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❶ What does mining mean?

To put it simply, mining is to use a chip to perform a calculation related to random numbers, and then obtain the answer in exchange for a virtual currency. Virtual currencies can be exchanged for currencies of various countries through certain channels. The chip with stronger computing power can find this random answer faster, and theoretically, the more virtual coins can be produced in a single slot in a single time. Since it involves random numbers, you can only get rewards if you happen to find the answer. It is possible that one chip will find the answer in the next second, or it is possible that ten chips will not find the answer for a week. The more chips can be calculated simultaneously, the easier it is to find the answer, and mining machines with built-in multi-chips have appeared. And multiple mining machines forming a "mine" to mine at the same time can improve efficiency. Mining Pitong Pool consists of multiple "self-employed individuals" joining an organization to mine together. No matter who finds the answer and digs out virtual coins, everyone will simultaneously receive corresponding rewards based on the computing power they contributed. This method enables "self-employed individuals" to mine together. “The income is more stable.

Give a popular example:

I randomly write a string of numbers on a piece of paper and give some hints. Whoever guesses correctly will give him a bonus (mining)

Smart people can make more guesses based on prompts (computing power)

Someone pays many people to come back and guess together (mine)

Someone calls everyone together Guess, no matter who guesses, the bonus will be distributed according to the proportion of the number of guesses made by each person (mining pool)

As you can see from the above example, the smarter the person, the more guesses they can make, and the chance of guessing. The bigger it is, the more benefits you can get.

We often watch There are miners who constantly upgrade their computer configurations or buy multiple computers in order to mine. The actual purpose is to increase their computing power. The process of mining is that each miner competes with all miners to calculate a share of Bitcoin in a period of time. The essence is one person's computing power VS the world's computing power. It can be seen that mining is not so easy.

What is computing power?

In the process of "mining", we need to find the corresponding solution. To find the solution, there is no fixed algorithm and we can only rely on computers. Random hash collisions. The number of hash collisions a mining machine can do per second is the representative of its "computing power", and the unit is written as hash/s.

❷ 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, except for the encryption of transaction information, the entire system information is highly transparent, and the technology is 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 does not depend on BitcoinAny third party and all 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 "blockchain" piece" ? 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
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 adds 10 BTC. Lao Wang will reduce it by 10 BTC accordingly. The entire operation is automatic. For example, your wallet app will help you do this. The app knows your private key, you tell the wallet the transaction content, and the wallet signature is announced to the entire network. Wait for others to verify the transaction

Centralized accounting will be more efficient. Banks, governments, or Alipay will keep accounts for you, which is very reliable, because they cannot touch your money unless they have Your private key

There are some shortcomings in centralized accounting

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 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. 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 four years, the total amount of BTC can be calculated as approximately 21 million coins are 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 + transaction pool transaction) 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 Miners, the faster you traverse random numbers, the more likely you are to get the accounting rights. This traversal speed is called computing power by mine bosses. In order to obtain this computing power, mine bosses will buy more And the mining machine 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 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 this technology has been widely recognized and applied. The cryptography knowledge involved in blockchain can only be used by ordinary people. I'll do it for you tooIf you don’t understand, the most important thing is to look at the problem from a relatively rational perspective. Don’t let the wind mean 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.

❸ 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.

(3) What does blockchain entity mining mean? Extended reading

Bitcoin 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 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.