Bitcoin mining dynamic picture

A. What a Bitcoin Miner Looks Like

Bitcoin Miners – I call them Robot Miners. A latest Antminer S9 mining machine. The computing power is 13 T . Today, the computing power of the entire Bitcoin network is 5023P

( 1P = 1024T )

That is, the S9 mining machine runs 24 hours a day, hangs on the Internet, and can How many bitcoins were mined?

One S9, one day mining: 1800 * 13 / ( 5023 * 1024 ) = 0.004549382 bitcoins.

B. Bitcoin mining machine assembly diagram

You need a professional chip to assemble the mining machine, if you want to buy a chip, I suggest you to buy Avalon directly Three generations of chips. However, it is very troublesome to assemble a mining machine, and it has high technical requirements, but if you do not have professional technical strength, it is recommended that you buy a mining machine directly. If you want to be a foundry, you can directly buy chips and other materials for assembly. At present, Avalon3 is about to be put into the market. It is recommended to buy Avalon3 directly.

C. How to mine by yourself (into bitcoin)

The first step: prepare mining machines and mining pools

Want to mine When it comes to Bitcoin, it is necessary to prepare professional equipment. At present, there are many professional mining machines on the market, and mining pools are also essential. When choosing a mining pool, you should also compare the output of each mining pool. and the income gap, and then choose the most suitable mining pool.

The electricity cost of mining bitcoin:

Mining bitcoin is through the specific encryption algorithm of high-power computer, so it is said that mining bitcoin The speed also depends on the computing power of your computer.

Since July 2018, the digital currency market has been in a downturn. Bitcoin price fell from $9,000 to $6,000 in a row. It has dropped nearly 60% from the $19,000 mark at the beginning of the year. Affected by mainstream digital currencies such as Bitcoin, the bubble in the entire digital currency market was gradually burst. If each mining machine consumes 1,000 kWh of electricity per month, it is calculated at 0.35 yuan per kWh.

Every 100 mining machines need to pay 35,000 yuan per month for electricity bills, and the monthly profit of miners is only 36,100 yuan. It will take 1 year to recover the cost of purchasing the mining machine. Affected by the downturn, the income of miners has also dropped sharply. According to the highest price of Bitcoin within 30 days of US$8,376, the mining revenue of every 100 mining machines has dropped sharply by about 42,300 yuan.

The above content reference:


D. What does bitcoin mining mean

Bitcoin mining is the process of using computer hardware to figure out where bitcoins are and get them.
Next, I will focus on what is Bitcoin mining and other meanings:

1. Mining is an incentive process for recording data in the Bitcoin system. Individual users have the right to package blocks after calculating a specific hash value by using CPU or GPU for hash operation.
In order to reward the user for packing blocks, the system will give a certain amount of Bitcoin as a reward. Because this process is very similar to “mining” in real life, most people call this process mining. In addition to Bitcoin, other electronic virtual currencies can also be obtained through mining rewards, such as Ethereum, Monero, etc.

2. Refers to fighting for the right to bookkeeping and then getting bitcoin rewards. Bitcoin is limited, and the system will make an accounting every 10 minutes or so. Users need to use their own mining machines to compete for the right of accounting. Mining machines refer to computers specially used to mine Bitcoin. This type of
The computer has a professional mining chip and runs a specific algorithm for calculation, which consumes a lot of power.

It is normal for the written definition to be difficult to understand. I can use an example to explain what mining is:

No matter how much money we have now, there are special people who keep the books For example, if you have 10,000 yuan in your card, the bank will be the first to help you keep an account, how much you spend, where you spend it, and these will be recorded. But in ancient times, it was different. There was no financial system. Their currency was very simple. They just found some large stones and placed them there as currency. Every time they wanted to make a transaction, they had to call everyone to announce that this stone Who is it now.

In other words, at that time, everyone had to keep accounts, remember everyone’s transactions, and remember who the currency belonged to. In fact, mining is of the same nature. The total amount of bitcoins is 21 million. Strictly speaking, it should be infinitely close to 20 million but less than 20 million. It used to be manual bookkeeping, and “mining” is to use computer bookkeeping. Here I said “computer” instead of “computer”, which is essentially a difference. To sum up, this is probably what Bitcoin mining means. I hope I can help you.

E. How much does Bitcoin mining earn in a day

Probably 37 dollars.

Let me first introduce the reward mechanism of the Bitcoin system.

Bitcoin can basically dig a block every 10 minutes on average through system settings. Every time a block is produced, the reward is given to the miner who mined the block. Miners who mine blocks are called block miners. The miners who produce the block will record the legal transactions in the Bitcoin network on the blockchain, so that the miners can receive the fee for accounting.

The reward for block miners consists of two parts: one part is the reward given by the system, called Coinbase reward (also known as system issuance reward), and the other part is the reward of the system. The bookkeeping reward is called the miner’s fee. The Coinbase reward is 50 bitcoins at the beginning. Every time the block height reaches an integer multiple of 210,000, the Coinbase reward will be halved. This is the Bitcoin mining reward that we often hear about halving in four years.

The current Coinbase reward is 12.5 bitcoins. As far as the current stage is concerned, the miner’s reward for digging a block is about 0.1 bitcoins (not fixed) on average, which means that the average reward miners get for digging a block is about 12.6 bitcoins. Bitcoin.

About 99% of miners’ rewards come from the system’s Coinbase rewards. According to the Bitcoin system, one block can be mined every 10 minutes on average, and the number of new blocks that can be mined in one day is 144 (60*24/10=144). =1800BTC). Adding the miner fee of about 0.1BTC per block, the total reward for all miners in one day is about 1814.4BTC.

F. How much bitcoin mining PC can mine in a day

a day If you can’t dig it, it will take 2000 years.

The global unified computing difficulty of Bitcoin is 2621404453 (it is expected to change in two days), a 2.5GHz CPU, it takes more than 2000 years to calculate a Bitcoin.

The “mining” of the graphics card requires the graphics card to be fully loaded for a long time, the power consumption will be quite high, and the electricity bill will be higher and higher. There are many professional mines at home and abroad in areas with extremely low electricity costs, such as hydropower stations, while more users can only mine at home or in ordinary mines, and electricity costs are naturally not cheap. There is even a case where people in a community in Yunnan carried out crazy mining, which caused a large area of ​​the community to trip and the transformer was burned.

(6) Extended reading of Bitcoin mining dynamic pictures:

Bitcoin network through “mining” Mine” to generate new bitcoins. The so-called “mining” is essentially using a computer to solve a complex mathematical problem to ensure the consistency of the distributed accounting system of the Bitcoin network.

The Bitcoin network automatically adjusts the difficulty of math problems so that the entire network gets a qualified answer about every 10 minutes. Then the Bitcoin network will generate a new amount of Bitcoin as a block reward to reward those who get the answer.

When bitcoin was born in 2009, the block reward was 50 bitcoins. 10 minutes after the birth, the first batch of 50 bitcoins was generated, and the total amount of money at this time was 50. Bitcoin then grew at a rate of about 50 every 10 minutes. When the total amount reaches 10.5 million (50% of 21 million), the block reward is halved to 25.

When the total amount reaches 15.75 million (5.25 million new output, or 50% of 1050), the block reward will be halved to 12.5. The currency system used to have no more than 10.5 million for 4 years, after which the total number will be permanently capped at about 21 million.

G. The most advanced bitcoin mining machine, can dig out a bitcoin in a few days

The most advanced bitcoin mining machine, one to two It takes years to mine a bitcoin, and bitcoin mining is now too difficult. If you want to dig, you can dig ether. Now the value is steadily rising every day. According to the current development situation, it will be able to return to the capital in about 7 months, and then it will be profitable.

H. What is the principle of Bitcoin mining

Bitcoin mining is through the mining node, and then the Bitcoin mining machine (computer ) constantly consumes its own computing power in exchange for Bitcoin. In the Bitcoin system, the mining difficulty of nodes on the entire network can be dynamically adjusted through its own algorithm, ensuring that every 10 minutes, a node will successfully mine, and the Bitcoin system will reward this person with a certain number of bits currency. Mining bitcoin is a relatively complicated process, but mining bitcoin generally goes through these steps, namely preparation, finding a mining pool, registering a mining pool account, setting a mining pool account, and downloading a bitcoin miner (software) , Bitcoin mining machine configuration; after the above steps, you can mine.
The content of this article comes from: China Law Publishing House “Financial Code of the People’s Republic of China: Application Edition”

I. What is Bitcoin mining?

Bitcoin (Bitcoin) is an electronic currency generated by open source P2P software, digital currency, and a network virtual currency. Bitcoin is also paraphrased as “bit gold”. Abbreviation: BTC.

Bitcoin is not issued by a specific monetary institution. It is generated by a large number of calculations of a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behavior. 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.
Bitcoin is very similar to cash
The benefits of Bitcoin are: no freezing, no tracking, no tax, extremely low transaction costs. Compared with people who speculate in coins, it is wealth, and people outside the currency circle may think it is a scam.
Bitcoin is a relatively mainstream digital currency. It can be properly invested, and transactions are risky. Invest with caution. You can search the Internet for bitcoins on Huobi, Binance, OK, Dobi trading platforms, etc. , These are relatively large trading platforms, invest in mainstream digital currencies, do not invest in altcoins or air coins.

J. What is the principle of Bitcoin mining

Bitcoin mining is the use of computer hardware to do mathematical calculations for the Bitcoin network to conduct transactions The process of validating and improving security.


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