MEV Attacks Ramping Up On Ordinals
The emergence of Ordinals, a protocol that enables the inscription of data directly onto the Bitcoin blockchain, has introduced a new dimension to the Bitcoin ecosystem. While Ordinals have opened up possibilities for unique non-fungible tokens (NFTs) and other forms of tokens, they have also introduced a new type of exploit or opportunity, depending on […]
What Is Block Propagation?
Bitcoin is a blockchain-based network comprised of thousands of nodes distributed worldwide that remain connected and communicate through a gossip-based flooding protocol. When a block is successfully mined, that mined block is propagated to all participating nodes in the network and added to the chain. All nodes must remain synchronised with the latest transactions so […]
What Is An Invalid Block?
In simple terms Bitcoin is a shared database that is checked by all nodes on the network and any new entry needs to meet certain conditions before a node is willing to add it to the existing shared database. On the surface, Bitcoin can look like a chain of time-stamped blocks; but it takes considerable […]
What Are Green Mining Pools?
Bitcoin and its network of ASIC miners consume massive amounts of energy to secure the network and process transactions. The need for proof of work as the backing for security and cost to produce new coins is a feature, not a bug. As Bitcoin becomes more valuable, more resources are allocated, as miners want to get in on the […]
What Is An Orphan Block?
The Bitcoin blockchain is a distributed ledger held on all full nodes running right now and all full nodes that will sync from the Genesis block to the current chain state. This ledger keeps records of all past Bitcoin transactions and is added to roughly every ten minutes when a new block is secured. Anyone […]
What Is The Bitcoin Security Budget?
Bitcoin, often referred to as digital gold, is not just a revolutionary form of decentralised digital currency; it’s also a pioneer in security. It’s the first global open network to remain online for over a decade without a major hack, and it does so by encouraging miners from around the world to provide security. As […]
What Is ASICBoost?
Bitcoin mining is the process of verifying and adding transactions to the public ledger, known as the blockchain. As miners provide hash rate used to secure the network and propose new blocks to add to the chain, the ones that are successful are rewarded with Bitcoin for their efforts. As the relative purchasing power of […]
What Is Maximal Extractable Value (MEV)?
Maximal Extractable Value (MEV) — previously known as Miner Extractable Value, has become a thorn in many a smart contract chains side. MEV used to refer to miner-extracted value as mining used to be the primary method of organising blocks on proof of work chains. That has since changed with the introduction of various forms […]
What Are Bitcoin Mini Grids?
Much has been made of bitcoins energy demands, and you will find no shortage of ESG-funded hit pieces looking at bitcoin’s energy production from a myopic lens. A lot of the criticism of bitcoin’s energy use is that it simply uses energy and provides nothing for that energy costs, and it could have gone towards […]
What Is Fedipool?
Bitcoin transactions get verified through the process of mining, a method of providing computational power to secure the bitcoin network and protect it against attack. A bitcoin miner can submit its calculation proofs as hash rate directly to the network and compete with all other miners doing the same for the latest block. After every […]