1. Bitcoin Mining
by David Kopczyk

2. Roadmap What is Bitcoin? How does it work?
Hashing/Encryption used in Bitcoin
Benefits/Drawbacks

3. What is Bitcoin? First described in 1998
“Satoshi Nakamoto” developed original Bitcoin software
Digital P2P currency
Utilizes cryptography methods

4. How does it work? Public-key cryptography P2P networking
Public key encrypts
Private key decrypts
P2P networking
All nodes have records of all transactions
Hashcash proof-of-work

5. Hashcash Start with a string with a number appended to it
If the hash of that string starts with n zero bits, then continue
Else increment number and rehash the string
The “string” in bitcoin is the hash of the last record and timestamp

6. SHA256 Hash Start with 32 preset prime numbers
Split message up into bit chunks
Perform bitwise operations on message chunks
Then perform bitwise operations based upon the prime numbers AND computed message chunks
Append resulting 8 32-bit chunks together to create hash

7. Bitcoin Mining Bounty CPU Mining CUDA/OpenCL Mining FPGA Mining
ASIC Mining

8. Benefits/Drawbacks Anonymous Doesn’t need a central issuing authority
Secure*
Prevents double-spending

9. Sources https://en.bitcoin.it/wiki/How_bitcoin_works