have to have more "proof of work" in it (a lower hash value and/or more subsequent blocks). Learn More, how Bitcoin Mining Works, where do bitcoins come from? This will allow us to enjoy the benefits that a cryptocurrency provides, but be able to run the network securely on fewer devices, and not hammering their CPU/electricity whilst doing.
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