Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Basics => Topic started by: Master107 on April 15, 2021, 04:23:18 AM
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Ethereum’s current mining process is almost the same as bitcoin’s.
For each block of transactions, miners use computers to repeatedly and very quickly produce random values until one of them stumbles upon the correct one. The correct answer unlocks the ether.
It’s very (very) difficult for miners to cheat at this game. There’s a less than microscopic chance that a miner can fake this work and come away with the correct answer. That’s why the puzzle-solving method, also called the “consensus mechanism,” is called “proof-of-work.”
“Nodes” are another important piece of the Ethereum network, each of which contains a copy of the ledger that records all ether transactions. There are thousands of Ethereum nodes throughout the world, maintained by companies or enthusiasts for the purposes of validating transactions. Each of these nodes verifies every block that a miner creates.
It takes just a second for nodes on the Ethereum network to verify that the hash value is correct. If it isn’t, they reject the miner’s block.
If the miner finds a hash that matches the current target, the miner unlocks the ether and broadcasts the block across the network for each node to validate and add to their own copy of the ledger. If miner A finds the hash, miner B will stop work on the current block and start the computational process over again for the next block.
Ethereum's shift to proof-of-stake
Ethereum might not need miners forever, though.
Ethereum developers have long planned to drop mining in favor of a different method of verifying transactions called proof-of-stake, which helps the network reach consensus about whether transactions are valid in a different way. The hope is that proof-of-stake would require less electricity than proof-of-work, making it a greener alternative.
The shift to proof-of-stake is part of the ongoing Ethereum 2.0 upgrade to Ethereum, but it will take time to implement. However, some blockchain experts are skeptical proof-of-stake can work and will be as resistant to attacks as proof-of-work. Source (https://www.coindesk.com/learn/ethereum-101/ethereum-mining-works)
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