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Ⅰ What is the meaning of mining in digital currency

1. The abbreviation of digital currency is DIGICCY, which is the abbreviation of "Digital Currency" in English and is a form of electronic currency. alternative currency. Digital gold coins and cryptocurrency both belong to digital currency (DIGICCY).

2. Digital currency is an unregulated, digital currency, usually issued and managed by developers, and accepted and used by members of specific virtual communities. The European Banking Authority defines virtual currency as: a digital representation of value that is not issued by a central bank or authority and is not linked to a legal tender, but which, because it is accepted by the public, can be used as a means of payment or can be transferred, stored or traded electronically. .
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Ⅱ What is blockchain mining? What to do to introduce blockchain and virtual currency in detail

When Bitcoin was first issued, people discovered that it was decentralized and not subject to any central control; it was completely open, except for the encryption of transaction information. The system information is highly transparent, and the technologies are all open source; security, as long as you cannot control %51 of all nodes, you cannot modify the data arbitrarily, which makes it relatively safe; independence, the entire model and Bitcoin do not rely on any third party, all The nodes verify and exchange data within the system without any intervention

Here we explain in detail what blockchain technology is. To put it bluntly, it is block + 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. In theory, twoDifferent 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 to ensure that you cannot pass mathematics. Any extrapolation to find this result, 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 The app will help you do 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 The efficiency will be higher. Banks, governments or Alipay will keep accounts for you, which is very reliable, because they can't touch your money unless they have your private key

There are some disadvantages 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 aThe transaction is broadcast to the entire network. Accounting node A monitors the transaction. A verifies that the transaction is true and puts it into the transaction pool to continue spreading to other nodes. Because it is spread through the network, the transaction pools of different accounting nodes at the same time are different. It must be the same. Every 10 minutes, one person is selected from all accounting nodes according to a certain method. After verifying that the transaction of this node is true, the transaction record in the transaction pool of this selected node will be compared with the transaction record of its own (A) node. Compare the transaction records in the transaction pool. After the comparison, you will delete the transactions recorded by the selected accounting node in your transaction pool, and continue accounting without doing anything else and wait for the next selection. This is a cycle every 10 minutes. , all accounting nodes record accounts normally during this 10 minutes, and after 10 minutes, a node will be selected to use the transactions in its transaction pool as a new block. This block comes from an accounting node I randomly selected among all the accounting nodes. The transaction pool of the node repeats this cycle

The transaction is not completed when 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 value

Due to the characteristics of decentralized accounting, accounting nodes with accounting rights will receive a 50BTC reward every ten minutes, which is about the same for every 210,000 blocks. In 4 years, the reward is halved. Bitcoin has been halved twice since its issuance. Then a new block is generated every ten minutes. The reward for this accounting node is 10.5 BTC. If it is halved every 4 years, the total number of BTC can be calculated. The amount is approximately 21 million, and 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 that the accounting node can obtain is the transaction fee.

Accounting nodes compete for accounting rights through questions,

Find a certain random number that makes the equation invalid
SHA256 hash function (random number + parent block hash value + Transactions in the transaction pool) A certain specified value)
There is no other solution except traversing the random numbers starting from 0 and trying luck. The process of solving the problem is also called mining, so the accounting node that solves this problem is also called mining. It’s called a miner. The faster you traverse random numbers, the greater the possibility of getting the accounting rights. This traversal speed is called computing power by mine bosses. In order to obtain this computing power, mine bosses will Purchase more mining machines with higher computing power

Whoever solves the problem correctly first will get the accounting 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 obtainsIn this block, a profit of 12.5 BTC was obtained, and a new round of calculation will be restarted 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 this technology has been widely recognized and applied. The cryptography knowledge involved in blockchain can only be used by ordinary people. Even if you don’t understand it, the most important thing is to look at the problem from a relatively rational perspective. Don’t let the wind be the rain.

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.

ⅢWhat does mining mean?

To put it simply, mining is actually a process of digital currency issuance. The data on the chain is recorded through blockchain technology and then broadcasted. Get a reward, then this reward is a newly issued digital currency.

The issuance of digital currency is mainly divided into two types. One is to compete for accounting rights through computers running specific algorithms (POW workload proof mechanism), and the other is to obtain interest by holding valid digital currencies. (POS Proof of Stake Mechanism).

Although the principles of these two mining mechanisms are different, their final results are the same, with the coins returned as rewards. Now based on these two mechanisms, digital currency has also innovated other issuance types, such as POC capacity proof, mining through hard disk storage space, but POC is still not widely used.

POW mechanism mining:

This type of mining requires miners to use equipment to perform calculations of a certain degree of difficulty to obtain a hash number, and the verifier can easily check whether the result is correct or not. The miner who calculates the hash value first will receive the accounting rights, and at the same time receive a certain amount of handling fees, namely mining fees. POW mining will continuously package and calculate new blocks, thereby continuing the process of generating Block Chain, and the CPU will perform corresponding calculations and checks on the verified values.

Currently, POW mining has transitioned from CPU to ASIC professional integrated circuit mining in order to improve the efficiency of the mining machine and obtain more rewards. Represented by Bitcoin, Dash, Monero, etc., the most commonly used are GTX 1080 and 1070 mining machines.

IV What are the jargons in the blockchain and what do those jargons mean?

Currency circle: refers to the group of people who focus on speculating on currencies and even issue their own digital currencies to raise funds. Generally speaking, blockchain project parties, exchanges, and some blockchain media all belong to the currency circle.
Chain circle: refers to the group of people who focus on the research and development and application of blockchain or the underlying protocol of blockchain. Without the technical support of the chain circle, the currency circle cannot exist. The implementation of future blockchain scenarios will also rely on the technical support of the chain circle. The popularity of blockchain technology has caused many related top domain names to be registered

Mining circle: refers to the group of "miners" who focus on "mining".

Coin speculation: refers to the act of repeatedly buying and selling digital currencies through a trading platform in order to obtain high profits.

Stud: It is the transliteration of the English Show Hand. It was originally a noun in gambling games. It is the act of putting out all the available chips in your hand at one time. Extended to blockchain investment, it means investing all your available assets in digital currencies for the purpose of speculating on currencies, which has the meaning of "taking a gamble".

Buddhist currency holding: refers to the behavior of not caring about the price trend of cryptocurrency after holding the currency. No matter how low the price of cryptocurrency assets falls, they will not reduce their holdings of cryptocurrency.

IV What does blockchain mining mean?

In 2009, Satoshi Nakamoto invented Bitcoin and set a limit of only 21 million Bitcoins to be added to the Bitcoin network. , by participating in the production of blocks and providing 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.

(5) About blocksExtended reading of chain mining words

Bitcoin’s currency characteristics

1. Decentralization

Bitcoin is the first distributed virtual currency. The entire network is made up 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 can be isolated and stored in 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.

VI How blockchain mining makes money

The principle of making money from 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-effectiveness, 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.

(6) Extended reading of words about blockchain mining

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.

VII 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. Instead of digging in the soil, we dig in a pool of data, and instead of digging for physical objects like gold and coal, we 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.