Bitgold BTG ore pool
mining is perhaps one of the most important components of the bitcoin ecosystem. Miners need to solve complex mathematical problems, so as to ensure the smooth implementation of the transaction. These problems are so complex that they are difficult to solve even for extremely powerful computers. Computers need work and luck to solve these mathematical problems, just as miners dig underground. The chance of solving this problem correctly is about one in 13 trillion
bitcoin mining has two purposes. Firstly, by solving mathematical problems, bitcoin miners can verify the transaction information, so as to ensure the security and reliability of bitcoin payment network. Miners are the people who ensure that transactions are accurate and that there is no "double payment."
Secondly, when the computer solves these complex mathematical problems on the bitcoin network, the system will generate new bitcoin, which is similar to the process of mining gold from the ground. The reward is called "block reward", and after the event called "halving", its amount will be periodically halved. The newly discovered concept of bitcoin is an important part of bitcoin protocol. The bitcoin obtained by the miners is brand new and has never been in circulation beforesince miners will eventually sell the bitcoin, it is also an important source of supply and liquidity. As chainalysis reports, many digital currency exchanges rely on miners to receive bitcoin and increase their liquidity. Typically, exchanges get about 88% of bitcoin from other exchanges, and bitcoin miners are the largest source of the remaining percentage. As you can imagine, there is fierce competition between exchanges to receive bitcoin directly from miners
further enlarge the map, most of the mining activities are only carried out in four provinces, the first two provinces are Xinjiang and Sichuan, accounting for nearly half of all bitcoin mining in China. Electricity prices are cheap and the weather is cold in these areas. This helps to keep mining profits and equipment cool ring the 24 / 7 operation and maintenance period of bitcoin mining
but this is nothing new for digital currency issuance. For many years, China has been a major market for bitcoin miners e to its cheap electricity and abundant resources. Bitmain, f2pool and Canaan are all located in China
whether this is a negative or positive message depends on your point of view. But for decentralized, distributed, unlicensed networks, geographic regions across multiple entities are more healthy for the entire ecosystem
in the disagreement, the attitude of the third-party platform is also crucial, which determines whether the holder can exchange bitcoin for bitcoin gold, and will have a profound impact on the market recognition of the latter. At present, more than 20 trading platforms have said that they will support the trading of bitcoin gold after it comes out
after the major exchanges have declared their position on hard bifurcations, coinbase, the largest digital currency exchange in the United States, said that it would still regard the existing bitcoin blockchain as "bitcoin" and call the bifurcated blockchain bitcoin2x (b2x). At the same time, in view of the fact that developers have not yet open source the forked code, the forked blockchain can only be supported by proving its value and security in practice
but the company's attitude changed dramatically. On the 25th, the company turned to clarify the foreword theory, supported the second generation blockchain and regarded it as "real bitcoin". The company also said that it should be neutral to the bifurcation, so that market decisions can ensure the fairness and openness of the bitcoin platform. Many holders said that this change has added to the uncertainty of bitcoin's gold prospects.