Who pays for bitcoin rewards
The concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system
bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system. Bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network will get a qualified answer about every 10 minutes. Then bitcoin network will generate a certain amount of bitcoin as block reward to reward the person who gets the answer
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bitcoin (BTC) is a digital currency with a total amount of 21 million. It has the characteristics of decentralization, globalization and anonymity, just like the Internet. It means that transferring bitcoin to the other end of the earth is as simple as sending e-mail, low-cost and unlimited. Bitcoin is also used in cross-border trade, payment, remittance and other fields
the liquidity and limitation of bitcoin determine that bitcoin can act as a monetary function equivalent to general equivalent, or as a measure of money, but this measure is not a physical measure like gold, but a digital proct
related concepts:
1. Address
the address of bitcoin world looks like this. The address itself is just a string of codes, just like your bank account number 321 million 3288372, which is used to mark an account. Everyone can have countless addresses. The address is public
2. The bank records how much money there is in the bank account
the amount of money in the bitcoin address is recorded by the whole bitcoin network. Each complete bitcoin data will record how many bitcoins are stored in this address
each node participating in the bitcoin network can save a complete of bitcoin data, and everyone has a backup on hand to prevent counterfeiting
3. The key (private key)
the key is another string of characters you only know. The key is used to operate the money in the bitcoin address. Key and address are the relationship between a key and a lock. Each address has only one password, and each password also operates a bitcoin address
with the key, you can control the money in the bitcoin address and pay to anyone. The key should be absolutely safe. The lost or deleted key can never be found, and the money in the corresponding bitcoin address can never be used
the key needs to be kept absolutely secret. Anyone who knows the key can steal all your bitcoin
4. Wallet
the transaction process of bitcoin will involve a lot of complex calculations. In order to simplify the operation, we have made wallets. The wallet has client software on the computer, and also has an online web version. The function of the wallet is to pay with a little touch, and the complicated calculation behind it is left to the wallet to complete
5. Security
if you use the computer client software, you can recommend multibit or bitcoin QT. Both are official software recommendations for the bitcoin community. The installation of these two softwares must be downloaded directly from the official website, and the check code must be checked before and after downloading. This is to prevent someone from tampering with wallet software and stealing keys
6. Mining
about every 10 minutes, some new bitcoin will appear in the bitcoin network, which can be imagined as throwing money in the sky. Whose pocket these scattered money fall into mainly depends on whose computer calculates fast. The faster you calculate, the more likely you are to find the money. Mining is to use the computer to calculate, to pick up the money< br />
Bitcoin mining machine is a kind of computer used to earn bitcoin. This kind of computer generally has professional mining chips and works in the way of burning graphics card, which consumes a lot of power. It is one of the ways to get bitcoin that users download software from personal computer and then run specific algorithm to get corresponding bitcoin after communicating with remote server
mining is actually a competition of performance and equipment, and a competition of computing power among miners. Miners with more computing power are more likely to dig bitcoin. With the increase of computing power in the whole network, it is more and more difficult to dig bits with traditional devices (CPU, GPU). People have developed chips specially used for mining. Chip is the core part of mining machine. The process of chip operation will proce a lot of heat, in order to cool down, bitcoin miner is generally equipped with heat sink and fan
bitcoin is a kind of virtual currency. Bitcoin mining system is the process of carrying out mathematical operation for bitcoin network through computer hardware. Miners who provide services can get a reward, because the network reward is calculated according to the tasks completed by miners, so the competition for mining is very fierce
bitcoin mining started with low-cost hardware such as CPU or GPU, but with the popularity of bitcoin, the mining process has changed greatly. Nowadays, the mining activities are transferred to the field programmable gate array, and the hash speed can be achieved through optimization. The mining efficiency of this mode is very high
Titles can provide players with a certain attribute bonus
a packet formed by the transactions of blocks and blockchains in a period of time is called a block, and bitcoin generates a block every 10 minutes, Each block is linked to the previous block and connected in turn to form a blockchain
synchronize transaction data with blocks as a unit
blocks are numbered from 1, so after node a connects node B, it is convenient to synchronize transaction data as long as the block number height of both parties is checked. For example, if node A's own block height is 100, and node B's block height is 110, it can only request B to synchronize the 10 blocks of 101 ~ 110
reward of packed blocks
in order to ensure that nodes pack bitcoin transactions, bitcoin rules stipulate that nodes of packed transactions will receive bitcoin as reward
a One part of the package reward comes from the transaction fee paid by the transaction creator (100-1000 RMB per kilobyte transaction size)
B. the other part comes from the distribution of 21 million bitcoins in the initial stage. At the beginning, the reward is 50 bitcoins per block. After that, the reward will be halved for every 210000 blocks (about four years), until the block reward is less than 1 in 2140, At this time, the total block reward is 21 million bitcoins, which is the source of 21 million bitcoins (2099999.97690000 to be exact)
after 2140, the package reward will only come from the transaction fee paid by the transaction creator
competition for block package right
node package transaction only needs low-cost network and computing resources, The existence of package reward (at present, the package reward of each block is 25 bitcoin, which is about 40000 yuan), makes a large number of nodes want to package transactions. In order to ensure the uniqueness of the blockchain, bitcoin rules stipulate that nodes use a method similar to "coin tossing" to compete for the right of transaction packaging. Nodes constantly toss coins, who first tosses the results in line with the rules, will get the right to pack the transaction of this block, and the block's packaging reward
the way to compete for the right to pack the transaction
"coin tossing" is realized by a hash (SHA-256) operation of the computer, And check whether there are enough consecutive zeros starting from the first digit of the operation result (it can be simply understood as throwing 256 coins at a time, and then see whether there are enough consecutive coin faces starting from the first coin)“ The only way to win "coin toss" is to increase the number of coin tosses per second. A node that can toss 10 billion coins per second (doing 10 billion hash calculations) is 100 times more likely to grab the packing right than a node that tosses 100 million coins per second
bitcoin is proced by mining. Mining is the process of consuming computing resources to process transactions, ensuring network security and keeping everyone's information synchronized in the network. It can be understood as the data center of bitcoin. The difference lies in its completely decentralized design. Miners operate all over the world, and no one can control the network. This process is called "mining" because it is similar to gold panning, because it is also a temporary mechanism for issuing new bitcoin. However, unlike gold panning, bitcoin mining provides rewards for services that ensure the safe operation of payment networks. After the last bitcoin, mining is still necessary
for more information, please visit bitcoin home.