As with mining, what are the ethereum miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a ethereum mining machine sees to solve?Thx.
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Are you interested in understanding how Proof-of-Work/Proof-of-Stake as consensus mechanism works?– BorinhoMay 8, 2017 at 7:09
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1As I understood Deem as me just wants to see that initial equation that programs is solving. and you send him to the common curses of the crypto currency and block chains. where we can find that underground equation???– Пчелкин ЕвгенийAug 21, 2017 at 19:47
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1 Answer
So if you and I make a transaction using Bitcoin, Ether or basically any other Blockchain Technology the transaction is verified by solving a rather difficult math problem.
What the miners are actually doing is verifying these transactions.
They are doing the problem making sure its not a fraudulent transaction.
Mining So why should they do this? Why should they use their CPU's, GPU's & electricity to solve this very complex problem?
Because the "winner" or the person who solves the answer first is rewarded or paid in the form of crypto currency.
This process is called mining
You should watch the Khan Academy Playlist of Videos on Bitcoin ... it will help.
Link https://youtu.be/Y-w7SnQWwVA?list=PLQb8htRul9xAz70xZUmqxX_oPe3_rz-PJ
