MINING
Terms and Keywords
A block is a collection of data, including transactions and the header of the most recent block in the chain, that is added to the blockchain.
The block reward is a reward given to the miner who successfully mines a block. The reward is currently 12.5 bitcoins.
Block time is the amount of time it takes for a block to be mined and added to the blockchain. The average block time for the bitcoin network is 10 minutes.
Hashrate is the measure of the processing power of a miner or a mining pool. The higher the hashrate, the more likely a miner is to mine a block.
A mining farm is a large-scale operation where many miners are located and connected to the internet, allowing for the efficient processing of cryptocurrency transactions.
A mining pool is a group of miners who work together to mine blocks and split the rewards among themselves.
A nonce is a random number used by miners to find a solution to the cryptographic puzzle that is required to mine a block.
An orphan block is a block that has been mined and added to the blockchain but is not part of the main blockchain due to a network fork.
Proof of work is the consensus algorithm used by the bitcoin network to validate transactions and add blocks to the blockchain.
A mining rig is a computer specifically designed for the purpose of mining cryptocurrency.
SHA-256 is the cryptographic hash function used by the bitcoin network.
Sol/s is the unit of measurement for the hashrate of a miner. It refers to the number of solutions per second.
The stratum protocol is a communication protocol used by mining pools to coordinate the work of miners.
The target is a value set by the bitcoin network that represents the difficulty of mining a block.
Transaction fees are fees paid by users to include their transactions in a block that is mined and added to the blockchain.
An ASIC miner is a specialized hardware device designed specifically for the purpose of mining cryptocurrency.
Difficulty is the measure of how difficult it is to mine a block. The bitcoin network adjusts the difficulty every 2016 blocks to maintain a block time of 10 minutes.
A hash is the output of a cryptographic hash function. Miners use hashes to find a solution to the cryptographic puzzle that is required to mine a block.
A mining algorithm is a set of mathematical rules used by miners to find a solution to the cryptographic puzzle that is required to mine a block.
Mining software is software that is used by miners to control and monitor their mining rigs.