Author Topic: [Blockchain Classroom] Lesson 24:How is Bitcoin mined?  (Read 5 times)

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[Blockchain Classroom] Lesson 24:How is Bitcoin mined?
« on: January 15, 2020, 04:51:42 AM »
Bitcoin is generated through mining. Every 10 minutes, miners over the entire network calculate an arithmetic problem. Whoever gets the answer first equals to digging out this block, and the miner can get the system's newly generated Bitcoin reward.

When Bitcoin was first born, mining was possible through the computer's CPU. As more and more miners are mining, currently it is impossible to mine Bitcoin with the CPU, and everyone starts mining with miners.
If you want to mine, you first need to prepare a miner, Bitcoin address, mining software, etc. However, the current Bitcoin network has too much computing power, and it is difficult for individuals to buy a small number of miner to dig out blocks. Many miners join the mining pool to mine together. The mine is only responsible for calculation, and the mining pool is responsible for information packaging.

After the mining pool dig out Bitcoin, the income is distributed according to the mine's computing power ratio to ensure more stable input and output.