Find 51 problem bitcoin miner best bitcoin exchanges in 2018. What Problem is Solved by Bitcoin Miners? One of the most common questions about Bitcoin mining. What problem are they trying to solve?
Can it be solved with pen and paper? Are they using the computer power to hack something? The problem being solved involves cryptography. To put it simply, a cryptographic cipher turns one string into another string. A simple cipher would be multiplying by 6. The biggest problem is that it is pretty easy to figure out the original number by just diving by 6! Also, the number will get larger and larger.
To get around this all kinds of complicated mathematical operations are done on very long strings of numbers. It would take a very long explanation of the algorithm used. Below is diagram of one step of one hash. Those things on the right are special mathematical functions that are tedious to calculate and require a computer.
Modern Bitcoin miners can do this problem approximatly 1 billion times a second so it might not be worth while to use pen and paper. Put in a value in the top and you will see a string come up in the bottom. Then you have to keep changing the input by adding stuff until the answer starts with a zero. Bitcoin is more complicated because certain information has to be included, including the hash from the last block. The sender must provide a solution to a cryptographic problem before the message will be accepted. After going through the numbers sequentially 51 was the first one that worked. The purpose of solving this problem is merely to show that work was done to get the answer.