How do Bitcoin miners contribute to the network, how mining pools work and how much electricity is spent to mine one Bitcoin block? What are the Bitcoin use cases?

Krit, of my Udemy students from my blockchain course, asked me some really interesting questions about Bitcoin mining. As you can see from the article below, I get quite excited when I talk about mining!

Krit, this one is for you.

1st question: Is the mining fee paid to only a successful miner of each block, says out of 1 out of 8,000 nodes? If yes, it seems that most miners will go bankrupt, except that miners pool resources as a group. One computer will spend 270,000 years to mine one block. I can’t imagine how large a single miner…

Ethereum Node Series V — How to get Ethereum transaction receipts, logs bloom and transaction details

In this article, I will assume that you read my other articles on the Geth Ethereum node and that you already have an Ubuntu machine running Ethereum Geth. If not, please go back to my other articles to find how to deploy and connect the Ethereum node:

Ethereum Node Series IV — Let’s use python to create a script that calculates/audits the Etehreum difficulty!

This article will create and run a script that will audit and calculate the “total difficulty” in the Ethereum blockchain. This is super useful and fun, trust me! 😇

To be able to follow along, I’m assuming that you have already the following:

Ethereum Node Series III — How to connect to the Ethereum network using Python and

In this article, we will learn how to install Python on your Ubuntu machine, install the web3 library and connect to the Ethereum network. This article assumes that you have already the following:

Python is a great programming language to play around with blockchain and other…

Ethereum Node Series II — Retrieving Ethereum Block data using Geth

In the previous article of the Ethereum Node Series, we went through the steps to deploy an Ethereum node on AWS Cloud. Now that our node is deployed and running let’s start playing around with it, learn how to retrieve Egthereum blocks, understand the different components of the Ethereum block and understand a few other commands related to the Ethereum network.

Ethereum — the world’s biggest distributed computer

Ethereum is also described as a second-generation blockchain (being Bitcoin-like blockchains, the first-generation), supporting the first-time smart contracts and scripting functionality. Smart contracts allow a world of possibilities, and they can pretty much automate anything, being self-executing computer code…

Ethereum Node Series I — Step-by-step to deploy an Ethereum on AWS Cloud using an Ubuntu VM

First, a Brief Ethereum Intro (to refresh our memory)

Created in 2013 by Vitalik Buterin, Ethereum has its native currency, Ether, ticker symbol ETH, which has a market cap of around 200 billion dollars as of June 2021. Ether is used both for transactions and used as currency to reward the miners for their work through transaction fees paid by the users and smart contracts. Per day, Ethereum processes more than one million transactions which are approximately four times more than Bitcoin.

Ethereum is a proof of work blockchain just like Bitcoin. It’s moving however to Ethereum 2.0 which will adopt proof of stake as a consensus mechanism.


Cryptography series IV — ECDSA explained: we are going to grab a message and do all the steps for ECDSA signing — the most commonly used digital signature algorithm in blockchains

If you are in the blockchain space, almost for sure, you have heard about ECDSA. ECDSA stands for Elliptic Curve Digital Signature Algorithm and uses the elliptic curve cryptography.

ECDSA is the signature scheme used in Bitcoin. Every Bitcoin address (the one you use to send and receive funds) is a cryptographic hash of the ECDSA public key. You can check this article to learn more about cryptographic hashing.

For this ECDSA article, we will follow Ethereum’s method with Ethereum libraries.

ECDSA is also used in many other applications other than blockchains. For example, the Apple ecosystem widely uses ECDSA…

It's been quite a journey! Writing for Medium and actually, get people to read what you write… it’s not easy at the beginning. However, just like for almost anything else, consistency is the key!

Now, after writing my 50th article, I start to collect the crops that I’ve planted months ago. The audience is growing, the number of followers is growing and the number of publications sending me messages to publish with them is also growing.

I’ve decided to do zero promotion of my articles because… let’s be honest, I don’t have a huge social media following and basically, if…

Cryptography Series II — Why are prime numbers extremely important in hashing and cryptography?

For hashing, prime numbers are used since they provide a better chance of creating unique values for a hash function. Hash functions (if you don’t know what hashing is please read this article) use modulus, and the use of composite numbers (i.e. non-prime) increases the probability of hash collisions (i.e. different inputs to result in the same hash). Prime numbers will increase the chance of creating unique values when hashing by multiplying values by the prime number. This is just the nature of mathematics. For example, if you have a string “Unblockchain”, multiplying each letter with a prime number and…

Cryptography Series I — Why are random numbers so, so, SO important?

Random numbers are probably the single most important thing in the world of cryptography. Without random numbers, cybersecurity couldn’t exist. Random numbers are the pillar of internet security and what allows us to transact securely on the internet. Every time we visit an HTTS website, we use random numbers. The S at the end of HTTPS stands for “Secure”, and it means the website’s data is encrypted at transit with TLS — Transport Layer Security — formerly known as SSL — Secure Sockets Layer. AND random numbers also help us to create Bitcoin addresses.

SSL uses an RNG — Random…

Henrique Centieiro

Passionate about Fintech, Blockchain, Agile Scrum and doges.

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