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1. What does blockchain mean?

Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. Zuowu Zhibu is the underlying technology of Bitcoin. It is a series of data blocks generated using cryptographic methods. Each data block contains a batch of information about Bitcoin network transactions, which is used to verify its information. Validity (anti-counterfeiting) and generating the next block.

Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

2. In order to realize the great leap forward development of blockchain finance, in order to promote the new development of China’s economy, accelerate the circulation of global assets, and realize the renaissance that generations have been striving for. dream.

Puyin Group held the Puyin Blockchain Finance Guiyang Strategy Release Ceremony in Guizhou on December 9, 2016. At the meeting, the blockchain will realize the digital circulation of assets and the blockchain financial transaction model. , and discuss the application of blockchain services and social public industries.

2. What is blockchain mining?

In 2009, Satoshi Nakamoto invented Bitcoin and set a limit of only 21 million Bitcoins, which were added to the Bitcoin network. By participating in the production of blocks and providing proof of work (PoW), you can receive 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.

(2) What does blockchain mine mean? Extended reading

Bitcoin’s monetary 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 payment method from A to BHowever, 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.

3. What is blockchain mining and what does it do? A detailed introduction to blockchain and virtual currency

When Bitcoin was first released, people discovered that it was decentralized. It is not subject to any central control; 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 Security; 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

Here we explain in detail what blockchain technology is. To put it bluntly It’s just block + chain, so what is “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 1 block toIn the block header of block 2, in this way, the block header of each block records the hash value of the parent block, and 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 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 so on.Complex

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 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.

and traditional storageThe difference between the data is that each node of the blockchain stores complete data according to the block chain structure. Each node of the blockchain stores independent and equal status, relying on the consensus mechanism to ensure the consistency of storage, 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.

4. What is a mining pool?

A mining pool refers to:

As the computing level of the entire Bitcoin network continues to increase exponentially, a single Neither equipment nor a small amount of computing power can obtain the block rewards provided by the Bitcoin network.

After the computing power of the entire network increased to a certain level, the probability of obtaining rewards was too low, prompting some geeks on "bitcointalk" to develop a method that can combine a small amount of computing power for joint operation. Websites built in this way are called "mining pools".

(4) What does blockchain mining mean? Extended reading:

The existence of mining pools reduces the difficulty of mining virtual digital currencies such as Bitcoin. It lowers the threshold for mining and truly realizes the concept of Bitcoin mining that everyone can participate in.

But its disadvantages are also very obvious, because the computing power is connected to the mining pool. As a mining pool, it will control extremely huge computing power resources. In the Bitcoin world, computing power represents the accounting rights. , computing power is everything. If the computing power of a single mining pool reaches more than 50%, it will be able to easily launch a 51% attack on Bitcoin and other similar virtual digital currencies, and the consequences will be very terrible:

Mining pools can cause the mining pools that control the remaining 49% of the computing power to lose all revenue, and instantly withdraw from the competition and go bankrupt. If the mining pool's computing power exceeds 50%, if a 51% attack is launched, it will easily occupy all the effective computing power of the entire network.

5. 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 no longer use shovels, but computers. 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 mining of transactions in the Bitcoin system over a period of time.Confirm and record the process of forming 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.

6. What is blockchain mining? How is blockchain mining?

What is blockchain mining? How is blockchain mining?
Before the rise of blockchain, miners specifically referred to workers digging coal mines. The collective impression was that they were covered in coal dust and were men with dark skin except for their clothes. After the birth of the blockchain, miner is no longer just the abbreviation of coal miner, but has a new meaning: a person engaged in virtual currency mining.
For those who have not participated in mining, it may be difficult to understand blockchain mining, so today we will start with the most basic question: What is blockchain mining? How to mine blockchain?
What is blockchain mining?
There are two types of mining in the new era, the first is to mine Bitcoin. After each transaction occurs, it is not completed. The transaction data must be written into the database before it is established and the other party can actually receive the money. First, all transaction data will be sent to the miners, who are responsible for writing these transactions into the blockchain and completing mining to obtain profits.
The second type is to dig up copycats. Various “altcoins” such as Zcoin, Monero, Ethereum, Litecoin, and BitShares. After assembling a mining machine, connect to the designated mining pool and start computing at full load according to a specific algorithm. After completing one calculation cycle, you can obtain "one" virtual currency. Then put "this" currency on the online trading platform and cash out.

How to mine blockchain?
In the beginning, Bitcoin could be mined using a computer CPU. The founder of Bitcoin, Satoshi Nakamoto, used his computer CPU to mine it. The world’s first genesis block. However, CPU miningThe era of Bitcoin has long passed, and now Bitcoin mining is the era of ASIC mining and large-scale cluster mining.
If you want to become a miner, it is actually relatively simple. You can just buy a special mining equipment and start mining. Mining does not require you to do it yourself. The computer actually performs specific calculations. For miners, it is enough to ensure the power supply and network connection of the mining machine.
Can blockchain mining still make money?
In the beginning, some people did get rich through blockchain mining, but as the number of miners increased, there was also great competition among miners. , profit margins are being compressed smaller and smaller. In addition, a machine that mines Bitcoin costs tens of thousands of dollars, and cannot dig out a single coin in a year. The input cost is high and the output is low. If the market conditions are unfavorable again, miners will Basically losing money.

Therefore, in addition to mining, more and more investors choose to invest in foreign exchange to make money. Unlike mining, the investment cost of foreign exchange is extremely low. For example, Juhui ggfx can be traded with a minimum of 8 US dollars. With long and short two-way operations, investors can make profits regardless of whether it is an uptrend or a downtrend. It is also very convenient for people who are busy and want to invest and make money. If you download Juhui ggfx’s MT4 trading software to your mobile phone, you can learn about the latest market conditions and participate in transactions through your mobile phone at any time, and complete orders as quickly as seconds. It is simple and fast. , the efficiency of making money is extremely high, so in addition to mining, this is also a good way to get rich.
Mining is not an easy task. Mining consumes resources because the calculation difficulty of generating virtual currency is very high and it is constantly changing. After every 2016 data blocks are generated globally, mining virtual currency The difficulty of the currency will increase once, so ordinary people must consider all aspects before joining the ranks of miners.

7. What is blockchain mining and how to make money

Mining is a way to exchange time for space and buy coins at a discount to a fixed cost. The growth of computing power, the rise and fall of currency prices and equipment updates will all be a dynamic balance. As long as you are optimistic about the blockchain and feel that you do not have the ability to sell high and buy low, then investing in mining will be a good blockchain investment choice. You can contact NB Cloud Mining to operate and mine on your behalf. It is relatively professional and you can make profits every day.

8. What does blockchain mean?

Blockchain is a term in the field of information technology.

Essentially, it is a shared database. The data or information stored in it has the characteristics of "unforgeable", "full traces left", "traceable", "open and transparent" and "collectively maintained". . Based on these characteristics, blockchain technology has laid a solid foundation of "trust" and created a reliable "cooperation" mechanism, which has broad application prospects.

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

The Origin of Blockchain

Blockchain originated from Bitcoin. On November 1, 2008, a self-proclaimedSatoshi Nakamoto published the article "Bitcoin: A Peer-to-Peer Electronic Cash System", which elaborated on the architecture of an electronic cash system based on P2P network technology, encryption technology, timestamp technology, blockchain technology, etc. concept, which marked the birth of Bitcoin.

Two months later, the theory came into practice, and on January 3, 2009, the first genesis block with serial number 0 was born. A few days later, block number 1 appeared on January 9, 2009, and was connected to the genesis block number 0 to form a chain, marking the birth of the blockchain.