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At any given moment, tens of thousands of miners are connected to the Bitcoin network.At any given moment, tens of thousands of miners are connected to the Bitcoin network.All volunteer their computers for the purpose of adding new transactions to the blockchain (we’ll explain why they do this in a moment)....
Then, based on some probability, a winner is chosen and gets to add a block.This is why blocks are arranged in a chain: In roughly 10 minutes, when the next lottery winner is announced, this winner also confirms, as part of her announcement, that she agrees with all the transactions of the previous lottery winner.When this happens, the phrase commonly used is that a miner has found a block....
Why does only one miner add a block, and how is it decided which of the thousands of miners it is? This is where Bitcoin gets interesting—and a little technical.We’ll skip the technical details for now (they’re covered in Chapter 8) and just say that miners generate random numbers continuously, until they find a winning one.To be eligible for the reward from the next block, which is added 10 minutes later, a miner needs to have the latest copy of the blockchain to participate in the next round....
) With Bitcoin, we also need a person to adjust a ledger, which in this case means adjusting the blockchain by adding a block to it.Why does only one miner add a block, and how is it decided which of the thousands of miners it is? This is where Bitcoin gets interesting—and a little technical.This takes about ten minutes....
The reason is that if only one person had the latest copy, she could manipulate the number of bitcoins people had on record.This is why blocks are arranged in a chain: In roughly 10 minutes, when the next lottery winner is announced, this winner also confirms, as part of her announcement, that she agrees with all the transactions of the previous lottery winner.The reason is that if only one person had the latest copy, she could manipulate the number of bitcoins people had on record....
