Blockchain mining is a concept that everyone who mixes with the cryptocurrency circle will definitely come into contact with, but in fact, blockchain mining is not like our real mining farm mining is to dig real mines, it digs is actually a digital currency, and the mine does not have anything to do with. So what exactly does blockchain mining mean? Here we take you to explain blockchain mining in layman's terms.
What does blockchain mining mean?
The so-called mining is, confirming transactions that occur in the Bitcoin system over a period of time and recording them on the blockchain to form new blocks, and the people who mine are called miners. Simply put, mining is the process of bookkeeping, the miner is the bookkeeper, and the blockchain is the version. The bookkeeping rights of the Bitcoin system are decentralized, i.e., every miner has the right to bookkeeping, and as long as they succeed in grabbing the bookkeeping rights, the miners will be rewarded with newly generated Bitcoins from the system. In this sense, mining is the process of producing bitcoins.
Satoshi Nakamoto originally designed Bitcoin to provide for the halving of the Bitcoin reward once for every 210,000 blocks produced until the Bitcoin can no longer be subdivided, as the total number of Bitcoins is finite, and is therefore also known as digital gold. Bitcoin production is also commonly known as mining. Bitcoins are produced through mining, where every 10 minutes miners across the network work together to calculate an arithmetic problem, and as long as the answer is calculated first, it is the same as mining the block, and that miner receives a newborn bitcoin reward from the system.
When Bitcoin was first created, it was possible to mine through a computer's CPU. With more and more miners mining, it is no longer possible to mine Bitcoin with a CPU, and people are starting to mine with a miner.
Mining essential tools: 1. mining machine; 2. bitcoin address; 3. mining software.
At present, the bitcoin network arithmetic is too large, individuals purchase a small number of mining machines, it is very difficult to dig out the block, many miners can only join the mining pool to dig together; the mine is only responsible for the calculation, the mining pool is responsible for the information packaging. After digging into the bitcoin, according to the mining field's arithmetic share of the allocation of revenue, this guarantees more stable input and output.
How do miners mine?
After the birth of the blockchain, miner is no longer just a short form of coal miner, but a completely new meaning. People engaged in virtual currency mining are different from traditional miners, and miners in the blockchain field have more technological colors. The main job of a miner is transaction confirmation and data packaging. Miners need to purchase a specialized computer device and download mining software. Mining does not require the miner's hands, but rather the computer performs specific operations. For the miner, all that is required is to ensure that the miner is supplied with electricity and an internet connection.
In the case of Bitcoin, for example, a Bitcoin miner is a specialized device that competes for the right to keep score by running a large number of calculations in order to be rewarded with newborn Bitcoins. The components of a mining machine include: a mining chip. Heatsinks and fans. Executing only a single computer program, consuming more power, mining is actually a competition of arithmetic power between miners, and miners with more arithmetic power have a higher probability of mining bitcoins.
With the rise in computing power across the network, it has become increasingly difficult to mine bitcoins with traditional equipment, and people have developed chips specifically for mining. Chips are the most central parts of a mining machine and generate a lot of heat during operation. In order to dissipate heat and cool down, bitcoin miners are usually equipped with heatsinks and fans.
Users download bitcoin mining software on their computers and use it to assign tasks to each mining machine to start mining. Each coin has a different algorithm and requires different mining machines.
We are here to remind investors that if you want to mine, you must pay attention to choosing a trustworthy platform to mine, and if you are still a novice, and do not know much about this industry, it is not yet easy to get involved, because the professional mining machine mining still has a certain threshold, and the coin circle newbies may wish to start from the most basic to buy coins to begin with.