What is Target Hash? What is the target hash in Blockchain?
What is Target Hash?
Target Hash is a number whose hashed block header must be less than or equal to for a new block to be awarded. The Target Hash is used to determine the difficulty of the input and can be adjusted to ensure blocks are processed efficiently.
Cryptocurrency is based on the use of blockchains that contain transaction histories and are hashed or encrypted into a string of numbers and letters. Hashing consists of taking a string of data of any length and running it through an algorithm to produce a fixed length output. The output will always be the same length, no matter how big or small the input is. The use of hashes means that anyone dealing with the blockchain must remember the hash, not the input itself. Each block will contain the hash of the previous block header.
Decrypting and encrypting the blockchain is called mining. Mining involves using computers to run hashing algorithms to process the most recent block, with the information needed in mining found in the header of the block. The cryptocurrency network sets a target value for this hash – the target hash – and miners try to determine what this value is by examining all possible values.
The Block Header contains the block version number, timestamp, hash used in the previous block, the hash of the Merkle Root, the nonce, and the target hash. The block is generated by taking the hash of the block content, adding a string of random numbers (nonce) and hashing the block again. If the hash meets the target’s requirements, the block is added to the blockchain. Going through solutions for guessing nonce is known as proof of work (POW) and miners can find the value awarded blocks and paid in crypto.
The target hash for Bitcoin is a number 256 bits and can be found in the block header. Mining a block requires the miner to produce a value (nonce), which, once hashed, is less than or equal to a block used in the most recent block accepted by the Bitcoin network. This number is between 0 – (smallest option) and 256 bits (largest option), but is unlikely to be the maximum number. Since the target hash can be a large number, the miner may have to check a large number of values before succeeding. An unsuccessful miner has to wait for the next block, which leads miners to prefer to find a hash solution to win a race or lottery.
Target Hash is adjusted periodically. The hash functions used to create the new target have specific properties designed to make blockchain and crypto secure. It is deterministic, meaning it will produce the same result every time the same input is used. It’s fast enough that it doesn’t take too long to return the hash for the input. It also makes determining the input very difficult, especially for large numbers, and making small changes to the input results in a very different hash output.
According to Tapchibitcoin.vn
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