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What exactly is the Bitcoin mining algorithm? Detailed explanation of the principle of Bitcoin algorithm. Bitcoin is the predecessor implementation of blockchain, and blockchain is the later refinement of Bitcoin. If you are exposed to Bitcoin for the first time, when you want to communicate with others, the first concept you may face is Mining, the consensus mechanism currently used by Bitcoin is POW, and the mining algorithm used is SHA2-256. So, what is the specific Bitcoin mining algorithm?

1. Block version version

2. The hash value of the previous block: prev_hash

3. The value of the hash tree of the transaction record that needs to be written: merkle_root

4. Update time: ntime

5. Current difficulty: nbits

The process of mining is to find x such that

SHA256(SHA256(version + prev_hash + merkle_root + ntime + nbits + x )) TARGET

The range of x in the above formula is 0~2^32, and TARGET can be calculated based on the current difficulty. In addition to x, you can also try changing merkle_root and ntime. Due to the characteristics of hash, finding such an x can only be done through violent search.

Once you find x, you can broadcast a new block and other clients will verify that your block is legal. If your block is accepted, since the first transaction in each block must be to send the newly generated 25 Bitcoins to a certain address, of course you will set this address to an address you own to get these 25 Bitcoin.

Every transaction record of Bitcoin from the beginning to the present is saved on the network, and the entire Bitcoin network maintains a huge transaction record file (about 12G now). The update cycle of this file is 10 minutes on average. The newly added transaction record is called a block, and this huge file is composed of a series of blocks, called a block.
chain.

Why 25 Bitcoins?

This is the rule. Initially there are 50 Bitcoins, and every time half of the remaining Bitcoins are generated, this income will be halved, so that the total number of Bitcoins that can be generated eventually approaches 21 million. If you still claim to have mined 50 Bitcoins, this will not be accepted by other clients, and the block will be mined in vain.

How to ensure that the update cycle is 10 minutes on average?

The smaller the TARGET, the more difficult it is to solve x. Every time 2016 blocks are generated (about 14 days), the network will adjust the TARGET based on the average interval of new blocks generated during this period.

Does the person who calculates the fastest always solve it first?

no. You always want to keep the mining income as your own, so when everyone calculates, the address to send the mining income is different, so the merkle_root is different, which means that everyone starts from a different initial state to solve the problem. .

What should I do if I solve it at the same time?

There will be a fork in the blockchain. Some clients accept A and some accept B. Until a certain branch becomes longer, everyone will choose this longer branch. If the piece you mine is unfortunately not selected, your mining proceeds will be invalid.

Since I choose a longer branch, what should I do if I use a very low difficulty to solve it?

The client finds the longest one among many branches that meets the current difficulty.

Are these calculations wasted?

If you're going to spend money twice, you need to do this. A new block is mined, but it is hidden and not broadcast, and mining continues. Find merchant A, pay Bitcoin, and let others on the network mine the block and write the transaction record. Find Merchant B, pay Bitcoin, and write the block you mined. If you can dig out two blocks first and broadcast them, everyone will use your longer branch as the current blockchain, and the Bitcoins received by Merchant A will not be recognized. The probability of such an attack succeeding depends on how quickly you calculate the hash. If the computing power of the entire network is high enough, such an attack will either have a very low success rate or be extremely costly.