In my last blog, I described how the Proof of Work is calculated and how the mining process works, but now I want to dive a little deeper into the concept of proof of work. Most importantly, I want to show the answer to the question: Why does it work?
I’m only going to address the Bitcoin Proof of Work system superficially and unless explicitly stated, all the math and formulas apply to PegNet only.
While I am going to use the term “mining” throughout this blog, it is somewhat of a misnomer because when mining for ore or other substances, there is incremental progress. When you dig a hundred foot long tunnel one day, the next day … Read the rest