• Crypto Expert

What is the hash function and how does it relate to cryptocurrency?

Hash function is a one-way function, which means it is fairly easy to get the output from input but very difficult to get the input from output. The hash output is called hashed digest.

If one wants to calculate the input from a given output, one needs to use try and error method to search the input one character by one character. It could be very difficult if the searching space was set to be very large.


Bitcoin uses a very large search space as the mining method. Miner whoever finds out the input from a given output of a hashed function (which is in a very large searching space, means very difficult), gets the rewards or called “mined a block”.

3 views0 comments

Recent Posts

See All

Why do people still buy bitcoin?

The quick question is that, “Why not?” Isn’t it a cool thing to have one currency different from fiat issued from government. If don’t think so, then congratulations, you have the same thoughts as 99%

The brief history of cryptos

Bitcoin as the widely used crypto was initiated from year 2008. Bitcoins need to be “mined”by following PoW rules. From 2008 to 2013, there are many cryptos copying or modifying the codes from bitcoin

Can supercomputers mine Bitcoin?

yes but not the best option. A lot of people think mining bitcoins is competing hash power but actually it is a competition of energy efficiency. Super computers cannot compete with ASIC designed for

 

Contact

123-456-7890

Thanks for submitting!

 

©2020 by MyCrypto101.net