Mining glossary
Block - what is it?

A block is a basic unit representing an element of a complex of components - a blockchain.

Technically, blocks are permanently recorded files that contain all the information about transactions. These records are stored in an open-source system, so every participant in the cryptocurrency system has access to them. Simply put, it is thanks to blocks that it is possible to view the history of any transaction at any point of reference, starting from the moment the system was introduced into the public domain.

Principles of block formation

Each new block that miners mine is written to the end of the chain, based on which blockchains are formed. The new element has greater complexity and weight because its formation begins with including the hash of the previous block.

It is impossible to change the history of information in a block after it has been added to the chain. It will contain data about all previous transactions. Technically, finding a new block is finding a new number, which must be below a set boundary (target) threshold. The lower this threshold, the more difficult it is to mine a new block, which increases the complexity of mining and the cost of cryptocurrencies.

Blocks are stored in nodes - special storage facilities that provide regular data synchronization to update information.