April 30, 2020 | There’s more than just the sound of thousands of vacuumssubmitted by 1TMine to u/1TMine [link] [comments]
It is very easy to just silo the arcane bitcoin mining process as just a bunch of machines computing mathematical algorithms. Although for the most part this is true, and the veracity of this is not far off from the real truth, but what we see on the surface is not identical to what we see below the surface. Understanding bitcoin mining goes beyond the USB enabled ASIC miners we are accustomed to see on every thumbnail article we come across related to this industry.
It’s easy to understand why newbies halt their understanding of bitcoin mining to just state-of-the-art supercomputers with cool flickering neon green lights.
The following below is taken from the masterpiece of a novel, “Mastering Bitcoin”, by the great Andreas Antonopolous. As elegant as it sounds, its best to restate Andreas’ explanation of emergent consensus.
“Satoshi Nakamoto’s main invention is the decentralized mechanism for emergent consensus. Emergent, because consensus is not achieved explicitly — there is no election or fixed moment when consensus occurs. Instead, consensus is an emergent artifact of the asynchronous interaction of thousands of independent nodes, all following simple rules. All the properties of bitcoin, including currency, transactions, payments, and the security model that does not depend on central authority or trust, derive from this invention.
Bitcoin’s decentralized consensus emerges from the interplay of four processes that occur independently on nodes across the network:
“A mining node is listening for transactions, trying to mine a new block and also listening for blocks discovered by other nodes. The arrival of this block signifies the end of the competition for block 277,315 and the beginning of the competition to create block 277,316. During the previous 10 minutes, while Jing’s node was searching for a solution to block 277,315, it was also collecting transactions in preparation for the next block. By now it has collected a few hundred transactions in the memory pool. Upon receiving block 277,315 and validating it, Jing’s node will also check all the transactions in the memory pool and remove any that were included in block 277,315. Whatever transactions remain in the memory pool are unconfirmed and are waiting to be recorded in a new block. Jing’s node immediately constructs a new empty block, a candidate for block 277,316. This block is called a candidate block because it is not yet a valid block, as it does not contain a valid proof of work. The block becomes valid only if the miner succeeds in finding a solution to the proof-of-work algorithm.
These specialized machines are connected to his mining node over USB. Next, the mining node running on Jing’s desktop transmits the block header to his mining hardware, which starts testing trillions of nonces per second.”
That is essentially the process of what a miner machine and a mining node is going through each every second it is hooked up to the network. Of course this is just a high level overview with a bland taste but one could go more in depth by reading the book mentioned.
1.Mastering Bitcoin: Unlocking Digital Cryptocurrencies 1st Edition, by Andreas M. Antonopoulos, O’Reilly Media; 1 edition (December 20, 2014)
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On Nov. 27, the world's second-largest semiconductor chip maker, Intel, was granted a patent for a processing system that mines Bitcoin but utilizes more "Energy-efficient hardware accelerators." According to the patent called the "Optimized SHA256 Datapath," the newly invented "High-performance" Bitcoin mining process could reduce overall power consumption by 15 percent.
Last Tuesday the company was granted a patent by the United States Patent and Trademark Office which describes a specialized processing system for mining the SHA256 algorithm.
The Intel patent explains that Bitcoin's technology "Resolves the 'double spending' problem," but further emphasizes that processors today that are mining cryptocurrencies consume enormous amounts of power.
Intel stepping into the Bitcoin mining arena is interesting but it's not the corporation's first taste of cryptocurrency solutions.
The Bitcoin mining process developed by Intel shows the corporation definitely wants in on this innovative and growing industry of "SHA engines."
What do you think about Intel's Bitcoin mining patent? Do you think Intel plans on being more involved within the cryptocurrency industry? Let us know what you think about this subject in the comments section below.
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When you hear about Bitcoin "mining," you envisage coins being dug out of the ground. But Bitcoin isn't physical, so why do we call it mining?submitted by Mining_01 to u/Mining_01 [link] [comments]
Because it's similar to gold mining in that the Bitcoin exist in the protocol's design (just as the gold exists underground), but they haven't been brought out into the light yet (just as the gold hasn't yet been dug up). The Bitcoin protocol stipulates that 21 million Bitcoin will exist at some point. What "miners" do is bring them out into the light, a few at a time.
The process is simple, but without limitations anyone could abuse it. Therefore, only unconfirmed transactions can be mined. After the miners identify the transactions as legitimate, the nodes are spread out into a network similar to a Peer-2-Peer file sharing network. For each of these confirmed transactions a miner creates, a node has to add it (the legitimate transaction) to its database, where it is then made part of the block chain.
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Bitcoin Mining is the process of creating and writing new blocks for the blockchain. These blocks have to comply with the base Bitcoin rules, maintained by the network. In order to mine, you would need specialized mining software and hardware, which you can learn about on the previous page of this guide. Bitcoin mining is the process by which new bitcoins are entered into circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. Bitcoin Cloud Mining Pool & It’s Benefits. Bitcoin mining is essential to release new BTC in the market. Mining is the only way new bitcoins can be generated — the very first bitcoins created by the founder of bitcoins "Satoshi Nakamoto". Without miners, bitcoins would still exist and used. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees.
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Bitcoin Mining Process and Blockchain. Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. Up next David Grossman enters a cryptocurrency maze to find out how powerful computers mine digital currencies such as Bitcoin. Newsnight is the BBC's flagship news ... He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. What Is Bitcoin Mining? Chances are you hear the phrase “bitcoin mining” and your mind begins to wander to the Western fantasy of pickaxes, dirt and striking... For more information: https://www.bitcoinmining.com and https://www.weusecoins.com What is Bitcoin Mining? Have you ever wondered how Bitcoin is generated? T...