Ethereum: A starting point for listening to bitcoin network transactions in Python

Here is an article on how to create a Python script that listens for transactions on the Bitcoin network and monitors addresses stored in a MySQL database:

Ethereum: The Starting Point for Listening to Bitcoin Network Transactions in Python

Bitcoin, the second-largest cryptocurrency by market cap, uses a decentralized network of nodes to validate and record transactions. In this article, we will learn how to create a Python script that listens for transactions on the Bitcoin network and monitors addresses stored in a MySQL database.

Prerequisites

  • Have a basic understanding of Python and MySQL.
  • Have a Bitcoin node (e.g. Bitcoin Core) installed on your computer.
  • Have a MySQL database created and populated with Bitcoin transaction data.

Step 1: Install the required libraries

Before you begin, you will need to install the following libraries:

  • mysql-connector-python to interact with MySQL databases
  • py bitcoin-core to work with Bitcoin transactions (Note: this is not a complete Bitcoin node implementation)

You can install these libraries using pip:

pip install mysql-connector-python pybitcoincore

Step 2: Create a Python script

Create a new Python file, for example bitcoin_listener.py, and add the following code:

“`python

import mysql.connector

import json

Ethereum: Starting point for listening to bitcoin network transactions in Python

MySQL database connection parameters

DB_HOST = ‘localhost’

DB_USER = ‘username’

DB_PASSWORD = ‘your_password’

DB_NAME = “bitcoin_transactions”

Bitcoin node connection settings

BITCOIN_NODE_URL = “

BITCOIN_NODE_SECRET = ‘your_secret_key’

This should not be distributed publicly

definition of connect_to_mysql():

“””Establish a connection to the MySQL database”””

return mysql.connector.connect(

host=DB_HOST,

user=DB_USER,

password=DB_PASSWORD,

database=DB_NAME

)

def get_bitcoin_transactions():

“””Retrieve Bitcoin transactions from the node”””

Send a P2P request to the Bitcoin node

response = requests.get(BITCOIN_NODE_URL)

data = json.loads(response.text)

Extract addresses and amounts from transactions

transactions = []

for data item [“transactions”]:

address = item[‘of’]

amount = item[‘value’]

transactions.append({

“address”: address,

‘amount’: amount

})

return transactions

main definition():

“””Listen for transactions on the Bitcoin network”””

Establish a connection to the MySQL database

db_connection = connect_to_mysql()

Fetch Bitcoin transactions from the node

transactions = get_bitcoin_transactions()

Iterate over transactions and monitor addresses in the MySQL database

for transactions in transactions:

address = transaction[‘address’]

amount = transaction[‘amount’]

Check if the address exists in the MySQL database

cursor = db_connection.cursor()

query = “SELECT * FROM bitcoin_transactions WHERE address=%s AND timestamp>=%s”

cursor.execute(query, (address, datetime.now()))

result = cursor.fetchone()

If address is found, update amount and timestamp in database

if result:

new_amount = transaction[‘amount’] + 10

Simulate transaction with 10 unit increment

query = “UPDATE bitcoin_transactions SET amount=%s, timestamp=NOW() WHERE address=%s”

cursor.execute(query, (new_amount, address))

Print results to console

print(f”Address: {address} | Amount: {amount} | Time: {datetime.now()}”)

Close the MySQL database connection

db_connection.

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