Computing power and bitcoin

1.

bitcoin bulls often mention that the scarcity value of this cryptocurrency is the main reason for its continued rise. Bitcoin is similar to gold to some extent. The growth of its supply is extremely slow, and it is still slowing down. Its total supply will only reach 21 million

with the increasing interest of institutional investors and retail investors in bitcoin, global exchanges such as the Chicago Board of options (CBOE) have launched bitcoin futures contracts. This is likely to encourage more institutional investors to invest in bitcoin, while at the same time further curbing the price volatility of bitcoin

this much anticipated bitcoin futures trading has been launched on the Chicago Board of options exchange, which represents a significant step in the legalization of cryptocurrency. Futures is a derivative / financial instrument, which can force dealers to buy and sell an asset at a specific time and price

2.

mining has been successful, a total of one equipment (CPU mining, 4-core bar), computing power: 12.75 khash / S (generally abbreviated as KH / s)
KH / S is very rare, so is MH / s; Now the more common are GH / s, th / s, pH / s. The conversion rate is about 1p = 1000t = 1000g = 1000m = 1000K

now the basic unit is GH / s, and several hundred g mining machines are very common

[bitcoin mining machine]

bitcoin mining machine is a computer used to earn bitcoin. This kind of computer generally has professional mining chips, and works in the way of burning graphics card, which consumes a lot of power. It is one of the ways to get bitcoin that users download software from personal computer and then run specific algorithm to get corresponding bitcoin after communicating with remote server

the popular digital currencies in 2013 are bitcoin, Leyte coin, zeta coin, pennies (Internet), invisible gold bar, red coin, pole coin, barbecue coin and prime currency. At present, hundreds of digital currencies are issued all over the world

3.

Bitcoin is a kind of network virtual currency. Bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system. Assuming that the mining computing power is 100 mhash / s and the total computing power is 4000 ghash / s per day, 3600 bitcoins can be g out every 24 hours

China's computing power has accounted for more than 75% of the world, that is to say, 75% of bitcoin in the world is made in China. How long does it take to dig a bitcoin

bitcoin used to be very good at "digging", which can be done by ordinary computer CPU, and it can automatically "solve problems" by downloading software. But with the rise of currency price, more and more people want to "solve the problem", and the difficulty of mining is also increasing. Now, the amount of computation needed to dig a bitcoin is beyond the reach of ordinary people. Ordinary computers can't afford it

instry insiders said that in 2014, 100 bitcoins were generated from 500000 yuan of electricity charge per day, and the cost of electricity charge alone was 5000 yuan per coin. But now, the same cost has more than doubled, and the electricity cost of each bitcoin is as high as 10000 yuan

in the generation mechanism of bitcoin, mining reward is decreasing. At the beginning of the birth of bitcoin, the miners could get 50 bitcoins for each page of the ledger, and then 25 bitcoins for each page of the ledger, decreasing in turn. It's like digging gold. At first, it's more and less. The time point at which each new reward is reced by half is called half bitcoin proction

assuming that the mining computing power is 100 mhash / s, the total computing power is 4000 ghash / s per day in 2014, and 3600 bitcoins are g out every 24 hours

now, we can understand the difficulty of bitcoin digging in this way, which is equivalent to 100 million dice throwing numbers less than 100 million and 50 million. Whoever throws them first will get the bookkeeping right. At this point, 1050 million is a hash value. The process of throwing dice is called hash collision. The unit of mining power is the number of hash collisions per second

at present, the computing power of bitcoin in the whole network has reached 2.36 billion hash collisions per second, which is equivalent to the number of water droplets in more than 200000 50 meter long standard swimming pools. But even with such a large amount of computing power, it will take about 10 minutes to hit a hash value that meets the requirements

in 2012, bitcoin's output was halved for the first time, and in July 2016, bitcoin's output was halved for the second time. At present, 12.5 bitcoins are awarded for recording one page of account book. The next halving will take place around 2020, and the total number of bitcoins will not increase by 2040, with a total of 21 million

Related videos: how long does it take to dig a bitcoin

4. Different from bitcoin mining, IPFs mining does not require high electricity charges, but has certain requirements for network bandwidth and stability. Therefore, if IPFs mining machine wants to give full play to its functions, it also needs supporting "mines" and large-scale cluster mining. You can go to Renren mine website to learn about IPFs mining.

5. Compared with BCH and BSV, lightning bitcoin LBTC is also derived from bitcoin, and its original intention is to solve some shortcomings and defects of bitcoin itself. However, the biggest difference of LBTC is that it adopts dpos consensus mechanism instead of pow consensus mechanism. The most significant advantages of LBTC are as follows:

first, it greatly improves performance, As we all know, the number of transfers per second of bitcoin, that is, TPS, is only about 7, and other bitcoin forked coins using POW consensus mechanism are almost the same. The theoretical value of TPS of LBTC can reach 2800, and the current actual level can reach more than 1000, and the performance has been improved by several orders of magnitude. The slogan "fast as lightning" is by no means empty words. If you are interested, you can download a wallet from the official website of LBTC or Cobo to experience it

Second, it greatly reces the energy consumption and participation threshold. As we all know, the high energy consumption caused by POW mining represented by bitcoin has been criticized by the outside world. At the same time, because mining has already become a heavy asset instry, mining machinery, mining and other fields have been monopolized by a few big players, ordinary small and medium-sized investors and new manufacturers have little room to survive, It has formed a situation in which the strong are always strong. However, POS / dpos currencies only need ordinary PCs or even mobile phones to run wallets and stack, so as to obtain revenue

thirdly, it introces chain governance, which achieves a good balance between democracy and efficiency. At the same time, it encourages users to actively participate in community affairs through voting and staging mechanism. In the world of pow, power is power, simple and crude; In the world of POS, those who hold more money will have more right to speak and gain

in the world of dpos, it is not simply to see who holds more money. At the same time, it needs the extensive support of the community to exercise power on behalf of the community. At the same time, the majority of small and medium-sized users also have the opportunity to launch motions, express their demands, and participate in decision-making

because bitcoin has carried too many interests, we are very cautious about any improvement of bitcoin, and the pace is very slow, which leads to the division of the community and the proction of many forked coins. However, in fact, compared with bitcoin, the improvements made by BCH and BSV are quite limited, so the improvement in all aspects is also very limited

therefore, if you take a closer look at LBTC, you will find that it is actually a very interesting bitcoin fork coin. I think it is a very bold and imaginative experiment based on bitcoin. If lightcoin has been used as a testing ground for new technologies and new ideas for bitcoin in many cases, LBTC can be regarded as a testing ground for bitcoin with greater and more thorough changes

just mentioned, one of the biggest obstacles in the promotion and use of bitcoin is that TPS is too low to carry high-frequency transactions. Compared with bitcoin and some well-known bifurcated currencies such as BCH and BSV, the performance of LBTC is improved by several orders of magnitude, and the actual TPS can reach more than 1000

increasing TPS can rece verification time, but it will inevitably sacrifice security or decentralization. If TPS increases blindly, blockchain will completely sacrifice "decentralization". At the same time, the requirements on the miner's machine configuration will be more stringent. If it can not upload the transaction in time, it will proce more unfinished transactions, and the hidden danger will be greater. Although EOS uses 21 super nodes to achieve high efficiency, it also sacrifices some "decentralization" and security, and introces potential risks such as DDoS

in the past two years, many public chain projects blindly pursue high TPS, and often claim to have achieved tens of thousands, hundreds of thousands or even millions of TPS. In order to improve TPS, some project parties buy millions of equipment to test in a laboratory, which only plays a PR effect or amuses themselves. Such a high TPS is meaningless. Even if it can reach or close to such a number, for the current market demand, it also belongs to excess performance, which is bound to cause unnecessary waste of resources

according to the calculation of relevant research institutions, even if the public chain processes 100 million transactions every day, thousand level TPS is enough. It's worth noting that the TPS of Libra, which is to be launched by Facebook, is also around 1000. You should know that Facebook has as many as 2.7 billion users in the world, which should be determined by them after careful consideration

this means that LBTC's TPS can meet the needs of processing 100 million transactions per day, which is quite pragmatic and can fully meet the needs of global users in the next few years. Moreover, LBTC also has a high degree of scalability. With the further improvement of global Internet infrastructure, the performance of LBTC will continue to improve. It can be said that the current LBTC has found a good balance in the "Impossible Triangle" of efficiency, security and decentralization

in the view of many bitcoin fundamentalists, only the pow path chosen by Nakamoto is the only right way. POW consensus mechanism has experienced nearly 10 years of stable operation and continuous market test, and dpos has been more than 6 years since its birth. So how about doing an experiment to see what wonderful chemical reactions can be proced by combining bitcoin with dpos

if this dpos version of bitcoin can also withstand the continuous test of 10 years, will we still insist that only POW is the only right way for bitcoin? Of course, we don't have a definite answer to this question. Time will tell

although I also claim to be a believer of bitcoin, I think the existence of LBTC is very meaningful. This significance does not mean to replace bitcoin, or like some fans of other forked coins, I think that only the branch I support is the real bitcoin, but to explore more and wider possibilities in technology and form a useful supplement to bitcoin.