And only 10% of bitcoins are left to mine. 🧐 engineering
), the same as that of Tesla, which is at around $1.06 trillion. If bitcoin were a corporate entity, it would be the sixth-largest company in the world by market cap, just below Tesla and just above Meta, Nvidia, and Berkshire Hathaway. However, unlike Tesla’s electric cars, bitcoins are not created in a factory.
Each block is made up of a number of pending transactions. Once a miner has solved a cryptographic problem, they announce it to the others in the network. The other miners then validate the solution. If enough miners give their approval, the block is added to the ledger and the miners move on to the next block. For every verified entry, a new block is introduced in the blockchain and the miner receives a certain amount of bitcoins as a reward.
Each block contains a header made up of a version number, a timestamp, the hash used in the previous block, the Merkle Root , the number the miners are solving for and the target value for the hash.In order to encrypt the data and complete a hash, the miner must find the nonce, which is a string of random numbers. To do this, miners use an algorithm to cycle through all the possible solutions until they find the correct one. The work involved in finding the nonce is called ‘proof of work’.
ashing involves performing a large number of functions very quickly, it requires a huge amount of computer processing power. The computers used for this are special high-powered mining computers called 'rigs' that can cost tens of thousands of dollars each, and use huge amounts of electricity.
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