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General Science / Re: Bitcoin
« on: Yesterday at 08:05:46 »
Bitcoin uses the SHA-256 hash algorithm to map ("Hash") from the user's private key to the public identifier on the blockchain.
- If you lose the private key, you have to guess a 256-bit number, which will take about 1077 hashes, far beyond the capability of today's computers.
- But if you could do that, you could steal anyone's Bitcoins.
- Wikipedia gives a few examples of people losing their private key.
https://en.wikipedia.org/wiki/Bitcoin#Addresses_and_transactions
The world workforce of Bitcoin miners is currently increasing the rate of hashes, at an exponential rate. Back in 2017, they were doing 1019 hashes per second. Now it looks like 1021, see graph here:
https://www.blockchain.com/explorer/charts/hash-rate
- If you lose the private key, you have to guess a 256-bit number, which will take about 1077 hashes, far beyond the capability of today's computers.
- But if you could do that, you could steal anyone's Bitcoins.
- Wikipedia gives a few examples of people losing their private key.
https://en.wikipedia.org/wiki/Bitcoin#Addresses_and_transactions
The world workforce of Bitcoin miners is currently increasing the rate of hashes, at an exponential rate. Back in 2017, they were doing 1019 hashes per second. Now it looks like 1021, see graph here:
https://www.blockchain.com/explorer/charts/hash-rate