Notes

Computing power
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Since each transaction is broadcast, nodes must repeatedly verify that a newly relayed transaction is valid by checking it against the blockchain ledger, before they are allowed to add the transaction to their blockchain. This verification is called mining. Mining is a core component of bitcoin protocol, and is required by all nodes for which the expenditure of resources adds to the security of the network. Satoshi Nakamoto estimated in 2009 that mining one block used as much energy as that consumed by two U.S. households or a small country. The security of the system relies on each miner having an incentive to accept and relay only valid transactions. Miners are awarded transaction fees and newly created bitcoins for validating new transactions. For verifying and processing transactions, verifying nodes use their share of the hashrate (i.e. their computing power) of the blockchain; see also network hashrate.

Blockchain mining is performed by hardware devices called miners, which are computers used for securing and maintaining the blockchain. Mining is the mechanism by which new bitcoins are created and transactions are verified and recorded. It is a distributed process carried out by all nodes running bitcoin software.

Each new bitcoin transaction must be added to the blockchain by a miner, creating a new block that is added to the blockchain in addition to all previous blocks. When a miner finds a winning blockchain, he or she will have added one more block to the blockchain than all of the prior transactions. With each new block, the blockchain becomes longer, which requires more work to reverse. It also makes the blockchain harder to reverse. Proof-of-work systems ensure that new transactions cannot be added to the blockchain until these computational costs are met.

History

A distributed timestamp server coordinated by a network of volunteers could have been used in creating the bitcoin blockchain., “A timestamp server cannot enforce any security policy, but it could be used to help secure a distributed timestamp protocol, possibly leading to distributed consensus. A timestamp protocol (i.e., a distributed consensus protocol) is one way to achieve distributed consensus.”. The bitcoin blockchain was designed to not only solve the double-spending problem, but also replace the timestamps found in block chains used by the legacy Internet in peer-to-peer networks for cryptocurrency such as Bitmessage, allowing for faster transactions and more trust between network nodes.

In February 2009, the idea of a digital currency drew early speculators. "Cannabis isn't working; money isn't working," said Peter Schiff. "You
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