Brisket on Nostr: Do you remember those old telephone books? Mining Bitcoin is a little like trying to ...
Do you remember those old telephone books?
Mining Bitcoin is a little like trying to find a name in the book who has a phone number ending in 321.
Do you think you could find a name within 10 mins?
Imagine a room full of people with phone books. How quickly do you think it would take to find a name who's phone number ends in 321?
Pretty quick? Huh? So we need to up the difficulty as more searchers are involved, to keep the average block within 10 mins. So now you're all trying to find a name in the book who has a phone number ending in 4321.
Mining Bitcoin is a little like trying to find a name in the book who has a phone number ending in 321.
Do you think you could find a name within 10 mins?
Imagine a room full of people with phone books. How quickly do you think it would take to find a name who's phone number ends in 321?
Pretty quick? Huh? So we need to up the difficulty as more searchers are involved, to keep the average block within 10 mins. So now you're all trying to find a name in the book who has a phone number ending in 4321.