trezor suite | Overview Proof of work

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trezor suite | Overview bitcoin

Proof of work

A proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify, and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work system. Hashcash proofs of work are used in bitcoin for block generation. In order for a block to be accepted by network participants, miners must complete a proof of work which covers all of the data in the block. The difficulty of this work is adjusted so as to limit the rate at which new blocks can be generated by the network to one every 10 minutes.