Tornado Alley (PROG)

[fuagf]

Something how Bitcoins are mined?

an algorithm for a block of transactions is sent to all Bitcoin miners whose computer networks/banks then try to solve the algorithms (or singular?) for that "block" (of transactions, i think) .. when the solution is found a reward in Bitcoin is awarded, and announced on-line by the successful miner(s) ..

the announcement is important, some say a weak spot in the system, because what if the reward discovered/awarded is not announced, with the miner(s) then moving to the next block ahead of others, hence a headstart (i gather normally all start on the new block after the solving of the one just soved is announced) .. then, the suggestion was they could stay just far enough ahead to keep finding the rewards for themselves .. that was apparently pointed out awhile ago, most recently, i think, by some Cornell people ..

OK .. on reading that 'possible flaw' i wondered how could they move onto the next block? if e.g. the algorithm has to be sent out to the miners for solving .. i mean if the algoritm(s) were only sent out after each announcement of reward (new Bitcoins mined) wouldn't that eliminate that 'possible' flaw in the system? .. so I AM missing something there, that can't be the system, or no one would suggest the chance of non-announcement could be a flaw .. chuckle .. any help on this would be very much appreciated ..

anyway, Bitcoin people say, no sweat, as there are already built-in safeguards to protect against a discovery/reward and non-announcement of it ..

sooo .. is this right? .. in the solution of the algorithm(s?) a block of transactions are verified, a reward is granted (the reward being the new Bitcoins mined), and those new Bitcoins (or one?) just mined are announced on-line ..

this video is obviously dated as Mt Gox is kapoot .. it took about $400 million in others Bitcoins down with it ..

lol .. i hope in my rough-as-guts effort above there is some help for at least one who still, like me, doesn't understand how the system works .. also, grin, that someone else might suggest improvements on the rough-as-guts figuring out of mine above ..