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I was wondering that a block (Here's a Block #506398)
It's nonce is 1,229,291,212 (A little over a billion), Then why does it take so long to mine a block because my system alone can do about 500 GH/s (500,000,000,000 Hashs per second), Which is very little in comparison to what an ASICs can do.
Then why does it take so long to mine a Block??
Thanks for your help!!
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The Nonce value does not itself indicate all tries. The resolution of Nonce is only 4 bytes. Every time Nonce gets up to 4,294,967,295(10) it resets and starts again from zero, updating the extraNonce and continuing.
http://en.bitcoin.it/wiki/Block_hashing_algorithm
'Whenever Nonce overflows (which it does frequently), the extraNonce portion of the generation transaction is incremented, which changes the Merkle root.'
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The entire purpose of proof-of-work mining is to force participants to spin their wheels doing busywork. It takes about 10 minutes to mine a block because the difficulty automatically changes so that it always takes about 10 minutes to mine a block. When more hashing power is added to the network, the difficulty increases to accommodate. The time it takes to mine a block is intentionally set to 10 minutes.
You should read What exactly is Mining? for clarification.
I Understand what mining is, however what I don't Understand is 1 Billion Nonce should take 1/5 th of a second for an average computer to mine, then why 10 minutes – Rishi Kataria – 2018-01-27T19:53:20.303
Because that nonce probably only worked after rearranging the transactions several times. – Jestin – 2018-01-27T20:37:18.910
There's two nonces, the OP is only looking at the first. – Anonymous – 2018-01-27T21:18:53.940
Your system can not do 500GH/s. – Anonymous – 2018-01-27T21:18:31.333
Related: https://bitcoin.stackexchange.com/q/855/5406
– Murch – 2018-01-28T14:56:41.490