What is Bitcoin Mining and what does Bitcoin Mining mean

As a blockchain researcher, I often meet a lot of newcomers who will ask this question. In fact, there are two main ways to get bitcoin at present, the first is to buy it directly in the corresponding digital currency exchange; The second is to mine your own and get bitcoins.

Let's talk about mining first, at present, mining is the main way to obtain Bitcoin, but the current threshold for mining is relatively high. If you choose to mine by yourself, first you need to understand certain techniques, and then **Bitcoin client, follow the online Bitcoin mining tutorial, and mine by yourself.

However, note that, theoretically speaking, Bitcoin can still be mined with a computer or graphics card, but because of the development of mining in recent years, the entire network computing power of Bitcoin is extremely terrifying (more than supercomputers), so if you want a computer or graphics card for mining, you basically can't mine Bitcoin, if you want to mine Bitcoin, you still need to buy mining machines, and now there are better mainstream mining machines on the market have to tens of thousands, of course, there are cheap second-hand mining machines, However, these second-hand mining machines are all obsolete mining machines, and the electricity cost of mining is relatively high.

The second way to buy directly, the digital currency exchange is a place dedicated to bitcoin trading, if you want to own a bitcoin, you can directly use the money to buy in it. However, it should be noted that there are many digital currency exchanges in the current market, and many small exchanges specialize in cutting users and eating customer losses for a living, so when choosing an exchange, it is best to focus on the head exchange. For example, one of the top exchanges in China (Tiger Fu Exchange), I have been using it for the past two years, and it is still very stable and safe.

What is Bitcoin Mining?

Bitcoin mining is a process that uses computer hardware to figure out the location of bitcoins and obtain them.

Next, let's focus on what Bitcoin mining is and what it means

1. Mining is an incentive process to record data in the Bitcoin system, and individual users in the Bitcoin system have the right to package blocks by using CPU or GPU for hashing, and when a specific hash value is calculated.

In order to reward this user for packing the block, the system gives a certain amount of bitcoin as a 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, Monero, etc.

2. It refers to the right to compete for bookkeeping, and then get rewarded with bitcoins. Bitcoin is limited, the system will do a bookkeeping every 10 minutes or so, and users need to fight for the right to keep this bookkeeping with their own mining machine, which refers to a computer that specializes in mining Bitcoin, this type.

Computers have professional mining chips that run specific algorithms to perform calculations, which consumes a lot of power.

It's normal for written definitions to be difficult to understand, and I can use an example to explain what exactly mining is:

No matter how much money we have now, there are special people to keep accounts, for example, if you have 10,000 yuan in your card, the bank will be the first to help you keep accounts, how much money you spent, you spent on**, these will be recorded. But in ancient times, it was different, there was no financial system, and their currency was very simple, that is, to find some large stones and put them there as currency, and every time they wanted to make a transaction, they had to call everyone to announce who the stone belonged to now.

That is, at that time, everyone had to keep accounts, and they had to remember everyone's transactions, and they also had to remember who the currency belonged to. In fact, mining is also of the same nature, the total amount of bitcoin is 21 million, strictly speaking, it should be infinitely close to 20 million but not 20 million. In the past, it was manual bookkeeping, but "mining" is bookkeeping with computers.

Mining is a synonym for Bitcoin that accumulates income for activities.

Mining was brought about by the recent Bitcoin boom. Bitcoin, as a virtual currency, can be exchanged for real money.

One of the ways to acquire bitcoin in the network is to participate in activities on a daily basis, which are like mining in online games, where you need to slowly accumulate wealth in exchange for bitcoins.