![]() Miners are in the process of guessing the value of $magicNumber. A blockchain is essentially a linked list on steroids. By including the previous blocks’ hash in the new hash calculation, an actual chain is formed linking each block to the new one. In a simplified version, miners all around the world are trying to run this function: SHA256( $previousBlockHash, $newTransactionHeadersToBeIncluded, $magicNumber ) The $magicNumber is also called a nonce, a Number Used Once. The Bitcoin network uses SHA256 hashes pretty much everywhere. There isn’t actually a puzzle to solve, it’s more of a brute force attempt at trying to guess a magic number. The whole concept of mining is extremely clever. That’s a lot of buzzwords right there, isn’t it? Let’s break it down. If they manage to solve the mathematical puzzle in time, they can claim the block reward. □ A quick recap: miners all around the world are, at this very moment, running hardware and software to calculate the hash of the next Bitcoin block. So what is it and how does it work under the hood? Let’s deep-dive into the nitty-gritty details. Mattias Geniar, Follow me on Twitter as In a few hours, the Bitcoin network will experience its third “halving”.
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