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When a node finds a valid proof-of-work for its block, it broadcasts the block to every nodes in a network. Nodes accept the block only if all transactions in it are valid and not already spent. Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash. 2.10 Proof of Work (PoW) PoW is a consensus algorithm introduced by Bitcoin and used widely by many other cryptocurrencies. It consists of a complex cryptographic mathematical puzzle. It scans for a value called nonce (number only used once). The nonce is a counter used in the block header, which the miners manipulate to change the hash value of a block to meet the hash criteria. The value of nonce when hashed with SHA-256, the resulting output hash begins with certain number of zeros [10]. The exponential to the number of zeros in the correct hash determines the average work required for a particular block. This signifies that the Proof of Work contains a high level of computation on the verification process. This high level of computation is achieved by the hardware used by miners. The miners mine the block by calculating the hash of that block with a varying nonce. There is no particular formula or pattern to vary the nonce. It is varied in a random order. The miner vary the nonce until the resultant hash value becomes equal or lower to a given target value. Target: A target is a 256-bit number that all miners share [19]. The target directly affects the difficulty of the Bitcoin network: the lower the target, the harder is it to discover a block. After every hash, the number is compared with the target value which is 256- bit value, if this is less than or equal to the target value, then the miner who sends the number gets rewarded. Otherwise, the nonce gets increased, and the process is repeated. Here the fast miners have a higher chance of winning, but the process is random, and the slower miners 24PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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