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

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

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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

In short, the more miners there are, the harder it is to mine bitcoins. Since the best way to mine is to simply use more computations, there is an incentive to pool as much effort into mining as possible, simply to make sure your pool has an advantage over other miners. — PolitiTweet.org

Posted May 27, 2021