“If someone proves P=NP, the first thing they should do is steal $ billion in bitcoin. The second thing they should do is solve all of the other Millennium Prize Problems,” Aaronson said. If I understand correctly, Bitcoin mining software "creates" bitcoins by solving complex mathematical equations. Is there a need for these problems to be solved, is there a value to solving these equations? If not, where does the solving of the math problems fit into the whole Bitcoin scenario? rows · Price equations allow you to automatically update your price with the price .
Bitcoin complex equationsmining reward - How does solving math problems create bitcoins? - Bitcoin Stack Exchange
The Bitcoin protocol is built in such a way that this process sometimes creates new bitcoins. The creation of new bitcoins is also regulated by the protocol - only 21 million can be created, and the last Bitcoin will be created around The creation of coins is distinct from the value of the coins, which come from their usefulness, supply and demand.
There is another cryptocurrency, Primecoin XPM , which uses calculation of prime numbers in the "proof of work" process of the currency. These prime numbers do have potential scientific value, but the value of Primecoin is not linked to the value of the prime numbers. The prime numbers are publicly available, and value again comes from supply, demand and usefulness.
The goal is that the computation involved in "proof of work", which must be done anyway, should have a side-benefit. Mining essentially tries to brute force decrypt an encryption. This is not so much a complex mathematical problem as rather systematically trying a multitude of potential solutions until one fits the current prerequisites context and difficulty.
The purpose of mining is to validate the transactions of the network. The more computational effort is applied to mining, the more resilient is the network against attacks. Therefore the Bitcoin protocol has been designed to dispense rewards among the miners to incentivize behavior that is beneficial to the network — whoever finds the winning solution is allowed to transmit a number of newly created coins to an address of his choice. Sign up to join this community.
The best answers are voted up and rise to the top. How does solving math problems create bitcoins? Asked 7 years, 3 months ago. Active 4 years, 10 months ago. Viewed 64k times. Active Oldest Votes. David Schwartz David Schwartz Stephen Gornick Stephen Gornick Chinthamani Chinthamani 5 5 bronze badges. There are two mistakes in your answer: 1 There will be only 21M Bitcoin 2 The last Bitcoin will be created whenever block 6,, is found.
This would be if the network actually found one block every ten minutes, but our average time is much quicker, we will be way ahead schedule.
The Overflow Blog. The Overflow Talking crypto. Podcast What can you program in just one tweet? Featured on Meta. New Feature: Table Support. Swag is coming back! Linked Newer mathematical proofs have found, and might continue to find, P solutions to some of these NP problems. It seems like it should be obvious that P does not equal NP, but it is not rigorously mathematically proven.
And if you happen to prove that P does equal NP, you will have also demonstrated that there are polynomial-time algorithms for a whole lot of very important computer problems. You could make yourself very rich—bitcoin mining and security keys rely on hard-to-solve, easy-to-check NP problems.
Quantum computers , which are based on different mathematics than classical computers, do not promise P solutions to every NP problem. It was once thought that they might be able to solve the hardest class of NP problems, called NP-complete problems. This includes the traveling salesman problem and a host of other similar optimization problems.
So go out there and try and prove that P does, or does not, equal NP. Former Gizmodo physics writer and founder of Birdmodo, now a science communicator specializing in quantum computing and birds. If you could steal all the bitcoin in the world they would no longer be worth anything.
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