Ethereum: Understanding the daily Bitcoin award
The Ethereum network, also known as Ethereum blockchain, was the driving force in the development of decentralized applications (DAPPS) and intelligent contracts since its foundation in 2015. One of the most important aspects that distinguish Ethereum from other cryptocurrencies, is a unique mechanism of consensus that allows creating global peer-to-peer network.
In the center of this mechanism there is a reward system for miners responsible for validating transaction on blockchain. The prize system has been developed to make miners to bring computing resources and energy resources to secure the network and maintain its integrity.
Daily prize cycle
Every 10 minutes, the block is generated by specialized nodes, which are referred to as a miner and with complex algorithms to check transactions and create new blocks. Each block contains a clear code known as “block -Hash” and serves as a digital fingerprint for the entire block. The reward system has been designed in such a way that it changes regularly and the prize decreased by half about 32 times.
To understand the daily Bitcoin award (BTC), let’s look at how this process works:
* Generation of the block : Each block takes about 10 minutes.
* Transaction validation
: Miners check transactions and create new blocks by solving complex mathematical puzzles.
* The prize by half
: The reward system is half -time, which means that the number of bitcoins awarded for creating a new block is reduced.
approximately the calculation of the daily prize
Make some thickening calculations to estimate the daily prize:
Suppose the average block production time is 10 minutes and the speed of the prize every 32 blocks (about once a week), we can calculate the following:
- Block generation period: 10 minutes
- Block shortcut: 256-bit shortcut (usually 128-bit abbreviation is used)
- Reward half -freedom: all 32 blocks
- Total number of blocks per day: approx. 4,000 blocks per day (based on blocks of generation and 8.57 hours a day)
Now we calculate the approximate daily award:
Total prize for the block \* hash for block ½ 16.67 btc
Because we have 4,000 blocks a day, the daily total prize would be around 66.68 BTC.
At last
The daily reward for bitcoins is a unique aspect of his consensus mechanism and reward system. Although this process may seem complex, it is important to understand how the frequency of prizes affects the performance and security of the entire network. If the Ethereum network is developing further, you can understand those concepts that appreciate the complexity of blockchain technology.
Looking through the basic mechanics of rewarding cryptocurrencies such as Bitcoin, they are better prepared to make solid decisions about their investments and to participate in this exciting space.