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A. What is ICBC blockchain mining?

Assuming that you understand the basics of blockchain, to put it simply, blockchain (blockchain) is used every ten years A new block will be generated every minute to store all transaction information on this blockchain for these ten minutes. This block is equivalent to a network account book, which correctly timestamps all network transactions for these ten minutes. The question is who will cover it? The "miners" on the blockchain compete for the accounting rights of each block in ten minutes. The rule of competition is to correctly record the accounting while solving the SHA256 problem. Whoever can prove that his computer has the fastest computing power will win. Being able to compete for the legal accounting rights of these ten-minute blocks is the "mining" process. In the Bitcoin blockchain, miners who mine a mine can be rewarded with a certain number of Bitcoins. Therefore, the more essential function of miners is "bookkeepers"

In his Bitcoin white paper, Satoshi Nakamoto described the process of establishing this credit system in more detail:

First Step: In order for the entire network to recognize that each transaction is valid, it must be broadcast to each node (node: that is, the miner);

Step two: Each miner node must correctly give these ten minutes Each transaction is stamped with a timestamp and recorded in that block;

Step 3: Each miner node must solve the SHA256 puzzle to compete for the legal accounting of this ten-minute block right, and strive to get a reward of twenty-five bitcoins (fifty bitcoins every ten minutes for the first four years, and reduced by half every four years);

Step 4: If a miner node solves After opening the SHA256 problem for these ten minutes, he will publish all the timestamped transactions recorded in his ten-minute blocks to the entire network, and check them by other miner nodes in the entire network;

Step 5: Full Network other miner nodes to check the correctness of the accounting of the block (because they are also stamping the accounting at the same time, but they have not competed for the legal block accounting rights, so there is no reward). If there are no errors, they will be in the legal area. After the block, they compete for the next block, thus forming a legal accounting block single chain, which is the general ledger of the Bitcoin payment system - the blockchain.

Generally speaking, each transaction must undergo six block confirmations, that is, six ten-minute accounting, before it can finally be recognized as a legal transaction on the blockchain. The following is the accounting format of Bitcoin:

So the so-called "Bitcoin" is such a billing system: it includes the owner electronically signing with the private key and paying to the next owner, and then the entire The "miners" of the network stamp the timestamps and record the accounts, forming a blockchain. (Internet)

If you want to learn more about blockchain information, it is recommended that you use Baijiahao, Mustard Circle and other popular b-circle media. The amount of information and richness are better than in general. There is more and better on the web. If you want to ask a technical question, you can take a look at the link below, I hope it can help you

Web link

B. YesSource Blockchain Research丨The Development Process of Bitcoin Mining

Bitcoin has not yet reached the growth stage, but as the speed of Bitcoin mining begins to accelerate, the industry is expected to achieve substantial growth.

In October 2008, when Satoshi Nakamoto published a white paper detailing how to create a new currency system, no one expected that the market value of Bitcoin would soar to 850 billion in less than 13 years. Dollar. Additionally, Bitcoin spawned thousands of other types of cryptocurrencies, formed an entire financial services industry, and evolved into a new asset class that revolutionized money as we know it.

Our company has been involved in Bitcoin mining activities for seven years and has contributed to the development and adaptation of the industry. Below we’ll take a look at some of the lesser-known developments in Bitcoin mining and some of the trends that have a major impact on the industry.

The emergence of Bitcoin mining

Bitcoin is a decentralized currency system that functions like gold and is a limited commodity with a means of storing value. This means that Bitcoin has a limited supply, with only 21 million Bitcoins currently in existence, making it less susceptible to inflation. People who want to use Bitcoin are not subject to government oversight that has the power to change its value or determine users’ access rights.

So where does Bitcoin itself come from? Like gold, Bitcoin must be mined, but instead of using picks and shovels, you do it with computers.

Bitcoin is based on blockchain technology. Miners around the world compete to solve an algorithm so they can add a block to the blockchain. The first person to solve the algorithm can obtain the transaction fees of the block and a fixed reward for the issuance of new coins (currently 6.25 Bitcoins per block), which will increase the circulation of Bitcoin.

When Bitcoin was first created, mining was so easy that miners could mine from their kitchens using laptops equipped with standard central processing units. However, as more and more miners join, the competition for solving the problem becomes more and more fierce, which also means that miners need stronger data processing capabilities and newer hardware equipment. In order to efficiently run more powerful computers, the price of electricity began to be taken into account. Soon, due to the fierce competition in mining, individual mining was no longer profitable.

The birth of a multi-billion dollar industry

To be profitable, mining operations must be scaled up. Currently, new mining-specific hardware has appeared on the market, and miners have installed mining machines in trailers and warehouses so that large mining farms with thousands of mining machines can solve algorithm problems around the clock. Driven by the operational demands of large-scale mine operations, including layout and design, energy, software management, and hardware updates, Bitcoin mining has rapidly grown into a multi-billion dollar industry.

A report from ARK Invest shows that supporting the ecologicalThe system’s hardware cost is approximately $7.2 billion, and the report states, “We believe that billions of dollars have been spent on design, production, and tapeout since Bitcoin-specific hardware was launched in 2013, which has also resulted in a An industry dedicated to manufacturing this kind of powerful and specialized hardware.

Although Bitcoin mining is complex to operate, it is highly profitable. Ark Investment estimates that miners can earn $15 billion in revenue from transactions Fees and fixed rewards in Bitcoin.

Competition breeds new hardware

Competition in Bitcoin mining continues to increase, but because Bitcoin is a finite commodity, so does mining. Limited. This means that mining operations need to run as fast as possible with high performance in order to receive rewards.

As the increasing competition in Bitcoin mining increases the requirements for computing power, mining The competition for mining has also become a competition for graphics cards, which are hardware that gamers usually use in high-end games. Later, application-specific integrated circuits gradually replaced graphics cards, which are a type of hardware specifically used to mine cryptocurrency. The fastest and most efficient hardware in Bitcoin mining is currently only used in mining.

But hardware depends on chips. Although the development of chip technology continues to accelerate, the supply of chips is still in short supply. This means Mining operations require advance planning and upgrades, and the necessary hardware is often sold out. For example, Bitmain is facing a shortage recently.

New technologies are most likely to be profitable

Similarly, Bitcoin mining Miners need to keep up with the pace of technological development to make mining hardware bigger, better, and faster, because once efficiency lags, profits will be damaged. Today, technology continues to surpass innovation, so mining not only needs to keep up with the purchase of new The pace of hardware also requires the rapid installation of new hardware. This is because time is of the essence and even a delay of just a few days can cause serious losses, so many mining operations (such as our company’s mining) rent Boeing 747s to reduce transportation Time.

The number of Western miners is increasing

For a long time, more than half of the world's mining energy has come from China, mainly because it is cheaper to set up factories in China and transportation is faster. But as China steps up its crackdown on Bitcoin mining, these advantages are disappearing. According to Wired magazine, "the geography of Bitcoin mining may be changing," with the business likely shifting to North America, Europe and Latin America and other places. Miners also plan to find mining locations in Nordic countries, Canada and the United States, which have a large amount of cheap sustainable energy, such as wind energy, solar energy and water energy.

Bitcoin The future

Although Bitcoin has seen a lot of volatility recently (which is nothing new), the future of Bitcoin is bright and its value will continue to rise and attract new investors. As more and more investors More and more people are beginning to understand Bitcoin, its origins andWith mining methods, people will also discover more value from Bitcoin.

C. 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 with a graphics card, but in 2013, it was no longer possible to mine Bitcoin BTC with a graphics card’s general computing program. 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.

(3) Extended reading of blockchain mining records

There are several core operations of blockchain transactions and digital currencies:

< p>The transaction network connected by decentralized databases is called the blockchain. All our clients (including mining machines) keep accounts together and confirm transfer transactions; a certain amount of digital currency is issued 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.

D. It is equivalent to a transaction record in the blockchain. How can everyone remember it? Every new block will create a problem and why?

I use the Bitcoin network toLet’s explain:

After a node generates a transaction, it will broadcast the transaction. Each node will collect transaction information on the network, and after reaching a certain amount, these transactions will be packaged into a block.

The Bitcoin network is designed with a proof-of-work mechanism. A mathematical problem is designed (violent calculation of hash value, so that the calculated hash value meets a certain difficulty, which is actually calculating a field value nonce in the block header). The first calculated node broadcasts the block to other networks. Verifying whether the block is satisfied by the nodes in it is the answer to this puzzle. If so, add this node to the end of your own blockchain.

By broadcasting, let everyone take note. Therefore, if you download bitcore's Bitcoin client and become a node on the Bitcoin network, you will initially be allowed to synchronize 120G (currently) Bitcoin block information.

Each new block is generated by miners through a large number of mathematical operations, so that the calculated mathematical results meet a certain mathematical difficulty. Therefore, Bitcoin network mining is to continuously form blocks into chains. The mining reward Bitcoin is an incentive mechanism that motivates miners to mine.

E. What is blockchain ico

1. Data blockchain is an important concept in the Bitcoin financial system, recording transaction record data on the entire Bitcoin network. And these data are shared by all Bitcoin nodes. Through data blocks, we can query the history of each Bitcoin transaction. 2. Example: There are three persons A, B, and C. All funds of A and B are kept by C. And every financial transaction must be recorded by C. Now assume that A and B each have 1 million in custody of C. Then: A spends 80,000 yuan to B, then C's account book record will subtract 80,000 yuan from A's name, and add 80,000 yuan to B's name. If B transfers 50,000 yuan to A, C will add 50,000 yuan to A's name and subtract 50,000 yuan to B's name in the account book. A spends 50,000 yuan to B, then C's account book record will subtract 50,000 yuan from A's name, and add 50,000 yuan to B's name. 3. The role of the data blockchain is similar to that of C’s account record book. It records the user’s ownership of Bitcoin and the records of all users’ Bitcoin transactions. It’s just that this “account record book” is recorded by the mining of every Bitcoin miner on the network. If a Bitcoin transaction is confirmed by the data blockchain, the relevant information will be recorded in the data blockchain. Bitcoin’s “account record book” is called the data blockchain. All data blockchains on the network form Bitcoin’s distributed network database system. 4. The essence of data blockchain technology is a decentralized and distributed structure of data storage, transmission and certification methods. It uses data blocks to replace the current Internet's dependence on central servers, so that all data changes or transaction items are recorded. On a cloud system, self-certification of data during data transmission is theoretically realized. In a far-reaching sense, this transcendsIt eliminates the need to rely on the central information verification paradigm in the traditional and conventional sense and reduces the cost of establishing global "credit." This point-to-point verification will produce a "basic protocol" and is a new form of distributed artificial intelligence that will Establish new interfaces and shared interfaces for human brain intelligence and machine intelligence.

F. 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 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.

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

When Bitcoin was first issued, people discovered , it is decentralized and 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 do whatever you want Modify the data, 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

What we explain in detail here It is blockchain technology. To put it bluntly, it is 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 recordsComplete accounts, so they can all participate in supervising the legality of transactions, and can also jointly testify for them

Each block contains the encrypted hash of the previous block, the corresponding timestamp, and transaction information ( Usually represented by a hash value calculated by the Merkle tree algorithm), this design makes the block content difficult to tamper with. The distributed ledgers connected by blockchain technology can effectively record transactions between two parties, and can permanently verify this 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 likened 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 for 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. For example, your wallet app will do this for you. , the app knows your private key, you tell the wallet the transaction content, the wallet signature is announced to the entire network, and waits for others to verify the transaction

Centralized accounting will be more efficient, banks, governments or Alipay Accounting for you is very reliable, because they can't touch your money unless they have your private key

There are some shortcomings in centralized accounting

Decentralized people Anyone 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 spreading 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 own 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 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 + transaction in the transaction pool) a certain specified value)
There is no other solution except traversing the random numbers starting from 0 and trying your luck. The process of solving the problem is also called mining, so the record of solving this problem is Account nodes are also called miners. 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, miners The bosses will buy 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. The distributed ledgers connected by blockchain technology can effectively record transactions between two parties, and can permanently verify this 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 stores independently 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. In the blockchain In the world everyone is fair and equal.