Bitcoin Mining is very much related to auditing. It means verifying the legitimacy of Bitcoin transactions. In this article, I will explain to you how to do Bitcoin Mining with Python.
What is Bitcoin Mining?
Bitcoin mining is part of the bitcoin peer to peer network which means collecting records of recent transactions and completely verifying proof of transactions.
Bitcoin mining is done to keep Bitcoin users honest. By doing this, Bitcoin miners help Bitcoin avoid the problem of double-spending while mining Bitcoin, miners verify transactions to make sure users haven’t accidentally or deliberately spent twice. on the same bitcoin.
How to do Bitcoin Mining with Python?
To understand how to do Bitcoin Mining with Python, we must first understand the complete process of Bitcoin Mining. Let’s start by understanding the structure of Bitcoin.
The number below is a 64-bit hexadecimal number. Now, if you want to do Bitcoin Mining, you don’t have to mine the whole number. You will only need a few numbers.
So what Bitcoin miners do is use huge computer systems to guess the target hash value. Miners make such guesses by randomly generating as many nonces as possible. A nonce is just an abbreviation of the number which can only be used once.
Simply put, a nonce is a number that miners are guessing and when they guess the right number, they offer Bitcoin in exchange.
Bitcoin Mining with Python
For the task of Bitcoin Mining with Python, we just need to guess the correct nonce and then generate a hash number with the first X numbers of zeros.
Now let’s see how to do Bitcoin Mining with Python programming language. First, we need to get a simple hex value for a string:
Now, I’m going to define a function where I’m going to pass all the parameters I want to consider to mine bitcoin:
This is what we needed, now we just have to call the function using the main function. I’ll also create a dummy transaction for Bitcoin to make it more understandable:
start mining Yay! Successfully mined bitcoins with nonce value:138552 end mining. Mining took: 0.32213687896728516 seconds 0000d7564c099c7bf0fbef693705983e9559c3a93a99bf08d418b838c2ca2769
I hope you liked this article on how to mine Bitcoin with Python programming language. Feel free to ask your valuable questions in the comments section below.