Every block starts with a special transaction that pays you the reward. It is built with this data:
This data is packed and double-SHA256 hashed to get the Coinbase Hash:
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To efficiently verify all transactions, their hashes are combined into a "tree" until a single root remains (Merkle Root).
The final Merkle Root (which will go in the block header) is:
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This is the part that miners repeatedly hash. It consists of 6 pieces of information:
1. Version | ... |
2. Previous Block Hash | ... |
3. Merkle Root | ... |
4. Timestamp | ... |
5. Bits (Difficulty) | ... |
6. Nonce (Change it!) |
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The 80-byte header is double-SHA256 hashed to get the block hash. This result must be less than the network target.
Calculated Block Hash:
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Network Target:
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