Bitcoin Q&A: The Mining Process

Can you provide a brief overview of the mining process? Is there human intervention in mining or is it automated? What influenced the centralisation of mining and how will it decentralise again? More on mining and consensus in 'Mastering Bitcoin' - github.com/bitcoinbook/bitcoinbook/blob/f8b883dcd4… Chapters 0:00 Can you explain the mining process in detail? When are hashes calculated? How are the transactions selected from the mempool? Does the client software automatically confirm the correct blocks? 8:36 If my node finds a block, is the verification automatic, or does a real person need to do manual work to enable it to go through? 9:31 Some say that a few miners control 70% of the hash power. Is this centralization? These questions are from the MOOC 9.2, 9.3, and 9.5 sessions, which took place on February 23rd, March 2nd, and March 16th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: www.patreon.com/aantonop RELATED: Consensus Algorithms, Blockchain Technology, and Bitcoin -    • Consensus Algorithms, Blockchain Tech...   Advanced Bitcoin Scripting Part 1: Transactions and Multisig -    • Advanced Bitcoin Scripting -- Part 1:...   Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware -    • Advanced Bitcoin Scripting -- Part 2:...   What is Consensus: Rules without Rulers -    • What is Consensus: Rules without Rulers   Forkology: A Study of Forks for Newbies -    • Forkology: A Study of Forks for Newbies   Bitcoin: Where the Laws of Mathematics Prevail -    • Bitcoin: Where the Laws of Mathematic...   Software distribution security -    • Bitcoin Q&A: Software Distribution Se...   What is mining? -    • Bitcoin Q&A: What is Mining?   Miners, pools, and consensus -    • Bitcoin Q&A: Miners, Pools, and Conse...   The rules of Bitcoin (part 1) -    • Bitcoin Q&A: The Rules of Bitcoin (Pa...   The rules of Bitcoin (part 2) -    • Bitcoin Q&A: The Rules of Bitcoin (pa...   Rules versus rulers -    • Bitcoin Q&A: Rules versus Rulers   The value of proof-of-work -    • Bitcoin Q&A: The Value of Proof-of-Work   Could a state-sponsored 51% attack work? -    • Bitcoin Q&A: Could a State-sponsored ...   Honest nodes and consensus -    • Bitcoin Q&A: Honest Nodes and Consensus   Spam transactions and Child Pays For Parent (CPFP) -    • Bitcoin Q&A: Spam Transactions and Ch...   Is Bitcoin a democracy? -    • Bitcoin Q&A: Is Bitcoin a Democracy?   Decentralized power, leaderless governance -    • Bitcoin Q&A: Decentralized Power, Lea...   Scaling, trust, and trade-offs -    • Bitcoin Q&A: Scaling, Trust, and Trad...   What is the role of nodes? -    • Bitcoin Q&A: What is the Role of Nodes?   Why running a node is important -    • Bitcoin Q&A: Why Running a Node is Im...   Lightning, full nodes, and miners -    • Bitcoin Q&A: Lightning, Full Nodes, a...   Running nodes and payment channels -    • Bitcoin Q&A: Running Nodes and Paymen...   What happens during a fork? -    • Bitcoin Q&A: What Happens During a Fork?   SegWit adoption -    • Bitcoin Q&A: SegWit Adoption   Spam transactions and Child Pays For Parent (CPFP) -    • Bitcoin Q&A: Spam Transactions and Ch...   Energy consumption -    • Bitcoin Q&A: Energy Consumption   Solar energy and mining in space -    • Bitcoin Q&A: Solar Energy & Mining in...   Bitmain and ASICBoost allegations -    • Bitcoin Q&A: Bitmain and the ASICBoos...   Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop twitter.com/aantonop Website: antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. THE INTERNET OF MONEY, v1: www.amazon.co.uk/Internet-Money-collection-Andreas… [NEW] THE INTERNET OF MONEY, v2: www.amazon.com/Internet-Money-Andreas-M-Antonopoul… MASTERING BITCOIN: www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digit… [NEW] MASTERING BITCOIN, 2nd Edition: www.amazon.com/Mastering-Bitcoin-Programming-Open-… Subscribe to the channel to learn more about Bitcoin & open blockchains! Music: "Unbounded" by Orfan (www.facebook.com/Orfan/) Outro Graphics: Phneep (www.phneep.com/) Outro Art: Rock Barcellos (www.rockincomics.com.br/) Join the aantonop Channel: aantonop.io/joinaantonopyt

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