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in hashing power from today’s level. The increase in hashing power represents market forces as new miners enter the market to compete for the reward. As long as enough hashing power is under the control of miners acting honestly in pursuit of the reward, it is enough to prevent “takeover” attacks and therefore it is enough to secure bitcoin. The target difficulty is closely related to the cost of electricity and the exchange rate of bitcoin vis-a-vis the currency used to pay for electricity. High performance mining systems are about as efficient as possible with the current generation of silicon fabrica‐ tion, converting electricity into hashing computation at the highest rate possible. The primary influence on the mining market is the price of one kilowatt-hour in bitcoin, as that determines the profitability of mining and therefore the incentives to enter or exit the mining market. Successfully Mining the Block As we saw earlier, Jing’s node has constructed a candidate block and prepared it for mining. Jing has several hardware mining rigs with Application Specific Integrated Cir‐ cuits, where hundreds of thousands of integrated circuits run the SHA-256 algorithm in parallel at incredible speeds. These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which start testing trillions of nonces per second. Almost eleven minutes after starting to mine block 277,316, one of the hardware mining machines finds a solution and sends it back to the mining node. The nonce 4,215,469,401 when inserted into the block header produces a block hash of 0000000000000002a7bbd25a417c0374cc55261021e8a9ca74442b01284f0569, which is less than the target of 0000000000000003A30C00000000000000000000000000000000000000000000. Immediately, Jing’s mining node transmits the block to all its peers. They receive, vali‐ date and then propagate the new block. As the block ripples out across the network, each node adds it to its own copy of the blockchain, extending it to a new height of 277,316 blocks. As mining nodes receive and validate the block, they abandon their efforts to find a block at the same height and immediately start computing the next block in the chain. In the next section we’ll look at the process each node uses to validate a block and select the longest chain, creating the consensus that forms the de-centralized blockchain. Validating a New Block The third step in bitcoin’s consensus mechanism is independent validation of each new block by every node on the network. As the newly solved block moves across the net‐ work, each node performs a series of tests to validate it before propagating it to its peers. Successfully Mining the Block | 201PDF Image | Mastering Bitcoin
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