What's bitcoin gold mining like
bitcoin is equivalent to digital gold. As a generally recognized equivalent, gold naturally has monetary properties and has been regarded as a kind of currency since ancient times. Bitcoin was born in 2009 and created by a person named Nakamoto. As the earliest digital currency, it was worthless at the beginning of creation. Until 2017, the highest transaction price of bitcoin exceeded 30000 RMB. The reasons why bitcoin became a valuable digital currency are as follows:
first of all, it is like gold, as a natural mineral, The total amount of bitcoin is limited. Bitcoin can not be over issued according to its own algorithm, so there will be no rapid devaluation of currency e to excessive currency issuance. The number of bitcoin is controlled to no more than 21 million e to the algorithm, so it can not be issued in large quantities, so its value is guaranteed
Bitcoin mining is a process that uses computer hardware to calculate the location of bitcoin and obtain it
mining is an incentive process to record data in the bitcoin system. In the bitcoin system, indivial users have the right to pack blocks after calculating a specific hash value by using CPU or GPU to hash
and in order to reward this user for packing blocks, the system will give a certain amount of bitcoin as reward. Because this process is very similar to "mining" in real life, most people call this process mining. In addition to bitcoin, other electronic virtual currencies can also be obtained through mining rewards, such as Ethereum, Monroe and so on
extended data:
mining risk:
1, currency security
the withdrawal of bitcoin requires hundreds of keys, and most people will record this long string of numbers on the computer, but frequent problems such as hard disk damage will make the key permanently lost, which also leads to the loss of bitcoin
2, system risk
system risk is very common in bitcoin, and the most common one is bifurcation. Bifurcation will lead to a drop in currency price and a sharp drop in mining income. However, many cases show that the forking will benefit the miners, and the forked competitive currency also needs the miners' computing power to complete the minting and trading process. In order to win more miners, the competitive currency will provide more block rewards and handling charges to attract miners. Risk makes miners
Bitcoin is actually a virtual currency. When bitcoin first appeared, if you want to get bitcoin, you have to get bitcoin through mining. Therefore, bitcoin mining appeared. But bitcoin mining is more and more difficult, so it is very difficult to get bitcoin now
so now many people use Haru miner digs Ethereum, Monroe and other virtual coins. Most importantly, BTC can be directly equivalent in the end
bitcoin, a blockchain based digital currency, is often regarded as a global safe haven asset like gold. In this age of global turmoil, even gold has become unreliable and may be confiscated as India has. Some people have begun to think that bitcoin can replace gold, because bitcoin not only has the reserve capacity of gold, but also has some capabilities that gold does not have, such as low handling charges, rapid transfer capacity, decentralization and so on. With the increasing popularity of bitcoin and the decreasing volatility, the status of gold has been threatened
will bitcoin shake the status of gold?
gold has a long history, almost as long as the history of human civilization, and has withstood numerous tests in history. Bitcoin is less than a decade old, but its value has risen sharply. There is no support behind bitcoin. Of course, since the end of the gold standard, there has been no support from other currencies, except that there is no support from the central bank behind bitcoin. It's hard to predict whether bitcoin will exist in the next decade, a hundred years or even a thousand years.
the principle of bitcoin mining is to implement rules made by people and automatically executed by computers
Satoshi Nakamoto, the inventor of bitcoin, has stipulated this rule from the very beginning, and those who participate in bitcoin blockchain must automatically abide by it unconditionally
The content ofrules is generally ,
people who pack the circulation data of bitcoin, arrange it into a fixed size, and then upload it to the blockchain for bitcoin whole network synchronous broadcasting can get 50 bitcoins rewarded by the system
under certain conditions, these rewards will be halved, about once every four years
so how to complete the data packing
the person who wants to complete this action must first have the necessary tools, that is, the software to execute the bitcoin blockchain, and the machine (computer at the beginning) to run the software; Then download and save all the bitcoin transaction data that have been recognized by the whole network. At this time, you become a "node" and a part of protecting the blockchain data
Thenode can only get the priority of the packaged data after running a specific mathematical formula and getting the correct answer. The system will automatically give the reward to the node who gets the priority, who completes the packaging first and then uploads it to the blockchain, and receives and approves it from other nodes
if there is bitcoin service charge in the packaged transaction, the service charge belongs to the node
people think that the process of calculating the mathematical formula and then completing the package to get the reward is just like fishing for gold in the river. It is necessary to discard many wrong answers in order to find the right key to get gold, so people compare this process to mining
so bitcoin mining is not really to dig something, or to use computers to constantly collide and guess. Whoever guesses first wins the reward, that's all
Mining bitcoin is also called mining. Starting from the essence of bitcoin, the essence of bitcoin is actually a special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. Every particular solution can solve the equation and is unique
in the metaphor of RMB, bitcoin is the serial number of RMB. If you know the serial number of a note, you have the note. The process of mining is to constantly seek the special solution of this equation system through a huge amount of calculation. This equation system is designed to have only 21 million special solutions, so the upper limit of bitcoin is 21 million
bitcoin: also known as "bitcoin", is a kind of network virtual currency. Internet users can use bitcoin to buy some virtual goods, such as clothes, hats, equipment, etc. in online games. Internet users can also use bitcoin to buy real goods
extended data:
shortcomings
first, the vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
Second, the transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed Thirdly, the price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading Fourthly, the public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthlessBitcoin is an electronic currency proced by open source P2P software. Digital currency is a kind of network virtual currency. Bitcoin is also paraphrased as "bitcoin.". Short for: BTC
bitcoin does not rely on a specific monetary institution. It is generated through a large number of calculations of a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction
bitcoin is very similar to cash
the advantages of bitcoin are: no freezing, no tracking, no taxes, and extremely low transaction costs. Compared with people who speculate in currency, it is wealth, and people outside the currency circle may think it is a fraud
bitcoin is a relatively mainstream digital currency, which can be properly invested. There are risks in the transaction. You can invest cautiously. You can search the fire coin, coin security, OK, dobby trading platforms on the Internet, which can trade bitcoin. These are relatively large trading platforms. Invest in mainstream digital currency, do not invest in counterfeit currency or air currency< br />
the professional point is that mining is a distributed consensus system that includes the transaction data to be confirmed into the block chain, so as to complete the confirmation of these transactions. By mining, the data in the block chain can be stored in chronological order, the neutrality of bitcoin network can be maintained, and different computers on the bitcoin network are allowed to agree on the system state. To be confirmed, a transaction must be packaged into a block that complies with very strict cryptographic rules and verified through bitcoin network. These rules can prevent the modification of existing blocks, because once there is a change, all blocks will be invalid. Mining is as difficult as winning the lottery. No one can easily and continuously add new blocks to the block chain. Therefore, no one can control what content is included in the block chain or replace part of the content in the block chain to rece their cost
at present, bitcoin mining needs professional ASIC mining machines. For example, Avalon mining machine (commonly known as pumpkin Zhang mining machine), which has created countless number one mining machines in the instry, is said to be coming out soon, 28nm chips will be streamed soon, and 16nm chips are under development.
Bitcoin mining is a process of using computer hardware to do mathematical calculation for bitcoin network to confirm transactions and improve security
" Bitcoin Mining & quot; The concept of "gold mining" comes from the existing concepts in real economic life, such as gold mining and silver mining. Because minerals are valuable, it drives people to pay labor to dig
significance: compared with the special currency network, bitcoin mining is not only the basic guarantee for issuing coins, but also for maintaining the operation of bitcoin system; Behind every bitcoin mining activity is to create a new-type & quot; Note printing machine & quot
Bitcoin does not rely on specific currency institutions to issue. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transaction lines, and uses cryptography design to ensure the security of all aspects of currency circulationthe decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. 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 scarcity