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How transactions and mining works
#1
In response to the following question of mine:
Quote:Out of curiosity, when our block takes 74 hours, does that mean the transactions we are processing have not had a single confirmation for that many hours?  Or does the bitcoin network system have all pools grab a new set of transactions once a block is found on the network?
Kano responded with the following valuable information:
Quote:It not 'our' block until we find a block and keep it [Image: smiley.gif]

What mining is, is simply hashing a set of data (work) and hoping it gets a value in the range we want.
That work of course (usually) includes a set of transactions.

Mining is a bit like rolling 2 dice and wanting snake eyes (1 + 1)
With dice it's expected to happen, on average, once every 36 rolls.
With Bitcoin, at the current difficulty of D=1,452,839,779,145.919 it expected to happen, on average, once every D*2^32 hashes = once every ~6.23x10^21 hashes.
Sometimes more often, sometimes less often, but it should average that over time.
But it's simply just random for everyone.

As for transactions, all transactions are distributed over the network to (mostly) all bitcoin nodes on the network.
Each pool generates work (usually) with the best combination of the available transactions to get the most fees in their work.
Some may have different rules about what they think is the best, and different rules about what they will include.

When one pool finds a block, the transactions confirmed in that block are of course no longer available to be used in any future blocks.
We all then start with the next best available transactions after the ones used up and of course add on any new transactions that appear, and continue on randomly getting hashes.

FYI the pool sends out new work to all the miners every 30 seconds, which of course includes all the better available transaction that have come available in the past 30 seconds.
And, as mentioned above, the pool also sends out new work each time someone on the bitcoin network finds a block, excluding all those transactions that were confirmed by that block.
Mike is the president of StrandVision Digital Signage.  He started BitCoin mining in 2017 and soon invested in other crypto-currencies.  Seeing the need, this site was created as a crypto knowledge repository and miner performance tracker.
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