[–] AinzOown 2 points 0 points 2 points (+2|-2) ago
Bitcoin mining feels dumb. I don't get how doing that is providing a valued service that people should pay money for. For my job I do a service people value, hence they're willing to give me their hard earned money for it.
Also it says guess the hexadecimal equal to or lesser than? So why not always just guess the hexadecimal equivalent to 0 or 1? That or they just didn't explain that part very well.
[–] KoKansei ago
The hashing performed by the miners is the means by which the entire network is secured against double-spending. Is maintaining the existence of a 300 billion dollar ledger not a valuable service?
In order to find a block, a miner must iterate a hashing function trillions of times until the designated output is obtained. The designated output is not zero but a value that is preceded by many zeros in hex notation. Keep reading, check what you don't understand using google, and you will get it.
[–] AinzOown ago
https://coincenter.org/entry/what-is-bitcoin-mining-and-why-is-it-necessary
Ok, it sounds like they do that function, but the guessing the nonce part sounds like unnecessary work done to pick the winner of a bitcoin.