What is the Bitcoin proof-of-work problem?
SMRTR summary
Bitcoin's proof of work system requires miners to find a specific string that, when double-hashed with SHA256, produces a value below a target threshold. This string combines block data and a nonce. The difficulty adjusts over time, currently requiring about 80 leading zero bits in the hash. Miners must brute-force solutions, often modifying both the nonce and block contents to find a valid hash. This process ensures security by demanding significant computational effort to add new blocks to the blockchain.
SMRTR provides this summary for quick context. The original article belongs to John D. Cook.
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