To know what mining is actually calculating, we must first know the nature and production process of bitcoin. Bitcoin is a network-based electronic currency. In fact, it is a string of codes of the Internet, which is calculated by algorithm. Mining is the process of completing the algorithm and the only way to produce bitcoin. And due to the algorithm, there are only 21million bitcoins.
1. Mining can not only produce bitcoin, but also ensure transaction information
Similarly, a mathematical system contains 21million mathematical problems, which requires a huge amount of calculation to constantly seek the special solution of each mathematical problem. In addition, the special solution is unique.The following is a specific explanation of mining. In terms of function, mining can not only increase the bitcoin money supply, but also protect the bitcoin transaction security and prevent fraudulent transactions. In terms of process, bitcoin network is a point-to-point payment system, and anyone can trade through the trading program.
In order to ensure that the transaction process is truthfully recorded, the role of “miner” needs to be responsible for recording bitcoin transaction information. The time interval is 10 minutes. The transaction records with the best bookkeeping among miners will be packaged and stored in a new block, and the corresponding miners will also receive a certain amount of bitcoin rewards.
2. The mining process is extremely complicated, and it is beyond human power
The specific process is as follows. When a miner listens to this transaction, it will first verify the transaction information. The verified transactions will be recorded by the miners and saved in their own database. There may be thousands of miners doing the same thing all over the world, but every ten minutes, only one miner has the right to create a new block so that the transaction information recorded by him can be recognized by everyone and stored permanently.
Next, the miners need to compete for the right to keep accounts. This is a competition of computing power.
The core of this competition is to use computers to complete a large number of computing tasks and find an extremely difficult random number. This random number is the special solution of the equation mentioned in the first paragraph. The miners who first calculate the correct random number win. According to the rules of the game, the probability of a miner obtaining the right to account is proportional to the proportion of his computing power to the sum of the computing power of the whole network. In other words, the probability of finding the random number is equivalent to throwing 100 million dice, and the total number of dice is less than 100 million 50. Therefore, mining requires a large number of computers, installing specific algorithm software, and running repeatedly day and night, which is beyond human power.
3. Bitcoin mining is actually “villagers’ bookkeeping”
There may still be some netizens who don’t understand. Let’s give an example. In a village, the villagers often borrow money, even if they write a written note, there is a risk of default. Then, every time there is a loan in the village, we will use the big horn in the village to tell everyone that all villagers (miners) will record all transactions in their own account books.
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