Bitcoin can be mined in China

1. How long does it take to mine a bitcoin

From the current point of view, if it is an ordinary desktop computer, it will take about 30 years to mine a bitcoin

2. Can you still mine bitcoins now?

Yes, 12 million bitcoins have been mined now, and there should be 21 million bitcoins in total in the world. However, the time to mine one is getting longer and longer, and it will take about 10 days for a 600GH/s mining machine to mine one.

3. How to mine bitcoins

Use the APP to mine, (1) Download the official bitcoin client and click here to download the official bitcoin client
( 2) After the client is installed, start the client. Under normal circumstances, the client starts to synchronize network data within 3 minutes after booting. Due to the huge amount of Bitcoin data, it may take several hours (depending on internet speed and computer performance). As shown in the picture, the client synchronizes network data: Space Amplifier Please make sure that your C drive has more than 10 GB of free space. If the space on the C drive is insufficient, you need to set the data to the D drive or E drive.
(3) If your client shows English and your English is not very good, you can set it to Chinese.
(4) Client-side synchronization of network data will not affect our mining. We first get the account address and then click the “Collect Address” button on the client side.
Extension information: 1. Anyone who has been in contact with the Internet earlier should know that Bitcoin is a product of blockchain technology. The concept of Bitcoin was first proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009. Based on the ideas of Satoshi Nakamoto, we designed and released open source software, and built a P2P network on this basis. Bitcoin is a virtual encrypted digital currency in the form of P2P. Peer-to-peer transmission means a decentralized payment system.
2. Unlike all currencies, Bitcoin does not depend on a specific monetary institution to issue, it is generated by a large number of calculations according to a specific algorithm. The Bitcoin economy uses a distributed database consisting of multiple nodes throughout the P2P network to confirm and record all transactions, and uses cryptographic design to secure all aspects of currency circulation. The decentralized nature of P2P and the algorithms themselves ensure that the monetary value cannot be artificially manipulated by Bitcoin’s mass production. The cryptography-based design allows bitcoins to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulating transactions. The biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited and its scarcity is very strong.
3. Bitcoin founder Satoshi Nakamoto set up a reward mechanism, because Bitcoin is just a string of digital codes, if you want to get it, you need to use the computing power on your computer to calculate a set of rules that meet certain rules numbers. Whoever finds this string of numbers will generate a block and correspondingly get bitcoins. The more blocks who calculate, the more bitcoins he will get. Due to the special mining form of Bitcoin, its main source is the computing power of the computer CPU, which gave birth to a huge mining machine industry. Mining is actually a competition between miners, and miners with more computing power are more likely to mine Bitcoin.

4. Can bitcoin be withdrawn in China?

Yes. As the number of initial coin offerings increases, incidents such as hacking into exchanges, such as Coinbase or personal wallets, reflect such situations, cybersecurity experts say. Nathan Wenzler, chief security strategist at San Francisco-based security consulting firm AsTech, said digital tokens are highly lucrative for criminals, and in almost all cases a common application vulnerability is exploited by malware. In this way, the attacker can obtain user information, and the hacker can then fraudulently buy more cryptocurrency, or use the user’s credit card information stored in the account.
Extension information: If your coins are on the platform, you can directly check whether there is a function of exchange and withdrawal on the platform. If there is, you can directly exchange and withdraw. If not, you can withdraw to your wallet first; if Bitcoin It is in your wallet, you can directly find an outside agency, similar to a trading platform like Btccas, you can directly apply for conversion into RMB.
Bitcoin is an electronic encrypted currency, which uses blockchain as the basis of payment technology, and adopts the characteristics of decentralization, globalization, and no third-party institutions or individuals. Based on a peer-to-peer network without borders and created with the invention of a consensus initiative open source software, Bitcoin (a pseudonym) is the ancestor of cryptocurrencies and blockchain, and is currently the most popular cryptocurrency. Anyone can participate in Bitcoin activities and it can be distributed through a computer operation called “mining”. To avoid inflation, the Bitcoin protocol has a cap of 21 million. Using Bitcoin as a digital signature�Private keys allow individuals to pay directly to others without going through third-party institutions, such as banks, clearing centers, securities dealers, etc., thus avoiding high handling fees, cumbersome procedures and regulatory issues.
This year, the price of Bitcoin has skyrocketed like a rocket. Bitcoin’s price peaked above $2,700 in May, which is equivalent to an increase of more than 100% in five months compared to the closing price of $997,57 on the first day of 2017. After a four-month rectification, China’s three major bitcoin trading platforms are resuming withdrawals. However, the three major trading platforms have set an upper limit on the withdrawal amount. In this regard, some market participants believe that the resumption of withdrawals may stimulate further increases in domestic bitcoin prices.

5. Can I mine Bitcoin by myself?

1. First, connect the network cable, and plug the network cable into the network cable interface of the mining machine. Remember to plug it tightly. Mining can only be done by connecting to the Internet cable mining machine, and there is no limit to the bandwidth.

(5) Bitcoins can be dug out in China Extended reading

Users can buy Bitcoins, and at the same time, they can use computers to conduct a large number of Operations to “mine” bitcoins. When a user “mines” bitcoin, they need to use a computer to search for 64-bit numbers, and then compete with other gold diggers by repeatedly solving puzzles to provide the bitcoin network with the required numbers. If the user’s computer successfully creates the A set of numbers, then you will get 25 bitcoins.

Because the Bitcoin system adopts decentralized programming, only 25 Bitcoins can be obtained every 10 minutes, and by 2140, the upper limit of circulating Bitcoins will reach 21 million. In other words, the Bitcoin system is self-sufficient, coded to resist inflation and prevent others from breaking that code.

6. btcchina Bitcoin China How to mine

Buy a mining machine to mine. There are also things similar to Bitcoin in China, and the flow of ore can be tried.

7. The principle of how to mine Bitcoin

In layman’s terms, in the blockchain network, every interval At a point in time, the Bitcoin system will generate a random code on the system node. All computers in the Internet can search for this code. Whoever finds this code will generate a block and get a Bitcoin. This process It’s called “mining”. And that’s how Bitcoin was mined.

Extension information:
The concept of Bitcoin (Bitcoin) was originally proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009.
The open source software designed and released according to the ideas of Satoshi Nakamoto and the P2P network built on it. Bitcoin is a P2P form of digital currency. Bitcoin transaction records are open and transparent. Peer-to-peer transmission means a decentralized payment system.
Unlike most currencies, Bitcoin is not issued by a specific currency institution. It is generated by a large number of calculations according to a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all the Transaction behavior, and use cryptographic design to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. The cryptography-based design allows Bitcoin to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulation transactions. The total number of bitcoins is limited. The currency system used to have no more than 10.5 million in 4 years, and then the total number will be permanently limited to 21 million.
In June 2021, El Salvador passed the El Salvador Bitcoin Law bill that will make Bitcoin legal tender in the country. On September 7, Bitcoin officially became the legal tender of El Salvador, becoming the first country in the world to give digital currency legal status.
On September 24, 2021, the People’s Bank of China issued a notice to further prevent and deal with the risks of virtual currency trading speculation. The notice states that virtual currencies do not have the same legal status as fiat currencies.
On November 10, 2021, the price of Bitcoin hit a new all-time high, approaching $69,000 per piece for the first time.
In January 2022, Bitcoin continued to fall below $42,000, hitting levels not seen since September last year.

8. Is bitcoin mining illegal in China?

Is there no law for the time being? Let’s see what the government will think about it in the future

9. Bitcoin mining is in Is it illegal in China?

Not illegal, but basically impossible to mine

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