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How Bitcoin Mining Works: a Target, a Nonce, and a Difficulty That Catches Up
Bitcoin mining is not puzzle solving. A miner hashes an 80-byte block header, changes the only free number in it, hashes again, and repeats until the result falls below a target that the network re-tunes every 2,016 blocks. The economics come from the block subsidy plus fees, and the subsidy halves every 210,000 blocks.- 6
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Bitcoin Is Four Things: What the Word Means, and How a Coin Gets Made
Satoshi’s own 2008 email said new coins are made from Hashcash style proof-of-work. The 21 million and the ten minutes both follow from that one sentence. Here is the whole machine, with numbers you can check yourself.- 16
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Bitcoin’s $85,000 Floor Is an Average, Not a Wall
JPMorgan calls it a soft floor. It is actually a derived average over a fleet that keeps changing, and 280 days below it did not stop the industry.- 12
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