On these farms, special devices that consume electricity work, and due to this, a computational process is created, thanks to which bitcoins are obtained.
Development of Dedicated Miners
It is also a departure from the world drawn by Satoshi that a dedicated machine for mining bit coins was developed and mining was handled exclusively by a specialized mining company (so-called miner). Satoshi assumed that there were many Bitcoin users who offered their own PCs, they participated in mining with normal CPUs, and a lucky person happened to succeed in generating blocks and received rewards. It would have been the world. However, when miners aiming to win the mining competition faster than anyone else with GPUs and ASICs appear one after another, the composition of the bitcoin world appears to be dominated by a small number of miners. It was also unexpected for Satoshi that mining consumes a large amount of electricity and falls into a state where it may worsen global environmental problems, https://cryptocomebackpro.co is one the best platform for the bitcoin trade.
Mining in Bitcoin
Mining in Bitcoin is the process of linking time series data using a hash function to create a chain of data that is (in effect) difficult to rewrite. Bitcoin was positioned as a means of exchanging some value, because it was difficult to tamper with data even though it was placed in the open environment of the Internet, and this is considered the greatest merit. If that technology is used for electronic cash, it will become bitcoin, but since it may be used for other purposes as well, words such as blockchain technology and DLT (Distributed Ledger Technology) have come to be used.
Let's take a concrete look at how to make the link part of the bitcoin data, that is, the mining work by the miner. First, a miner trying to generate the next block of Bitcoin begins by validating an unapproved Bitcoin transaction. The role of monitoring the Bitcoin transaction environment, such as whether the digital signature used for each transaction is legitimate, whether the balance of Bitcoin after the transaction is negative, calculated from past transaction history, etc. Fulfill. Then, create a hash value by combining two transactions that are determined to be no problem, and create a hash value by combining the hash values. The root hash value is calculated by repeating such work as the tournament table. The work load up to this point is not so heavy.
Then, a new hash value is created by combining the hash value obtained from the previous block; the root hash value obtained this time, and a kind of random number called nonce. If this hash value satisfies the conditions that are set at that time (for example, the first 20 bits are 0), then mining is successful. Miners can receive 12.5 BTC mining reward (newly issued Bitcoin).
But it doesn't really work that well. Since all the bits are basically set randomly in the generated hash value, the probability of any bit being 0 can be considered as 1/2. Therefore, this condition is satisfied only with a probability of (1/2) 20. If there is only one miner, in order to change the nonce and have a 50% chance of finding a hash value that satisfies this condition, trials must be performed about 720,000 times. This is the reason why a huge amount of hash values must be calculated. For this reason, miners all over the world installed mining machines equipped with a large number of ASICs specialized only for calculating SHA-256 hash functions in mining factories, seeking mining rewards, and competing every 10 minutes.
Miners can get rewards if they can search for hash values even faster than their competitors. Therefore, each miner tries to search faster by increasing the computational power. As a result, if the overall computing power increases, the search can be completed in less than 10 minutes. In that case, a mechanism that makes the condition that the hash value must satisfy difficult is built into Bitcoin. The number of digits that should be zero increases from 21 digits to 22 digits instead of the first 20 digits.
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