In part 3, Chris discusses key topics related to mining and the bitcoin network, including:
An overview of the size and scope of the bitcoin network.
The 3 core functions that mining serves.
The similarities of bitcoin mining to gold mining.
The mechanics of the mining process and the key definitions that help explain it such as strings, hashing and hashes.
What is Sha256 and its role as the key cryptographic algorithm underpinning the mining process.
The block award, and why it's the incentive system to update the network.
The target number and difficulty adjustment, and how they work together to ensure that bitcoin is a scarce digital asset with a pre-determined supply schedule.