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Board Beginners & Help
Re: What's the mathematical puzzle miner solve?
by
bitmover
on 05/05/2021, 16:40:49 UTC
What's this puzzle all about? What do miner exactly solve? Please try to avoid technical term if possible, I would like to know in easy way.

You are asking how does Proof of Work works.

I made this Proof of Work summary a few years ago:


Proof of Work is an algorithm that rewards participants who solve a cryptographic puzzle in order to validate transactions and create new blocks (this process in known as mining).
This puzzle consists in scanning for a value (called Nonce) that when hashed together with thr block data, the hash begins with a number of zeros.



In this website you can see how this process works. You can try to find a Nonce that when hashed generates a hash that start with 0000 on your own. You will see that it is hard, unless you are very lucky. And you are going to be lucky twice in row, if you do go to a casino or something like that lol.

The difficult in finding that nonce increases exponentially as more zeros are required by the block. Difficult is adjusted every 2016 blocks, based on the average hashrate of those past 2016 blocks, so that 2016 blocks are mined every two weeks. (So a block is mined every 10 minutes)

The website I mentioned is very good and it explains things in a visual way.

You can see the blocks. Insert some random data (transactions) and you will see that you will have to mine the block again (finding a nonce which will make the hash meets the target). Try it Smiley