Bitcoin Mining: It Doesn't Work the Way You Think it Does

TL;DR

• Mining is essentially a lottery in which computers search for a random number below the target.
• Mining itself does not verify transactions, but rather includes already verified transactions into the blockchain, as well as deciding which version of a transaction to use in the event of a conflict (double spend).
• Most mining occurs on mining pools via the stratum mining protocol
• Pool operators, not individual miners, are in control of which transactions are included in each block.

http://bit.ly/1MsZRi9

Submitted October 13, 2015 at 04:30AM by block2s http://bit.ly/1MsZQuC