BITCOIN MINING

Join the network and listen for transactions – validate the proposed
Listen for new blocks – validate and re-broadcast a new block when it is proposed
Collect transactions for a predefined time and construct a new block
so let us look into the details of the Bitcoin miners so the life of a miner of something like this though their task is to validate the transaction and then construct a new block once they have constructed a new block then employed here hash power to vote on consensus vote on consensus in the sense like to find out that who is going to complete the work first and then accordingly propose that block as a new block and commit the transactions in that new block and add that new block to the existing blockchain and then stored and broadcast that new blockchain to the peers that entire blockchain gets propagate in the network

so this mining Bitcoin the entire procedure has six different steps so the first step is that – if you want to be a miner you have to join in the Bitcoin network and listen for the transactions then validate the proposed transactions which are coming from the client so the next step is to listen for the new blocks validate those new blocks and rebroadcast a new block when it is proposed so if you are getting a new block from one of your peers then you validate that new block and we broadcast it in the network then collect the transactions for a predefined time and construct a new block with that transactions the transactions which are not already included in the blockchain so as a miner you take those transactions and construct a new block.

Find a nonce to make the new block valid
Broadcast the new block – everybody accepts it if it is a part of the main chain
Earn the reward for participating in the mining procedure
then your task is to participate in the mining procedure or where your task is to find out a nonce to make the block valid by utilizing the predefined difficulty function for that means having a certain minimum number of zeros at the prefix of the obtain hash value so you have to generate the nonce according to that which is the mining procedure

so once you have got a new block you broadcast that new block to your peers and everybody in your peering system they will accept that block if it is part of the main chain so this concept we have discussed earlier because in a typical blockchain environment it may happen that multiple blocks are generated together so you had a block earlier READ MORE