title
What is Bitcoin Mining? | Bitcoin Mining Explained | How Bitcoin Mining Works | Simplilearn

description
🔥 IITM Pravartak Professional Certificate Program In Full Stack Development - MERN (India Only): https://www.simplilearn.com/full-stack-developer-course-and-certification-iitm-pravartak?utm_campaign=SCE-FullstackIITM&utm_medium=DescriptionFF&utm_source=youtube 🔥 Post Graduate Program In Full Stack Web Development: https://www.simplilearn.com/pgp-full-stack-web-development-certification-training-course?utm_campaign=Blockchain-ajNdzGsuLOQ&utm_medium=Descriptionff&utm_source=youtube 🔥 Caltech Blockchain Bootcamp (US Only): https://www.simplilearn.com/blockchain-developer-certification-bootcamp?utm_campaign=Blockchain-ajNdzGsuLOQ&utm_medium=Descriptionff&utm_source=youtube This Bitcoin Mining' video will help you understand what is Bitcoin, what is Blockchain, advantages of Bitcoin, advantages of Bitcoin mining, what is Bitcoin mining and how does it work and at the end you will also see a use case on Bitcoin mining. Bitcoin is the first decentralized digital currency that allows users to transfer money peer to peer without an intermediator (banks, governments etc) using Blockchain technology. Bitcoin is used for online purchases, investments, payments etc. and Bitcoin mining is the process of verifying Bitcoin transactions and recording them onto the public ledger (i.e., Blockchain). In order to understand Bitcoin mining, we need to understand the 3 major concepts of Blockchain which are distributed public ledger, SHA-256, and proof of work. Now, lets deep dive into this video and understand these concepts and how Bitcoin mining actually works. Below topics are explained in this Bitcoin Miningvideo: 1. What is Bitcoin? ( 01:45 ) 2. What is Blockchain? ( 03:52 ) 3. Advantages of Bitcoin ( 03:03 ) 4. Concepts of Bitcoin mining ( 06:08 ) 5. Bitcoin Mining ( 15:01 ) 6. Use case - Bitcoin Mining ( 18:04 ) 🔥 Enroll for FREE Blockchain Course & Get your Completion Certificate: https://www.simplilearn.com/learn-blockchain-basics-skillup?utm_campaign=Blockchain&utm_medium=Description&utm_source=youtube To learn more about Blockchain, subscribe to our YouTube channel: https://www.youtube.com/user/Simplilearn?sub_confirmation=1 You can also go through the slides here: https://goo.gl/Ah5EPu Watch more videos on Blockchain: https://www.youtube.com/playlist?list=PLEiEAq2VkUUKmhU6SO2P73pTdMZnHOsDB #Whatisblockchain #Blockchain #Blockchaintutorial #Bitcoin #Blockchainonlinetraining #Blockchainforbeginners #BlockchainTechnology #Simplilearn ➡️ About Post Graduate Program In Full Stack Web Development This program will give you the foundation for building full-stack web apps using the Java programming language. You'll begin with the basics of JavaScript, and then venture into some of the more advanced concepts like Angular, Spring Boot, Hibernate, JSPs, and MVC. Now is the perfect time to get started on your career as a full-stack web developer! ✅ Key Features - Caltech CTME Post Graduate Certificate - Enrolment in Simplilearn’s JobAssist - Receive up to 25 CEUs from Caltech CTME - Simplilearn's JobAssist helps you get noticed by top hiring companies - Attend Masterclasses from Caltech CTME instructors - Live virtual classes led by industry experts, hands-on projects and integrated labs - Online Convocation by Caltech CTME Program Director ✅ Skills Covered - Agile - JAVA - Hibernate and JPA - Spring Core 50 - DevOps - HTML5 and CSS3 - AWS - JavaScript ES6 - Servlets - SOAP and REST - JSP Learn more at: https://www.simplilearn.com/pgp-full-stack-web-development-certification-training-course?utm_campaign=Blockchain-ajNdzGsuLOQ&utm_medium=Description&utm_source=youtube 🔥🔥 Interested in Attending Live Classes? Call Us: IN - 18002127688 / US - +18445327688 🎓Enhance your expertise in the below technologies to secure lucrative, high-paying job opportunities: 🟡 AI & Machine Learning - https://l.linklyhq.com/l/1tMt8 🟢 Cyber Security - https://l.linklyhq.com/l/1tMt9 🔴 Data Analytics - https://l.linklyhq.com/l/1tMt1 🟠 Data Science - https://l.linklyhq.com/l/1tMt4 🔵 Cloud Computing - https://l.linklyhq.com/l/1tMtA

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{'title': 'What is Bitcoin Mining? | Bitcoin Mining Explained | How Bitcoin Mining Works | Simplilearn', 'heatmap': [{'end': 336.662, 'start': 296.726, 'weight': 0.764}, {'end': 585.375, 'start': 531.162, 'weight': 0.745}, {'end': 625.793, 'start': 592.362, 'weight': 0.718}, {'end': 743.759, 'start': 695.932, 'weight': 0.7}], 'summary': 'Covers bitcoin mining basics, advantages, and the process, along with an overview of bitcoin, its benefits, utilization, and the features of blockchain technology, including proof of work and rewards, as well as the validation process, reward, and the adjustment of the target for block generation within a 10-minute timeframe. it also explores the increasing difficulty of bitcoin mining, the non-hackable nature of blockchain, the evolution of mining hardware from regular processors to gpus and finally to asics, the limited total supply of 21 million bitcoins, the halving principle, mining pools, and a demonstration of a mining pool in action.', 'chapters': [{'end': 634.041, 'segs': [{'end': 47.03, 'src': 'embed', 'start': 22.181, 'weight': 1, 'content': [{'end': 27.722, 'text': 'Now, Bitcoin is based on the concept of digital currency.', 'start': 22.181, 'duration': 5.541}, {'end': 35.124, 'text': 'anyone across the globe can transfer amount in bitcoin, irrespective of the geography, from anyone to anyone.', 'start': 27.722, 'duration': 7.402}, {'end': 41.627, 'text': 'so basically, you need to just open an account on the bitcoin network, have some bitcoins in it and you can transfer it.', 'start': 35.124, 'duration': 6.503}, {'end': 47.03, 'text': 'either you can purchase the bitcoins online through some exchanges or you can mine it.', 'start': 41.627, 'duration': 5.403}], 'summary': 'Bitcoin allows global transfer of digital currency, accessible to anyone worldwide.', 'duration': 24.849, 'max_score': 22.181, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ22181.jpg'}, {'end': 116.709, 'src': 'embed', 'start': 86.799, 'weight': 0, 'content': [{'end': 90.8, 'text': 'we will understand the underlying technology blockchain so we will talk about that.', 'start': 86.799, 'duration': 4.001}, {'end': 97.042, 'text': 'then we will see what are the advantages of bitcoin as compared to other digital currencies and other digital technologies.', 'start': 90.8, 'duration': 6.242}, {'end': 99.663, 'text': 'then we will go into the concepts of bitcoin mining.', 'start': 97.042, 'duration': 2.621}, {'end': 105.044, 'text': 'then what is bitcoin mining and we will do a demo on certain aspects of bitcoin mining.', 'start': 99.663, 'duration': 5.381}, {'end': 106.285, 'text': 'now, what is bitcoin?', 'start': 105.044, 'duration': 1.241}, {'end': 116.709, 'text': 'bitcoin is the first decentralized digital currency that allows users to transfer money peer-to-peer, without any intermediaries like banks,', 'start': 106.285, 'duration': 10.424}], 'summary': 'Overview of blockchain technology, advantages of bitcoin, and bitcoin mining explained, including a demo.', 'duration': 29.91, 'max_score': 86.799, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ86799.jpg'}, {'end': 204.341, 'src': 'embed', 'start': 176.514, 'weight': 2, 'content': [{'end': 182.321, 'text': 'and the users information who are doing the transactions or are part of the network is also hidden and secure.', 'start': 176.514, 'duration': 5.807}, {'end': 185.084, 'text': 'now, what are the advantages of bitcoin?', 'start': 182.321, 'duration': 2.763}, {'end': 188.948, 'text': 'so it allows fast and quick peer-to-peer transactions,', 'start': 185.084, 'duration': 3.864}, {'end': 197.396, 'text': "it is impossible to counterfeit or hack the transactions which are running on a bitcoin network, And it's an overall decentralized process.", 'start': 188.948, 'duration': 8.448}, {'end': 204.341, 'text': 'There is no centralized body which is controlling the transactions or charging a fees in order to validate the transaction.', 'start': 197.456, 'duration': 6.885}], 'summary': 'Bitcoin offers fast, secure, and decentralized transactions, immune to counterfeiting and hacking.', 'duration': 27.827, 'max_score': 176.514, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ176514.jpg'}, {'end': 336.662, 'src': 'heatmap', 'start': 296.726, 'weight': 0.764, 'content': [{'end': 302.668, 'text': 'this is the aggregated set of transactions which are included in this block.', 'start': 296.726, 'duration': 5.942}, {'end': 308.41, 'text': 'so these are the set of transactions which were mined and validated and included in the block nonce.', 'start': 302.668, 'duration': 5.742}, {'end': 318.58, 'text': 'so, in proof of work consensus algorithm, which is used in bitcoin, nonce is a random value which is used to vary the output of the hash value.', 'start': 308.41, 'duration': 10.17}, {'end': 324.988, 'text': 'so every block is supposed to generate a hash value and nonce is the parameter which is used to generate that hash value.', 'start': 318.58, 'duration': 6.408}, {'end': 330.554, 'text': 'and the proof of work is the process of transaction verification done in blockchain.', 'start': 324.988, 'duration': 5.566}, {'end': 336.662, 'text': 'Now, hash is the resultant hash value obtained by passing the previous hash value,', 'start': 330.774, 'duration': 5.888}], 'summary': 'Aggregated transactions in a block use nonce for hash value generation in proof of work consensus algorithm.', 'duration': 39.936, 'max_score': 296.726, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ296726.jpg'}, {'end': 370.801, 'src': 'embed', 'start': 349.611, 'weight': 6, 'content': [{'end': 358.956, 'text': 'now, SHA-256 is a cryptographic hash algorithm which produces a unique 256-bit alphanumeric hash value for any given input,', 'start': 349.611, 'duration': 9.345}, {'end': 366.299, 'text': 'and that is the unique feature of this cryptographic algorithm whatever input you give, it will always produce a 256-bit hash.', 'start': 358.956, 'duration': 7.343}, {'end': 369.461, 'text': "now let's understand the concepts of bitcoin mining.", 'start': 366.299, 'duration': 3.162}, {'end': 370.801, 'text': 'what is bitcoin mining?', 'start': 369.461, 'duration': 1.34}], 'summary': 'Sha-256 produces a unique 256-bit alphanumeric hash value for any input, a key feature of the cryptographic algorithm. exploring bitcoin mining concepts.', 'duration': 21.19, 'max_score': 349.611, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ349611.jpg'}, {'end': 443.116, 'src': 'embed', 'start': 416.451, 'weight': 5, 'content': [{'end': 420.672, 'text': 'That kind of computer can be a participant and contribute to the mining community.', 'start': 416.451, 'duration': 4.221}, {'end': 426.673, 'text': 'Process is solved based on a difficult mathematical puzzle called proof of work.', 'start': 420.812, 'duration': 5.861}, {'end': 434.735, 'text': "So every miner's job is to solve the mathematical puzzle which is called proof of work in order to validate the transaction and earn the reward.", 'start': 426.733, 'duration': 8.002}, {'end': 443.116, 'text': 'And all the miners as they are competing amongst themselves to mine a particular transaction, the miner who first solves the puzzle gets the reward.', 'start': 434.895, 'duration': 8.221}], 'summary': 'Miners compete to solve proof of work puzzles for transaction validation and rewards.', 'duration': 26.665, 'max_score': 416.451, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ416451.jpg'}, {'end': 489.141, 'src': 'embed', 'start': 454.681, 'weight': 4, 'content': [{'end': 456.021, 'text': 'They are called as miners.', 'start': 454.681, 'duration': 1.34}, {'end': 461.243, 'text': 'Now in order to understand Bitcoin mining, we need to understand three major concepts of blockchain.', 'start': 456.321, 'duration': 4.922}, {'end': 464.525, 'text': 'it is based on distributed public ledger.', 'start': 461.483, 'duration': 3.042}, {'end': 473.411, 'text': 'it uses SHA-256 encryption algorithm and proof of work is the underlying consensus algorithm for bitcoin mining.', 'start': 464.525, 'duration': 8.886}, {'end': 475.112, 'text': 'so distributed public ledger.', 'start': 473.411, 'duration': 1.701}, {'end': 482.317, 'text': 'a distributed ledger is a record of all transactions maintained in the blockchain network across the globe.', 'start': 475.112, 'duration': 7.205}, {'end': 489.141, 'text': 'in the network, the validations of transaction is done by bitcoin users, called as miners, SHA-256.', 'start': 482.317, 'duration': 6.824}], 'summary': 'Bitcoin mining involves distributed ledger, sha-256 encryption, and proof of work for validation.', 'duration': 34.46, 'max_score': 454.681, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ454681.jpg'}, {'end': 585.375, 'src': 'heatmap', 'start': 531.162, 'weight': 0.745, 'content': [{'end': 539.692, 'text': 'in blockchain, mining is a process to validate transactions by solving a difficult mathematical puzzle called proof of work.', 'start': 531.162, 'duration': 8.53}, {'end': 545.079, 'text': 'now, in order to do that, the primary objective of the miner is to determine the nonce value,', 'start': 539.692, 'duration': 5.387}, {'end': 555.662, 'text': 'and that nonce value is that mathematical puzzle that miners required to solve in order to generate a hash which is less than the target defined by the network for a particular block.', 'start': 545.459, 'duration': 10.203}, {'end': 561.704, 'text': 'Now in the bitcoin network, users trying to solve mathematical puzzle are called as miners.', 'start': 555.922, 'duration': 5.782}, {'end': 571.03, 'text': 'now the puzzle is solved by varying a nonce which produces a hash value lower than a predefined condition, which is called as the target.', 'start': 561.704, 'duration': 9.326}, {'end': 576.133, 'text': 'miners verify the transactions and add the block to the blockchain.', 'start': 571.03, 'duration': 5.103}, {'end': 585.375, 'text': 'when confirmed and verified as of today, the miners who solve the puzzle gets a reward of 12.5 bitcoins.', 'start': 576.133, 'duration': 9.242}], 'summary': 'In blockchain, miners solve puzzles to validate transactions, earning 12.5 bitcoins.', 'duration': 54.213, 'max_score': 531.162, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ531162.jpg'}, {'end': 625.793, 'src': 'heatmap', 'start': 592.362, 'weight': 0.718, 'content': [{'end': 599.209, 'text': 'so once the block is validated, then the transfer of bitcoins associated with the transactions aggregated in the block.', 'start': 592.362, 'duration': 6.847}, {'end': 602.232, 'text': 'the transfers are made then from one account to the another.', 'start': 599.209, 'duration': 3.023}, {'end': 604.394, 'text': 'Now, in order to generate the hash.', 'start': 602.352, 'duration': 2.042}, {'end': 608.238, 'text': "let's see, you use the SHA-256 hashing algorithm.", 'start': 604.394, 'duration': 3.844}, {'end': 616.765, 'text': 'you define the hash value if it is less than the defined condition, the target then the puzzle is deemed to be solved and if not,', 'start': 608.238, 'duration': 8.527}, {'end': 625.793, 'text': 'then you keep on incrementing nonce value and you repeat the SHA-256 hashing function, passing on to the nonce value.', 'start': 616.765, 'duration': 9.028}], 'summary': 'Bitcoin transactions validated using sha-256 hashing algorithm.', 'duration': 33.431, 'max_score': 592.362, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ592362.jpg'}], 'start': 2.827, 'title': 'Bitcoin and blockchain', 'summary': 'Covers bitcoin mining basics, advantages, and the process, along with an overview of bitcoin, its benefits, utilization, and the features of blockchain technology, including proof of work and rewards.', 'chapters': [{'end': 106.285, 'start': 2.827, 'title': 'Bitcoin mining basics', 'summary': 'Discusses the basics of bitcoin mining, including its underlying technology, advantages compared to other digital currencies, and the process of transferring bitcoins through mining.', 'duration': 103.458, 'highlights': ['Bitcoin is based on the concept of digital currency, allowing anyone across the globe to transfer bitcoins irrespective of geography, either by purchasing them online or mining them.', 'The chapter delves into the underlying technology of blockchain, highlighting its significance in maintaining the integrity of the Bitcoin network and ensuring successful transactions.', 'It covers the advantages of bitcoin over other digital currencies and technologies, providing insights into its unique features that set it apart in the digital currency landscape.']}, {'end': 634.041, 'start': 106.285, 'title': 'Bitcoin and blockchain overview', 'summary': 'Explains the concept of bitcoin, its advantages including lower transaction fees and decentralization, utilization for various purposes, and the underlying technology of blockchain, highlighting its features and bitcoin mining process with proof of work and rewards.', 'duration': 527.756, 'highlights': ['The chapter explains the concept of Bitcoin, including its advantages such as lower transaction fees, fast peer-to-peer transactions, and overall decentralization, and its utilization for online purchases, e-commerce transactions, investments, and payments for goods and services.', 'The chapter provides a detailed overview of the underlying technology of blockchain, highlighting its features such as cryptographic security, immutability, decentralization, and the structure of blocks, as well as the concepts of SHA-256 algorithm and proof of work in Bitcoin mining.', 'The chapter delves into the process of Bitcoin mining, detailing how transactions are verified and recorded onto the public blockchain ledger, the role of miners in solving mathematical puzzles through proof of work, and the reward system where successful miners receive 12.5 bitcoins for solving the puzzle.', 'The chapter discusses the utilization of SHA-256 hashing algorithm in Bitcoin mining, explaining the process of generating a hash value less than the defined condition using the nonce value, and the subsequent validation and transfer of bitcoins associated with the transactions on the blockchain.']}], 'duration': 631.214, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ2827.jpg', 'highlights': ['Bitcoin mining basics, advantages, and process, along with an overview of bitcoin, its benefits, utilization, and blockchain technology features.', 'Bitcoin enables global transfer of bitcoins, either by purchasing online or mining, and emphasizes the significance of blockchain in maintaining network integrity.', "Advantages of bitcoin over other digital currencies, unique features, and technology's role in ensuring successful transactions.", "Bitcoin's advantages include lower transaction fees, fast peer-to-peer transactions, decentralization, and utilization for online purchases, e-commerce transactions, investments, and payments.", 'Detailed overview of blockchain technology, including cryptographic security, immutability, decentralization, structure of blocks, SHA-256 algorithm, and proof of work in Bitcoin mining.', 'Explanation of Bitcoin mining process, verification of transactions, role of miners in solving mathematical puzzles through proof of work, and the reward system for successful miners.', 'Utilization of SHA-256 hashing algorithm in Bitcoin mining, including the process of generating a hash value less than the defined condition using the nonce value, and subsequent validation and transfer of bitcoins on the blockchain.']}, {'end': 906.964, 'segs': [{'end': 721.047, 'src': 'embed', 'start': 695.932, 'weight': 0, 'content': [{'end': 701.795, 'text': 'If maximum nodes grant their approval, the block becomes valid and is added to the blockchain now.', 'start': 695.932, 'duration': 5.863}, {'end': 709.94, 'text': 'simultaneously, the miner who has solved the puzzle will also receive the reward in the meanwhile, which will be of 12.5 bitcoin, which, as of today,', 'start': 701.795, 'duration': 8.145}, {'end': 712.982, 'text': 'stands at 98k, around dollars.', 'start': 709.94, 'duration': 3.042}, {'end': 721.047, 'text': 'now, the bitcoins, the 10 btc, for which the transaction was initiated now, will get triggered and will get transferred from beyonds to jennifer.', 'start': 712.982, 'duration': 8.065}], 'summary': 'Upon receiving approval from maximum nodes, a valid block is added to the blockchain, granting the miner a reward of 12.5 bitcoins (valued at around $98k), and triggering the transfer of 10 bitcoins from beyonds to jennifer.', 'duration': 25.115, 'max_score': 695.932, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ695932.jpg'}, {'end': 780.567, 'src': 'heatmap', 'start': 695.932, 'weight': 1, 'content': [{'end': 701.795, 'text': 'If maximum nodes grant their approval, the block becomes valid and is added to the blockchain now.', 'start': 695.932, 'duration': 5.863}, {'end': 709.94, 'text': 'simultaneously, the miner who has solved the puzzle will also receive the reward in the meanwhile, which will be of 12.5 bitcoin, which, as of today,', 'start': 701.795, 'duration': 8.145}, {'end': 712.982, 'text': 'stands at 98k, around dollars.', 'start': 709.94, 'duration': 3.042}, {'end': 721.047, 'text': 'now, the bitcoins, the 10 btc, for which the transaction was initiated now, will get triggered and will get transferred from beyonds to jennifer.', 'start': 712.982, 'duration': 8.065}, {'end': 723.168, 'text': "Now let's take a look at certain facts.", 'start': 721.167, 'duration': 2.001}, {'end': 732.593, 'text': 'In proof of work, a predefined condition, the target, is adjusted for every 2016 block, which is approximately every 14 days.', 'start': 723.348, 'duration': 9.245}, {'end': 736.055, 'text': 'And an average time to mine a block is 10 minutes.', 'start': 732.933, 'duration': 3.122}, {'end': 743.759, 'text': 'So basically, the target keeps automatically adjusting itself to keep the block generation within the 10 minute time frame.', 'start': 736.315, 'duration': 7.444}, {'end': 745.44, 'text': 'so this is the representation.', 'start': 744.039, 'duration': 1.401}, {'end': 752.286, 'text': 'so, in order to keep the time frame for block generation within 10 minutes, the target keeps on adjusting itself.', 'start': 745.44, 'duration': 6.846}, {'end': 755.428, 'text': 'now the difficulty of the puzzle changes.', 'start': 752.286, 'duration': 3.142}, {'end': 758.991, 'text': 'the target changes depending on the time it takes to mine a block.', 'start': 755.428, 'duration': 3.563}, {'end': 763.174, 'text': 'so this is how a difficulty of a block is being generated.', 'start': 758.991, 'duration': 4.183}, {'end': 768.759, 'text': 'it is the hash target of the first block, divided by the hash target of the current block.', 'start': 763.174, 'duration': 5.585}, {'end': 773.262, 'text': 'so this is the difficulty which is being changed after every 2016 blocks.', 'start': 768.759, 'duration': 4.503}, {'end': 780.567, 'text': 'so, basically, it is very hard to generate the proof of work, but it is very easy to verify by the miners.', 'start': 773.262, 'duration': 7.305}], 'summary': 'Valid blocks get added to blockchain, miner receives 12.5 bitcoin reward, with a current value of approximately 98k dollars. proof of work target adjusts every 2016 blocks to maintain 10-minute block generation. difficulty of the block changes based on time to mine a block, making it hard to generate but easy to verify.', 'duration': 44.252, 'max_score': 695.932, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ695932.jpg'}, {'end': 822.126, 'src': 'embed', 'start': 797.863, 'weight': 3, 'content': [{'end': 804.05, 'text': 'now, since the difficulty depends on the hash target, its value keep on changing after every 2016 block.', 'start': 797.863, 'duration': 6.187}, {'end': 812.077, 'text': 'as i said, and as you can see in due course, from the day of inception of bitcoin in 2009 till today,', 'start': 805.191, 'duration': 6.886}, {'end': 822.126, 'text': 'difficulty has increased exponentially and it has been increasing and thereby the entire effort of mining and the computing power is also increasing,', 'start': 812.077, 'duration': 10.049}], 'summary': "Bitcoin's hash target difficulty changes every 2016 blocks, leading to exponential increase in mining effort and computing power.", 'duration': 24.263, 'max_score': 797.863, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ797863.jpg'}, {'end': 873.346, 'src': 'embed', 'start': 846.022, 'weight': 4, 'content': [{'end': 852.91, 'text': 'Now suppose a person tries to tamper a block, block B and tries to change the data which is aggregated in the block.', 'start': 846.022, 'duration': 6.888}, {'end': 859.517, 'text': 'So if the data of the block will change the hash value which is the digital signature of the block will also change.', 'start': 853.05, 'duration': 6.467}, {'end': 864.401, 'text': 'Thereby it will corrupt the chain which is subsequent to it.', 'start': 859.778, 'duration': 4.623}, {'end': 873.346, 'text': 'basically, the blocks ahead of block B will all get dealing because the previous hash value of block C will not remain valid.', 'start': 864.401, 'duration': 8.945}], 'summary': 'Tampering with a block corrupts subsequent blocks, making them invalid.', 'duration': 27.324, 'max_score': 846.022, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ846022.jpg'}], 'start': 634.041, 'title': 'Bitcoin transaction validation and mining process', 'summary': 'Delves into the validation process of bitcoin transactions, covering steps such as sharing transaction data, mining, reward, and the adjustment of the target for block generation within a 10-minute timeframe. it also explores the increasing difficulty of bitcoin mining, the non-hackable nature of blockchain, and the evolution of mining hardware.', 'chapters': [{'end': 797.863, 'start': 634.041, 'title': 'Bitcoin transaction validation process', 'summary': 'Explains the process of validating a bitcoin transaction, including steps such as sharing transaction data, mining, reward, and the adjustment of the target for block generation within a 10-minute timeframe.', 'duration': 163.822, 'highlights': ['The reward for solving the puzzle is 12.5 bitcoin, equivalent to around 98,000 dollars as of today. Miners receive a reward of 12.5 bitcoin, currently valued at approximately 98,000 dollars, upon successfully solving the puzzle.', "The target for block generation automatically adjusts itself to maintain a 10-minute time frame, with the difficulty of the puzzle changing accordingly. The target for block generation adjusts to ensure the 10-minute time frame is maintained, with the puzzle's difficulty changing based on the time it takes to mine a block.", 'The difficulty of the block is generated by the hash target of the first block, divided by the hash target of the current block, and changes after every 2016 blocks. The difficulty of the block is determined by the hash target ratio and changes every 2016 blocks, making it challenging to generate the proof of work but easy for miners to verify.']}, {'end': 906.964, 'start': 797.863, 'title': 'Bitcoin mining and blockchain security', 'summary': 'Explains the increasing difficulty of bitcoin mining due to exponential growth, the non-hackable nature of blockchain due to the extensive computing power required to alter block data, and the evolution of hardware for mining.', 'duration': 109.101, 'highlights': ['The difficulty of Bitcoin mining has exponentially increased since its inception in 2009, requiring a significant increase in hashing power and computing resources.', "Blockchain ensures security by making it extremely difficult to tamper with block data, as changing a block's data would require changing the hash values of all subsequent blocks, demanding an enormous amount of computing power.", 'The hash value of each block serves as its digital signature and tampering with block data would render subsequent blocks invalid, highlighting the non-hackable nature of blockchain.']}], 'duration': 272.923, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ634041.jpg', 'highlights': ['Miners receive a reward of 12.5 bitcoin, currently valued at approximately 98,000 dollars, upon successfully solving the puzzle.', "The target for block generation adjusts to ensure the 10-minute time frame is maintained, with the puzzle's difficulty changing based on the time it takes to mine a block.", 'The difficulty of the block is determined by the hash target ratio and changes every 2016 blocks, making it challenging to generate the proof of work but easy for miners to verify.', 'The difficulty of Bitcoin mining has exponentially increased since its inception in 2009, requiring a significant increase in hashing power and computing resources.', "Blockchain ensures security by making it extremely difficult to tamper with block data, as changing a block's data would require changing the hash values of all subsequent blocks, demanding an enormous amount of computing power.", 'The hash value of each block serves as its digital signature and tampering with block data would render subsequent blocks invalid, highlighting the non-hackable nature of blockchain.']}, {'end': 1185.789, 'segs': [{'end': 973.937, 'src': 'embed', 'start': 951.407, 'weight': 0, 'content': [{'end': 960.73, 'text': 'so finally, as of today, they are using a hardware called ASIC application specific integrated circuit, which was specifically introduced for mining,', 'start': 951.407, 'duration': 9.323}, {'end': 966.252, 'text': 'which consumes less power and has a higher computing power, and a better hardware for mining.', 'start': 960.73, 'duration': 5.522}, {'end': 973.937, 'text': 'so miners are profitable when their cost of resources to mine one block is less than the price of the reward they receive.', 'start': 966.252, 'duration': 7.685}], 'summary': 'Asic hardware increases mining efficiency with lower power consumption and higher computing power, leading to better profitability for miners.', 'duration': 22.53, 'max_score': 951.407, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ951407.jpg'}, {'end': 1024.06, 'src': 'embed', 'start': 995.256, 'weight': 1, 'content': [{'end': 1000.422, 'text': '17 to 18 million bitcoins have already been mined, so only 3 to 4 million are left.', 'start': 995.256, 'duration': 5.166}, {'end': 1007.15, 'text': 'as of today, a reward of 12.5 bitcoin is given to the miner on doing the transaction verification,', 'start': 1000.422, 'duration': 6.728}, {'end': 1010.334, 'text': 'but the bitcoin mining reward goes by the halving principle.', 'start': 1007.15, 'duration': 3.184}, {'end': 1017.698, 'text': 'the reward given to a miner is half every 210 000 block, which is approximately every four years.', 'start': 1010.334, 'duration': 7.364}, {'end': 1024.06, 'text': 'so then, after that threshold is reached, the bitcoin reward will go down to 6.25 bitcoins.', 'start': 1017.698, 'duration': 6.362}], 'summary': 'Approximately 17 to 18 million bitcoins mined, with 3 to 4 million remaining. mining reward halves every 210,000 blocks, reducing to 6.25 bitcoins.', 'duration': 28.804, 'max_score': 995.256, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ995256.jpg'}, {'end': 1077.38, 'src': 'embed', 'start': 1042.608, 'weight': 3, 'content': [{'end': 1045.849, 'text': 'then this will increase their probability and chances of winning more.', 'start': 1042.608, 'duration': 3.241}, {'end': 1052.072, 'text': 'So suppose you won the lottery then based on the contribution the reward is distributed among all the participants.', 'start': 1046.03, 'duration': 6.042}, {'end': 1054.493, 'text': 'Bitcoin mining pool is a similar thing.', 'start': 1052.492, 'duration': 2.001}, {'end': 1059.515, 'text': "It's a process where multiple nodes share their resources together to mine a block.", 'start': 1054.773, 'duration': 4.742}, {'end': 1068.818, 'text': 'Now when a block is sold the miners split the reward equally based on the amount of processing power they have invested.', 'start': 1059.715, 'duration': 9.103}, {'end': 1077.38, 'text': 'So it takes the pool members to generate a final hash value, then it checks how much amount of work was contributed by each pool member and,', 'start': 1069.038, 'duration': 8.342}], 'summary': 'Bitcoin mining pools increase chances of winning rewards by sharing resources and distributing based on processing power.', 'duration': 34.772, 'max_score': 1042.608, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ1042608.jpg'}], 'start': 906.964, 'title': 'Evolution of mining hardware and bitcoin mining', 'summary': 'Discusses the evolution of mining hardware from regular processors to gpus and finally to asics, highlighting efficiency, power consumption, and profitability. it also explains bitcoin mining, including the limited total supply of 21 million bitcoins, the halving principle, mining pools, and a demonstration of a mining pool in action.', 'chapters': [{'end': 973.937, 'start': 906.964, 'title': 'Evolution of mining hardware', 'summary': 'Discusses the evolution of mining hardware from regular processors to gpus and finally to asics, highlighting the efficiency and power consumption considerations, as well as the profitability condition for miners.', 'duration': 66.973, 'highlights': ['Miners transitioned from using regular processors to GPUs, which were found to be more efficient, leading to increased processing power.', 'The drawback of using GPUs was the consumption of electricity, impacting the cost of resources for mining.', 'ASICs, specifically designed for mining, now consume less power and offer higher computing power, making them a better hardware option for mining.', "Miners' profitability is determined by the comparison of the cost of resources to mine one block with the price of the received reward."]}, {'end': 1185.789, 'start': 973.937, 'title': 'Bitcoin mining and blockchain technology', 'summary': 'Explains the concept of bitcoin mining, including the limited total supply of 21 million bitcoins, the halving principle reducing rewards every 210,000 blocks, the formation and operation of mining pools, and a demonstration of a mining pool in action.', 'duration': 211.852, 'highlights': ['Bitcoin total supply is limited to 21 million bitcoins, with 17 to 18 million already mined, leaving only 3 to 4 million. This quantifiable data highlights the limited total supply of bitcoins and the scarcity of remaining bitcoins.', 'Bitcoin mining reward reduces by half, from 12.5 bitcoins to 6.25 bitcoins, approximately every four years based on the halving principle. This key point illustrates the predictable reduction in mining rewards over time, emphasizing the diminishing reward structure.', 'Explanation of how mining pools work, where participants share resources to increase their probability of earning rewards, and the proportional distribution of rewards based on contributed work. This provides insights into the collaborative nature of mining pools and how rewards are distributed among participants based on their contributions.', 'Demonstration of a mining pool in action, showcasing the unconfirmed and confirmed rewards earned, along with the mined block numbers and hash values. The demonstration provides a practical understanding of how mining pools operate and the rewards earned by participants, offering a visual representation of the process.']}], 'duration': 278.825, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ajNdzGsuLOQ/pics/ajNdzGsuLOQ906964.jpg', 'highlights': ['ASICs offer higher computing power and consume less power, making them a better hardware option for mining.', 'Bitcoin total supply is limited to 21 million bitcoins, with 17 to 18 million already mined, leaving only 3 to 4 million.', 'Bitcoin mining reward reduces by half, from 12.5 bitcoins to 6.25 bitcoins, approximately every four years based on the halving principle.', 'Explanation of how mining pools work, where participants share resources to increase their probability of earning rewards, and the proportional distribution of rewards based on contributed work.']}], 'highlights': ['Bitcoin mining reward reduces by half, from 12.5 bitcoins to 6.25 bitcoins, approximately every four years based on the halving principle.', 'ASICs offer higher computing power and consume less power, making them a better hardware option for mining.', "The target for block generation adjusts to ensure the 10-minute time frame is maintained, with the puzzle's difficulty changing based on the time it takes to mine a block.", "Blockchain ensures security by making it extremely difficult to tamper with block data, as changing a block's data would require changing the hash values of all subsequent blocks, demanding an enormous amount of computing power.", 'The difficulty of Bitcoin mining has exponentially increased since its inception in 2009, requiring a significant increase in hashing power and computing resources.', 'Miners receive a reward of 12.5 bitcoin, currently valued at approximately 98,000 dollars, upon successfully solving the puzzle.', 'Bitcoin total supply is limited to 21 million bitcoins, with 17 to 18 million already mined, leaving only 3 to 4 million.', 'Detailed overview of blockchain technology, including cryptographic security, immutability, decentralization, structure of blocks, SHA-256 algorithm, and proof of work in Bitcoin mining.', 'Explanation of how mining pools work, where participants share resources to increase their probability of earning rewards, and the proportional distribution of rewards based on contributed work.', "Bitcoin's advantages include lower transaction fees, fast peer-to-peer transactions, decentralization, and utilization for online purchases, e-commerce transactions, investments, and payments."]}