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Why Is Mining Needed In Bitcoin? There are two parts to this. First you need a way to get transactions into the ledger, secondly you need a way to make it expensive for malicious attackers to add dishonest blocks. Ledger addition. Transactions are added to the ledger in blocks, creating a rough time order for the transactions. In bitcoin you can’t trust the timestamp of any particular participant, and there is no ‘master clock’ to trust, so block order is the equivalent of time order. Financial deterrent. This is about the guessing game, called “Proof of work”. You don’t actually need the guessing game to add blocks to a blockchain. However, the guessing game makes it computationally expensive (therefore financially expensive) to add blocks. This cost acts as a deterrent to attackers who would otherwise want to add dishonest blocks. So long as most of the network is ‘honest’, then the dishonest parties will have a tough time creating rogue blocks. “Why proof of work?”, in three acts: Act 1 • Anyone can create blocks on an ‘open’ network. • As you can’t trust anyone specifically, each individual node has to assume that the ‘majority’ of the rest of the network is right. • To dominate the network, you need to create many aliases who are all under your control and all agree with each other. This kind of domination-by-numbers is called a ‘Sybil attack’. Act 2 • It is cheap and easy to spawn validators who all agree with each other. • Therefore it is very cheap to bully the network. • For a network to be secure against this, you need to have a more expensive way to bully the network. Act 3 • Computational power is more expensive, it requires investment and upkeep. • Therefore use majority-by-computational-power instead of majority-by-numbers. • Malicious players will need to spend a lot more money to dominate the network. Finale • The name given to a challenge that is computationally expensive for the sake of it, is called a “Proof of work” challenge. A GENTLE INTRODUCTION TO BITCOIN MINING 5PDF Image | Introduction To Bitcoin Mining
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