Re:Bitcoin surpasses $50K as major companies jump into crypto
by nfin on Wednesday February 17, 2021 @12:52PM
(#26169278)
just a little bit more detail:
miners are timestamping machines, which main function is to order (!) the transactions. That's it!
The is the whole point, everyone/every node verifies the rules, but the network has to agree on some ordering, as they could be many possibilities to order the transaction, and the network wouldn't know who to listen (everyone has his own opinion about the best ordering). So the "lucky miner" extends the blockchain effectively ordering the new transactions.
If the miner increases the supply or doesn't follow any other consensus rule, other nodes won't accept it. So the miner has not much power. He orders transactions
miners are timestamping machines, which main function is to order (!) the transactions. That's it!
The is the whole point, everyone/every node verifies the rules, but the network has to agree on some ordering, as they could be many possibilities to order the transaction, and the network wouldn't know who to listen (everyone has his own opinion about the best ordering). So the "lucky miner" extends the blockchain effectively ordering the new transactions.
If the miner increases the supply or doesn't follow any other consensus rule, other nodes won't accept it. So the miner has not much power. He orders transactions