What Is BTC 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. Just hearing the word BTC mining, the first scenario that comes to our mind should be BTC being dug out of the ground like gold. However, BTC does not exist, so what is the so-called “mining”?

BTC mining is the process of confirming transactions that occur in the BTC system over a period of time and recording them on the blockchain to form new blocks. The people who mine are called miners. The job of miners is to keep making blocks to authenticate transactions, and placing blocks in the blockchain, and then they will get BTC as a reward, and this process is what we commonly call mining.

Mining, professional explanation is the process of random collision of computer hash (hash or hash function). The algorithm of BTC mining can be simply summarized as doing two sha256 hash operations on the block header. If the result obtained is less than the difficulty target specified in the block header, the mining is successful.

“Mining BTC refers to the process of installing a program on a computer and borrowing computer memory and algorithms to generate new BTC. From a computer program perspective, BTC is actually a special solution generated by a bunch of complex algorithms. Mining BTC is the amount of calculation through the computer. Constantly seek the special solution of this system of equations.”

Simply put, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the ledger. The bookkeeping power of the BTC system is decentralized, that is, each miner has the right to bookkeeping. Mining is an incentive process for recording data in the BTC system. In the BTC system, individual users have the right to package blocks after calculating a specific hash value by using CPU or GPU to perform hash operations.

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