Satoshi Nakamoto

1. From cheap electricity to centralized mining, China's resources and environment provide bitcoin miners with many advantages. In recent years, bitcoin miners have used cheap electricity to expand their business in coal rich regions such as Xinjiang and Inner Mongolia, which are home to the founders of some of the world's leading mining companies

with the rising price of bitcoin, more and more people join the bitcoin mining business. Accordingly, mining consumes more and more energy. Obviously, our government is also aware of this

according to the requirements of the document, regulators require local governments to take measures related to electricity price, land use, tax and environmental protection to guide bitcoin miners to withdraw from the business. According to foreign media reports, regulatory authorities are mainly concerned about the money laundering and financial risks involved in the shutdown policy, but excessive power consumption is also a factor that can not be ignored. In principle, bitcoin mining consumes a lot of power because every time a new bitcoin is proced, it needs to solve the complex mathematical problems through the encryption process performed by a high-performance computer. Mining calculation process is used to verify bitcoin transactions in the blockchain to ensure security, but the disadvantage is that it consumes a lot of energy.

2.

The concept of bitcoin was founded by Nakamoto

On December 12, 2010, when bitcoin graally became a hot topic, he quietly left and disappeared from the Internet

As a descendant of samurai, Nakamoto was born in 1949 in Beppu, Japan. His mother, quanzi, was a Buddhist and brought him up in poverty

When his parents divorced in 1959, Nakamoto's mother remarried and immigrated to California with her three sons. Nakamoto and his stepfather don't get along well, but according to his younger brother Arthur, Nakamoto showed his talent in mathematics and science when he was very young, but also showed his "fickle and strange interest"

Nakamoto graated from Caltech, majoring in physics. Upon graation, he joined Hughes Aircraft and worked in defense and electronic communications. Later, Nakamoto worked for the U.S. military, and his experience was classified as a state secret. Now searching his files, his life is a blank

In 2008, in an e-mail group discussing information encryption on the Internet, he published an article outlining the basic framework of the bitcoin system. In 2009, he established an open source project for the system, officially announcing the birth of bitcoin. On December 12, 2010, when bitcoin graally became the climate, he quietly left and disappeared from the Internet

3. Nakamoto uses Poisson distribution instead of approximating binomial distribution. Poisson distribution is not only the approximation of binomial distribution, it can also be applied to the situation that binomial distribution can not meet. 51% of the attacks satisfy Poisson distribution but not binomial distribution. Evidence: in the same time, honest computing power calculated z = 10 blocks, while attack computing power calculated k = 15 blocks, K & gt; z. It could happen. The binomial distribution can only calculate K & lt= In the case of Z, we can't calculate K & gt; Z. Conclusion: Nakamoto's calculation is correct. It is this netizen who has mistaken the concept. For example, the binomial distribution is like this: suppose that the probability of British soldiers being kicked to death by horses is fixed at m, and there are 100 British soldiers in a team, how to distribute the number of times s of British soldiers being kicked to death by horses? S may be equal to 0, may be equal to 100, but cannot be greater than 100, because a soldier cannot be kicked to death twice. The Poisson distribution is like this: suppose that the probability of British soldiers being bitten by mosquitoes is fixed at m, and there are 100 British soldiers in a group, how to distribute the number of times s of British soldiers being bitten by mosquitoes? S can be zero, 100, or more, because a soldier can be bitten twice by a mosquito.

4. It's just a news report, just a guess, maybe just the same name. According to relevant sources, the evidence given in the news reports is only speculation, which can not prove that he is. Moreover, he denied that he was the founder of bitcoin, Nakamoto Tsung

Nakamoto put forward this theory in 2008, developed a bitcoin client in 2009, and carried out bitcoin mining. He announced that he quit the development of bitcoin in 2011, and disappeared in the crowd. Some people speculated that Nakamoto was a team, but it was impossible to verify, it was just speculation

the invention of bitcoin by Nakamoto Tsung can be said to be a great innovation. Perhaps he did not expect that bitcoin would develop into what it is now. Bitcoin is obtained by mining. Mining simply means using your hardware to solve mathematical problems, confirm transactions, and ensure the security of the whole network system. Bitcoin system will give different bitcoin rewards according to the amount of computing power contributed by miners

at present, bitcoin mining needs professional ASIC miner, such as Avalon 3 single-mode miner.

5.

On January 3, 2009, the first batch of 50 bitcoins were g up on a small server in Finland. On May 21, 2010, the first bitcoin transaction: programmer Laszlo hanyecz bought a $25 pizza coupon with 10000 BTC. This transaction gave birth to the first fair exchange rate of bitcoin.

< H2 > extended materials

Satoshi Nakamoto, a self styled Japanese American, is often translated by Japanese media as the founder of bitcoin protocol and its related software bitcoin QT, but his real identity is unknown. In 2008, Nakamoto published a paper called "bitcoin: a peer-to-peer electronic cash system", which describes an electronic currency and its algorithm called "bitcoin"

In 2009, he released the first bitcoin software and officially launched the bitcoin financial system. In 2010, he graally faded out and handed over the project to other members of the bitcoin community. Nakamoto is believed to hold about one million bitcoins. These bitcoins were worth more than $1 billion at the end of 2013

since the publication of the paper, the real identity of Nakamoto has long been unknown to the outside world. Julian Assange, founder of WikiLeaks, claims that Nakamoto is a cypherpunk. In addition, some people said that "Nakamoto is an anarchist. His original intention is not to control digital cryptocurrency by a certain government or central bank, but to become a global free flowing currency that is not regulated and controlled by the government."

main entry: bitcoin history

on November 1, 2008, Nakamoto published a paper entitled "bitcoin: a point-to-point e-cash system" in the cryptography mailing list of "metzdowd. Com". This paper describes in detail how to create a decentralized electronic trading system, and this system does not need to be built on the basis of mutual trust between the two parties. Soon, on January 3, 2009, he developed the first client program to implement the bitcoin algorithm, concted the first "mining" and obtained the first batch of 50 bitcoins. This also marks the formal birth of bitcoin financial system

on December 5, 2010, ring the WikiLeaks leak of US diplomatic cables, the bitcoin community appealed to WikiLeaks to accept bitcoin donations to break the financial blockade. Nakamoto expressed his firm opposition, saying that bitcoin is still in its infancy and cannot afford conflicts and disputes. Seven days later, on December 12, he published his last article in the bitcoin forum, mentioning some minor problems in the latest version of the software. Then he did not show up and e-mail communication was graally terminated

6.

1、 Mining principle

at the beginning, we could dig bitcoin with the computer CPU. The founder of bitcoin, Nakamoto Tsung, g out the world's first creation block with his computer CPU. However, the era of CPU mining has long passed, and now bitcoin mining is the era of ASIC mining and large-scale cluster mining

looking back on the mining history, bitcoin mining has gone through the following five times: CPU mining → GPU mining → FPGA mining → ASIC mining → large-scale cluster mining, The mining speed changes are as follows:

CPU (20mhash / s) → GPU (400mhash / s) → FPGA (25ghash / s) → ASIC (3.5tash / s) → large scale cluster mining (3.5tash / s * x)

mining speed, which is called computing power in professional terms, that is, the ability of computer to generate hash collisions per second. In other words, how many hash collisions can our miner do per second is the calculation force. Computing power is the ability to dig bitcoin. The higher the computing power, the more bitcoin you dig, the higher the return

in the world of bitcoin, a data block is recorded about every 10 minutes. All mining computers are trying to package the data block and submit it, and the person who successfully generates the data block will get a bitcoin reward. Initially, bitcoin rewards of 50 bitcoins could be generated about every 10 minutes. But the payment is halved every four years, and now the bitcoin network can generate 25 bitcoins every 10 minutes

to successfully generate data blocks, miners need to find the effective hash value. To get the correct hash value, there is no shortcut. You can only guess. The process of guessing is the process of computer random hash collision. If you guess correctly, you will get bitcoin

Mining method: from a miner to a large-scale mine, you need to prepare a miner, a computer that can connect to the Internet, an AUC, a raspberry pie, power supply and all kinds of connecting lines, etc. The connection order of various devices is network cable - & gt; Raspberry pie - & gt; Microusb cable - & gt; AUC-> 4Pin cable - & gt; Mining machine and power supply

< EM > Figure 3: Mine Map (scale of tens of thousands of mining machines) < / EM >

nowadays, the profit space of small and medium-sized absenteeism who take one mining machine home or deploy a small family workshop (dozens of mining machines) is very limited, and the mining instry is graally concentrating on enterprises and teams with low-cost power resources and professional deployment ability

there are many factors that affect the mining revenue, such as the performance and power consumption of mining machinery, the computing power and difficulty of the whole network, the deployment and operation and maintenance capacity of the mine, the availability of low-cost electricity resources, and the currency price and policy guidance, etc. At present, excellent mining enterprises have the ability of chip research and development, a lot of computing power, professional mine deployment and operation experience, etc. in the future, resources and computing power will be more and more concentrated in these mining enterprises

2. Mine pool

in addition to the above equipment, you also need a necessary tool - mine pool. The function of the mine pool is to gather a large amount of mineral computing power, increase your probability of getting bitcoin, and at the same time, distribute your future bitcoin income to your account in advance

the simple explanation is as follows: now the bitcoin network generates a block every 10 minutes, which contains 25 bitcoins. Suppose there are 1W people in the world participating in mining, then in these 10 minutes, only one lucky person has taken these 25 bitcoins, and the others have nothing. The principle of the mine pool is that everyone mines in teams and distributes according to the agreed distribution method, so that the income of the miners' bitcoin tends to be stable and the risks of the miners are reced. Let's take the most common PPS allocation method as an example. Suppose that your computing power is 10t, and the computing power of the whole mine pool is 100t. Your computing power accounts for 1 / 10 of the total computing power of the mine pool. Suppose that the mine pool can generate 10 bitcoins a day, then you can get 1 bitcoin a day

3. Cloud computing power

in reality, the supply of mining machines often exceeds the demand, and at the same time, the delivery of mining machines needs a long waiting period. Miner installation, commissioning, maintenance and other processes are very complex, which requires a lot of energy. Miners have to enre the noise and heat of miner. For miners, the biggest cost is not these, but the high electricity charges consumed by mining. The profit space of small and medium-sized miners is getting smaller and smaller, even negative

Mining income and risk mining income can be calculated by the following formula:

Mining income = generated bitcoin * currency price - mining machinery cost - electricity fee - custody fee

if you are just a small miner, generally you only need to dect mining machinery cost and electricity fee

Mining risks are as follows:

< UL >

at present, the number of bitcoin is less than 4.5 million. If we do not issue additional bitcoin, the price of bitcoin will fluctuate, and the price callback will lead to the extension of the payback cycle

mining difficulty improvement at present, our machines can meet the market demand

the risk of power outage

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< EM >
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7.

Bitcoin, English name bitcoin, is a digital currency based on blockchain technology, which is composed of a series of computer-generated complex codes. Like RMB's ￥ and US dollar's $, bitcoin has its own symbol, the "B" in the figure below

The inventor of

bitcoin is Nakamoto. Satoshi Nakamoto is the creator of bitcoin protocol and its related software bitcoin QT. In 2008, he published a paper called "bitcoin: a peer-to-peer electronic cash system", describing an electronic currency and its algorithm that he called "bitcoin"

In 2009, he released the first bitcoin software and officially launched the bitcoin financial system

In 2010, he graally faded out and handed over the project to other members of the bitcoin community

Nakamoto is believed to hold about one million bitcoins. If the price of each bitcoin was $2W, it was worth $20 billion at one time. So far, his true identity is still unknown to the outside world, that is to say, no one knows who Nakamoto is

bitcoin appeared after the global financial crisis in 2008. In fact, before that, many people have tried electronic currency, digital currency and virtual currency, but they have not succeeded. There are not only technical reasons, but also social environment and economic background reasons. To some extent, it was the 2008 financial crisis that gave birth to bitcoin

8. Bitcoin is a kind of cryptocurrency based on decentralization, using peer-to-peer network and consensus initiative, open source, and blockchain as the underlying technology. The concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. Unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations based on a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of money circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity

warm tips:
1. The above explanations are for reference only, without any suggestions
2. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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