What was the idea behind the “proof of work” used in Bitcoin mining originally intended for?
Around the time Satoshi Nakamoto published the white paper in 2008, he emailed Adam Back to introduce Bitcoin’s design.
Key takeaway: understanding how mining works can help you make sense of changes in hash rate, but hash rate and coin prices aren’t simply correlated.
$BTC ’s mining mechanism builds on Adam Back’s Hashcash concept.
It’s best to only put in money you can afford to lose.
#BTC
I’m just chatting—don’t take this as investment advice.
Around the time Satoshi Nakamoto published the white paper in 2008, he emailed Adam Back to introduce Bitcoin’s design.
Key takeaway: understanding how mining works can help you make sense of changes in hash rate, but hash rate and coin prices aren’t simply correlated.
$BTC ’s mining mechanism builds on Adam Back’s Hashcash concept.
It’s best to only put in money you can afford to lose.
#BTC
I’m just chatting—don’t take this as investment advice.