What is mining? What is mining machine,mine,mining

What is mining?Mining is the process of using computer hardware to calculate the location of digital currency and obtain what is known as mining. For example, e...

Aug 12,2022 | Susan

What is mining?

Mining is the process of using computer hardware to calculate the location of digital currency and obtain what is known as mining. For example, every once in a while, the Bitcoin system generates a random code on a s19 pro 110thsystem node that every computer on the internet can look up, and the person who finds the code will generate a block, and then you get a bitcoin, a process known as mining. Calculating this random code requires a lot of GPU calculations, so miners buy a lot of graphics cards to get fast bitcoin profits.

Confirming virtual currency transactions requires complex operations. Miners use their computers to perform these operations and are then rewarded with virtual currency. This is known as the virtual currency mining mechanism.

Bitcoin has a finite total economic management, the first 4 years total will generate 10,500,000 BTC, every 4 years output a certain amount for halving, in the 4th to 8th year the activity will generate 5,250,000 BTC, in the 8th to 12th year is only 2,625,000 BTC, and so on and so forth can be analogous. In the end, the total number of bitcoins to be generated is close to 21,000,000 BTC.

Bitcoins are divided into 8 decimal places, or 0.00000001 BTC, according to the data structure, and the smallest unit miners can mine for bitcoins, or 0.00000001 BTC.

In layman's terms, Bitcoin is like a gold mountain consisting of a total of 21 million gold coins. To develop and get it, players need to use their computer's computing and processing power to calculate a set of numbers whose data conforms to China's specific economic laws according to the algorithms available in the business.

Simply put, mining is actually the process of digital currency issuance. antminer 19The data in the chain is recorded through blockchain technology and then broadcast out to get a reward. Then this reward is the newly issued digital currency.

At present, the issuing companies of digital electronic currencies can be mainly divided into the following two kinds: one is to compete for bookkeeping interests by learning computer systems running specific algorithms (POW proof-of-workload mechanism), and the other is to earn interest by holding the digital currency funds effectively by themselves (POS proof-of-interest mechanism).

Why mining?

Mining, the process of using computer hardware to calculate the location of a digital currency and obtain it, is called mining.

Why "mining"?

Bitcoin is an online ledger and has no central authority (the central authority for the RMB is the central bank). Bitcoin updates its ledger about every 10 minutes, so who has the right to keep track of it? Bitcoin has designed a very complex mathematical problem that requires computers to perform complex calculations. Whoever calculates the correct result first has the right to remember the ledger for 10 minutes. The person who owns the account will receive some bitcoins as a reward. The process is called "mining" because it is somewhat similar to gold mining in a gold mine. In the early days, ordinary computers were used for mining. Nowadays, because of the difficulty of computing, professional computing equipment is used, which we call "mining machines".

"Mining must know"

I. What is a mining machine?

The two most important indicators of a mining machine are computing power and power consumption. The computing power determines how many coins the miner can produce per unit time, and the power consumption determines bitmain s19 prohow much electricity the miner can consume per unit time. For example, a mining machine has a computing power of 13.5THu002Fs (13.5T hash operations per second) and a power consumption of 1200W (1.2 kWh per hour).

Second, what is a mining farm?

Mining work is a site to store us these mining machines, the main requirements are to carry out the power supply (sufficient power supply and reasonable wiring), heat dissipation (mining machine heat has a very high, minus 20 degrees in the winter in Inner Mongolia region mine not to close the window is also very hot), noise (mining machine noise impact is great to prevent a nuisance), the site (cost-effective aspects of a more suitable choice is the plant).

Third, what is a mining pool?

Pit pool, the original concept of bitcoin is no pit pool, as mentioned in the last paragraph of mining, early mining is like a lottery, winning is a probability, and later many people will work together to mine the mining machine calculation. This formed the mining pit, the bigger the pit, the higher the probability of winning, and all mining machines in the pit share the prize equally, making the mining machine earnings stable and risk-free.