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fixed intro and flow of mining.
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Andreas M. Antonopoulos
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ch08.asciidoc
102
ch08.asciidoc
@ -6,36 +6,26 @@
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[[mining]]
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=== Introduction - Mining and Consensus
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Mining is the process by which new bitcoin is added to the money supply. Mining also serves to secure the bitcoin system against fraudulent transactions or transactions spending the same amount of bitcoin more than once, known as a double-spend. Miners act as a decentralized clearinghouse, validating new transactions and recording them on the global ledger. A new block, containing transactions which occurred since the last block, is "mined" every 10 minutes thereby adding those transactions to the blockchain. Transactions that become part of a block and added to the blockchain are considered "confirmed", which allows the new owners of bitcoin to spend the bitcoin they received in those transactions. Miners receive two types of reward for mining: new coins created with each new block and transaction fees from all the transactions included in the block. To earn this reward, the miners compete to solve a difficult mathematical problem based on a cryptographic hash algorithm. The solution to the problem, called the Proof-of-Work, is included in the new block and acts as proof that the miner expended significant computing effort. The competition to solve the Proof-of-Work algorithm to earn reward and the right to record transactions on the blockchain is the basis for bitcoin's security model.
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Mining is the process by which new bitcoin is added to the money supply. Mining also serves to secure the bitcoin system against fraudulent transactions or transactions spending the same amount of bitcoin more than once, known as a double-spend. Miners act as a decentralized clearinghouse, validating new transactions and recording them on the global ledger. A new block, containing transactions which occurred since the last block, is "mined" every 10 minutes thereby adding those transactions to the blockchain. Transactions that become part of a block and added to the blockchain are considered "confirmed", which allows the new owners of bitcoin to spend the bitcoin they received in those transactions. Miners receive two types of reward for mining: new coins created with each new block and transaction fees from all the transactions included in the block. To earn this reward, the miners compete to solve a difficult mathematical problem based on a cryptographic hash algorithm. The solution to the problem, called the Proof-of-Work, is included in the new block and acts as proof that the miner expended significant computing effort. The competition to solve the Proof-of-Work algorithm to earn reward and the right to record transactions on the blockchain is the basis for bitcoin's security model.
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=== Mining
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The process of new coin generation is called mining, because the reward is designed to simulate diminishing returns, just like mining for precious metals. Bitcoin's money supply is created through mining, just like a central bank issues new money by printing bank notes. The amount of newly created bitcoin a miner can add to a block decreases approximately every four years (or precisely every 210,000 blocks). It started at 50 bitcoin per block in January of 2009 and halved to 25 bitcoin per block in November of 2012. It will halve again to 12.5 bitcoin per block sometime in 2016. Based on this formula, bitcoin mining rewards decrease exponentially until approximately the year 2140 when all bitcoin (20.99 million) will have been issued. After 2140, no new bitcoins are issued.
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Bitcoin's security is underpinned by computation. New blocks are added to the blockchain through a consensus mechanism called the _Proof-of-Work_ (PoW) that requires a predictable computational effort, one that takes approximately 10 minutes to solve on average. Specialized bitcoin nodes called _miners_ validate transactions and collect them into blocks, then attempt to find the solution that satisfies the Proof-of-Work algorithm. The first miner to find such a solution, propagates the newly created block across the network. All other nodes on the network verify that the new block contains valid transactions and satisfies the Proof-of-Work algorithm, then they add it to the blockchain, thereby extending it by one block. The miners add a special coin generation transaction into the blocks they build, which creates new bitcoin from nothing and is payable to the miner's own bitcoin address. Once the block is accepted as valid by the entire network, that transaction is also recorded on the blockchain, thereby rewarding the miner for the computational effort it took to satisfy the Proof-of-Work. This de-centralized consensus mechanism, based on a global competition and requiring computation to create new blocks, is the basis for the security of the bitcoin transaction ledger and also for the issuance of new bitcoin. {move the last sentence to the beginning of the paragraph - to explain more about security} The equilibrium between the incentive of bitcoin reward and the immense computing effort required to win it force the participants to behave honestly, without the need for a centralized clearinghouse or currency issuer. The bitcoin consensus mechanism is a dynamic, self-regulating and completely decentralized security model that operates at very large scale.
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Bitcoin miners also earn fees from transactions. Every transaction may include a transaction fee, in the form of a surplus of bitcoin between the transaction's inputs and outputs. The winning bitcoin miner gets to "keep the change" on the transactions included in the winning block. Today the fees represent 0.5% or less of a bitcoin miner's income, the vast majority coming from the newly minted bitcoins. However, as the reward decreases over time and the number of transactions per block increases, a greater proportion of bitcoin mining earnings will come from fees. After 2140 all bitcoin miner earnings will be in the form of transaction fees.
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The process of new coin generation is called mining, because the reward is designed to simulate diminishing returns, just like mining for precious metals. Bitcoin's money supply is created through mining, just like a central bank issues new money by printing bank notes. The amount of newly created bitcoin a miner can add to a block decreases approximately every four years (or precisely every 210,000 blocks). It started at 50 bitcoin per block in January of 2009 and halved to 25 bitcoin per block in November of 2012. It will halve again to 12.5 bitcoin per block sometime in 2016. Based on this formula, bitcoin mining rewards decrease exponentially until approximately the year 2140 when all 21 million bitcoin have been issued.
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The word "mining" is somewhat misleading. By evoking the extraction of precious metals, it focuses our attention on the reward for mining, the new bitcoins in each block. While mining is incentivized by this reward, the primary purpose of mining is not the reward or the generation of new coins. If you view mining only as the process by which coins are created you are mistaking the means (incentives) as a goal of the process. Mining is the main process of the de-centralized clearinghouse, by which transactions are validated and cleared. Mining secures the bitcoin system and enables the emergence of network-wide consensus without a central authority. Mining is the invention that makes bitcoin special, a de-centralized security mechanism that is the basis for peer-to-peer digital cash. The reward of newly minted coins and transaction fees is an incentive scheme that aligns the actions of miners with the security of the network, while simultaneously implementing the monetary supply, the means not the end.
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Bitcoin miners also earn fees from transactions. Every transaction may include a transaction fee, in the form of a surplus of bitcoin between the transaction's inputs and outputs. The bitcoin miner gets to "keep the change" on the transactions.
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Today the fees represent 1% or less of a bitcoin miner's income, the vast majority coming from the newly minted bitcoins. However, as the reward decreases over time and the number of transactions per block increases, a greater proportion of bitcoin mining earnings will come from fees. After 2140 all bitcoin miner earnings will be in the form of transaction fees.
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=== Mining Nodes
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Some of the nodes on the bitcoin network are specialized nodes called _miners_. In Chapter 1 we introduced Jing, a computer engineering student in Shanghai China, who is a bitcoin miner. Jing earns bitcoin by running a "mining rig" which is a specialized computer-hardware system designed to mine bitcoins. Jing's specialized mining hardware is connected to a server running a full bitcoin node. Unlike Jing, some miners mine without a full node as we will see in <<mining pools>>. Like every other full node, Jing's node receives and propagates unconfirmed transactions on the bitcoin network. Jing's node, however, also aggregates these transactions into new blocks.
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Jing's node is listening for new blocks, propagated on the bitcoin network, as do all nodes. However, the arrival of a new block has special significance for a mining node. The competition among miners effectively ends with the propagation of a new block which acts as an announcement of a winner. To a miner, receiving a new block means someone else won the competition and they lost. However, the end of one round of a competition is also the beginning of the next round. The new block is not just a checkered flag, marking the end of the race, it is also the starting pistol starting the race for the next block.
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In this chapter, we will first examine mining as a monetary supply mechanism and then look at the most important function of mining, the de-centralized emergent consensus mechanism that underpins bitcoin's security.
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==== Bitcoin Economics and Currency Creation
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Bitcoins are "minted" during the creation of each block at a fixed and diminishing rate. Each block, generated on average every 10 minutes, contains a _reward_ that consists of entirely new bitcoins. The reward was 50BTC for the first four years of operation of the network. Every four years the reward is decreased by 50%, resulting in a diminishing rate of issuance over time. In 2012, the reward was decreased to 25BTC and it will decrease again to 12.5BTC in 2016. By approximately 2140, the last fragments of a bitcoin will be mined, for a total of 21 million bitcoins. {Clarify coinbase transaction as first - includes the reward and transactions. Discuss how the coinbase transaction will change in 2140}
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Bitcoins are "minted" during the creation of each block at a fixed and diminishing rate. Each block, generated on average every 10 minutes, contains a entirely new bitcoins, created ex nihilo (from nothing). Every 210,000 blocks or approximately every four years the currency issuance rate is decreased by 50%. For the first four years of operation of the network, each block contained 50 new bitcoin. In November of 2012, the new bitcoin issuance rate was decreased to 25 bitcoin per block and it will decrease again to 12.5 bitcoin at block 420,000, which will be mined sometime in 2016. The rate of new coins decreases like this exponentially over 64 "halvings", until block 13,230,000 (mined in year 2137, approximately) when it reaches the minimum currency unit of 1 satoshi. Finally, after 13.44 million blocks, in approximately 2140, all 2,099,999,997,690,000 satoshis, or almost 21 million bitcoin will be issued. Thereafter, blocks will contain no new bitcoin and miners will be rewarded solely through the transaction fees.
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[[bitcoin_money_supply]]
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.Supply of bitcoin currency over time based on a geometrically decreasing issuance rate
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image::images/BitcoinMoneySupply.png["BitcoinMoneySupply"]
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The finite and diminishing issuance creates a fixed monetary supply that resists inflation. Unlike a fiat currency which can be printed in infinite numbers by a central bank, bitcoin can never be inflated by printing.
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===== Monetary supply
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Bitcoin's monetary supply is defined as the number of coins in circulation (minted). Like any other currency, this measure of monetary supply is called M0, which represents the narrowest measure of the money supply. Just like any other currency, bitcoin can also have a _fractional reserve banking_ which means that an organization can trade bitcoins "off blockchain" which are not part of the M0 monetary measure, but of the broader monetary supply measures M1-M3. {have you explained M1-M3?}{also, i think you should explain fractional reserve banking a bit here}
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While the total bitcoins in circulation will not exceed 21m, that monetary base can support a much broader economy through fractional reserve banking and expansion of the available credit.
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===== Deflationary Money
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The most important and debated consequence of a fixed and diminishing monetary issuance is that the currency will tend to be inherently _deflationary_. Deflation is the phenomenon of appreciation of value due to a mismatch in supply and demand that drives up the value (and exchange rate) of a currency. The opposite of inflation, price deflation means that your money has more purchasing power over time.
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@ -63,8 +53,6 @@ Bitcoin's de-centralized consensus emerges from the interplay of four processes
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In the next few sections we will examine these processes and how they interact to create the emergent property of network-wide consensus that allows any bitcoin node to assemble its own copy of the authoritative, trusted, public, global ledger.
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Before we explore the details of emergent consensus, we will first discuss mining and the central role it plays in this process.
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=== Independent Verification of Transactions
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In the previous chapter we saw how wallet software creates transactions by collecting UTXO, providing the appropriate unlocking scripts and then constructing new outputs assigned to a new owner. The resulting transaction is then sent to the neighboring nodes in the bitcoin network so that it may be propagated across the entire bitcoin network.
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@ -96,6 +84,12 @@ These conditions can be seen in detail in the functions +AcceptToMemoryPool+, +C
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By independently verifying each transaction as it is received and before propagating it, every node builds a pool of valid new transactions (the transaction pool), roughly in the same order.
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=== Mining Nodes
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Some of the nodes on the bitcoin network are specialized nodes called _miners_. In Chapter 1 we introduced Jing, a computer engineering student in Shanghai China, who is a bitcoin miner. Jing earns bitcoin by running a "mining rig" which is a specialized computer-hardware system designed to mine bitcoins. Jing's specialized mining hardware is connected to a server running a full bitcoin node. Unlike Jing, some miners mine without a full node as we will see in <<mining pools>>. Like every other full node, Jing's node receives and propagates unconfirmed transactions on the bitcoin network. Jing's node, however, also aggregates these transactions into new blocks.
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Jing's node is listening for new blocks, propagated on the bitcoin network, as do all nodes. However, the arrival of a new block has special significance for a mining node. The competition among miners effectively ends with the propagation of a new block which acts as an announcement of a winner. To a miner, receiving a new block means someone else won the competition and they lost. However, the end of one round of a competition is also the beginning of the next round. The new block is not just a checkered flag, marking the end of the race, it is also the starting pistol starting the race for the next block.
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=== Aggregating Transactions into Blocks
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After validating transactions, a bitcoin node will add them to the _memory pool_, or _transaction pool_, where transactions await until they can be included (mined) into a block. Jing's node collects, validates and relays new transactions just like any other node. Unlike other nodes, however, Jing's node will then aggregate these transactions into a _candidate block_.
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@ -357,23 +351,35 @@ With all the other fields filled, the block header is now complete and the proce
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=== Mining the Block
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Now that a candidate block has been constructed by Jing's node, it is time for Jing's hardware mining rig to "mine" the block, to find a solution to the Proof-of-Work algorithm that makes the block valid. Throughout this book we have studied cryptographic hash functions as used in various aspects of the bitcoin system. The hash function SHA-256 is the function used in bitcoin's mining process.
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In the simplest terms, mining is the process of hashing the block header repeatedly, changing one parameter, until the resulting hash matches a specific target. The hash function's result cannot be determined in advance, nor can a pattern be created that will produce a specific hash value. This feature of hash functions means that the only way to produce a hash result matching a specific target, is to try again and again, randomly modifying the input until the desired hash result appears by chance.
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==== Proof-of-Work Algorithm
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A hash algorithm takes an arbitrary-length data input and produces a fixed-length deterministic result, a digital fingerprint of the input. For any specific input, the resulting hash will always be the same and can be easily calculated and verified by anyone implementing the same hash algorithm. The key characteristic of a cryptographic hash algorithm is that it is impossible to find two different inputs that produce the same fingerprint. As a corollary, it is also impossible to select an input in such a way as to produce a desired fingerprint, other than trying random inputs.
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With SHA-256, the output is always 256 bits long, regardless of the size of the input. In the example below, we will use the Python interpreter to calculate the SHA256 hash of the phrase "I am Satoshi Nakamoto".
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[[sha256_example1]]
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.SHA256 Example
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====
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[source,bash]
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----
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$ python
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----
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[source,pycon]
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----
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$ *python*
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Python 2.7.1
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>>> import hashlib
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>>> print hashlib.sha256("I am Satoshi Nakamoto").hexdigest()
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5d7c7ba21cbbcd75d14800b100252d5b428e5b1213d27c385bc141ca6b47989e
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----
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====
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The example shows that if we calculate the hash of the phrase +"I am Satoshi Nakamoto"+, it will produce +5d7c7ba21cbbcd75d14800b100252d5b428e5b1213d27c385bc141ca6b47989e+. This 256-bit number is the _hash_ or _digest_ of the phrase and depends on every part of the phrase. Adding a single letter, punctuation mark or any character will produce a different hash.
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Now, if we vary the phrase, we will expect to see completely different hashes. Let's try that by adding a number to the end of our phrase, using this simple Python script
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Now, if we change the phrase, we will expect to see completely different hashes. Let's try that by adding a number to the end of our phrase, using this simple Python script
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[[sha256_example_generator]]
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.SHA256 A script for generating many hashes by iterating on a nonce
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@ -384,12 +390,15 @@ include::code/hash_example.py[]
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----
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====
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Running this will produce the hashes of several phrases, made different by adding a unique number, called a _nonce_ at the end of the text. By incrementing the nonce, we can get different hashes.
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Running this will produce the hashes of several phrases, made different by adding a number at the end of the text. By incrementing the number, we can get different hashes.
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((("nonce")))
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[[sha256_example_generator_output]]
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.SHA256 Output of a script for generating many hashes by iterating on a nonce
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====
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[source,bash]
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----
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$ *python hash_example.py*
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$ python hash_example.py
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I am Satoshi Nakamoto0 => a80a81401765c8eddee25df36728d732...
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I am Satoshi Nakamoto1 => f7bc9a6304a4647bb41241a677b5345f...
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I am Satoshi Nakamoto2 => ea758a8134b115298a1583ffb80ae629...
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@ -411,18 +420,19 @@ I am Satoshi Nakamoto17 => dca9b8b4f8d8e1521fa4eaa46f4f0cd...
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I am Satoshi Nakamoto18 => 9989a401b2a3a318b01e9ca9a22b0f3...
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I am Satoshi Nakamoto19 => cda56022ecb5b67b2bc93a2d764e75f...
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----
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====
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Each phrase produces a completely different hash result. They seem completely random, but you can re-produce the exact results in this example on any computer with Python and see the same exact hashes.
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To make a challenge out of this algorithm, let's set an arbitrary target: find a phrase starting with "I am Satoshi Nakamoto" which produces a hash that starts with a zero. In numerical terms, that means finding a hash value that is less than +0x1000000000000000000000000000000000000000000000000000000000000000+. Fortunately, this isn't so difficult! If you notice above, we can see that the phrase "I am Satoshi Nakamoto13" produces the hash 0ebc56d59a34f5082aaef3d66b37a661696c2b618e62432727216ba9531041a5, which fits our criteria. It only took 13 attempts to find it.
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The number used as a variable in such a scenario is called a _nonce_. The nonce is used to vary the output of a cryptographic function, in this case to vary the SHA-256 fingerprint of the phrase.
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Bitcoin's proof-of-work is very similar to the problem above. First, a miner will generate a new block, containing:
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((("block")))
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* Transactions waiting to be included in a block
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* The hash from the previous block
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* A _nonce_
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To make a challenge out of this algorithm, let's set an arbitrary target: find a phrase that produces a hexadecimal hash that starts with a zero. Fortunately, this isn't so difficult! If you notice above, we can see that the phrase "I am Satoshi Nakamoto13" produces the hash 0ebc56d59a34f5082aaef3d66b37a661696c2b618e62432727216ba9531041a5, which fits our criteria. It took 13 attempts to find it. In terms of probabilities, if the output of the hash function is evenly distributed we would expect to find a result with a 0 as the hexadecimal prefix once every 16 hashes (one out of 16 hexadecimal digits 0 through F). In numerical terms, that means finding a hash value that is less than +0x1000000000000000000000000000000000000000000000000000000000000000+. We call this threshold the _target_ and the goal is to find a hash that is numerically _less than the target_. If we decrease the target, the task of finding a hash that is less than the target becomes more and more difficult.
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To give a simple analogy, imagine a game where players throw a pair of dice repeatedly, trying to throw less than a specified target. In the first round, the target is 12. Unless you throw double-six, you win. In the next round the target is 11. Players must throw 10 or less to win, again an easy task. Let's say a few rounds later the target is down to 5. Now, more than half the dice throws will add up to more than 5 and therefore be invalid. It takes exponentially more dice throws to win the lower the target gets. Eventually, when the target is 2 (the minimum possible), only one throw out of every 36, or 2% of them will produce a winning result.
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The only part a miner can modify is the nonce. Now, the miner will calculate the hash of this block's header and see if it is smaller than the current _target difficulty_. The miner will likely have to try many nonces before finding one that results in a low enough hash.
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In the example above, the winning "nonce" is 13 and this result can be confirmed by anyone independently. Anyone can add the number 13 as a suffix to the phrase "I am Satoshi Nakamoto" and compute the hash, verifying that it is less than the target. The successful result is also proof-of-work, as it proves we did the work to find that nonce. While it only takes one hash computation to verify, it took us 13 hash computations to find a nonce that worked. If we had a lower target (higher difficulty) it would take many more hash computations to find a suitable nonce, but only one hash computation for anyone to verify. Furthermore, by knowing the target, anyone can estimate the difficulty using statistics and therefore know how much work was needed to find such a nonce.
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Bitcoin's proof-of-work is very similar to the problem above. The miner constructs a candidate block filled with transactions. Next, the miner will calculate the hash of this block's header and see if it is smaller than the current _target_. If the hash is not less than the target, the miner will modify the nonce (usually just incrementing it by one) and try again. At the current difficulty in the bitcoin network, miners have to try quadrillions of times before finding a nonce that results in a low enough block header hash.
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A very simplified proof-of-work algorithm is implemented in Python here:
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((("proof of work")))
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@ -439,9 +449,13 @@ Running the code above, you can set the desired difficulty (in bits, how many of
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[[pow_example_outputs]]
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.Running the proof-of-work example for various difficulties
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====
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[source, bash]
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----
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$ python proof-of-work-example.py*
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----
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$ *python proof-of-work-example.py*
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----
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Difficulty: 1 (0 bits)
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[...]
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@ -494,32 +508,40 @@ Success with nonce 84561291
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Hash is 0000001f0ea21e676b6dde5ad429b9d131a9f2b000802ab2f169cbca22b1e21a
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Elapsed Time: 665.0949 seconds
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Hashing Power: 127141 hashes per second
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----
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====
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As you can see, increasing the difficulty by 1 bit causes an exponential increase in the time it takes to find a solution. If you think of the entire 256-bit number space, each time you constrain one more bit to zero, you decrease the search space by half. In the example above, it takes 84 million hash attempts to find a nonce that produces a hash with 26 leading bits as zero. Even at a speed of more than 120 thousand hashes per second, it still requires ten minutes on a consumer laptop to find this solution.
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At the time of writing this, the network is attempting to find a block whose header hash is less than +000000000000004c296e6376db3a241271f43fd3f5de7ba18986e517a243baa7+. As you can see, there are a lot of zeroes at the beginning of that hash, meaning that the acceptable range of hashes is much smaller, hence more difficult to find a valid hash. It will take on average more 150 quadrillion hash calculations per second for the network to discover the next block. That seems like an impossible task, but fortunately the network is bringing 500 TH/sec of processing power to bear, which will be able to find a block in about 10 minutes on average.
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At the time of writing this, the network is attempting to find a block whose header hash is less than +000000000000004c296e6376db3a241271f43fd3f5de7ba18986e517a243baa7+. As you can see, there are a lot of zeroes at the beginning of that hash, meaning that the acceptable range of hashes is much smaller, hence more difficult to find a valid hash. It will take on average more 150 quadrillion hash calculations per second for the network to discover the next block. That seems like an impossible task, but fortunately the network is bringing 100 Peta Hashes per second of processing power to bear, which will be able to find a block in about 10 minutes on average.
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==== Difficulty Representation
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The formula to calculate the difficulty target from this representation is:
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----
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target = coefficient * 2^(8 * (exponent - 3))
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----
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Using that formula, we can
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difficulty bits is 0x1903a30c
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----
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target = 0x03a30c * 2^(0x08 * (0x19 - 0x03))^
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=> target = 0x03a30c * 2^(0x08 * 0x16)^
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=> target = 238,348 * 2^176^
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=> target = 238,348 * 2^176^
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=> target = 9,223,372,036,854,775,807
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=> target = 0x0000000000000003A30C00000000000000000000000000000000000000000000
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----
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==== Difficulty Target and Re-Targetting
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