Senator Mike Rounds

@SenatorRounds ↗

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Last Checked April 3, 2023

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Thu May 27 19:10:35 +0000 2021

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Senator Mike Rounds @SenatorRounds

In short, mining a new bitcoin is a two-step process. First, you need to verify a block’s worth of transactions, then you need to guess a hash (a number). Your guess is compared to a target (called a nonce) and if your guess is below the nonce then you form a block. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

Since #bitcoins are decentralized, there isn’t a government or bank to maintain the system, which means there needs to be a different way. People who verify transactions are bitcoin miners, and the process of verification is fundamental to how they make (or mine) new bitcoins. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

You may ask “why not just guess 000…0001 for your hash, if the goal is to get a hash below the target nonce?” The answer: your guess is put through what is basically a randomizing equation based on several inputs, like the timestamp. Guessing your hash ahead of time is #noncense — PolitiTweet.org

Posted May 27, 2021