Notes

Validation
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Blocks contain a hash of the previous block's header which is used to detect tampering.

Block validation is required when a user tries to send bitcoins to a new address, and again when a user sends bitcoins to an address that already has bitcoins. When a user sends bitcoins, the receiver will check that the public key in the receiving address is valid and matches the public key in the identifying coinbase transaction in the block.

For each block, the miner includes a copy of the previous block's hash. If the block's hash is different from the previous block's, the miner will update the block in the block chain.

Mining

Each block header in a block chain records a hash of the previous block, indicating the hash's position in the chain. Bitcoin mining uses cryptographic hashes to link transactions to each other. The hashes are made more difficult to find by introducing a nonce, which is a single number used once in a block. The mining network is making complicated mathematical calculations to solve the block's hash. This process is called mining and the network that does this is called the Bitcoin mining network. The reward for this is solely monetary and it is worth over $20 million USD annually.

The mining network is a race: each miner is trying to solve the block's hash first, with the time it takes them to do this being the miner's reward. As more miners join, the block's hash becomes more difficult to find, increasing the reward for the miner who finds the block's hash first. Bitcoin mining is a distributed process involving mining pools. As of 2015, the largest mining pools control 60% to 90% of the hashing power. Mining pools set their own reward schedule, and sometimes reward transactions that contribute to the pool's block with additional coins. Because they have access to more computing power, mining pools can hash the block chain faster and thus can obtain the same reward as solo mining. Mining pools are also able to operate at a lower cost, owing to the greater electrical power efficiency of a large scale mining operation. As of 2016 the amount of transactions are creating an excessive load on the blockchain. To handle this stress, it has been suggested to modify the block time so that it is longer than currently.

Miners are not creating bitcoins, they are confirming transactions. The miners compete to produce a block, and the winner is the one who manages to produce a block with a hash that starts with a certain number of zeroes. This is known as the
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