What is mining in blockchain?

Before talking specifically about what mining is, you need to understand what blockchain is.

To put it simply, blockchain is a new application model that integrates various computer technologies, and you can treat it as a new technology, the network built by blockchain technology has the characteristics of "decentralization", "information cannot be tampered with", "openness", "anonymity", "security and reliability". These technologies can be applied in many fields, in short, they are very awesome!

Mining machines, simply understood as advanced computers, are to contribute to the blockchain network, you can think of miners as the guardians of the blockchain.

With mining machines, the blockchain network can function normally. When the mining machine makes the correct calculation, the entire blockchain network will reward the corresponding digital currency to the mining machine, and this process is called mining.

What does blockchain mining mean.

In 2009, Satoshi Nakamoto invented Bitcoin, and set that there are only 21 million bitcoins, join the bitcoin network, and provide proof-of-work (pow) by participating in the production of blocks, you can get rewards from the bitcoin network. This process is called mining.

The concept of "mining" is taken from the existing concepts in our real economic life, such as mining, mining, etc., because minerals are valuable, so people are driven to pay labor to dig.

Another important point of Bitcoin mining is that the miners involved in mining recognize the value of Bitcoin, and there are people in the Bitcoin market they mine who are willing to spend money. So, Bitcoin mining makes sense.

Mining is the use of bitcoin mining machines, which are the act of earning bitcoins.

Mining is actually a competition of performance, a competition of equipment, some mining machines are composed of more such graphics card arrays, dozens or even hundreds of graphics cards together, hardware ** and other costs themselves are very high, and there is a considerable expenditure in mining.

In addition to the machines that burn the graphics card, some ASIC (Application Specific Integrated Circuit) professional mining machines are also being put into the battlefield, ASICs are specially designed for hash operations, and the computing power is also quite strong, and because their power consumption is much lower than that of the graphics card, it is easier to form a scale, and the electricity cost is lower, and it is difficult for a single independent card to compete with these mining machines, but at the same time, the cost of this kind of machine is also greater.

Mining process

Miners are rewarded with two types of rewards during the mining process: a new coin reward for creating a new block, and a transaction fee for the transactions contained in the block. In order to receive these rewards, miners compete to complete a mathematical puzzle based on a cryptographic hashing algorithm, which uses a Bitcoin mining machine to perform the hash algorithm calculations;

This requires strong computing power, how much is the calculation process, and how good the calculation results are as a proof of the miner's computing workload, which is called "proof of work". The algorithm's competitive mechanism and the winner's right to record transactions on the blockchain guarantee the security of Bitcoin.

Mining includes mining machine mining, pledge mining, and liquidity mining.

Generally speaking, mining is mining machine mining, such as Bitcoin mining and ETH mining. That is, because of mining machine mining, the graphics card ** has been speculated higher and higher, and Shenzhen Huaqiangbei has become rich again, and even some merchants have said: "I am embarrassed to say that I earn a million a year in Huaqiangbei"!

However, on May 19 this year, Guo Jia suppressed a piece of paper, and the mining machines were transferred to foreign countries. In the picture below, all of these large miners have been shut down or moved abroad.

Please click to enter the description of the thaicoin tablet.

The second is liquidity mining, which refers to the process of depositing or lending specified token assets as required through DeFi products with a mining mechanism to provide liquidity for the product's capital pool and obtain income. To put it simply, it is to put money into the liquidity pool, and then dig out a little bit every day, and the annual return is generally more than 300%. The annualized return of 300% is considerable, but there is also a risk of being withdrawn from the pool.

Returns always come with risks! It is important to keep your eyes open and find the right quality project!!

The third type of pledge mining, at present, some wallet providers and exchanges have provided users with simple pledge mining services, which greatly reduces the technical threshold for participating in network consensus, and different platforms and projects will have different pledge rules, we take the TAC pledge of the wallet provider Thaicoin as an example: pledge 60% TAC and 40% sub-coin TMT, and mine TMT. The mined TMT can be sold, or it can be used to play games to generate greater income, and only users who hold TMT can participate in the first phase of the metaverse land auction.

Form a closed loop. Staking mining is different for each project, but it's largely the same.

Anyone who knows Bitcoin is more or less aware of "mining," which is the node involved in maintaining the Bitcoin network by assisting in the production of new blocks to obtain a certain amount of new Bitcoin. When a user posts a transaction, someone needs to confirm the transaction and write it to the blockchain to form a new block. In a system of mutual distrust, who is going to do this?

The Bitcoin network uses a "mining" approach to solve this problem. Currently, a block of no more than 1 mb in size is generated every 10 minutes or so, concatenated to the longest tail of the chain, and successful committers of each block are rewarded with the system's bitcoins, as well as payment service fees that users attach to transactions.

Taking Bitcoin as an example, the specific process of mining is as follows: participants make the hash value of the new block less than the given number in the Bitcoin network based on the hash value of the previous block, the verified transaction content within 10 minutes, and a random number x that they guess. The smaller the number, the harder it is to calculate.

Every two weeks, the system adjusts the mining difficulty according to the mining time of the previous cycle, and adjusts the time to generate blocks to stabilize at about 10 minutes. To avoid**, the maximum amplitude per adjustment is 4x.

Naturally, some people will think that if I have a lot of computing power, I calculate all the blocks, and refuse to recognize the content of other people's transactions, will it be able to destroy the Bitcoin network? Indeed, with 51% of the computing power, you can attack the entire network. So is there a way to protect it?

In addition to trying to avoid putting computing power into the hands of the same organization, if you feel that a mining pool has too much computing power, miners should take the initiative to change the mining pool to mine, to solve this problem, some people have proposed POS, because the security of the POW mechanism can only come from the block mining income, and the incentive of miners comes from avoiding the risk of losing the block income, so that POW relies on a large number of incentives to ensure the huge computing power to operate. Pos breaks this symmetry, not relying on earnings to guarantee safety, but punishment. Miners must pay a large deposit and receive a small reward to compensate for their frozen deposit and the cost of running the node, but the biggest cost of reversing a transaction comes from a penalty of hundreds to thousands of times greater than the gain (the deposit is consumed).

The philosophy of POS is not "safety comes from electricity consumption", but "safety comes from deposit".

Mining is the use of the computing power of mining machines to produce virtual currencies such as Bitcoin. At present, mining machines are mainly divided into graphics card mining machines and chip mining machines. The graphics card mining machine is more flexible and can mine more coins, but the operation speed is relatively slow, and the chip mining machine has a faster operation speed, and the currency is mainly Bitcoin.

Friends who need to mine can communicate with each other. The Thundercat mining machine platform is being built, and it will give you a safe and transparent mining experience when the time comes.

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Mining is the process of confirming transactions that occur in the Bitcoin system over a period of time and recording them on the blockchain to form new blocks. To put it simply, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the ledger. Bitcoin's bookkeeping power is decentralized, meaning that every miner has the right to keep accounts.

Miners who successfully grab the right to keep accounts will be rewarded with new bitcoins from the system. Therefore, mining is the process of producing Bitcoin.

Mining is the generation of virtual coins through pledge or graphics card computing power. According to the official wallet landing of TAC this month, this month's sub-coin TMT hairstyle generates TMT by staking 60% TAC and 40% TMT, which can be directly realized, and the parent currency TAC will also be deflationary, which is worth starting.

Mining is pledge mining, and flavor dual currency pledge, and single currency pledge, TAC is dual currency pledge mining will be very stable.

Do you mean Bitcoin mining rigs? If it is, it is the hash algorithm of Bitcoin, also known as mining.

TAC is the best choice for mining.

When it comes to mining, many people's first reaction is to go to the mine to do absenteeism.

In fact, in virtual currency.

The way of obtaining is very similar to the mining in the current round land, so the terms such as coin circle mining and miner are the most common.

1.Bitcoin.

The network "mines" to generate new bitcoins. The so-called "mining" is essentially the use of computers to solve a complex mathematical problem to ensure the consistency of the distributed ledger system of the Bitcoin network.

2.The Bitcoin network automatically adjusts the difficulty of math problems so that the entire network gets a good answer about every 10 minutes. The Bitcoin network then generates a new amount of Bitcoin as a bounty to reward those who get the answer.

To put it simply, mining refers to the packaging of transaction records by miners into the blockchain.

and get system rewards and transaction fees.

Transaction fees are not required in Bitcoin as in Ethereum.

Transaction fees are required.

3.On the surface, the reason why miners get the virtual currency rewarded by the system is derived from the provisions of the underlying protocol and operating rules of the blockchain system: once the "mining" is successful, the system automatically generates a certain amount of virtual currency and records it to the address controlled by the miner, that is to say, the "mining" is the virtual currency.

4.Bitcoin can be said to be known to everyone in the currency circle, and Bitcoin mining is based on the hash value of the previous block (a string of data ** like a mess) and random numbers.

and some other data to get another hash value, if the obtained hash value is smaller than the hash value determined by the difficulty value, it is considered to be mined.

Extended information: From the perspective of the algorithm, the currency circle is mining a string of numbers that is calculated, here is just a description of Bitcoin, other coins may have different algorithms, but the essence is the same.

That's why some people say that mining Bitcoin is solving a mathematical puzzle, and that Bitcoin mining will become harder and harder to mine over time. Because there is a dynamically adjusted difficulty value in Bitcoin's algorithm, this difficulty value will continue to increase over time to ensure that Bitcoin is becoming more and more difficult to mine.