Principle of flowing ore pool
do you remember what the consensus mechanism of bitcoin is? The consensus mechanism of bitcoin is pow. To put it simply, the more work you do, the higher the amount of computation you pay, the more likely you will be the first to find the correct hash value, and the more likely you will be rewarded with bitcoin
however, there are some defects in the pow of bitcoin, that is, it is too slow to process transactions, and miners need to constantly collide hash values through calculation, which is costly and inefficient. Friends who are interested in blockchain knowledge should see such a saying:
in order to make up for the deficiency of bitcoin, Ethereum has proposed a new consensus mechanism, called POS (this is the abbreviation of English, which means "proof of equity", also translated into "proof of equity")
POS simply means the same as its literal meaning: equity, equity. The more currency you hold, the more equity you have, the higher your equity
Ethereum's POS means that the more money you hold, the longer you hold it, the less difficult it will be to calculate and the easier it will be to mine
in the initial setting of Ethereum, Ethereum hopes to build a relatively stable system by using POW in the early stage, then graally adopt POW + POS, and finally completely transition to POS. So, it's true that the consensus mechanism of Ethereum is POS, but POS is only a plan or goal at the beginning of Ethereum's release. At present, Ethereum has not yet transitioned to POS, and the consensus mechanism adopted by Ethereum is still pow, that is, the pow of bitcoin, but it is slightly different from the pow of bitcoin
the amount of information here is a bit large,
the first information point is that the consensus mechanism currently adopted by Ethereum is also pow, but it is slightly different from the pow of bitcoin. So, what's the difference between the pow of Ethereum and bitcoin: in short, the mining difficulty of Ethereum can be adjusted, but the mining difficulty of bitcoin can't be adjusted. Just like our college entrance examination, because the teaching situation and the number of students in different provinces are not the same, so the college entrance examination is divided into national papers and provincial independent proposition
Ethereum said that I am in favor of the topic by region. Bitcoin said: No, it must be the same volume in the whole country. The difficulty is the same for everyone
the popular explanation is that bitcoin uses computer computing power to do a lot of hash collisions, enumerate various possibilities to find a correct hash value. The Ethereum system has a special formula to calculate the difficulty of each block. If a block is verified faster than the previous block, Ethereum protocol will increase the difficulty of the block. By adjusting the block difficulty, the time needed to verify the block can be adjusted
according to the Ethereum protocol, the dynamic adjustment method of difficulty is to make the time interval of creating new blocks in the whole network 15 seconds, and the network uses 15 seconds to create blockchain. In this way, because the time is too fast, the synchronization of the system is greatly improved, and it is difficult for malicious participants to launch 51% (that is, more than half) of the computing power to modify historical data in such a short time
the second information point is: in the initial setting of Ethereum, we hope to achieve the transition from POW to
POS through phased upgrade
dating back to 2014, at the beginning of Ethereum's launch, the team announced that the launch of the project would be divided into four stages, namely, Froniter, homestead, metropolis and serenity. In the first three stages, the consensus mechanism adopts pow (workload proof mechanism), and in the fourth stage, it switches to POS (equity proof mechanism)
on July 30, 2015, the first phase "frontier" of Ethereum was officially released. This phase is only suitable for developers. Developers can write smart contracts and decentralized application DAPP on Ethereum network, and miners begin to enter Ethereum network to maintain network security and get Ethereum coins. The leading-edge version is similar to the beta version, proving whether the Ethereum network is reliable or not
on March 14, 2016, Ethereum entered the second stage of "homeland". In this stage, Ethereum provides the wallet function, so that ordinary users can easily experience and use Ethereum. There is no obvious technology improvement in other aspects, but it shows that Ethereum network can run smoothly
in September 2017, Ethereum has reached the third stage of "metropolis"“ "Metropolis" is composed of Byzantine and Constantinople. The goal of this stage is to introce the hybrid chain mode of POW and POS, so as to prepare for the smooth transition from POW to POS. This is the latest popular "Ethereum Constantinople upgrade". In the Constantinople upgrade, Ethereum will make some changes to the underlying protocols and algorithms to lay a good foundation for the implementation of POW and
POS
how much reward will Ethereum get for mining? Miners who win the block creation competition will get the following income:
1. Static reward, 5 ethereums
2. The fuel cost in the block, i.e. gas, we talked about in the last issue
3. As a part of the block, it includes the extra reward of "Uncle block". Uncle is uncle of uncle, and each uncle block can get 1 / 32 of the mining reward as a reward, that is, 5 times 1 / 32, which is equal to 0.15625 ethereums. Here, let's briefly explain the concept of "TERT block". The concept of "TERT block" was proposed by Ethereum. Why should we introce the concept of TERT block? This also starts with bitcoin. In the bitcoin protocol, the longest chain is considered absolutely correct. If a block is not part of the longest chain, it is called a "orphan block". An isolated block is a block, which is also legal, but it may be found later, or the network transmission is slower, and it does not become part of the longest chain. In bitcoin, the solitude is meaningless and will be discarded later, and the miners who find the solitude will not receive mining related rewards
however, Ethereum does not think that isolated blocks are worthless, and Ethereum system will give rewards to miners who find isolated blocks. In Ethereum, isolated blocks are called "Uncle blocks", which can contribute to the security of the main chain. Ethereum's ten second block interval is too fast, which will rece the security. By encouraging the use of tertiary blocks, the main chain can obtain more security guarantees (because the isolated block itself is legal). Moreover, paying the tertiary block can also stimulate the miners to actively mine and actively use tertiary blocks. Therefore, Ethereum thinks that it is valuable.
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
the mining pool is the necessary infrastructure for the exploitation of P2P cryptography virtual currency such as bitcoin (digital currency). It is generally an open team mining server. Its significance is to improve the stability of bitcoin mining and stabilize the miners' salary. At present, the most powerful mining pools in the world are f2pool, antpool, BW pool, BTCC pool and bitfury. Except for bitfury, the rest are from China
with more and more people participating in mining, the computing power of bitcoin network is rising, and it is difficult for a single device or a small amount of computing power to dig bitcoin again. At this time, the mine pool was born
operation principle of bitcoin mine pool
the ore pool is responsible for information packaging, and the access mine is responsible for competing for bookkeeping rights
e to the collection of the computing power of many miners, the computing power of the mine pool accounts for a large proportion, and the probability of digging bitcoin is higher
for example
suppose 1 million people participate in bitcoin mining, and the whole network has 400p computing power, of which 90% of the miners have less than 1p (1000t) computing power. If a 1t miner is put into operation, it will account for 1.400000 of the whole network's computing power. Theoretically, every 400000 10 minutes can dig a block, that is, only 7.6 years can dig a block, and then get 50 bitcoins at a time
then, if I find another 9 miners with 1t dynamometer and reach an agreement, we will have a total of 10 people, and any one of them will be divided equally according to the proportion of each person's computing power, then we are a whole. With a total of 10t computing power, we can dig a block in 0.76 years on average, Then we have five bitcoins mined in 0.76 years. What if we organize 100 people, 1000 people, 10000 people or even 100000 people
if it is 100000 people, I can dig one block in 100 minutes on average. As a member of the team, my income will tend to be stable
this is the basic principle of the mine pool, that is, everyone forms a team to mine bitcoin, you can refer to the "buy together" in the lottery
of course, the above is only a simple description of the basic principles and properties of the ore pool, and the actual situation will be very complicated
the ore pool is a fully automatic mining platform, that is, the ore machine is connected to the ore pool to provide computing power and obtain profits
the bitcoin reward generated by mining in the mine pool will be distributed according to the proportion of each miner's contribution to computing power
compared with single mining, adding to the ore pool can obtain more stable income
I hope this answer will help youhowever, at present, professional Avalon ASIC miner is needed for mining, and it also needs to be included in a mine pool. If you are a retail investor, of course, if you arrange a large mine, you don't need it.
the principle of bitcoin mining is to implement rules made by people and automatically executed by computers
Satoshi Nakamoto, the inventor of bitcoin, has stipulated this rule from the very beginning, and those who participate in bitcoin blockchain must automatically abide by it unconditionally
The content ofrules is generally ,
people who pack the circulation data of bitcoin, arrange it into a fixed size, and then upload it to the blockchain for bitcoin whole network synchronous broadcasting can get 50 bitcoins rewarded by the system
under certain conditions, these rewards will be halved, about once every four years
so how to complete the data packing
the person who wants to complete this action must first have the necessary tools, that is, the software to execute the bitcoin blockchain, and the machine (computer at the beginning) to run the software; Then download and save all the bitcoin transaction data that have been recognized by the whole network. At this time, you become a "node" and a part of protecting the blockchain data
Thenode can only get the priority of the packaged data after running a specific mathematical formula and getting the correct answer. The system will automatically give the reward to the node who gets the priority, who completes the packaging first and then uploads it to the blockchain, and receives and approves it from other nodes
if there is bitcoin service charge in the packaged transaction, the service charge belongs to the node
people think that the process of calculating the mathematical formula and then completing the package to get the reward is just like fishing for gold in the river. It is necessary to discard many wrong answers in order to find the right key to get gold, so people compare this process to mining
so bitcoin mining is not really to dig something, or to use computers to constantly collide and guess. Whoever guesses first wins the reward, that's all
the content of this article comes from: financial code of the people's Republic of China: application edition, China Law Press