How much do you know about mining?

Time:2019-8-29

How much do you know about mining?

With Nervos CKB test network Rylai on line, we have sorted out some mining knowledge popularization, emmm… here is not mining in Shanxi, but mining in block chains! Because its working principle is very similar to mining minerals, it is named “mining”. So what exactly is mining?

Mining is the process of bookkeeping.

Mining first followed the birth of Bitcoin, which was proposed by Nakamoto in 2009. In his liberal dream, Bitcoin is a de-centralized digital currency that anyone can mine at home. In the Bitcoin circle, there is a very interesting analogy: digging Bitcoins like gold is called “digging”. The people who dig Bitcoins are called “miners”, and the computers used to dig Bitcoins are called “miners”. So here’s the question, why did Bitcoin come out?

Transactions need bookkeeper. Here is a simple example to help us understand that: when we transfer money to others, we will go through the bank or Alipay. The bookkeeper here is the bank or Alipay. But in Bitcoin, Nakamoto’s original intention is to decentralize, that is, anyone can get the right to keep accounts. In order to motivate everyone to participate in the accounting, Nakamoto designed a mining reward, that is, to get Bitcoin as a reward after accounting.

So, in general:Mining is the process of bookkeeping, miners are bookkeepers, and block chains are books.Miners can pack the received transaction information into blocks, each of which allows a certain number of new bitcoins to be “issued” to motivate miners who successfully discover data blocks.

How much do you know about mining?

Specialization of mining tools

In the early days of the birth of Bitcoin, because of the small mining difficulty and the small number of miners, the CPU has enough computing power, and almost anyone can easily dig out some Bitcoins. In 2010, the miners gradually began to use GPU mining, and then came the field programmable gate array (FPGA). Later, ASIC devices were also listed in large quantities from 2012 to 2013. Because mining is an operation-intensive application, and with the continuous improvement of the number of diggers and equipment performance, the difficulty gradually increases.

How much do you know about mining?

Bitcoin’s computational difficulty is rising

Since July 2013, the whole network computing power has risen sharply due to the large number of ASIC devices put into operation. With the average computing power in July 2013, all CPU mining equipment has been unable to generate positive revenue, while the FPGA equipment is close to no revenue. According to the average calculation in September 2013, the existing small ASIC mining equipment for personal development will also be close to no positive returns in the next 1-2 months. A large amount of computing power is monopolized by cluster ASIC mining equipment with 5 THash/s or more. Individual mining is almost squeezed out of the mining community because of its lack of revenue.

Bitcoin’s computing power has risen exponentially, and a single device or a small amount of computing power has been unable to get block rewards on the Bitcoin network. This has prompted some geeks on bitcointalk to develop a way to combine a small amount of computing power and create a website called a mine. By joining the pool to participate in mining activities, whether or not effective data blocks are successfully mined, a small amount of Bitcoin awards can be obtained through contributions to the pool, that is, cooperative mining by multiple people, and the Bitcoin awards are shared by multiple people according to their contributions.

By 2019, the world’s top five digging pools of bitcoins were SlushPool, Antpool, BTC.com, F2Pool and KanoPool. China once owned about 70% of the world’s bitcoin mining.

Is there any chance of becoming a mining bully with only laptops?

Ten years ago, Nakamoto used his laptop to dig out the Genesis Block in a corner of the world and received 50 bitcoins as a reward. The door to mining was opened. But today Bitcoin’s mining technology is more and more difficult and the cost of mining machine is higher and higher, and the threshold is higher and higher. As an ordinary user, what should we do if we want to experience the feeling of digging out blocks? Opportunity has come:

How much do you know about mining?

Nervos CKB test network Rylai online, direct use of home computers can easily mine!

Check out the official tutorial (English version): https://docs.nervos.org

Of course, our community brother Jason and sister Kelly also recorded a Chinese version of the mining video tutorial:

Mac(Kelly):https://v.qq.com/x/page/s0881…

Windows(Jason):https://v.qq.com/x/page/r0880…

After watching the video, do you have a foolish desire to “dumpling”?

The Dragon Boat Festival is better than mining! After the festival, we will officially announce the global mining competition! A wave of CKB token awards is coming.

If you haven’t started digging yet, get on the bus! If you miss out on the community’s first peripheral benefits, Stewart has opened the second mining welfare campaign for you. Come to the Miners’Tavern to share your mining results during the holidays, and get ready for the competition in advance! ____________. ~

PS. If you encounter any problems during the mining process, Please add your brother Jason’s micro-mail: Bitcoin Dog and sister Kelly’s micro-mail: ox_gagaga, they will do their best to help you. Welcome to share this article, and invite your miners friends to participate in mining!

How much do you know about mining?