Can two blocks be mined at the same time?

Can two blocks be mined at the same time? Yes, and this is perfectly normal. In this situation, nodes will consider the first block they receive as part of their blockchain, but also keep the second block they receive just in case.

What if two people mine the same Bitcoin?

If two miners solve the hash at precisely the same time then the miner with more network connections to the bitcoin network or other criteria will get accepted by the network first. One will become accepted by the network and the other will be discarded.

Do all miners work on the same block?

Yes, all miners work on the same block number but the block is different for every miner as they can arrange different transactions differently in ways to get the target hash.

How do miners confirm transactions?

The miner solves a special mathematical puzzle called a proof of work. After that, the Bitcoin Network confirms your block and adds it to the blockchain. Each new block added to the blockchain is another confirmation for your transaction.

What happens once a block is mined?

Block rewards, consisting of a set number of bitcoins, are distributed to miners who successfully confirm a transaction block. The rewards are halved every four years. When the cryptocurrency was launched, the reward for confirming a block of transactions was 50 bitcoins.

Can I mine and play at the same time?

Yes, it is possible to mine Ethereum with a gaming PC. However, I highly recommend that you do not use your gaming PC to mine. Firstly, mining cryptocurrency puts an extreme amount of stress on your GPU. If you are only using one GPU, that GPU will wear out quicker than if you only use that GPU for gaming.

What happens if you mine a block?

A block reward refers to the number of bitcoins you get if you successfully mine a block of the currency. The amount of the reward halves after the creation of every 210,000 blocks, or roughly every four years. The amount is expected to hit zero around 2140.

What happens when a block is mined?

By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions, which are added to the blockchain.

What is a block confirmation?

A block confirmation is simply the act of your transaction being included in a block on the blockchain. The more blocks that are mined (committed to the blockchain) after your transaction is committed to a block, the greater the chance your transaction is done and irreversible.

What does 2 confirmations mean on Coinbase?

Confirmations: A bitcoin transaction is considered unconfirmed until it has been included in a block on the blockchain, at which point it has one confirmation. Each additional block is another confirmation. Coinbase requires 3 confirmations to consider a bitcoin transaction final.

What happens when two blocks are mined at the same time?

Bitcoin clients always trust the longest chain, so if two blocks is mined on the same time, it’s up to (51\% of) the miners to decide which is going to be ‘accepted’ and which is going to be worthless. This is one of the reasons why you shouldn’t trust only a few confirms, as the confirms could be a orphaned blockchain.

What happens when a miner finds a solution to a problem?

Once a miner finds a solution, he gets to insert his candidate block as a valid block in the blockchain. When that happens, all transactions that are inside that block will receive 1 confirmation. Now, miners can move on to compete over the next block.

What is the difference between miners accepting A and B?

Miners accepting A would try to mine the next block on top of A, while other miners accepting B would try to mine the next block on top of B. If next block to be found is on the top of A, then miners mining on the B will turn to the A chain, which is the main chain.

Does the second block have to be near the first block?

It doesn’t even need to be in the same instant. As long as the second block is found before the first block is widely known, there will be a fork. – Nick ODell Mar 6 ’13 at 17:37 Add a comment | 2 Answers 2 ActiveOldestVotes 33