Senator Mike Rounds

@SenatorRounds ↗

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Last Checked Jan. 21, 2022

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Thu May 27 19:51:05 +0000 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

These protocols revolve around cryptography (for computers, this is the use of math to code information) hence “crypto”currencies. However, someone needs to actually verify each new block in the chain to keep the system running smoothly. — PolitiTweet.org

Posted May 27, 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