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The three core specifics of “blockchain”:

1. All historically generated blocks that have been authenticated by each node will never be tampered with

2. When each node starts to run (or is running) to create a new zone, whenever a new block is confirmed to be added to the blockchain, then the current node needs to stop the ongoing “creation” at hand The work of the new block, in turn, needs to synchronize the latest blockchain data to the local, and then continue to try to “create” the new block.

3. The creation of a new block is an extremely difficult and complex task; it is a task that needs to comply with specific calculation rules and the calculation result needs to meet a special target value, the new block will be initially successfully created soon;

What is mining?

Mining: It is the jargon of the currency world, which specifically refers to the use of the computing power of the chip to continuously “hash collision” in the blocks generated by the Bitcoin system to win the accounting rights, thereby obtaining the Bitcoin rewarded by the system.

Mining pool: What is a mining pool? A mining pool is where a lot of players work together to “mining”. The mining pool can unify the computing power of all members and mine together. Finally, the bitcoins are usually distributed according to the proportion of each player’s computer computing power.

Why is the average time of Bitcoin “mining” “10 minutes”?

Why is it required to dig a mine every ten minutes?

10 minutes is the average time required for the system to find a valid transaction chain block (this time is not fixed); based on luck, this time will actually be slightly longer or shorter, for example, suddenly in the network, the computing power increases rapidly, then generate The time for the new block will be shorter; this average duration is “trying to approach 10 minutes.”

What is Bitcoin mining?

A Bitcoin mining machine is a device for mining Bitcoin. The mining equipment can be an ordinary computer, a USB mining machine, or a professional ASIC mining machine.

Ordinary computer CPUs can indeed mine Bitcoin, but because Bitcoin mining in the world has formed a huge industry, it is difficult for individuals to mine Bitcoin using ordinary computers. If you really want to become a miner, you need to buy a professional Bitcoin ASIC mining machine.

Bitmain Antminer S19 Pro (110Th)

What is the principle of mining?

In the beginning, Bitcoin could be mined with a CPU. Satoshi Nakamoto used his computer CPU to mine the world’s first genesis block. However, the era of CPU mining has long passed, and the current Bitcoin mining is the era of ASIC mining and large-scale cluster mining.

The mining speed is called computing power in professional terms, which is the ability of a computer to generate hash collisions every second. In other words, the number of hash collisions that our mining machine can do per second is the computing power.

The macro principle of Bitcoin is just like gold. The total amount of gold on the earth is fixed and relatively rare. It can be used as a general equivalent, and it has been used as a form of currency until the paper currency is issued on a large scale. Bitcoin is also the same reason. The reason why Bitcoin can be used as a form of currency for trading is also that its total amount is fixed, and mining requires a lot of costs, mainly due to the consumption of electricity.

Proof of work, simple understanding is proof to confirm that you have done a certain amount of work. The entire process of monitoring work is usually extremely inefficient, and it is a very efficient way to verify the completion of the corresponding workload by certifying the results of the work.

Behind Bitcoin is a public ledger, which needs to be re-recorded every ten minutes, and the successful bookkeeper will be rewarded with a certain amount of bitcoins. At the beginning of the birth of Bitcoin, the reward was 50 Bitcoins, and this number is halved approximately every 4 years.

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