Subnostr

Hey this is great! All the resources we can put together to simply explain pieces of the ecosystem the better.

One minor adjustment on the mining piece, once all 21m are mined, the mining equipment won't necessarily be retired or repurposed. Some might, but i doubt most will. Mining will still continue to happen and is essential to network operations because we still need to produce blocks. The only difference is that the block rewards will end. The sole income for miners at that time will come from transaction fees which, if the network is still running at that time, should be quite high (partially proven by the recent levels of ordinals induced fees)

Darin 2y ago

Interesting. I thought all the nodes would handle the transactions I still have a lot to learn.

This was a popular post. Maybe I should share a public link to my Bublup page. It’s so much easier to read there. (After I make that correction)

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Discussion

BITwise 🐳 >>= RIGHTish 2y ago

Yeah so the technical answer as I understand it is that the nodes validate the transactions/blocks by comparing their copy of the ledger to the new block broadcasted by the winning miner.

But for a block to be broadcasted, a valid nonce must first be discovered. To discover a nonce, miners must hash.

I think the confusion occurs because most miners are also nodes but not all nodes are miners.

BITwise 🐳 >>= RIGHTish 2y ago

Simple way to explain:

Miners do the calculations and create blocks

Nodes keep the record and validate

Most miners are nodes

Most nodes aren't miners

Darin 2y ago

Where can I go to learn more? I mean I can Google, but. If you got a favorite source….

Guy Swann 2y ago

Here's a great piece on the concept of mining that will put into perspective the "why" of what he is clarifying:

https://open.spotify.com/episode/4A398lNlGr7qWAvx6XRaiu?si=575a4f6cf89c40ba

But what he is saying is true. Mining is essential to bitcoin, with or without new bitcoin being created. Nodes validate the information and blocks coming in and then pass them on, but a normal node of a user isn't mining. The only way to make a valid block is to validate all the transactions, and then add the proof of work hash.

In short:

all nodes maintain the chain, only mining nodes add to the chain