₿itcoin ₿oma

Bitcoin. Education. Freedom!

Throw back Thursday to the bitcoin white paper Day celebration. The Bitcoin Boma Blantyre community had so much fun
@TrezorAcademy

Chapter 9: How does Bitcoin Mining Work?
✅ Took a recap of UTXO sets in a Bitcoin wallet & the Blockchain on chain
⚡ A wallet displays total balances of unspent UTXO's whilst the block chain keeps a record of all chunks of individual UTXO's
⚡ Miners always go for higher fees over the amount of the transaction
✅ Took a closer look at Bitcoin Nodes who determine validity of a transaction
⚡ Nodes on the network determine if a transaction has already been spent or not
⚡ Each node has a Bitcoin client & keeps a copy of the chain
✅ Used Bitcoin Ubuntu campus to validate transactions by checking if a transaction is
⚡ signed by the owner
⚡ If coins haven't already spent
⚡ Doesn't pay more than it's balance
✅ Discussed the Mempool the waiting area of transactions before miners add them to the block
⚡ There's no single Mempool
⚡ Each node keeps its own record
⚡ Fees are determined in Satoshi's per virtual byte sat/vB
✅Explained the hash & why a block's hash begins with zeros
⚡Bitcoin uses SHA-256 Hashing algorithm

Fun, food and games at the post bitcoin white paper Day
@TrezorAcademy

Fun, food and games at the post bitcoin white paper Day
@TrezorAcademy