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What kind of math problems do Bitcoin miners solve?
The Most Common Bitcoin Mining Mathematical Problems In order to be successful, miners have to solve three very difficult math problems: the hashing problem, the byzantine generals problem, and the double-spending problem.
What is the mathematical equation for Bitcoin?
The elliptic curve used by Bitcoin, Ethereum, and many other cryptocurrencies is called secp256k1. The equation for the secp256k1 curve is y² = x³+7. This curve looks like: Satoshi chose secp256k1 for no particular reason.
What is the problem solved by Bitcoin?
With Bitcoin, Nakamoto solved the reversibility problem by eliminating the need for a trusted third party that could willingly or unwillingly reverse transactions. In place of a trusted third party, Nakamoto used a chain of cryptographically-signed transactions secured by proof-of-work to order and validate payments.
What is the mathematical puzzle in Bitcoin?
The puzzle is essentially a word (list of characters), call it A, which represents the machine’s output, in order to solve it your task is to find the the correct input (another word), call iti B, such that when you put B into the machine you will get A as an output.
What is the Blockchain equation?
Blockchain is basically a publicly available ledger where participants enter data and certify their acceptance of the transaction via an elliptic curve digital signature algorithm (ECDSA). An elliptic curve is an equation such as y2 = x3 + a x + b.
What problem did Satoshi solve?
Satoshi Nakamoto – Bitcoin’s creator – envisioned a worldwide digital currency backed by energy that could not be coerced by governments. In order to achieve his goal, Satoshi had to solve two major problems with the current economy: censorship and inflation.
What did Satoshi Nakamoto solve?
| Satoshi Nakamoto | |
|---|---|
| Nationality | Japanese (claimed) |
| Known for | Inventing bitcoin, implementing the first blockchain |
| Scientific career | |
| Fields | Digital currencies, computer science, cryptography |
How many Bitcoins does a miner get for solving a problem?
The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger. All this gives miners an incentive to participate in the system and validate transactions.
Who pays for the solutions to the math problems in Bitcoin?
No, no-one is paying for the solutions to the math problems. In fact, they are only math problems in the same sense that watching a Youtube video is doing a computation. Miners are checking transactions of other users. The Bitcoin protocol is built in such a way that this process sometimes creates new bitcoins.
How do bitcoin miners solve the SHA2 problem?
In the actual world, these lines are unconfirmed bitcoin transactions and are 1000s in numbers and it takes a room full of GPUs to solve it through the try and fail method. The moment any miner hits the jackpot i.e. able to find SHA2 with leading required 0s, it will raise its hand and tell other miners the solution and claim the reward ‘Bitcoin’.
Are miners paying for the solutions to the math problems?
That’s the job that miners are paid to provide. No, no-one is paying for the solutions to the math problems. In fact, they are only math problems in the same sense that watching a Youtube video is doing a computation. Miners are checking transactions of other users.