What is mining?

August 29, 2022 0 Comments

Mining is a colloquial term for the mining of cryptocurrencies such as Bitcoin.

Mining Bitcoin is like solving a math problem, the first to get the answer is rewarded accordingly.

Therefore, the whole process of solving and verifying is called mining, and the equipment that assists in cracking the digital answer is called mining machine. Therefore, the people who run the mining machine and get the benefits are called miners.

At the beginning of Bitcoin’s birth, ordinary computers could perform mining operations, and it was easy for individuals to dig out a block. With the continuous improvement, the computing power of ordinary computers is no longer enough to dig out blocks, and professional mining machines with stronger computing power, that is, ASIC mining machines, have been derived.

However, the computing power of a single ASIC mining machine is still limited. Facing the ever-increasing computing power of the entire network, mining pools are gradually emerging as operators that concentrate the computing power of miners.

For example, Poolin Mining Pool, etc.