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Is it purely hash power or computing power overall that is used to find the difficult proof-of-work solution?
Hash power mostly, plus network speed. You want to receive the latest block and propagate your block as fast as you can
max replied:
What's the exact difference between hash- and computing power? Miners secure the network with their computing power overall which is processing the tx fees and more but hash power is the part that requires the large investment dedicated in finding the proof-of-work solution, right? https://youtu.be/9lgQToyNkP0
dimadan replied:
Hash power is a subset of computing power, so hash power is more about speed of hash function (but pretty useless for anything else), and computing power is more general processing power.  Miners secure the network by building on top of it. So every next block makes previous blocks (and thus your coins) more secure. Hash power is more like a picking algorithm on who will 'stamp' the next block, so nothing really special about it. Not sure why people are so crazy about hash power. Assume 51% (or 99%) attacker decides to make a transaction that is not valid. He processes it, and all other miners won't accept it. If that attacker proceeds with the mining, then you'll have a fork and 2 separate coins. Your normal transactions will be processed by both miners (or by only legit miners), so for you as a user it won't really matter. It can affect some honest users that sell goods for it or shitcoin traders. So for example if you buy BSV on some shady markets, you might buy attackers fakecoins, but 99.99% of people won't even know that it happened. I'm not saying 51% completely irrelevant, but it won't do much harm to the network if it happens.
max replied:
Computing (power) is about the overall creation of blocks and hashing (power) is a subset of the previous used in finding the difficult proof-of-work solution, right?
dimadan replied:
Computing power is more used as a general processing power (outside of bitcoin), and isn't really important for bitcoin network. More important for how fast you can open video on your computer or run video games, or make some complex calculations, etc. (to put it simply). So 'computing' uses operations per second, and hashing uses a number of 'hashes per second'. Early on, it turned out that some computers could be much weaker in computing power, but could run hash function much faster, and vice versa. So all mining computers were designed to do just 1 function - hashing. Computing power became kinda useless as efficiency measurement, so hash power became standard measurement unit.
max replied:
But structuring a block and gathering transactions in it is computing (power) and finding the difficult proof-of-work solution for a block is hashing (power), right?
dimadan replied:
yes, exactly
max replied:
dimadan replied:
Overall is good. Some wording is a bit confusing, and I would change a few things here and there, but it's good in general.
max replied:
Let me know if you think that something is inaccurate!