Block Chain Advancement and Mining-related Issues

2019.01.09

Before the block chain "fire", it was the world of virtual currency. Digital money has changed the way we think, and many old terms have new meanings, such as "miners."

Miners are not only miners who cut holes in the mountains. In fact, in many industries, they are called miners. In the financial field, miners also refer specifically to financial engineers and are literal translations of English Quant. In the block chain industry, miners refer to people engaged in virtual currency mining.

Just into the coin ring, chain ring, we only know that the coin is generated through mining, but the specific digging is not understood. Today, I want to talk to you about how the miners work.

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Miners = Nodes involved in bookkeeping?


Mining principle

-- Take Bitcoin as an example

Bitcoin uses a distributed system. All transaction information for a certain period of time is recorded in a block that is recorded in each device involved in the bookkeeping. This ensures that even if there is a problem with a node in the entire network, it will not affect the normal operation of the block chain. Therefore, distributed accounting systems are relatively safe.

The distributed bookkeeping system obviously requires many nodes to participate in bookkeeping, so Satoshi Nakamoto, the founder of Bitcoin, came up with a set of incentives to attract more people to participate.

Bitcoin uses cryptographic principles to introduce hash algorithms into the algorithm. This algorithm will give a very difficult calculation problem to calculate all the nodes in the system, and this algorithm can adjust the difficulty of the algorithm, and it takes about ten minutes to control each time the correct hash value is obtained. The stronger the computing power of all nodes, the more likely it is to be the first to calculate the correct hash value and obtain the bookkeeping rights, thus obtaining rewards.

This process of participating in calculations and receiving rewards is called mining, and all the nodes involved in accounting are called miners.


The work of the miners


Bitcoin produces a block every 10 minutes, which is packaged in a full-network transaction into a block. All the miners have to do is compete for the right to account at this time.


The meaning of mining


People who get the right to keep accounts can get Bitcoin incentives, which promotes the participation of miners and purchases miners to enhance computing power to maintain the development of Bitcoin and block chains.


Two types of mining

Mining is divided into two types: individual mining and mine mining:

1. Individual Mining

After purchasing mining machine equipment, the machine is installed and debugged through video teaching, and mining is carried out at home. This method will consume higher electricity bills and thus reduce the benefits. At present, most mining machines on the market will produce a lot of noise during operation, affecting their normal lives and those of others. Therefore, few people will choose to dig mines at home.


2. Mining mines focus on mining

At present, the trend of mining is slowly forming retail investors to concentrate on large-scale mines for concentrated mining. The mines are generally located in relatively remote areas, avoiding noise problems, and the cost of electricity will be relatively low. At the same time, the mines will have professional maintenance personnel. Manage the machine, The problem of the machine can be solved in the first time.


In this large mine, the miners 'main job is to confirm the transaction and package the data. With equipment and software, the miners do not need to do it themselves. They can dig mines by ensuring the power supply and network connection of the miners. This experience is probably -- I'm in charge of the rich / the rich and you're in charge of mining.

In fact, after knowing the principle, mining is not so mysterious. The number of full-time miners is relatively small. Most people choose mining as their sideline. How can they balance work, life, and mining?

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We have a plan!

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