Teaching Bitcoin Part 2: Hashing & Mining
The Bitcoin Layer
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Understanding Hashing in Bitcoin
This chapter explores the principle of hashing in Bitcoin, emphasizing the SHA-256 hash function and its crucial role in Bitcoin mining. It highlights the energy-intensive nature of mining activities and provides insights into the mechanics and significance of hash outputs.
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In Part 2 of our "Teaching Bitcoin" series with legendary financial researcher Michael Howell, Nik delves into the intricacies of bitcoin's cryptography, mining mechanism, and decentralized network. The pair discuss the origin of a blockchain, and Michael learns about hashing algorithms for the first time. A discussion of bitcoin's supply schedule, difficulty target, and difficulty adjustment offer Michael and viewers a solid foundation of bitcoin's blockchain mechanics.
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