Wow! Great write-up, this might be the best interpretation of how proof-of-work actually functions. I would love to hear you go deeper into how the nodes actually “scan through nonce values to make the block’s hash satisfy proof-of-work requirements”. I’ve been trying to find more info on this, but there doesn't seem to be any technical explanation on the code that actually allows for this.

I think there is tremendous opportunity in devising algorithms to secure these cryptographic ledgers, the amount of wasted energy that goes into these systems is mind-boggling — let alone the monetary incentive that comes along with anyone willing to tackle a problem like this.