How does the modulo operation relate to cryptocurrency mining?

3 answers

• Cuong PhamAug 29, 2021 · 4 years ago
  Sure! The modulo operation is used in cryptocurrency mining to select a miner who will be rewarded with the opportunity to add the next block to the blockchain. It works by taking the hash of the previous block and combining it with a nonce (a random number). Miners then perform the modulo operation on this combined value with a target value. If the result of the modulo operation is below the target value, the miner is considered successful and can add the block to the blockchain. This process ensures that mining is a competitive and fair process, as the target value can be adjusted to control the difficulty of mining.
  626

  313
• Kavin GamageJun 05, 2022 · 3 years ago
  The modulo operation in cryptocurrency mining is like a lottery system. Miners compete to find a nonce that, when combined with the hash of the previous block, produces a hash that is below a certain target value. The modulo operation is used to determine if the resulting hash meets the criteria. If it does, the miner wins the right to add the next block to the blockchain and receive the associated rewards. It's a way to distribute the opportunity to mine fairly among all participants and prevent any single miner from monopolizing the process.
  549

  183
• Jenny Mae SaysonApr 20, 2023 · 2 years ago
  In the world of cryptocurrency mining, the modulo operation is the key to determining which miner gets to add the next block to the blockchain. It's like a digital game of chance where miners compete to find a nonce that, when combined with the previous block's hash, produces a hash that is less than a specific target value. The modulo operation is used to check if the resulting hash meets the requirement. If it does, the miner wins the right to add the block and earn rewards. This ensures that mining is decentralized and prevents any individual or group from gaining too much control over the network.
  608

  152