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About BIBIBI Daily Digest Privacy & Account Security

For information and learning only. Not investment advice. Crypto assets involve risk.

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Glossary

Terms20 shown

Bitcoin halvingEvery 210,000 blocks, a preset event in the Bitcoin protocol halves miners' block rewards.
Proof of WorkA consensus mechanism in which miners compete to validate blocks,Bitcoin uses this mechanism.
Proof-of-Work (PoW)A mechanism in which miners contribute computing power to compete for the right to create new blocks, while full nodes validate the network rules.
Selfish MiningA mining strategy in which miners withhold newly discovered blocks, build a private chain branch, and publish it opportunistically to gain more than their fair share of block rewards.
blocksA data unit added to the blockchain by miners, used to record and confirm transactions.
hash rateA measure of the computational power controlled by miners; its proportion of the network's total hash rate affects the likelihood that selfish mining will succeed and be profitable.
miningMiners contribute computing resources to validate new blocks and may receive newly generated network tokens as rewards.
mining poolsA collaborative arrangement in which multiple miners pool their computing power to mine together and, after successfully adding a block, distribute rewards according to each participant’s contribution.
nonceThe nonce that miners repeatedly adjust in the block header to try to generate a block hash that meets the target requirements.
proof of work (PoW)A consensus mechanism that relies on miners repeatedly performing computations and finding valid solutions.
proof-of-workA consensus mechanism in which miners compete to solve mathematical problems; the finder of a valid solution may add the next block and receive a block reward.
Block RewardThe cryptocurrency reward miners receive for successfully validating a new block, broadly consisting of the block subsidy and transaction fees.
Block subsidyNew tokens generated in a new block and awarded to miners by the protocol; they are part of the block reward.
Block DifficultyThe difficulty of the mathematical problem miners must solve, adjusted periodically to maintain a relatively consistent block production rate.
Proof of WorkA consensus mechanism in which miners solve cryptographic puzzles through computation to validate transactions and create new blocks.
Proof of Work (PoW)A consensus mechanism in which miners compete using computational power to solve problems, thereby validating transactions and adding new blocks.
Proof of Work (PoW)A mechanism in which miners compete to add new blocks by solving computational problems, and the network verifies the computational results.
Bitcoin halvingApproximately every 4 year, a protocol event that gradually reduces miners’ block rewards.
Computing PowerThe overall computational power provided by miners participating in Bitcoin mining; changes in it prompt the protocol to adjust mining difficulty.
nonceThe counter field that miners repeatedly change when searching for a valid block-header hash.

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Definition

Block subsidy

New tokens generated in a new block and awarded to miners by the protocol; they are part of the block reward.

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