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Ⅰ How to make money by mining in the blockchain

The principle of making money by mining: PoW and mining.

In the beginning, Bitcoin could be mined using graphics cards, but in 2013, it was no longer possible to mine Bitcoin BTC using general-purpose computing programs for graphics cards. Bitcoins are now all mined using ASIC mining machines. ".

Similarly, the launch of Litecoin ASIC mining machines in 2014 also ended the history of Litecoin mining using graphics cards. The current digital currencies that graphics cards can "mine" are Ethereum ETH, Ethereum Classic ETC, and Zcash Zerocoin ZEC.

Graphics card "mining" is not a profitable business. In fact, the earlier you start, the higher the income will be, and the income will decrease as more miners and graphics cards are added.

To put it bluntly, buying a high-priced graphics card to enter "mining" will definitely kill you. Purchasing a professional mining machine is a more cost-effective choice. Nowadays, the essential tool for personal mining is a mining pool. The function of a mining pool is to gather a large number of mining machine computing power to increase your chances of mining coins. At the same time, the coins you can mine in the future are evenly distributed to your account in advance.

Take Bitcoin as an example. If the entire Bitcoin network now generates a block every 10 minutes, this block contains 25 Bitcoins. Assuming that there are 10,000 people in the world participating in mining, then within these 10 minutes, only one lucky person will take away the 25 Bitcoins.

Others have nothing to gain. The principle of the mining pool is that everyone forms a team to mine and allocate according to the agreed distribution method, so that the miners' mining returns tend to be stable and the miners' risks are reduced.

In order to enhance the cost performance, you can also purchase some practical mining machines like Wanke Cloud, which can be used as ordinary hardware products and can also be used for mining, killing two birds with one stone.

(1) Extended reading on the differences between blockchain mining transactions

There are several core operating cores of blockchain transactions and digital currencies:

The transaction network connected by decentralized databases is called the blockchain. All our clients (including mining machines) keep accounts together, confirm transfer transactions, and issue a certain amount of digital currency according to time.

Because the winner takes all, small and medium-sized retail miners have to unite to form a "mining pool" and record the cumulative workload in Shares. The higher the joint computing power, the greater the probability that the mining pool consortium will find the digital currency first. Large, increase the probability of finding newly issued digital currencies, and divide the mined digital currencies. This is called the PoW workload proof mechanism.

II What does blockchain mining mean?

"Mining", as the name suggests, is the action that can appear in our minds, which is digging in the soil with a shovel, but now we It’s no longer a shovel, but a computer. We are not digging in the soil;Instead of mining in a data pool, we no longer mine physical objects such as gold and coal, but compete for the right to keep accounts. 1. Mining is the process of confirming transactions in the Bitcoin system over a period of time and recording the formation of new blocks on the blockchain. These miners are called miners. 2. Mining is a bookkeeping process, miners are bookkeepers, and the blockchain is the general ledger. 3. The accounting rights of the Bitcoin system are decentralized, that is, every miner has accounting rights. Miners who successfully seize the accounting rights will receive new Bitcoin rewards from the system. Mining is the process of producing Bitcoins.

1. What does mining mean?

Ancient mining can be traced back to the selection of stone materials in the Stone Age. Later, with the rise of the metallurgical industry, mining and mineral processing technology gradually developed. This article introduces the aspects of open-pit mining, underground mining, tunnel support, rock crushing, tunnel ventilation, lighting, drainage, lifting and mineral processing in ancient China.

Open-pit mining There are many surface outcrops, slopes or residual deposits of various metal veins or ore bodies. Therefore, open-pit mining became an important mining method in ancient times. Open-pit mining can be divided into excavation method and soil reclamation method.

2. Mining is the name for accumulated income from activities in Bitcoin.

Mining was brought about by the recent popularity of Bitcoin. Bitcoin is a virtual currency that can be exchanged for real currency. One of the ways to obtain Bitcoins on the Internet is to participate in related activities every day. These activities, like mining in online games, require slowly accumulating wealth in exchange for Bitcoins.

III What does blockchain mining mean?

In 2009, Satoshi Nakamoto invented Bitcoin and set the number of Bitcoins to only be 21 million. , join the Bitcoin network, participate in the production of blocks, and provide proof of work (PoW), you can obtain rewards from the Bitcoin network. This process is mining.

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

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

(3) Extended reading on the differences between blockchain mining transactions

Bitcoin’s Currency Characteristics

1. Decentralization

Bitcoin is the first distributed virtual currency. The entire network is composed of users and there is no central bank. Decentralization is the guarantee of Bitcoin’s security and freedom.

2. Circulation around the world

Bitcoin can be managed on any computer connected to the Internet. Anyone can mine, buy, sell or receive Bitcoin regardless of location.

3. Exclusive ownership

Manipulating Bitcoin requires a private key, which cancan be stored in isolation on any storage medium. No one can obtain it except the user himself.

4. Low transaction fees

Bitcoins can be remitted for free, but a transaction fee of about 1 bit cent will ultimately be charged for each transaction to ensure faster transaction execution.

5. No hidden costs

As a means of payment from A to B, Bitcoin does not have cumbersome limits and procedures. You can make the payment by knowing the other party's Bitcoin address.

6. Cross-platform mining

Users can explore the computing capabilities of different hardware on many platforms.

IV What is the essence of blockchain and what is the principle of Bitcoin? What is the difference between the two?

The price of one Bitcoin has skyrocketed from more than 20,000 US dollars to 40,000 US dollars. This can't help but arouse my research interest, or to briefly understand what Bitcoin is, what its mechanism is like, and to uncover its mystery. Therefore, I simply searched for some information and learned a little bit about Bitcoin, so I sorted out the information on hand.

(3) Purpose: decentralization, reducing risks

Centralized network Only the central server can store and process data. The disadvantage is that the workload is large. Once it is paralyzed, the entire system will be paralyzed; the data storage volume is large; the central manager has great authority.

All servers in the distributed network can store and process data. Each server has an equal status and can store more data and have higher security.
The general popular science content is like this. If you want to know more, you can take a look at Satoshi Nakamoto’s paper and the official popular science video below.

IV What are the differences and connections between blockchain and Bitcoin

Blockchain technology is a new technology derived with the development of the Bitcoin economy. Blockchain technology can effectively The ground serves the Bitcoin economy, and they are interconnected. Bitcoin is a virtual currency that only circulates in a specific network economic environment. Blockchain technology can not only be applied to the economy, but can also be used in all walks of life. This is their difference.

Blockchain Technology

Because blockchain technology is still an emerging product, it does not yet have an accurate or definite definition and concept. Simply put, blockchain technology is a model for encrypted management of data, which can protect data to a large extent. Blockchain technology has the distinctive characteristics of decentralization, openness, independence, security and anonymity. Its characteristics are well adapted to today's requirements for information protection and information disclosure in all walks of life. On the one hand, it ensures data security and prevents data processing from being interfered by factors such as human subjective emotions and system failures. On the other hand, it is up to the individual data to decide whether to hide their details from the group to the greatest extent possible to achieve the purpose of protecting privacy.

At the same time, there is no doubt that blockchain technology is still in its infancy.exhibition status. Society's understanding of it is not deep enough, and scholars are still in the stage of continuous exploration. Through correct application, blockchain technology will bring many positive impacts to society.

VI What is blockchain and how to make money with blockchain

Blockchain is a new application of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. model. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system.

How to make money in the blockchain:

1. Earn commissions through promotion.

The blockchain approach is to first register an exchange account, generate your own invitation link, and then promote it. If someone registers the exchange through your link and generates transactions, you will get a commission.

2. Coin speculation.

Speculating in currencies is like speculating in stocks. Coin speculation is the lowest threshold way to make money in the blockchain.

3. Mining.

"Mining" in Bitcoin is the accounting process. This process requires grabbing, and if you grab the opportunity to bookkeeping rights, you will be rewarded, and the reward is Bitcoin. This behavior is "mining".

4. Develop wallet.

The wallet is the infrastructure of the blockchain, just like the "Alipay" or "WeChat Pay" of the blockchain.

Extended information:

1. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the bottom layer of Bitcoin. technology. The blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction and is used to verify the validity of its information (anti-counterfeiting) and generate the next block.

2. Blockchain was born from Satoshi Nakamoto’s Bitcoin. Since 2009, various Bitcoin-like digital currencies have appeared, all based on public blockchains.

3. On January 20, 2016, the Digital Currency Seminar of the People’s Bank of China announced that it had achieved phased results in digital currency research. The meeting affirmed the value of digital currency in reducing the issuance of traditional currency and stated that the central bank is exploring the issuance of digital currency. The expression of the People’s Bank of China’s Digital Currency Seminar has greatly enhanced the confidence of the digital currency industry. This is the first time that the five central bank ministries and commissions have expressed a clear attitude towards digital currencies since they issued a notice on preventing Bitcoin risks on December 5, 2013.

Blockchain - Network

Ⅶ Comprehensive interpretation of blockchain and Bitcoin, teach you to understand the relationship between the two, and be prepared

When it comes to Blockchain is often inseparable from the word "Bitcoin". Since today's cryptocurrencies are all released in the name of blockchain, some people easily confuse the two concepts. Next, Kelian Cloud Technology will comprehensively explain the difference between blockchain and Bitcoin and teach you to understand the relationship between the two.

Blockchain is aA distributed account, simply put, is a decentralized ledger that can be viewed and joined by many people. For example, each block is equivalent to each knot on a rope. When each new transaction enters the blockchain, it means that something has happened. To mark the occurrence of something, a symbol will be used. Tie a knot and record detailed information on the specific knot.

Bitcoin uses blockchain to realize value storage and transactions. In addition, the technical difficulty of the blockchain itself is not the most difficult. The most difficult thing is its application scenarios and the regulatory issues it will face. .

There are three classifications of blockchain, namely public blockchain, private blockchain, and joint blockchain; the other classification is without authority and permission.

Therefore, cryptocurrencies use blockchain technology, but blockchain technology is not exclusive to cryptocurrencies

When the financial crisis came, some investors chose to invest in cryptocurrencies. In order to avoid corresponding asset risks, thanks to the mechanism of blockchain to solve trust problems, this technology has been applied in financial management and transactions. The main manifestation is that blockchain can track various types of transactions and can also play a role in anti-counterfeiting and traceability in various scenarios. Issues such as copyright, trademark, and academic fraud have been exposed.

In addition, blockchain technology can also simplify transactions, make the entire transaction process open and transparent, and track every link of the transaction event to ensure that both parties have a certain degree of trust.

When "mining", the open source blockchain network can ensure trust and has the characteristics of being non-tamperable. When the networked computers undergo sophisticated algorithms, the correct answer comes out, and "absentees" You will get mining rewards and can use servers all over the world, but the whole process is still very energy-consuming.

It may be this misunderstanding that causes the public to confuse the concepts of Bitcoin and blockchain. Although more than 90% of current blockchain projects have issued coins, there are very few projects that can actually be implemented. In addition, the crazy mining practice of Bitcoin wastes graphics cards and electricity to a large extent.

Bitcoin is an open source version of blockchain technology, that is, a network developed for everyone. It is popular for its decentralization advantages. However, as a public blockchain, Bitcoin However, mining consumes a lot of computing power, resulting in serious power consumption in many countries.

Therefore, for an emerging technology, it is best not to blindly trust or invest in it. Only by recognizing its true purpose can you see everything objectively and be prepared.

Ⅷ What is blockchain mining and what does it do? Detailed introduction to blockchain and virtual currency

When Bitcoin was first released, people discovered that it was decentralized and not It is controlled by any center; it is completely open, in addition to the encryption of transaction information, the entire system information is highly transparent, and the technology is open source; security, as long as all nodes cannot be controlled%51, the data cannot be modified arbitrarily, which makes it relatively safe; independence, the entire model and Bitcoin do not rely on any third party, all nodes verify and exchange data within the system without any intervention

< p> Here we explain in detail what blockchain technology is. To put it bluntly, it is blockchain + chain. So what is a "block"? What is a "chain" again?

A block is a ledger. Transaction accounting is completed by multiple nodes distributed in different places, and each node records a complete account, so they can all participate in supervising the legality of the transaction, and at the same time Can jointly testify for it

Each block contains the cryptographic hash of the previous block, the corresponding timestamp, and the transaction data (usually a hash value calculated using the Merkle tree algorithm) represents), this design makes the block content difficult to tamper with. Distributed ledgers connected by blockchain technology can effectively record transactions between two parties and permanently verify the transaction.

The function of the hash function h(): convert a string of any length into a fixed-length (for example, 256 bits) output. The output is also called a hash value. This output is irreversible

It is difficult to find two different x and y such that h(x) = h(y), that is, two different inputs, There will be different output. Theoretically, two different inputs may have different outputs, but this is almost impossible. For example, if an infinite space is mapped to a finite space, there must be a many-to-one situation. The theory exists, but there are no rules. It is guaranteed that you cannot find this result through any mathematical inference. Why is it 256 bits here? Isn't it longer? Because 256 bits are secure enough.

Split the ledger into blocks. For example, a piece of paper in a book is a block. Each block records transactions within a period of time, such as 10 minutes.

We divide Each piece of paper is compared to a block. A part of content is added to each block. We call it a block header, which records the hash value of the parent block. Each block stores the hash value of the parent block. , connect all blocks smoothly to form a blockchain

Record the hash value of block 1 to the block header of block 2. In this way, the block header of each block is recorded The hash value of the parent block, each block is linked in order, this is called a blockchain. The first block has no block header and is also called the genesis block

The blockchain is a ledger. Only when transactions occur in the ledger will the money in your account increase. If you need to make a transaction, you first need an account number and password. Just like your bank card has an account number and password, others can make a transfer to you. The account password on the block ledger is the public key and private key

Lao Wang (who already has a private key and a public key) wants to transfer 10 BTC to Zhang, which requires some operations

It is proved that Lao Wang himself issued the transfer signature function Sign (Lao Wang’s private key + Transfer information: Lao Wang transferred 10 BTC to Zhang San) = signature of this special account
The verification is that Lao Wang himself issued the transfer verification function Verify (Lao Wang’s address + Transfer details: Lao Wang transferred 10 BTC to Zhang San + Signature of this transfer) = true
Once the transfer is recorded in the block, no one can change it. Zhang San will increase it by 10 BTC, and Lao Wang will decrease it by 10 BTC accordingly. The entire operation is automatic, such as your wallet app It will help you do something like this. The app knows your private key, you tell the wallet the transaction content, the wallet signature is announced to the entire network, and it waits for others to verify the transaction

Centralized accounting efficiency It will be higher. Banks, governments or Alipay can help you keep accounts, which are very reliable, because they can't touch your money unless they have your private key

There are some shortcomings in centralized accounting

p>

In decentralization, everyone can keep accounts, and everyone can keep a complete ledger. Anyone can download open source programs, participate in Bitcoin's p2p network, monitor transactions sent from all over the world, become an accounting node, and participate in accounting. Suppose Xiaoyi releases a transaction and broadcasts it to the entire network, and accounting node A listens. When this transaction arrives, A verifies that the transaction bit is true and puts it into the transaction pool to continue to spread to other nodes. Because it is spread through the network, the transaction pools of different accounting nodes are not necessarily the same at the same time. Every 10 minutes, from all accounting nodes Among the nodes, select one according to a certain method. After verifying that the transaction of this node is true, then compare the transaction records in the transaction pool of this selected node with the transaction records in the transaction pool of your own (A) node. The comparison is completed. After that, the transactions recorded by the selected accounting nodes will be deleted from the transaction pool, and the other accounting nodes will continue to record and wait for the next selection. There is a cycle every 10 minutes. During this 10 minutes, all accounting nodes will record accounts normally. , 10 minutes later, a node will be selected to use the transactions in its transaction pool as a new block. This block comes from the transaction pool of an accounting node I randomly selected among all the accounting nodes, and the cycle continues

A transaction is not completed once it is recorded. Only when the transaction becomes a certain block, the transaction is truly completed. This is a complete accounting process of decentralization. Your transaction will not be recorded immediately because the p2p network propagation takes time. If the node of the selected block has not received your transaction, the transaction will be not done. A block is generated every 10 minutes, but not all transactions within 10 minutes can be recorded. 10 minutes is just an average

The characteristics of decentralized accounting, the accounting authorityAccount node, the selected node will receive a 50BTC reward every ten minutes. Every 210,000 blocks in almost 4 years, the reward is halved. Bitcoin has been halved twice since its issuance, so a new block is generated every ten minutes. The reward for this accounting node is 10.5 BTC, which is halved every 4 years. Then the total amount of BTC can be calculated to be approximately 21 million. It is expected to be mined in 2040. Recording the reward of a block is also the only way to issue Bitcoin. When BTC is mined, the only income the accounting nodes can obtain is transaction fees

Accounting nodes compete for accounting rights through questions,

Find a certain random number Making the equation invalid
SHA256 hash function (random number + parent block hash value + transaction in the transaction pool) a certain specified value)
In addition to traversing the random number from 0 to try your luck, there is no Other solutions, the process of solving the problem, are also called mining, so the accounting nodes that solve this problem are also called miners. The faster you traverse the random numbers, the greater the possibility that you will get the accounting right. This traversal Speed ​​is called computing power by mining bosses. In order to obtain this computing power, mining bosses will buy more mining machines with higher computing power

Whoever solves the problem correctly first will get the credit. Account rights. Accounting node A is the first to find the solution, which is announced to the entire network. After other nodes verify that it is correct, node A obtains the block, gains 12.5 BTC, and restarts a new round of calculation after the new block. This method is called (POW) allocating accounting rights

It usually takes about 10 minutes to solve this random number. 10 is not absolute, because the process of solving this problem is a process of luck. In response to changes in computing power in the future, Bitcoin will increase or decrease the difficulty every 2016 blocks, about two weeks, so that the average block generation time is ten minutes

Each block contains The encrypted hash of the previous block, the corresponding timestamp, and the transaction data (usually represented by a hash value calculated by the Merkle tree algorithm) are included. This design makes the block content difficult to tamper with. Distributed ledgers connected by blockchain technology can effectively record transactions between two parties and permanently verify the transaction.

Different from traditional stored data, each node of the blockchain stores complete data according to the block chain structure. Each node of the blockchain is independent and has equal status, relying on The consensus mechanism ensures storage consistency, while traditional distributed storage generally synchronizes data to other backup nodes through a central node.

Mahjong is a traditional Chinese blockchain project. A group of four miners work together. The miner who first collides with the correct hash value of 13 numbers can obtain the accounting rights and be rewarded.

Many people say that blockchain is a scam and Bitcoin is a scam. This may be a scam, but thisTechnology has been widely recognized and applied. Most people will not be able to understand the cryptographic knowledge involved in blockchain even if they lend their brains to you. The most important thing is to look at the problem from a relatively rational perspective. Don’t let the wind come to you.

There is something incredible about this technology. It maintains absolute order without a center or supervision. This is the trust that only needs to be established by everyone’s consensus. Bitcoin created this consensus, and in the blockchain In the world everyone is fair and equal.