How Is the Nonce Related to the Block Timestamp?
The block timestamp is a time-sensitive value in the block header that is updated approximately every second by miners. When a miner exhausts the available nonce space (e.g.
4 billion attempts) without finding a valid hash, they will update the timestamp to change the block header data slightly. This change opens up a completely new set of nonce possibilities for hashing attempts.
Glossar
Timestamp
Chronology ⎊ The timestamp, within cryptocurrency, options, and derivatives, fundamentally denotes a verifiable record of event occurrence, crucial for establishing order and provenance.
Nonce Space
Space ⎊ Nonce Space refers to the finite range of numerical values available within the block header structure to be modified during the mining process to achieve a target hash.
The Nonce
Variable ⎊ The Nonce is a variable data field included in the header of a Proof-of-Work (PoW) block, serving as the sole element miners are permitted to adjust during the computationally intensive mining process.
Nonce
Function ⎊ A nonce, short for "number only used once," is a crucial component of the block header in Proof-of-Work blockchains.
Block Timestamp
Provenance ⎊ Block Timestamp functionality establishes a verifiable record of transaction ordering within a distributed ledger, critical for maintaining consensus and preventing double-spending scenarios.