Concept
How does proof of work seal a new block?
chapter 5 / Building the Blockchain
"After transactions have been packaged, miners compete to find a block hash that satisfies the conditions set by bitcoin’s algorithm. They repeatedly add a randomly generated number called a nonce to the block data and calculate new hashes until one miner finds a qualifying result, typically requiring the hash to contain a specified pattern of zeros. The process is effectively a random lottery in which more hashing power increases a miner’s chances but does not guarantee success."
Related Ideas
- How do other miners confirm a winning block?chapter 5 · Building the Blockchain
- How does bitcoin keep block production on schedule?chapter 5 · Building the Blockchain
- Why can a transaction take time to become fully confirmed?chapter 5 · Building the Blockchain
- What work do bitcoin miners perform?chapter 5 · Building the Blockchain
- How does the blockchain prevent double-spending?chapter 5 · Building the Blockchain
- What role does the Internet play in decentralized money?chapter 5 · Building the Blockchain
- How does the Yap ledger illustrate decentralized record-keeping?chapter 5 · Building the Blockchain