Basic Knowledge Of Blockchain Mining

Hello everyone, my name is Cuihua, the editor of POWPOWER, POWPOWER has been focusing on the mining area for 4 years, is the official distributor of IPollo, and has established long-term partnerships with Bitmain, Avalon, Jas miner, inno, Whatsminer and Goldshell. When it comes to blockchain, the word mining cannot be avoided. Today we will learn about the basic common sense of mining.

Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

Different from the traditional management method in which the record data is stored in a single computer or on a server, the blockchain technology is to encrypt and package the data into a block number with the transaction data that occurs within the deadline, and arrange the chain structure in chronological order. It is stored in each node computer or device that joins the system. Each node is a complete ledger. Everyone jointly maintains the security and reliability of the data and supports the operation of the system. The blockchain is just a set of code that automatically runs the system. In order to motivate nodes to provide device record data, native tokens will be rewarded according to the consensus mechanism, nodes will package blocks and broadcast to the whole network, and the process of obtaining system package block rewards is mining.

The specific process of mining is as follows: Participants combine the hash value of the previous block, the new verified transaction content after the previous block is generated, plus a random number X guessed by themselves, and pack them into a candidate new area. block, so that the hash value of the new block is less than a given number in the Bitcoin network.

Before the rise of the blockchain, miners specifically referred to the workers digging coal mines. The group impression was that they were covered with coal dust, and they were all dark-skinned men except their clothes.

After the birth of the blockchain, miners are no longer just short for coal miners, but have a whole new meaning: those who engage in virtual currency mining. Different from traditional “miners”, mining tools in the blockchain field have more technological colors. The main job of a miner is transaction confirmation and data packaging. If you want to become a miner, it is actually relatively simple. You can start mining by purchasing a dedicated computing device and downloading the mining software. Mining is the process of confirming transactions that occur in the Bitcoin system over a period of time and recording them on the blockchain to form new blocks, and those who mine during the entire process are called miners.

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

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