Down in the Weeds. Mining and the Bitcoin Network: (Explain Like I’m 5)

Robin Bloor
May 23, 2018 · 4 min read
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Thoroughly Modern ASICs

So last time, you tried to explain the Bitcoin network and failed abysmally. Care to try again?

How does the network know that the message is new and not just a duplicate of a previous message?

Remind me again what a hash is. I can’t remember.

So they send unique abbreviations?

How do they know the addresses of the other mining nodes?

What about the wallets? Don’t wallets need to know the addresses of the mining nodes?

So what then?

Tell me more about attempts to hack the Bitcoin network. What’s the 51% attack I keep hearing about?

I’m in the mood.

What do you mean “mining power”?

Could I become a miner and use my PC to mine the blockchain?

Why not?

So would I need to buy a powerful computer to mine Bitcoin?

What does ASIC stand for?

And that means?

So, should I buy one and put it in the attic, next to the room where we lock away my crazy aunt?

Where is it cheapest to mine Bitcoin?

OK I’ve heard enough. I need to buy a giant hamster wheel for my crazy aunt. Speak to you again soon.

Bloor Group

The Bloor Group is a media-savvy technology analysis…

Robin Bloor

Written by

is a technology analyts with a 30 year pedigree. He is also a frequent blogger, a published author and an advisor for Permission.io,

Bloor Group

The Bloor Group is a media-savvy technology analysis business located in Austin Texas. It delivers the goods on corporate IT

Robin Bloor

Written by

is a technology analyts with a 30 year pedigree. He is also a frequent blogger, a published author and an advisor for Permission.io,

Bloor Group

The Bloor Group is a media-savvy technology analysis business located in Austin Texas. It delivers the goods on corporate IT

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