Mining Difficulty - Simply Explained

Рет қаралды 122,579

Күн бұрын

Mining Bitcoin or Ethereum is a hard task for your computer. But why? And what does the difficulty have to do with the security of blockchains? Learn all about blockchains, consensus algorithms and why difficulty adjustment is crucial to keep everything operating at an optimal (and safe) level.
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Пікірлер: 90

@guitarheroprince123 4 жыл бұрын

can't believe I have ability to watch these high quality educational videos that too for free.

@simplyexplained 4 жыл бұрын

Glad you like them. I'm really passionate about sharing knowledge and reading comments like this warm my heart!

@linuxd 3 жыл бұрын

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@leograyson2490 3 жыл бұрын

@ coreytradings

@anniematteo6644 3 жыл бұрын

@@leograyson2490 Mr Corey bitcoin platform has made me a rich man honestly I invested only but $540 in my first trade and bagged $1900 and ever since I’ve done it repeatedly and earned lots of profits beginners should apparently do same and see it truly works

@aakashsonkusare69 2 жыл бұрын

Mining summed up in first 10 seconds, wow how easy was that and yet I dint come across such short and accurate definition in so many years!!!!!!!

@jenj6776 3 жыл бұрын

I hate myself that I just found you today! :(((((((( You are the best at explaining things in the simplest language my brain can decipher!

@Pedro-lp2kj 4 жыл бұрын

thank you !!! great explanation

@yuliyacher67 2 жыл бұрын

Thank you!

@indigo0086 2 жыл бұрын

I'd love to see what concepts of Bitcoin are old ideas reimplemented and which ones are completely unique

@shubhampawar2207 3 жыл бұрын

Great Explanation!!

@hadrianos1 Жыл бұрын

Outstandingly good explanation!!

@tjmooney4181 Жыл бұрын

Thank you 👍

@VirtualBacon 4 жыл бұрын

awesome!

@kvelez Жыл бұрын

Great explanation.

@sudarshanmg2604 2 жыл бұрын

Thanks this explained a lot of queries

@gilquadrosflores3571 2 жыл бұрын

Thanks

@realdvgarg 3 жыл бұрын

Great video!

@tamzake 3 жыл бұрын

Great this was useful, thank you

@mavhunter8753 4 жыл бұрын

I can't wait until you drop the video explaining the solutions for the data mining centralization problem!

@noladick9863 3 жыл бұрын

spent almost all my earnings trying to make profits by trading myself and in that process I lost a lot of money but thanks to my lovely friend who introduced me to the bitcoin trading platform of Mr Corey which has entirely changed my situation to a very productive and successful one.

@noladick9863 3 жыл бұрын

@Coreytradings.

@CrypTsoo 2 жыл бұрын

Still searching that video, there are no choiches, bitcoin is ours only possible solution

@moayadbassam 4 жыл бұрын

would be interesting to see a video about possible solutions.

@flopybouncer 3 жыл бұрын

thanks! :)

@ezioauditore9585 4 жыл бұрын

Hey man, your videos are good. Mind making a video on Intle SGX and on SMPC? Would really appreciate that.

@TheHarpanOnly 3 жыл бұрын

Thank you for the explanation. Could you please explain how miner hashrate will correlate to probability of get a coin. Do we need to upgrade our miner hashrate following bitcoin network hashrate?

@aakashshekhawat 4 жыл бұрын

can you please explain how does proof of work works

@manishpingale6558 3 жыл бұрын

You are awesome man!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I love your content

@ChaceBonanno 3 жыл бұрын

Scrypt proof of work resolves the issue of centralization

@morishogo144 3 жыл бұрын

So the next change in mining difficulty is in 1 day 14 hours. And it will be reduced from 23 to 20. From 11,6 min average targeting 10mins block time. Do you think the price of the bitcoin because of this will go up or down?

@JayTailor45 4 жыл бұрын

Nicely explained. Thanks ;)

@charlesandrew5758 3 жыл бұрын

The reason why most of us don’t make it in this bitcoin business is because we are quick to give up have you tried Mr Corey as well, if you do you won’t leave or look for another, he’s real and good at what he does best.

@charlesandrew5758 3 жыл бұрын

@Coreytradings.

@carousel9325 4 жыл бұрын

PLease explain eth gas limit, gas supply etc

@RichardBuckerCodes 2 жыл бұрын

How is the tuning accomplished or what/how are they simply generating heat to waste time? How did China's decision to bull out change the difficulty? Who benefited? for how long? For how much?

@Ummegg 3 жыл бұрын

big mining setups pretty much killed most mining in my eyes !

@syedhabeebuddin101 3 жыл бұрын

Satoshi: that mistake is due to for loop and zero based indexing.

@shamsoftph2229 24 күн бұрын

It’s always interesting to watch) And the question is, how to correctly transfer USDT using such a seed phrase from OKX to binance? head isolate sound end kit industry choice festival limit stable dolphin derive

@GamingwithKentuckianJD 2 жыл бұрын

love the explanation but i feel i still have question. maybe i missed it in the video as i am still new. I am looking at mining 3 different coins when eth stops mining. One has a mining difficulty of 335.67 G, 78.08 M and 55.6m So i should mine the 55.56 M because it is less difficult?

@HalvingReport Жыл бұрын

Does the 2016th block get accounted for in the next block?

@PierreFikota 3 жыл бұрын

Hy I have a question. Is it better for a miner to drive with normal diff or is a higher diff better? I understood that it depends on more ( coin, time, global diff, global hashrate, poolhashrate, my hashrate and more ) What I have not understood is how I find my best diff. For example : Currently mine me with a scrypt Asic about 400Mh/s Wiki says the best diff is 32678 If I do this for an hour I get one or two small wins, but I set the miner to 8192 I get 20 - 25 finds in one hour with a very small reward Al's before but much more often and all in all it makes a difference. But then again miningrigrentals and some others say that the diff should be at least 10x higher but then I don't find anything. I would be very grateful for any useful information about this. Lg and happy Mining

@hamza-325 3 жыл бұрын

Satoshi Nakamoto and 6 other bitcoin developers disliked this video (because it criticizes the mining process and exposes a bug 😂)

@mattcrouch9348 3 жыл бұрын

Wait. Satoshi really made an off-by-one error in the bitcoin core system? Is there a reason it just looks at 2015 blocks, or is it an array indexing oversight?

4 жыл бұрын

Thanks for the great explanation as always. I thought I knew everything about mining reward, but I was wrong. Thanks for adding the rookie mistake detail in the end. Turns out everyone can add bugs. 😜 By the way, could that bug be fixed after the fact? Who or what sets the difficulty? And how? Does it create a new block that defines the difficulty?

@andreabogle5410 3 жыл бұрын

I have never lost a single trade with Mr Corey, it's been all wins. His strategies and signals are topnotch. He has a success rate of 97% on all his trades

@andreabogle5410 3 жыл бұрын

@Coreytradings.

@disrael2101 2 жыл бұрын

have u figured it out already if it can be fixed and if so how and who decided it

2 жыл бұрын

@@disrael2101 No I haven’t, unfortunately.

@natrah01475 3 жыл бұрын

I don't understand the bug part. 2016 100 days? Can someone enlighten me

@swedo12 4 ай бұрын

What happens to difficulty adjustment in a free energy environment? More miners, mining cheaper. I assume adjustment goes up and makes 10 min average block time still. But could an attack be easier in this environment?

@economics-for-beginners3583 9 күн бұрын

What does this mean: Xi (nonce) = Hash (Block i) < Hash (Block i−1)

@ImAFlyingPancake 4 жыл бұрын

The longest chain is not the criteria anymore. It's been changed to the chain with the highest cumulative work.

@guitarheroprince123 4 жыл бұрын

explain more pls?

@ImAFlyingPancake 4 жыл бұрын

@@guitarheroprince123 If the client has to choose between two chains. It will choose the chain with the highest cumulative difficulty. So for example if there is a chain with three blocks, each having 200 of difficulty, and another chain with five blocks having each 30 of difficulty, the first one will be picked. It can prevent attackers to mine a longer chain with artificially lower difficulty in order to get the longest one and to be accepted by the network as the "true" chain. Also, it's very unlikely that two concurrent chains have the same cumulative difficulty. It's so unlikely that the problem will probably never happen. Having two chains of the same length though, is much more likely.

@disrael2101 2 жыл бұрын

what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?

@random2059 4 жыл бұрын

dont you think this a waste of electrical energy .....when some already checked a possibility that update is unknown to other....and they are just spending computational power blindly please correct me if i am wrong

@drstoneftw6084 3 жыл бұрын

that's why ethereum going from PoW to Proof of Stake :)

@aakashsonkusare69 2 жыл бұрын

But how will last blacok take 100 days? You said no matter what one block will always take 10 mins irrespective of no of miners. Please reply.

@dizzyrocket2000 2 жыл бұрын

Imagine this: After block 2015 was created something happened where a huge number of miners suddenly disappeared from the network. This would leave a much smaller number of miners to mine block 2016. Now there are fewer miners but the mining difficulty remains the same as it was for the previous 2015 blocks, so this means it will take this smaller number of miners much longer to solve the hash

@disrael2101 2 жыл бұрын

@@dizzyrocket2000 what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?

@MusicInMae 4 жыл бұрын

U don't have a video strictly explaining a node

@TheBitcoinExperience 3 жыл бұрын

Well, miners are incentivise to stay honest and not attack the network. If they do, all the capital they invested in their operations along with the Bitcoin they produce will become worthless.

@donskitv8475 3 жыл бұрын

Can ask you i ask you something,,,,!!!?

@easterislandhead9579 2 жыл бұрын

Just ask alreadyyyyy!!!!!

@kornbread5359 4 жыл бұрын

I dont see the point in changing the difficulty... why does it have to be 10 minutes. What advantage does that give? Why make it more difficult and wasteful if there is nothing to gain from it. And what IS difficulty? More numbers? Bigger numbers?

@kornbread5359 4 жыл бұрын

If everyone is running RANDOM calculations then that is horribly inefficient. The blockchain is not random right...? Each key is mathematically related to the next? Meaning that all keys are related to eachother and that there is an equation that can be used to figure them out?

@kornbread5359 4 жыл бұрын

If somebody could solve the whole blockchain instantly or faster then why should they be barred from doing so? As long as the answer is correct, then what is the harm, it would save insane amounts of electricity and time for the computers to do something more useful

@sameekhan7239 4 жыл бұрын

It allows for better syncing of nodes as the blocks can relayed better and reduce bandwidth requirements. Since bitcoin is more full nodes heavy smaller blocks and 10 minute block time makes it easier to run.. Maybe 10 minutes is to much but it does allow a much more secure environment.

@disrael2101 2 жыл бұрын

@@sameekhan7239 what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?

@donskitv8475 3 жыл бұрын

Can i ask you something,,?

@pinneddatadash.6840 3 жыл бұрын

Yes

@pinneddatadash.6840 3 жыл бұрын

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@pinneddatadash.6840 3 жыл бұрын

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@YourwelcomeWelcome 2 ай бұрын

Bitcoin is currently at $777,567.89

@sarbajitg 3 жыл бұрын

Please share the link of the solution video talked at 4:28

@CrypTsoo 2 жыл бұрын

Unbelievable bitcoin could be cracked only on that block every 2weeks 😅 but it can be used to manipulate I mean , I see the first official possible problem of bitcoin here my god.. every 2016th block could happen something bad idk what but I see one possible knife

@silvernaturemusic599 3 жыл бұрын

I'm on hunt to find out who Satoshi Nakamoto is.

@eddie947 3 жыл бұрын

A lot of people are too lol Good luck

@repasiv 3 жыл бұрын

I am really shocked how many people don't know this. This is the reason why a hardware investment will hardly be profitable and the energy consumption is skyrocketing. As brilliant bitcoin is but people are just greedy and stupid.

@YourwelcomeWelcome 2 ай бұрын

Always mining always making huge amounts of money.

@motionislife4879 2 жыл бұрын

1 off error is done by almost every programmer

@TykiRose 3 жыл бұрын

Dude this shit still makes zero sense to me

@eddie947 3 жыл бұрын

I think I do. I mine ethereum and some days I notice I can mine as low as .002 and as high as .007 coins a day. That is my profit. So basically some days I can mine more coins than other days. The difficulty can cause this fluctuating in profits.