Mining is the act of striving for a bookkeeping qualification. Blockchain is a decentralized ledger. Take Bitcoin as an example: blockchain is a ledger, then someone needs to keep the books. Since it is decentralized, it requires many people to participate in the act of bookkeeping. And to get more people involved in the act of bookkeeping, Bitcoin has designed a reward mechanism that gives a base reward to whoever keeps the books, as well as a fee for the transaction. Because of the benefits in the rewards, more and more people are getting involved in the act of bookkeeping in the hope of being rewarded. So who is allowed to do the bookkeeping? Those who participate in bookkeeping need to fight to get the right to bookkeeping, and only when they get the right to bookkeeping can they get the reward. How does Bitcoin choose the bookkeeper? Bitcoin designed the PoW consensus mechanism to fight for bookkeeping rights through proof-of-work. So Bitcoin gives all the nodes that want to get the bookkeeping rights a math problem that is very computationally intensive, so everyone starts working hard to calculate the answer to this problem. Whoever gets the answer first gets to keep track of the books, and gets a reward. Why is it called mining? This is analogous to the old gold rush, everyone involved in the bookkeeping is like the miners who went to the gold rush, and the process of fighting for the bookkeeping is like mining, and the successful bookkeeping is like finding gold, and you get the reward

A. The meaning of bitcoin miner

A bitcoin miner is a computer that is used to earn bitcoins. These computers generally have professional mining chips and mostly work by burning graphics cards, which consume more power. Users use their personal computers to download software and then run specific algorithms to communicate with a remote server to get the corresponding bitcoins, which is one of the ways to get bitcoins.

Mining is the process of consuming computing resources to process transactions, secure the network and keep everyone in the network in sync. It can be thought of as a data center for Bitcoin, but the difference lies in its completely decentralized design, where miners operate in countries around the world and no one has control over the network. This process is known as "mining" because it is similar to gold mining, as it is also a temporary mechanism used to issue new bitcoins. However, unlike gold mining, Bitcoin mining rewards services that ensure the operation of a secure payment network. Mining remains mandatory after the last bitcoin is issued.

II. How Bitcoin Mining Pools Work

1、Mining pools break through geographic constraints, linking the computing power of miners and mining sites scattered around the world to mine together.

2, the pool is responsible for information packaging, access to the mine is responsible for competing for bookkeeping rights.

3, because of the collection of many miners' arithmetic power, so the mining pool has a large proportion of arithmetic power, the probability of mining bitcoin is higher.

3. The arithmetic power of bitcoin mining machines

1, arithmetic power, as the name suggests, can be understood as computing power, the word arithmetic power is generally used in the process of mining bitcoins, mining bitcoins need to use the mining machine, and each mining machine can do how many times per second hash collision, on behalf of the mining machine "arithmetic power", the unit recorded as hash/s.

2, the definition of hash collision given a table M, there is a function f (key), for any given keyword value key, after substitution into the function, if you can get the keyword record containing the address in the table, then the table M for the hash (Hash) table, the function f (key) for the hash (Hash) function.

3, the current mainstream mining machine for about 14T computing level, each mining machine per second can do at least 1.4 times 10 of the 13 times the hash collision. We can say that this one 14T specification mining machine will have 14T of computing power.

4. The percentage of all miners at the disposal of the miner to the total bitcoin network-wide computing power represents the probability that TA can win in this 10 minute competition. For example, if Bitcoin's current network-wide computing power is 100, and a miner has 10 computing power, then the probability of TA succeeding in each competition to book is 1/10.