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What is Bitcoin mining? Anyone who knows Bitcoin knows more or less
"Mining", mining is a node that participates in maintaining the Bitcoin network, and obtains a certain amount of new Bitcoins by assisting in the generation of new blocks. When a user publishes a transaction, someone needs to confirm the transaction and write it to the blockchain to form a new block.

In a system that does not trust each other, who should complete this task? The Bitcoin network uses "mining" to solve this problem. Currently, no more than 1 MB is generated every 10 minutes or so
The successful submitter of each block can receive a reward of 12.5 Bitcoins from the system, as well as the payment service fee that the user attaches to the transaction.

Taking Bitcoin as an example, the specific mining process is: participants use the hash value of the previous block, the verified transaction content within 10 minutes, and a random number
The value is less than a number given in the Bitcoin network. The smaller the number, the more difficult it is to calculate. The system will adjust the mining difficulty every two weeks based on the mining time of the previous cycle to adjust the time to generate blocks to stabilize at 10
minutes or so. To avoid shock, the maximum amplitude of each adjustment is 4 times.

Naturally, some people will think that if I have very strong computing power, I have calculated all the blocks, and refuse to recognize the transaction content of others, will I be able to destroy the Bitcoin network? Indeed, get 51%
With enough computing power, you can attack the entire network.

So is there any way to protect it? In addition to trying to avoid putting computing power in the hands of the same organization, if you feel that a mining pool has too much computing power, miners should take the initiative to mine in another mining pool. To solve this problem, some people have proposed PoS, because
The security of the PoW mechanism can only come from block mining revenue, and miners' incentives come from avoiding the risk of losing block revenue. In this way, PoW relies on a huge computing power guaranteed by a large number of incentives to operate.

PoS
Breaking this symmetry relies not on gains to ensure safety, but on penalties. Miners must pay a large deposit and receive small rewards to compensate for their deposit being frozen and the cost of running a node, but the largest cost of reversing transactions comes from penalties (deposits being consumed) that are hundreds to thousands times greater than the benefits. . PoS
Our philosophy is not "safety comes from power consumption", but "safety comes from deposit".

As we all know, the total number of Bitcoins is roughly fixed at 21 million, but how Bitcoin is obtained must be something that many people are confused about. Maybe many people have heard of the word "mining", but what is "mining" ?What is the difference between Bitcoin’s “mining” and our traditional understanding of “mining”?

(“Mining” in the traditional understanding generally refers to the mining steps in the rare metal industry such as gold and gemstones and the energy resource industry such as oil and natural gas.)

First of all, "mining" is the only way to produce Bitcoins, and it is also the only way to source Bitcoins on the market. Using traditional thinking to understand, the blockchain network where Bitcoin is buried is equivalent to a "mine", and the machines used for "mining" are called "mining machines", and "mining machines" are generally computer software , generally provided by the open source community or individual developers.

There were very few participants in the early stages of mining, and the computing power of the entire network was very low. Individuals could easily mine Bitcoin through a computer's graphics card or even CPU. However, with the addition of a large number of miners, the computing power of the entire network continues to increase competitively, and the probability of individuals directly mining Bitcoin through ordinary computers has dropped rapidly. Currently, the probability of individuals mining Bitcoin through ordinary computers is even higher. tends to 0.

A key tool for mining is the "mining machine". The purpose of the mining machine is to design and optimize the hardware for the mining algorithm. Due to the sharp increase in the number of miners and the increase in the number of individuals joining the "mining" industry, dedicated mining chips have emerged. The competition for mining machines has reached the level of computer chip design and manufacturing. The cost of mining machines currently on the market is relatively high, and they are generally operated by the company as a whole and sold or leased externally.

Even with a dedicated mining machine, it is difficult for a single miner or institution to obtain Bitcoin on its own. Because formally, the accounting rights of Bitcoin can only be obtained by one miner at a time. Once someone obtains the rights, other competitors participating in the competition will have nothing to gain.

Therefore, the cost of individual mining is huge. In order to change this situation, someone proposed the concept of "mining pool". Concentrate a large number of equipment and miners to mine together, and then distribute them to individual computers according to the computing power to minimize the risk of failure in mining Bitcoin.