Senator Mike Rounds

@SenatorRounds ↗

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Last Checked April 3, 2023

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Thu May 27 19:10:36 +0000 2021

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Senator Mike Rounds @SenatorRounds

Despite the randomness, it's more like they’re getting paid a fee to maintain ledgers than mining or creating bitcoins. Miners provide proof that they’ve done work to contribute to the chain in exchange for compensation (in bitcoins), rather than making bitcoins themselves. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

The first person to win a block gets a prize of bitcoins. Since the second step in forming a block is essentially up to chance, the most effective way to mine is simply to throw more computation at the problem, verifying as many blocks as possible as fast as possible. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

The interesting thing is that you can make it easier or harder to form new blocks if you make the nonce higher or lower. And for bitcoin, the difficulty is adjusted every 2016 blocks so that the rate of formation of new blocks is constant. — PolitiTweet.org

Posted May 27, 2021