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Bitcoin Mining Demystified

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Bitcoin mining explained to an advanced audience, in black-and-white. :) A presentation held at Bitcoin Startups meet-up Berlin, 6 May 2014

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Bitcoin Mining Demystified

  1. Mining demystified
  2. Heavy tools
  3. gigahash
  4. terahash
  5. petahash
  6. 1 PH = b50f642411733cd63264d3bedc046a5364ff3c77d2b37ca298ad8f1b5a9f05ba x 1 000 000 000 000 000 (1 quadrillion) ~ 58 000 TB each second !
  7. 1 PH = b50f642411733cd63264d3bedc046a5364ff3c77d2b37ca298ad8f1b5a9f05ba x 1 000 000 000 000 000 (1 quadrillion) ~ 58 000 TB each second ! Current Bitcoin network hash rate: ~50 PH/s
  8. Y U NEED SO MANY HASHES?
  9. Mining: creation of new bitcoins and distributing transactions
  10. Idea: Make it really hard to mine
  11. hard mine
  12. mine hard
  13. mine hard Get it? :)
  14. Hard to do, easy to verify
  15. Proof of work
  16. A new block roughly every 10 minutes
  17. New block references previous block
  18. Forming a ...?
  19. Forming a block chain
  20. “Side effect”: adding new bitcoins
  21. 25 bitcoins reward per block
  22. ~7700 EUR every 10 minutes
  23. ~400m EUR per year
  24. Reward halves every 210,000 blocks = 4 years
  25. Next halving: ~ 21 August 2016
  26. How mining works
  27. Cryptographic function called “double SHA-256”
  28. Secure Hash Algorithm
  29. Invented by NSA
  30. OMG!
  31. Nothing to fear, all math, all open source
  32. 256 bits “digest size” (length of resulting hash)
  33. “hello” first round of SHA-256: 2cf24dba5fb0a30e26e83b2ac5b9e29e1b161e5c1fa7425e73043362938b9824 second round of SHA-256: 9595c9df90075148eb06860365df33584b75bff782a510c6cd4883a419833d50
  34. Hash length of 64 characters: 32 hex octets with 8 bits each = 256 bits
  35. Sort of a checksum
  36. Virtually impossible to reverse
  37. First step to mine a new block: Collecting new transactions
  38. Second step: Hashing of block header
  39. If hash starts with enough zeros, you found a block
  40. 000000000000000024aed4ca327f8957bb5f112787ff5350971a3fe38c144f14 Bingo!
  41. If not, increment “nonce” or other values in block header and try again
  42. A quadrillion times!
  43. Enough zeros?
  44. Currently 17: 00000000000000000
  45. Determined by “difficulty”, adjusted ~ every 2 weeks
  46. Pooled mining
  47. Share work with other miners
  48. Pool participants send partial work to earn shares
  49. For example all hashes with 12 leading zeros
  50. Compensation according to share
  51. If a block was found, new work is being sent out
  52. Pool communication protocols: Stratum, Getwork, Getblocktemplate
  53. Stratum used by most pools
  54. Stratum uses JSON-RPC JavaScript Object Notation Remote Procedure Call
  55. Human-readable (sort of): {"id": 1, "method": "mining.subscribe", "params": []}
  56. To be continued...
  57. Thanks for listening! @meinharrd meinhard@benn.org benn.org
  58. Presentation held at Bitcoin Startups Meet-up Berlin 6 May 2014 CC-BY-NC 2014 Meinhard Benn

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