Bitcoin was once all the rage and brought wealth to countless people. So how are bitcoins created? If you want to understand this, you need to know the source of bitcoin – mining. Bitcoin is not created out of thin air, it is the fruit of victory obtained through the calculations of countless miners.
How To “Mine”
Generally, there are only two identities of people who own bitcoin, one is a buyer and the other is a miner. Buyers can choose to buy bitcoins on digital currency exchanges,Or they can buy their own miners to mine.
▼We use miners to mine
Of course, choosing to pay with one hand, handing over the key and URL in one hand, is the most direct way for buyers. And “mining” requires buying machines, renting warehouses, and regular maintenance, which is a relatively long and cumbersome process.
It is the same as solving math problems. If you want to mine, you must use a high-quality miner to perform calculations in the block, and the complexity of the difficulty lies not only in the need to solve the SHA-256 hash function but also in the need for equipment for the miner. The miners are no different from the players in the competition, and they are all in competition with each other. Whoever solves it first will have the fruits of victory.
Hash Rate
When it comes to mining, most people probably think of mining on land, but the process of mining Bitcoin is done on a computer. The faster the computer is running, the better it is for block counting. Typically, the average time for a block to appear in ten minutes. During the mining process, the number of miners increases, and so does the difficulty of mining bitcoins.
To get more bitcoins in a limited number of blocks, mining farms that specialize in mining bitcoins have emerged. To get more bitcoins than others, then you need to buy devices with high arithmetic power. The higher the arithmetic power, the faster the device will solve the problem, and the more fruits of victory will be obtained.
However, a bitcoin is not that simple to obtain. According to market conditions, if you want to mine one bitcoin, you need countless high-power miners to run at the same time for a day or longer. Miner with low computing power needs to run longer to get a bitcoin. Because, in the process of “mining”, the proportion of electricity is gradually increasing.
“Mining” Power To Demand Is Large
In digital currency circles, cryptocurrencies are not mined one by one intact, there are cases where four percent of one bitcoin is mined. As Bitcoin has created a boom, more mining sites have sprung up in response and the demand for miners has increased.
To get more bitcoins, the computing power and the number of miners are the two most critical factors for mining bitcoins. In order to grab more bitcoins with limited resources, then the number of miners and equipment requirements are also more stringent. As the power consumption of computers continues to rise, it is only logical that the power consumption is also increasing.
Assuming a mining machine requires 35 degrees of electricity a day, that’s nearly $100,000 a year for a mining machine. The mine is usually more than one miner, so you can imagine that the power consumption is quite a lot. For a global mine, this would be a huge number you can’t imagine.
If you don’t want to buy bitcoins directly from the exchange, then you can purchase the appropriate equipment for your needs. During the operation of the miner, it generates a great deal of heat, so you will need to purchase the appropriate cooling equipment as well. There is a Chinese saying, “Do what you can.”
This content information comes from xiancn.com
