#Bitcoin miners solve cryptographic math problems to secure the #Bitcoin network and validate transactions. Specifically, miners perform a process called #proof of work (PoW), which involves solving a complex computational puzzle. Here's how it works
The Math Problem:
Hashing: Miners repeatedly calculate a cryptographic hash function (SHA-256) on data from the Bitcoin block they are trying to add to the blockchain. A hash is a string of numbers and letters that represents the data in a fixed length.
Difficulty Target: The goal is to find a hash that is less than or equal to a specific target set by the Bitcoin network. This target adjusts approximately every two weeks to ensure blocks are mined about every 10 minutes, regardless of the total mining power.
Nonce: Miners vary a small part of the input, called the nonce, and recalculate the hash repeatedly. This is essentially guessing numbers until they find a solution that satisfies the difficulty target.
Why This Matters:
Security: The difficulty of solving these puzzles prevents attackers from easily altering the blockchain.
Decentralization: By competing to solve these problems, miners distribute power and maintain the integrity of the network without a central authority.
Reward: Successful miners earn Bitcoin as a reward for their computational effort.
These puzzles are computationally intensive but do not have real-world applications outside of the blockchain's security. Instead, their primary purpose is to ensure fairness and security in the decentralized system【6】【7】.