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**Light Nodes vs. Full Nodes**: In the Bitcoin network, most nodes are lightweight nodes. If you only want to make transactions and are not interested in mining, there is no need to run a full node. During mining, if a miner detects that someone else has already mined a block and extended the longest chain, they should immediately abandon their current work and restart the mining process. | ||
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**Mining Has No Memory**: Mining itself does not have memory. Previous work does not affect future mining efforts, so even if earlier work becomes invalid, it is not wasted. | ||
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**Bitcoin System Security**: | ||
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- **Cryptographic Assurance**: Without someone else's private key, no one can forge a legitimate signature to transfer Bitcoin from another account. | ||
- **Consensus Mechanism**: Ensures that malicious transactions are not accepted by the system. | ||
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**Evolution of Mining Equipment**: | ||
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- Mining equipment has evolved from general-purpose CPUs to GPUs, and now to specialized ASIC chips. As mining difficulty increased, using general-purpose devices became inefficient, leading to the emergence of specialized mining hardware. | ||
- ASIC chips are designed specifically for mining certain cryptocurrencies. While they increase mining efficiency, they also raise the entry barrier, which goes against Bitcoin's original decentralized vision. | ||
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**Emergence of Large Mining Pools**: | ||
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- Individual miners often face unstable incomes, leading to the development of mining pools. Mining pools can be centralized (data center-like) or distributed (miners from different organizations). The pool allocates tasks, and miners are rewarded based on proof of work. | ||
- Mining pools also face challenges, such as intentionally disrupting the pool by discarding mined blocks. | ||
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**51% Attack and Transaction Blocking**: | ||
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- A mining pool that controls over 51% of the network's can perform a fork attack, rolling back previously confirmed transactions, which poses a major threat to the system's security. Additionally, an attacker can block transactions from a specific account by preventing its transactions from being included in the longest valid chain. | ||
- However, stealing Bitcoin from others is impossible without having the private key, as the network will not recognize unsigned transactions. | ||
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**Pros and Cons of Mining Pools**: | ||
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- **Pros**: Mining pools provide more stable income for miners and reduce their workload. | ||
- **Cons**: They threaten the security of the blockchain system, making 51% attacks more feasible. |
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Please add a title as
#P8 Mining