This workbook contains general information about cryptocurrencies and what happens when you mine Bitcoins.
You will do many of the calculations a Bitcoin miner device does by hand (but not all, of course). You will get a good insight into the process of Bitcoin mining in detail.
Here is what you will need to do:
- Find a pencil
- Print out this workbook or find a large A4 paper to write on.
- Read the introduction about Bitcoins and Bitcoin mining process
- Do task 1
- Follow the book and write down the results of the Round 1 of the algorithm
- Do task 2
- Task 3 is optional. Use the empty page with squares to do the next rounds of the algorithm (3, 4, 5 and so on)
- Do the last round – 192 to find the result (task 4)
- Do task 5 to find the resulting Block hash
How long does this workbook typically take?
Bitcoin mining is a very time consuming process. It takes approximately 20 to 30 minutes to complete 1 round of the algorithm. There are 192 rounds in the algorithm (you won’t be doing all of them here).
The workbook contains 4 required and 1 optional task. To perform all the required calculations in this workbook (task 1, 2, 4 and 5) you will need approximately 2-3 hours.