What exactly is Bitcoin mining?

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What exactly is Bitcoin mining, what do I use to dig, how do I dig, where do I dig, and what is the mine that I dig?

For example, Bitcoin is a super high-rise skyscraper that can be built with a total of 21 million floors. Anyone can fight for the construction right. Why do you want to fight for the construction right? Because if your construction team builds a floor, it will give you A reward will give you 12.5 bitcoins. When the bitcoins are the highest, it is about 20,000 US dollars, so you can earn 250,000 US dollars by building a layer. Besides the cost, you can earn about 150,000 US dollars. The process can be simply understood as “mining”

Here is a question, which construction team should be selected for each floor? According to incomplete statistics, there are currently about 2 million mining machines in the world. Is the probability of 1/200w too low? How to choose this lucky guy? Not by drawing lots, not by lottery, but by a very scientific method-doing arithmetic problems! So how important it is to learn mathematics well! This calculation is called a hash operation. It is more complicated in detail. Simply put, the computer will set a specific number for each layer, and then use mathematical formulas to “guess” the number. The person who guesses the fastest and most accurately will naturally get the right to construct. .

For example, I told you that I thought of a number in my heart. This number is between 1–10. Two people guess at the same time. You can guess as many times as you want. If you guess it, you will be given Bitcoin. If you are unlucky, you will guess 10 times. One is right after guessing twice, so naturally the latter is rewarded. What if you were to guess a number from 1–99999? How long do you need to guess? It takes 27 hours to guess once every second. Of course, manpower is limited, and we use computers to calculate this calculation process. The actual situation is also much more complicated. The computer has to guess a 256-bit function to get the correct answer. Even a very powerful computer takes about 10 minutes to calculate the correct answer.

There are actually many variables in this. For example, the output of Bitcoin will be halved in 4 years, the value of Bitcoin itself will change, and the difficulty of mining will change. and many more

Can I have this mine if I want to dig it? Will it be possible to dig it out one day? The answer is yes.

The total number of bitcoins is fixed and a total of 21 million. The output will also change over time.

Bitcoin’s output is halved on average every 210,000 blocks

Production schedule for each block:

November 28, 2012: 50 bitcoins → 25 bitcoins

July 9, 2016: 25 Bitcoins → 12.5 Bitcoins

Conducted in April or May 2020: 12.5 Bitcoin → 6.25 Bitcoin

2024: 6.25 bitcoins → 3.125 bitcoins

Around 2140 all Bitcoin mining was completed

At that time, Bitcoin will not be able to be mined at all. Except for some of the Bitcoin that cannot be retrieved at all, all the rest will be circulated. What kind of situation will it be? You can boldly imagine.

I have to say that Satoshi Nakamoto is a genius. In addition to setting the incentive mechanism of mining, he also set the transaction fee. Therefore, a miner can get a certain amount from the transaction in addition to the bitcoin from mining. If mining stops completely, the computing power of the mining part will be gone, but because of the existence of transaction fees, there must be some computing power that guarantees the operation of the main network, and if according to some big ideas The value of Bitcoin in the future will reach 1 million USD a. At that time, the computing power of the main network may increase due to the super high transaction rewards.

At present, the computing power of Bitcoin in the entire network has reached 300 million hash collisions per second. At present, in an ideal state, even if the miner’s home computer is placed on the top, its computing power per second is only 1000H/S. If the miner is mining 24 hours a day, then 0.0018 bitcoins can be mined, which means mining one. Bitcoin needs 556 days, which is still the best probability. The total number of bitcoins in the world is 21 million, and production is now halved. By 2040, the number of bitcoins will be fixed and will not grow. Therefore, dig one and one less. According to the power of 1,350 watts, the power consumption is more than one kilowatt hour per hour, and mining costs 16.8 yuan per day, which means that it costs 9367 yuan to mine a bitcoin.

The reason for choosing mobile cloud computing power mining is simple: low risk, low threshold, buy and mine immediately, cross bulls and bears, and stable output. And there is no need to worry about factors such as power outages in the mine, maintenance of mining machines, network failures, etc. After purchasing a computing power contract, only the difficulty of mining and the price of the currency affect the income.

This year, on 5.12, Bitcoin completed the third halving in history, and the value of Bitcoin is even more precious. Bitcoin has ATMs in many places. In many countries, mobile phone scan codes can be used for payment transactions, including in our coastal areas, Bitcoin can be used to trade villas. Mobile cloud computing power mining is simple, safe and worry-free and effortless. No matter if you have an Android machine or a Mac machine, you can use the mobile phone software to mine Bitcoin.

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Digital Nomad

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