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What is nonce?
one of the values used to generate blockhash/blockID. The nonce is regenerated until it’s below a target value
What algorithm is used to generate a block hash in Bitcoin mining?
SHA-256
What is Merkle Root?
the final hash at the top of the Merkle Tree that represents all transactions in a block. It’s included in the block header.
What happens if a miner’s block hash is less than the target value?
The block is considered valid, added to the blockchain, and the miner receives a reward (current mining payout: 3.125 Bitcoin).
What happens if the block hash is not less than the target value?
The miner increments the nonce and tries again until a valid hash is found.
What is the purpose of the previous block hash in a new block?
The previous block hash links the new block to the blockchain, ensuring continuity and security.
What is the reward a miner receives for successfully mining a block called?
Coinbase transaction, which currently provides 3.125 Bitcoin to the miner.
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