What exactly is mining? What exa... from vfgejeas's blog

What exactly is mining?

Mining is the process of calculating the location of digital money and obtaining it using computer technology. For example,llgo the Bitcoin system creates a random code on the system nodes every now and then, and any computers on the Internet may seek for this code. Whoever discovers this code will create a block and get a bitcoin; this process is known as mining. Because calculating this random code needs a large number of GPU operations, miners buy vast numbers of graphics cards in order to get bitcoins more rapidly and profitably.

The mechanism of virtual currency mining is that miners utilize computers to complete these processes and are subsequently rewarded with virtual cash.

Bitcoin has a limited total, with the first four years producing a total of 10,500,000 BTC, then halving the amount produced every four years, producing 5,250,000 BTC in years four through eight, only 2,625,000 BTC in years eight through twelve, and so on. Finally, the total amount of bitcoins produced is close to 21,000,000 BTC.

Based on the data structure, one bitcoin is split into eight decimal places, which is 0.00000001 BTC, and the lowest unit of bitcoin miners can mine is 0.00000001 BTC.

In layman's terms, Bitcoin is analogous to a gold mountain containing 21 million coins. To get it, players must utilize the processing capacity of their computer to calculate a set of integers using the current method.

Simply simply, mining is the process of creating digital money. The data on the chain is recorded using blockchain technology and then broadcasted in order to get a reward, which is the freshly created digital money.

There are now two methods of digital currency issuance: one via a computer executing a particular algorithm to compete for accounting rights (POW proof-of-work mechanism), and the other through interest received by holding a genuine digital currency (POS proof-of-equity mechanism).

Why do we mine?

Mining is the process of calculating the location of digital money and obtaining it using computer technology.

Why the term "mining"?

Bitcoin is a distributed ledger with no centralized authority (the central authority for the RMB is the central bank). Bitcoin is intended to be a highly complicated mathematical issue that necessitates the use of a computer to do sophisticated calculations, and the first person to find out the correct answer gets the right to hold the ledger for 10 minutes. The first person to obtain the right answer wins the 10-minute book. The individual who conducts the accounting is paid with bitcoins, a process known as "mine" since it is akin to gold mining. Originally, mining computers were conventional computers, but due to the growing complexity of computing, they are now employing professional computing equipment known as "mining machines."

"Mining must be aware"

I. What exactly is a mining machine?

A mining machine's arithmetic power and power consumption are the two most crucial measures. Arithmetic power determines how many coins a mining machine can produce per unit of time, while power consumption determines how much power a mining machine can consume per unit of time. For example, a mining machine with an arithmetic power of 13.5TH/s (13.5T Hash operations per second) and a power consumption of 1200W. (1.2 degrees of electricity per hour).

II. What exactly is a mining farm?

Power supply (sufficient power supply and reasonable wiring), heat dissipation (the heat of the mining machine is very high, minus 20 degrees in the winter in Inner Mongolia, the mine is very hot without closing the windows), noise (mining machine noise is very loud, to prevent nuisance), and site are the main requirements (the more appropriate cost is the plant).

Third, what exactly is a mining pool?

The mining pool, like the previous paragraph mining inside the same, early mining is like a lottery, there is a probability of winning, and then many people put the computing power of the mining machine together to mining, so that the formation of the mining pool, the larger the pool the higher the probability of winning, the prize of all the mining pool inside the mining machine equal share, so that the mining machine