On September 14, Bob Van Valzah dropped in for a long session on Digital Currencies which turned into a three-part series on Blockchains. One or more series will follow covering all the issues surrounding digital currencies. To the left is a shot of Bob’s power bill for his Bitcoin Mining Rig that we discussed tonight, and also a video of that Mining Rig in production.
In part two of this podcast we address the following questions:
- So what are miners actually doing?
- The enormous numbers, for example 10^18 power behind solving these mining problems.
- Are we looking for primes in a huge field of numbers (hint, no)? Solutions have 130 zeros at the end or 2^130
- Mining rigs as space heaters, the power issue.
- Who decides which miner is a winner in extending the block chain?
- What happens when two miners each find a valid solution during the time of the flood?
- Is it still one bitcoin block every 10 minutes?
- What happens if it takes longer than 10 minutes to arrive at a solution?
- What keeps the bad guys from circumventing the whole mining system?
- How often would you win a bitcoin, and what is a mining pool?
In part three we’ll finish describing what is a Blockchain. While this has already been recorded and it should be released a few days following part 2.