1. The Bitcoin version number.
2. The previous block hash.
3. The Merkle Root of all the transactions selected to be in that block.
4. The timestamp.
5. The difficulty target.
6. The Nonce.
1. The Bitcoin version number is simply a number to track software and protocol upgrades.
2. The previous block hash is the hash of the parent block in the blockchain. i.e. block 23’s hash if this is block 24.
4. The timestamp is the time that hashing took place.
5. The difficulty target is the Bitcoin Network targeted number of zeroes.
6. The Nonce is a 32Bit number that the miners vary from 0 to try and find the hash solution.
As the Bitcoin mining network has advanced from Mega hashes to Giga Hashes to Peta hashes – the nonce, or the number that the miner varies can be run through in less than a second, which has 4 billion attempts has become easily exceeded resulting in miners having to use an extra nonce factor.
They got around this by adding data into the coinbase transaction (generation transaction) – which then means, after recalculating, the normal nonce numbers can be run through again, and if run through in a second before the timestamp changes, the Merkle root is recalculated and run through again.
- Cryptocurrency Taxes in the UK - a Complete Guide
- PrimeXBT: Bitcoin margin trading platform guide
- Ledger Nano X Review: How to Securely Store Your Cryptoassets Offline
- ArbiSmart Review: Benefiting from Arbitrage with Ease
- BitMax.io Pioneering Innovation with Novel Staking Product
- What are Bitcoin Perpetual Swaps and How to Trade Them
- How to Securely Trade Cryptocurrencies Without Creating an Account
- Bitcoin Mining in the Future: How Profitable Will It Be?
- How One Player Won 1.79 BTC from a Blockchain Casino, and Why Dapps Can’t Compete
- How Cryptocurrencies and Blockchain Are Powering Artisanal Small Gold Miners
This website is only provided for your general information and is not intended to be relied upon by you in making any investment decisions. You should always combine multiple sources of information and analysis before making an investment and seek independent expert financial advice.
Where we list or describe different products and services, we try to give you the information you need to help you compare them and choose the right product or service for you. We may also have tips and more information to help you compare providers.
Some providers pay us for advertisements or promotions on our website or in emails we may send you. Any commercial agreement we have in place with a provider does not affect how we describe them or their products and services. Sponsored companies are clearly labelled.