No one knows which miner will solve the next equation so cheating is only really plausible if more than 51% of all the miners agree to cheat. The miner who solves the proof-of-work equation gets not only the reward for solving the equation but also is the one who decides the next block of transactions and keeps all the fees. Miners will look at all the transactions being attempted and select which ones are to be included in the next block of transactions and give priority to the transactions with the highest fees attached to them. In order to send Ether from one person to another, the network broadcasts the transaction to the miners and includes a fee. The massive amount of resources spent trying to get a blockchain network’s reward is also what must be spent on every attempt to attack the network.
This mining process is also how the system generates new money.Īttempting to cheat the system costs big too. Thus the network is more secure when the native coin is worth more because it creates more incentive for miners to do the work, which maintains the network. This only translates to cash, if the coins or tokens are exchangeable for other currencies or miners believe that they will be valuable in the future. In the Bitcoin network, these are the Bitcoins themselves. Miners are willing to run the programs because they get rewarded in the tokens or coins that are inherent in the system or created by the network itself. Ethereum mining setup and Ether token rewards illustration – Source: These programs are hefty and running them requires huge computational resources and expensive equipment, not to mention, staggering amounts of electricity. Being a miner, doing proof-of-work simply means turning on a computer and running a program that attempts to answer a complex mathematical equation. Miners don’t spend all night goggled-eyed traveling through the blockchain looking for transactions.
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