Slush Pool Introduces Provably Fair Bitcoin Mining

Slush Pool Introduces Provably Fair Bitcoin Mining

Bitcoin mining currently is dominated by mining pools. These mining pools arguably have a clever reason on a Bitcoin network, though also on their possess participants. Since mining pools typically work with small transparency, participants contingency emanate a lot of trust in pool operators not to lie them out of Bitcoin.

Czech Republic-basedSlush Pool – accounting for some4 percent of sum crush energy on a Bitcoin network – now believes it has solved this problem. Its “provably fair” mining should take divided any distrust – and deliver some combined benefits.

A Quick Recap on Mining

Miners are a entities on a Bitcoin network that endorse exchange and secure a network with crush energy by anticipating Bitcoin blocks. These blocks embody several forms of data, many importantly transactions, though also a prior retard header (linking blocks together), a timestamp and a pointless series called a “nonce.”

Using a mathematical pretence called hashing, miners mix and hasten all of this information into an indeterminate pointless series called a hash, that is a “block header,” identifying a block. The same information will always outcome in a accurate same retard header, though if even a little alteration is done to any of a data, it

Read more ... source:

Advertise on the Bitcoin News


Read previous post:
Budapest gets bitcoin taxis

Do you need a taxi and don’t have cash or a credit card? Well if you’re in Hungary’s capital Budapest...