From 4c1ef5a5043913e8b6cc3f1cf66eb924bf762d2a Mon Sep 17 00:00:00 2001 From: "Andreas M. Antonopoulos" Date: Mon, 23 Feb 2015 18:41:51 -0500 Subject: [PATCH] Addressing errata 151320 --- ch08.asciidoc | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/ch08.asciidoc b/ch08.asciidoc index 9cd7d3a9..7e1eb756 100644 --- a/ch08.asciidoc +++ b/ch08.asciidoc @@ -6,7 +6,7 @@ ((("consensus", id="ix_ch08-asciidoc0", range="startofrange")))((("mining", id="ix_ch08-asciidoc1", range="startofrange")))((("miners")))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 provide processing power to the bitcoin network in exchange for the opportunity to be rewarded bitcoin. -Miners validate new transactions and record them on the global ledger. A new block, containing transactions that 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 validate new transactions and record them on the global ledger. A new block, containing transactions that occurred since the last block, is "mined" every 10 minutes on average, 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 rewards 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.