Block hashing algorithm - Bitcoin Wiki

mining sha256-based currencies

Advice and discussion on mining sha256 currencies. Although Bitcoin is a sha256 currency, you'll probably find your answer in its dedicated subreddit, /bitcoinmining
[link]

BitcoinSoV

BSoV: The first mine-able, deflationary, open sourced, decentralized cryptocurrency Hedge to act as a Store of Value against the monetary inflation of fiat currency. BSoV is mined using a simple Keccak256 (Sha3) algorithm. There is No ICO, No Pre-mine, and No Governance. This allows for BSoV to be completely decentralized and fairly distributed. With each transfer of BSoV tokens, 1% of the total transaction is burned forever.
[link]

Litecoin Cash

Litecoin Cash (LCC) is a fork of Litecoin itself utilizing an SHA-256 hashing algorithm. While the initial goal was to focus on bringing back SHA-256, along the way we created "Hive Mining," an agent-based system allowing everyday users to participate in securing and hashing the network to earn real LCC rewards. Be sure to visit our website @ https://litecoinca.sh for more information and join us on DISCORD to speak with the team and get free LCC rains just for chatting and being active!
[link]

Bitcoin SHA-256 en het Vires in Numeris motto!

Bitcoin SHA-256 en het Vires in Numeris motto! submitted by liberbits to u/liberbits [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to conspiracy [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to CryptoCurrency [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to magnora7 [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to ConspiracyII [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to ShrugLifeSyndicate [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to C_S_T [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to collapse [link] [comments]

HashFlare resumes the Bitcoin SHA-256 mining services 8 days after it shut down

HashFlare resumes the Bitcoin SHA-256 mining services 8 days after it shut down submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

Bitcoin, SHA-256, and the NSA

Bitcoin looks to be a great new digital currency that the whole world may someday use. However there are some odd things about bitcoin that deserve more exposure.
First, Bitcoin was officially released by an unknown person who used a Japanese pseduonym, 5 days before Obama was elected. This person does not exist.
Secondly, bitcoin mining is designed to solve hashes in the SHA-256 algorithm. SHA-256 is a 256-bit version of an algorithm that is used to encrypt messages sent over the internet.
The NSA invented SHA-256.
As people's computers mine bitcoins, they are discovering solutions to SHA-256 hashes, which then get stored in to the blockchain, which is a digital record and repository of all activity within bitcoin to date.
Each block is like one SHA-256 puzzle, that the computers try to solve. The only way to solve it is to guess the right answer randomly out of billions or trillions of choices. There is no algorithm or method to find the right solution other than guessing and then doing the computation to see if you were correct or not, due to how the algorithm is constructed (which is exactly what makes it good for security). So when computers mine for bitcoins, they are guessing solutions to that particular block's SHA-256 puzzle. When a solution is found, 50 bitcoins (now, 25, and soon to be 12.5 as dictated by the algorithm) are rewarded to the miner who found the solution. So it's a lottery of sorts. This is why people pool together to form mining pools, where the winnings are shared proportionally among everyone, weighted by their total number of attempted solutions. That helps take the luck out of it so everyone can get more reliable income.
Anyway, these solutions are so hard to find that even with all the computers across the world mining for bitcoins, it still takes 10 minutes to solve just one single puzzle.
This is why it's so secure.
If you want to hack a system that uses SHA-256 (which is a very encryption common system to use, alongside SHA-128 which is even weaker) then hacking it difficult because you have to guess over and over to solve this large prime number problem. However, if you have a list of all the prime numbers and their solutions (including many really huge numbers that haven't been computed except for this list) then that is a speedup to cracking a particular system using SHA-256, because you don't have to run all those calculations, you can simply look them up. In the blockchain.
So there is a potential the blockchain is an open distributed-computing SHA-256 solution repository, which enables hackers who know how to use it (like the NSA).
With all this in mind, it's easier to see why countries are starting to accept bitcoin as a legal currency. Japan officially recognized it as currency just recently:
We know Japan is often a testing ground for US monetary policy (QE and Abenomics, for example) so this is likely to be the direction of the future, which makes it a good investment because this implies it's backed by the western central banks, which means it will probably prosper in the long term. Which is why we see so many rich people investing in it.
But not so much with litecoin or etherium, which are some of the biggest competitors to bitcoin on the cryptocurrency market. You can see the largest coins by total market cap here:
Litecoin uses Scrypt instead of SHA-256. Scrypt was invented by a person developing linux, apparently more of an independent actor.
Bitcoin dominates the market, being 20x the size of Litecoin.
I think cryptocurrencies are great, but I think people need to be mindful of what is going on behind the scenes, and to ensure there are competing cryptocurrencies rather than a singular bitcoin monopoly that dominates the market. However it's good that one cryptocurrecy grow to prominence to establish the infrastructure of using them.
I do think there is government backing because of the relationship of bitcoin to the NSA's SHA-256 algorithm. However over the next few decades, I think that algorithm will become less and less relevant as cryptography becomes more advanced, and thus bitcoin will lose government support because it will no longer be useful to the NSA. However there will likely be replacement cryptocurrencies by that time.
So it seems like a short-term western global currency, but in the long term will likely have to be replaced as SHA-256 loses its relevancy, as computers become more powerful.
submitted by magnora7 to Bitcoin [link] [comments]

Google Encourages Industry to Use Bitcoin's SHA-256 Encryption

Google Encourages Industry to Use Bitcoin's SHA-256 Encryption submitted by mcfc_as to encryption [link] [comments]

Bitcoin SHA-256 Brute Force Attack /r/Bitcoin

Bitcoin SHA-256 Brute Force Attack /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: Bitcoin, SHA-256, and the NSA /r/conspiracy

Bitcoin mentioned around Reddit: Bitcoin, SHA-256, and the NSA /conspiracy submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin, SHA-256, and the NSA /r/Bitcoin

Bitcoin, SHA-256, and the NSA /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Antminer S9 - Bitcoin SHA-256 miner, 14TH/s. Pre-Order for Brand New Unit Shippng in Sept 2017 - Very Hard to Find

Antminer S9 - Bitcoin SHA-256 miner, 14TH/s. Pre-Order for Brand New Unit Shippng in Sept 2017 - Very Hard to Find submitted by BitcoinAllBot to BitcoinAll [link] [comments]

HashFlare reports Bitcoin SHA-256 mining contracts are out of stock

HashFlare reports Bitcoin SHA-256 mining contracts are out of stock submitted by mesra to CryptoCurrency [link] [comments]

How many qubits would it take to break Bitcoins SHA 256 bit encryption?

INFORMATION I GATHERED
Where are we at? 512 qubit computer ... But these are low quality qubits mainly due to issues with sufficient isolation from our universe, getting clear readings, and speeding up the gates. Also Dwave computers are currently limited in a way that supposedly does not have the capability for encryption cracking
If the qubits worked optimally how much does it take to break existing encryption? 2048-bit RSA requires roughly 4096 qubits while a quantum computer to break the equivalently secure 224-bit Elliptic Curve Cryptography requires between 1300 and 1600 qubits Yes this is not bitcoins 256 bit, nor the same math, but its the closest information I could reasonably find.
The NSA is preparing to make a computer that can crack any currently used difficult encryption except types that are quantum protected like the new Lattice encryption. When the NSA is done it will be able to crack Bitcions SHA256 private keys using the public. Right now they are currently working with a 2 qubit computer to do testing before the production implementation
Remember those /bitcoin frontpage posts about how cracking bitcoin would require a computer the size of the universe? Check out this excerpt about a 300 qubit computer "The projected performance of this new experimental quantum simulator eclipses the current maximum capacity of any known computer by an astonishing 10 to the power of 80. That is 1 followed by 80 zeros, in other words 80 orders of magnitude, a truly mind-boggling scale," Dr Michael Biercuk, at the University of Sydney, said. "[It] has the potential to perform calculations that would require a supercomputer larger than the size of the known universe - and it does it all in a diameter of less than a millimetre.
Adding to alarm is that quantum computers double in their ability to calculate with every qubit. In general, a quantum computer with n qubits can be in an arbitrary superposition of up to 2n different states simultaneously To build more powerful quantum computers, though is currently restrained by the quality of the qubit. If you read the timeline of quantum computing advancements you will see progress is being made on this at a decent pace though. Once we have a clean method down, the multidimensional sky is the limit.
Yes the rest of the banking industry is also largely vulnerable if such a quantum computer was made, as they also use common public key encryption.
Another caveat is that bitcoin uses 2 encryption methods. SHA256 for mining. Elliptic Curve for relating the pubic keys and private keys.
QUESTIONS FOR BITCOIN
Ok so, that is what related information I could find.
Yes I realize there is plenty of material written about how bitcoin code can be updated, or other reasons quantum computers are not a concern, but the point here is that the community needs to know about when this risk will happen and be prepared. It could be sooner or further away than we expected and everyone's finances should not be caught off guard. This post is about when bitcoin should expect a risk, not gauging the risk (unless it is zero)
submitted by imkharn to Bitcoin [link] [comments]

The Problem with ASICBOOST, Jeremy Rubin (Bitcoin, sha-256)

submitted by based2 to hash [link] [comments]

Is it possible to build dedicated super-efficient rigs for Dogecoin (scrypt) as it is for Bitcoin (SHA-256)?

Digital currencies have fetched my interest these past few weeks, and I've looking around a bit as I am interested in getting a mining rig. So far it seems like people are just using GPUs to mine scrypt currencies, but when I search for bitcoin miners just as a comparison there are some absolutely monstrous hashrates that clearly are not coming from a GPU. How is this, and is it possible for scrypt? It'd be massively profitable for anyone who could make and sell such a product I should think.
submitted by Rinoaa to dogecoin [link] [comments]

5 things hardly anyone knows about the BMP project

1. The BMP is the most secure public voting system ever build.

Because all BMP actions are weighted by hashpower and is the first system capable of adding all the Bitcoin SHA-256 hashpower (BTC+BCH+BSV) at the same time. Then, BMP computes more hashpower than BTC or any other crypto.

2. BMP is a legitimately and neutral place.

Open-source, free, politically neutral, hashpower calculation is fair and accurate, each miner or pool can use it independently, without permission. Fully compatible with the whitepaper vision, specifically the last two sentences.

3. BMP is decentralized and indestructible as Bitcoin blockchain.

100% on-chain. It is designed to be deployed on multiple independent servers, and will display the same information at all times. No dependencies, except Bitcoin clients.

4. Votes can be modified while the voting is open.

You can vote more than once, the BMP only computes the last vote for each miner. This allows for discovering consensus, thinking, negotiating and rectifying. Because we learn in the process.

5. Miners can delegate % of hashpower in any address.

With power_by_opreturn coinbase signaling, any solo-miner or pool can delegate arbitrary percentages of his hashpower in any address. And without interfering with mining operations.
This allows for the participation of the entire community: mining partners/associates, small miners, pool miners, developers, researchers, operators, communicators and other key professionals (if miners want). In this way, the BMP is an indestructible pressure cooker, containing controversies, without split, by voting with hashpower, stably, as whitepaper says, legitimately, ad-infinitum.

And this is just the minimum viable beta. If you look the BMP protocol you will see that it is a powerful base system ready for building a next-level organization, as never seen before.
submitted by Ozn0g to btc [link] [comments]

BMP: a new hashpower voting system for Bitcoin global adoption

BMP is a voting system, completely on-chain, verifiable, replicable and driven by hashpower. A robust and expandable base system. Merging all Bitcoin SHA-256 hashpower. Expanding the vision of Satoshi Nakamoto whitepaper.
https://bmp.virtualpol.com
Features:
Code: https://github.com/JavierGonzalez/BMP
submitted by Ozn0g to btc [link] [comments]

As a Sha-256 miner I'am supporting Bitcoin Cash in this incoming hard fork. GO BCHN

As a Sha-256 miner I'am supporting Bitcoin Cash in this incoming hard fork. GO BCHN submitted by Kiqe_Miner_Bitcoin to btc [link] [comments]

SHA-256 HASHES EINFACH ERKLÄRT! #CryptoBasics  EINFACHKRYPTO what is SHA-256 Algorithm  mining Algorithm How to calculate SHA-256 hash without any software? - YouTube Blockchain & SHA-256 Hashing in Python BFL BitForce SHA256 Single - YouTube

SHA-256 is a member of the SHA-2 cryptographic hash functions designed by the NSA. SHA stands for Secure Hash Algorithm. Cryptographic hash functions are mathematical operations run on digital data; by comparing the computed "hash" (the output from execution of the algorithm) to a known and expected hash value, a person can determine the data's integrity. SHA-256 produces a 256-bit (32-byte) hash value. Data. SHA-256 hash. Calculate SHA256 hash # What is SHA-256? The SHA (Secure Hash Algorithm) is one of a number of cryptographic hash functions. A cryptographic hash is like a signature for a data set. If you would like to compare two sets of raw data (source of the file, text or similar) it is always better to hash it and compare SHA256 values ... Cryptodelver.com features 103 SHA256 coins and their specifications. The most popular SHA256 coins are Bitcoin, Bitcoin Cash and PRIZM. Bitcoin stores the nonce in the extraNonce field which is part of the coinbase transaction, which is stored as the left most leaf node in the merkle tree (the coinbase is the special first transaction in the block). The counter parameter is small at 32-bits so each time it wraps the extraNonce field must be incremented (or otherwise changed) to avoid repeating work. The basics of the hashcash ... SHA-256 ist eine kryptographische Hashfunktion, die Inhalte wie Daten und Informationen in einen Hashwert (=Hash) umrechnet. Dabei ergeben unterschiedliche Inhalte niemals den selben Hashwert. SHA → Secure Hash Algorithm 256 → Länge des Algorithmus in Bits. Verwendung. Dieser Algorithmus wird bspw. in der Blockchain-Technologie bei Bitcoin, Peercoin und Namecoin verwendet, um den ...

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SHA-256 HASHES EINFACH ERKLÄRT! #CryptoBasics EINFACHKRYPTO

Bitcoin Blockchain utilizing SHA-256. Category People & Blogs; Show more Show less. Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. Up next JAVA - How ... What is SHA 256 - How sha256 algorithm works sha 256 bitcoin sha 256 blockchain sha2 in hindi - Duration: 10:28. Geeks Prix 4,853 views. 10:28. Hashing Algorithms and Security ... Was SHA-256 Hashes sind und was sie mit Bitcoin und Glücksspiel zu tun haben, erfährst du in diesem Video! 📩 Meine Social Media Accounts: Twitter: https://... This video explains the concept of hashing and SHA-256 for newbies. For the complete text guide visit: http://bit.ly/2DmxbJj Join our 7-day Bitcoin crash cou... Bitcoins are mined using a cryptographic algorithm called SHA-256. This algorithm is simple enough to be done with pencil and paper, as I show in this video....

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