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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

Terms30 shown

51% attackNetwork risks associated with excessive concentration of computing power; the evidence presents it as a broader threat associated with selfish mining potentially weakening decentralization.
ASICAn integrated circuit customized for a single task and designed for maximum execution efficiency is typically more efficient than CPU or GPU in applicable mining networks.
ASIC Mining machineUses application-specific integrated circuits and is designed for Bitcoin SHA-256 algorithm for high-efficiency mining.
ASIC-resistantRefers to a cryptocurrency design property that limits the efficiency advantage of specialized ASIC hardware through protocols and mining algorithms.
Mining FarmA facility that centrally houses and operates a large number of cryptocurrency mining machines.
OrdinalsA Bitcoin protocol that numbers satoshis according to mining order and allows data to be inscribed on satoshis.
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.
application-specific integrated circuits (ASICs)A chip specifically designed for a particular mining algorithm.
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.
proof of stake (PoS)A consensus method that does not rely on hash mining, and therefore does not require competition over ASIC mining capacity.
underwriterTypically an investment bank, responsible for assisting in determining the initial share price and managing the sale of shares.
“Proof of Work” (PoW)The consensus mechanism used in Bitcoin mining, in which completing computational work requiring substantial computing power serves as the basis for adding new blocks.
CryptojackingA malicious practice of using a device owner's computing resources for cryptocurrency mining without the owner's consent.
Cryptocurrency miningThe process of validating transactions on a blockchain network and adding transaction records to the blockchain ledger.
Block heightThe sequential position of a block in the blockchain; the difficulty bomb adjusts mining difficulty at a predefined block height.
Double-spending problemThe double-spending problem is the risk that the same digital currency may be copied or paid more than once, thereby undermining the credibility of the ledger.
Subject to slashingRefers to the network determining that a validator has engaged in conduct that can trigger a slashing penalty.
Hash RateThe number of hash calculations performed per second by a mining machine or the entire network, used to measure the computational performance of mining equipment or the network.
MiningThe process in which participants in a proof-of-work network organize transactions and search for a block hash that meets the target, earning subsidies and transaction fees from valid blocks.
Mining nodeA node that runs mining software, typically using specialized hardware to compete for block rewards.
Mining DifficultyThe computational difficulty set by the network for a valid block hash; Bitcoin adjusts it periodically to maintain an average block time of approximately minutes.
Model checkingA method for verifying whether a contract satisfies the expected specifications by examining the states and behavior of a formal model.
Liquidity miningA high-risk DeFi activity in which participants lock up assets to provide liquidity, lend, or stake them, seeking to earn returns or interest.
Regulatory RiskChanges in the regulatory environment may affect the legality, operational methods, or value of liquidity mining, resulting in financial losses or legal disputes.
Computing PowerThe overall computational power provided by miners participating in Bitcoin mining; changes in it prompt the protocol to adjust mining difficulty.
Order BookCEX A record-keeping and pricing mechanism used to aggregate and match buy and sell orders, thereby determining transaction prices.
Difficulty BombA code mechanism that increases Ethereum’s mining difficulty over time to help drive the network’s transition from proof-of-work to proof-of-stake.
PremineThe process of mining or creating and allocating a portion of tokens in advance, before a blockchain project or token is officially launched.

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Definition

Mining Difficulty

The computational difficulty set by the network for a valid block hash; Bitcoin adjusts it periodically to maintain an average block time of approximately minutes.

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