What is blockchain mining?
Hello everyone, I am Cuihua, the editor of POWPOWER. POWPOWER has been focusing on the mining neighborhood for 4 years. I am the official distributor of IPollo and have established long-term partnerships with Bitmain, Avalon, Jas miner, inno, Whatsminer and Goldshell.
Today, I will introduce to you what exactly is blockchain mining?Mining often mentioned in the blockchain field is actually Proof Of Work (POW).
The first is mining. Simply speaking, mining is to use a computer to find a needle in a haystack to find the answer to a mathematical problem. Whoever can find the answer will get a large reward.
Mining is the process of processing transactions, securing the network, and keeping everyone in the network in sync by consuming computing resources. This process is called “mining” because it is similar to panning for gold, because it is also a new temporary mechanism. It is true that POW consumes a lot of resources every year, but so far POW is still a good solution that has been proven in practice. In the beginning, we could mine Bitcoin with computer CPU. The founder of Bitcoin, Satoshi Nakamoto, used his computer CPU to mine the first genesis block in the world. 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. Looking back at the history of mining, Bitcoin mining has gone through the following five eras:
CPU mining → GPU mining → FPGA mining → ASIC mining → large-scale cluster mining
At the same time as the replacement of mining chips, the changes in mining speed brought about are:
CPU(20MHash/s)→GPU(400MHash/s)→FPGA(25GHash/s)→ASIC(3.5THash/s)→large-scale cluster mining(3.5THash/s*X)
Mining speed, professionally called computing power, is the ability of a computer to generate hash collisions per second. That is to say, how many hash collisions the mining machine in our hands can do per second is the computing power. Computing power is the ability to mine bitcoins. The higher the computing power, the more bitcoins you mine, and the higher the rewards. In the Bitcoin world, a block of data is recorded approximately every 10 minutes. All mining computers are trying to package this data block for submission, and the person who finally successfully generates this data block can get a bitcoin reward. To successfully generate a data block, miners need to find the valid hash value, and to get the correct hash value, there is no shortcut, only guessing, the process of guessing is the process of random hash collision of the computer, guessing Hit, and you get bitcoin. The so-called “mining” is to confirm the transactions that occur in the Bitcoin system over a period of time, and record them on the blockchain to form new blocks. The people who mine are called miners. Simply put, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the version. The bookkeeping rights of the Bitcoin system are decentralized, that is, every miner has the right to bookkeeping. As long as they successfully grab the bookkeeping rights, the miners can receive the newly generated bitcoin rewards of the system. In this sense, mining is the process of producing bitcoins. When Satoshi Nakamoto originally designed Bitcoin, it stipulated that 210,000 blocks were not produced, and the Bitcoin reward was halved once until Bitcoin could no longer be subdivided, because the total amount of Bitcoin is limited, and Bitcoin is also called digital gold. . Bitcoin production is also commonly known as mining.
Bitcoin is produced through mining. Every 10 minutes, the miners of the whole network calculate an arithmetic problem together. As long as the answer is calculated first, it is equivalent to digging this block, and the miner can get the new bitcoin reward of the system.