Bitcoin Mining

Nakamoto 2025-9-29 16:33 68925人围观 BTC

After jogging for 5 kilometers this morning, I was still not satisfied, so I continued riding. Unfortunately, the broken bike already made a squeaking noise. After 5 kilometers, I lost interest and went home directly. It seemed that I should change my clo

After jogging for 5 kilometers this morning, I was still unsatisfied and continued riding. Unfortunately, the bike was already making a squeaking noise. After 5 kilometers, I lost interest and went home directly. It seemed that it was time to change my clothes.

Last night, I was browsing Changpeng Zhao, who was released from prison in the United States. During his stay in Hong Kong, he made relevant metaphors about the functions of stable coins, which extended to Bitcoin. Bitcoin yes The currency form proposed by Satoshi Nakamoto in 2008 is an electronic currency generated by open source P2P software. Anyone using a computer running effective "mining" software can "create" Bitcoins and have immediate ownership of the Bitcoins they create.
Bitcoin is set to produce only 21 million units by 2140. Its credit is not supported by a certain person or organization, but is based on natural algorithms and is a natural credit currency.

The mining process is like a “A global digital currency lottery.” lottery machine that is Mining machine，Lottery for each issue A new block will appear in 10 minutes，lottery numbers yes The hash value that satisfies the condition，buy lottery tickets that is Consumption of electricity and mining machine losses，Winning that is Mine blocks and get Bitcoin rewards。In the early days, personal computer central processing units were used for mining, and through GPU mining, FPGA mining, and mainstream ASIC mining machines, this is now the mainstream. It is a chip designed specifically for SHA-256 calculations. Its performance far exceeds that of general-purpose equipment, but it has no other use except mining.
In terms of mining computing power, The performance of ASIC is hundreds of times higher than that of CPU and GPU, and subsequent development continues unabated. By 2021, leading ASIC miners have computing power of 90-100 terahashes per second (th/s), dwarfing the most advanced GPU miners. With the addition of a large number of ASIC mining machines, the computing power of the entire network has increased dramatically, marking a transformative chapter in the field of cryptocurrency mining.

Bitcoin mining is mainly divided into several key steps such as transaction packaging, building block headers, proof of work, verification and broadcasting, and obtaining rewards. This is the basic principle and specific method of Bitcoin mining. Its underlying technology is blockchain, and blockchain is related to Bitcoin.

When the computing power of the entire network increases to a certain level, the probability of a single machine digging a new block becomes very low, and there is no guarantee when the block reward will be obtained, or there may be no harvest at all. The occurrence of this phenomenon prompted some geeks to develop a method that can combine computing power and operate jointly, that is, to establish a certain scale “Mining Pool”.

Currently, there are several different settlement models that calculate each miner’s workload and corresponding rewards. Commonly used patterns include PPS, PPLNS, PPS+, FPPS, SOLO, etc. In some settlement modes, the distribution of income will be based on the luck value of the mining pool (the value is equal to the actual number of blocks produced / the theoretical number of blocks produced * 100%. )hook up. The most common of them are PPS and PPLNS modes.
A mining farm is formed by connecting many mining machines together for mining. The basic construction of large-scale domestic mines is in Sichuan, Xinjiang, Inner Mongolia and other places with low electricity prices. Mine electricity is much cheaper than household electricity. The mining machine will generate a lot of heat during its working process and needs to be dissipated. It is not cost-effective to use air conditioning at home. With cluster mining, the output of a single mining machine will be higher, and the mined Bitcoins can be directly exchanged.

Currently, cryptocurrencies like Bitcoin and Ethereum are generated through mining. However, Ethereum is gradually moving to a system called "proof of stake", which no longer requires mining. ； Some other cryptocurrencies such as Ripple (XRP) and Stellar (XLM) are not created through mining, the way these currencies are created differs according to their specific protocols and rules； Additionally, there are some cryptocurrencies such as Tether (USDT) and USD Coin (USDC), known as stablecoins, have their values pegged to traditional fiat currencies such as the U.S. dollar. These currencies are typically not generated through mining, but are created and destroyed on demand by the issuing institution.

Mining is the cornerstone of the blockchain world. It not only allows the network to operate securely, but also provides miners with “Gold Rush” opportunity. For ordinary people, mining is both a technical activity and a non-traditional investment.

(※Fenghuangshan people in Qiyuan※)