Hey guys, so will be going a little technical today. Don’t run away 🙂
So the topic will be on what does it takes to mine a block in bitcoin (basically POW).
A miner put up these things inside a single block.
1-Block Number
2-Previous Block Hash
3-Timestamp
4-Present Block Hash
5-Nonce ( that they have to find out) -> Basically a number that a miner has to find out with its computing power in order to mine the block. (In normal words this is the password to unlock the block).
6-Transactions–> miner picks these from the mempool.
Basically, a bitcoin block contains these 6 things in order to be added inside the block. Now will clear the words that I used here.
Mempool–>A pool filled with the transactions from where the miner picks them up and add them inside the block. (Obviously with the more amount of fees 🙁 are picked first.)
Present Block hash generation –> This is the only thing for which miners are giving their heart and soul (As in a form of electricity and computing power). SHA 256 this is the algo. from which this is been generated.
The nonce may take a separate blog, a much bigger topic.
Merkle tree–> So as I told you earlier transactions are been put inside a block, As this, all system is decentralized so everything is in has, so why not the transactions also . Merkle tree is a hash that is been made by SHA 256 itself >>Taking 2 transactions as a couple and making a hash of them then the next 2 parents and so on. We are then left with just a single hash that is the market root hash.
Orphan Block–> Block that is not been selected may be because of any reason is considered as an orphan block and in Ethereum, we call it uncle block. In bitcoin for making a orphan block miners are not rewarded but in Ethereum it’s visa-versa. (Small amount given).
I am open to learning if I am found wrong anywhere as all these terms are technical. 🙂
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