Post
Topic
Board Mining
Re: How does Bitcoin mining help secure Bitcoin?
by
mikeywith
on 20/06/2021, 23:16:13 UTC
The word "Help Secure" takes away too much from what mining actually does, the proper wordings would be "Secure" without "help".

With that being said, your understanding of what it does is right on point, you missed one key point which is the supply distribution that is essential to the well-being of Bitcoin, POW ensures that mined bitcoins go to those who actually provide resources and power and not those who have the most money or the most number of nodes.


It is actually not a lottery in the sense that lotteries are uncertain and designed for the player to lose.

Mining is certain ( in a mathematical way )

Phill, I'd like to argue against this point, mining is more of lottery-based than math-based, yes the hash function involves maths but the mining process itself is just random, what we do as miners is randomly guessing a hash below the difficulty, in other words, miners do not solve any complex math equations like how most online articles explain it.

The reason why ASICs beat all other supercomputers which are capable of doing a lot more math and are faster by a few orders of magnitude is that fact that all what these ASICs do just one thing and that is randmoly hashing the same thing over and over again.

When you think about it, there is no certainty in mining, if this was governed by math then you should be able to tell exactly when the next block is coming, or how many blocks a certain hashrate will solve within x period of time which isn't the case.