# What the Hell Is Bitcoin Mining?

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BNB, https://accounts.binance.com/en/register?ref=Z56RU0SP. I think it’s really cool to help shape the currency," Laith Shehadeh, a 20-year-old miner from Cincinnati, told TheWrap. "I’m really in this game for the long run. The cryptocurrency network is very elaborate… [miners] are an integral part of the ecosystem in order to scale it up. "I truly like cryptocurrency because I believe it creates more efficient markets, eliminates a lot of inefficiencies, and it gives a lot of people more power and independence with their money."

OmniLedger is a novel scale-out decentralized ledger framework that preserves longterm security under permissionless operation by using bias-resistant public-randomness for choosing large, statistically representative shards that process transactions, and by introducing Atomix, an efficient cross-shard commit protocol, that atomically handles transactions affecting multiple shards. OmniLedger's throughput scales linearly in the number of active validators, supporting Visa-level workloads and btc beyond, while confirming typical transactions in under two seconds thanks to its low-latency "trust-but-verify" transaction validation mechanism.

William Shatner, the actor who famously portrayed Captain James Kirk in the original 1960s run of Star Trek spoke out against his progressive critics, claiming that SJWs "stand for inequality" while defending his use of terms like "snowflake" and "misandry" – a phenomenon that angry feminists insist has been extinguished in modern society.

In this paper, we introduce the notion of equitability, which quantifies how much a proposer can amplify her stake compared to her initial investment. A primary concern with PoS systems is the "rich getting richer'' phenomenon, whereby wealthier nodes are more likely to get elected, and hence reap the block reward, making them even wealthier. Proof-of-stake (PoS) is a promising approach for designing efficient blockchains, where block proposers are randomly chosen with probability proportional to their stake. These results allow us to provide a systematic framework to choose the parameters of a practical incentive system for PoS cryptocurrencies. For further information, please see our work. Even with everyone following protocol (i.e., honest behavior), we show that existing methods of allocating block rewards lead to poor equitability, as does initializing systems with small stake pools and/or large rewards relative to the stake pool. We identify a \emph reward function, which we prove is maximally equitable over all choices of reward functions under honest behavior and bound the deviation for strategic actions, the proofs involve the study of optimization problems and stochastic dominances of Polya urn processes, and are of independent mathematical interest.

Each "block" on the chain carries up to thousands of transactions awaiting approval. (Around Christmas 2017, when the cryptocurrency market was at its frothiest, there were about 2,700 transactions per block, compared to roughly 1,100 per block in early April.) You can picture the blockchain like Lincoln Logs stacking up. And the key for bitcoin true believers is the blockchain’s decentralized network. First off, though, you should know the basics of the blockchain, where all bitcoin transactions are tracked. Rather than having a bank track payments, anyone can plug into the bitcoin network and help verify transactions.

We show how an attacker can disrupt those incentives to cause rational miners to stop mining. Read the technical report here. Such blockchains rely on incentives to provide security. We have discovered a denial-of-service attack on Bitcoin-like blockchains that is much cheaper than previously described attacks.

Miners don’t just do it for the love of the game, either. There’s a financial incentive to keep the blockchain humming along, with 12.5 bitcoin being awarded for correctly verifying a block. Add in the couple bucks in fees for each transaction in a block, and it can be a lucrative business. At the current bitcoin price of roughly $6,600, that’s more than$80,000 per block.

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Rogers disagrees, all they have done is papered over and widened the cracks… " propping up zombie banks and Binance dead companies is not the way the world is supposed to work. … It’s been nine years and we have nothing to show for it [economically] except staggering amounts of debt."