Author: Michael Fuhrmann 2021-05-14 21:41:23
Published on: 2021-05-14T21:41:23+00:00
Bitcoin miners are required to create blocks every 10 minutes on average, however, they continue to mine for the remaining 9 minutes after a block has been found. This raises the issue of pre-mining during this time. Two possible solutions have been proposed: The first proposal involves implementing a global network timer that sends a salted hash time code after 9 minutes which enables validation by nodes. This solution might be the most difficult to implement.The second proposal is easier to attempt and involves mining jobs before 9 minutes having a higher difficulty of 10 (or 100 or just high enough) times. This would provide an incentive to wait until the 9 minutes have passed since the downside of mining before then would be too high. The bitcoin network would then get a "pulse". While there may be other problems associated with these ideas, finding a working solution could help address the energy concerns of the industry without compromising robustness.
Updated on: 2023-05-21T02:29:44.783332+00:00