offered the following theory as to why the hashrate didn't really drop: "The hashrate dropped a little but then climbed back up pretty quickly to the previous level. On line 1574, the code specifies how the maximum number of bitcoin is reached. The reality is that the hashrate only dropped by about 80 GH/s, which was only about a 7 drop. Its the process of confirming the blockchain transactions that occurred in the last ten minutes, sweeping them into a list and creating the most recent block that is waiting to be secured. At the end of the day, although they are ethereal, Bitcoin and other cryptocurrencies are still tethered to the hard reality of the physical world, relying for their creation on actual computers that consume real kilowatt-hours. . However, based on a few (and admittedly random) data points, its clear that the low estimate may be well off the mark. Since BitFury is know to have at least 160 MW of datacenters (it built one 20 MW center within a few weeks! The computer grabs the nonce and creates a random hash.
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So when person A buys something from person B, the transaction is recorded in the blockchain a public ledger in a global cloud of networked computers. The C reference implementation, hosted at m/bitcoin/bitcoin, is the direct successor of Satoshis codebase. Halving in the Real World. The price is much higher than it was 2 years ago, but it seems to be an endogenous process driven by trader psychology, not technological fundamentals. The role of miners is to provide a time-stamping function secured with proof-of-work.
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