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When talking about Ethereum mining, we have to mention the liquidity mining in the DEFI project. Due to the incentive mechanism of liquidity mining, generous fee income, and extremely low shutdown currency prices, Ethereum mining has become more popular in one fell swoop. Becoming a popular item in the eyes of miners has attracted a large number of miners who want to mine Ethereum, especially when the price of Ethereum rises. However, some investors still don’t quite understand what Ethereum mining means. Next, the editor of the currency circle will give you detailed knowledge about Ethereum mining.

 What does Ethereum mining mean?

Ethereum, like all blockchain technologies, uses an incentive-driven security model. Any node claiming to be a miner on the network can attempt to create and validate blocks. Many miners around the world create and validate blocks at the same time. Each miner provides a mathematical "proof" when submitting a block to the blockchain. This proof is like a guarantee: if this proof exists, then the block must be valid.

In order for a block to be added to the main chain, a miner must provide this "proof" faster than other miners. The process of verifying each block through a mathematical "proof" provided by miners is called proof of work.
of work). Miners who confirm a new block will be rewarded with a certain value. What is the reward? Ethereum uses an intrinsic digital token -
Ether as a reward. Every time a miner proves a new block, new ether coins are generated and rewarded to the miner.

 Ethereum mining process:

The mining process of Ethereum is almost the same as that of Bitcoin.

When mining, miners use computers to guess the answer to a difficult problem repeatedly and quickly until a miner guesses the correct answer.

More specifically, the miner will perform a hash function on the block header metadata (including timestamp and software version) (the function will obtain a fixed-length string composed of letters and numbers), which will affect the hash value result. The nonce value is the only variable.

If miner A is the first to find a hash value that meets the requirements, miner A will receive Ether as a reward and broadcast the block to the entire network for all nodes to verify and update the ledger. If miner B calculates the correct hash value, miner A will stop working on the current block and repeat the process on the next block.

In each block of Ethereum, a seed is generated through the block header. This seed is called a seed. The seed is only related to the current block.

The seed generates a 16MB pseudo-random cache.

Based on the above cache, a 1GB DAG data set is generated. There is a dependency relationship between the cache and the data set. Generally speaking, the data set depends on certain elements of the cache. To put it simply, as long as there is a cache, the element at the specified position in the data set DAG can be calculated.

What the miner does is a process of randomly selecting elements in the data set DAG and hashing them. Just look for the same pattern as the nonce in the Bitcoin central area.

So compared to Bitcoin mining, Ethereum currently only requires the verifier to spend a certain amount of cache to verify whether the hash of the specified element is less than a certain hash value.

The cache and data set DAG are updated every 30,000 blocks, so miners should focus on reading the data set rather than changing it.

The above is an introduction to what Ethereum mining means. As we all know, the price of mining machines on the market fluctuates up and down according to the price of Bitcoin, but the specific price will be calculated in units of computing power. For example, when Ethereum is 100,000,
The futures price of mainstream brand mining machines on the market is about RMB 2,000/T, and with the current currency price of 55,000, the price of mining machines is around 1,200/T. Therefore, some machines on the market that focus on ultra-high computing power are The publicity is very eye-catching, but the price is not particularly affordable. Sometimes it is more cost-effective to buy multiple mining machines with small computing power.