#nowPlaying Faith No More

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How so?

We don’t know if anybody cares

#opensource

Mostr usage growing #fedverse #nostr #mastodon

🔐 ₿itcoin is an immutable, transparent, secure and distributed network thanks to the concatenated structure of the blocks that make up its timechain. Each block contains the cryptographic hash of the previous block, making it virtually impossible to alter the data retroactively without compromising the entire blockchain. This mechanism ensures the integrity and resilience of the network.

🔗 The hash is a unique identifier generated using the SHA-256 algorithm, a fixed-length alphanumeric string that securely synthesizes all the data contained in the block. It is the heart of the blockchain's immutability.

⚙️ Within this system are the miners, who use specialized hardware, specifically ASICs (Application-Specific Integrated Circuits), to perform the hashing algorithms. These purpose-built devices are much more efficient than CPUs and GPUs, as Satoshi Nakamoto's white paper points out.

⛏️ Their job? To validate transactions, protect the network and add new blocks to the timechain. In doing so, miners prevent double spending, an inherent risk in digital systems. Without proof of work (PoW), a central authority would be needed to ensure the validity of transactions.

❓️How do miners make money? Why are they doing it? What are halving and difficulty adjustment?

📶 Stay tuned.

#bitcoin #mining #timechain #blockchain #technology #proofofwork #sha256 #asic #miner

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