Bank Cryptocurrency : What is it? : Wiki


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As an example, let’s imagine you apply a SHA-256 hash to the plain text phrase 'I love cryptocurrency mining' using a SHA-256 hash calculator. This means that the phrase would becomes '6a0aa6e5058089f590f9562b3a299326ea54dfad1add8f0a141b731580f558a7.' 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The precise condition is that the double-SHA256 hash of every block, treated as a 256-bit number, must be less than a dynamically adjusted target, which as of the time of this writing is approximately 2187. The purpose of this is to make block creation computationally 'hard', thereby preventing sybil attackers from remaking the entire blockchain in their favor. 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