How to use coin letter mine
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
how to mine a mine pool
the location of a mine pool is also very particular. It's not that a mine pool can be built anywhere, but it needs early-stage capital investment. A mine pool is to combine a single mining machine together. Because of the collection of many miners' computing power, the computing power of the mine pool accounts for a large proportion, and the probability of digging bitcoin is higher. The mine pool will distribute rewards according to the contribution value of each equipment
there are many mines all over the world, and the scale of each mine varies from big to small. Generally, small mines no longer have great advantages. Large mines have many miners for mining. For each miner, he can join any mine or join multiple mines at the same time, The first task of the mine pool is to distribute the income to the miners
(1) PPLNs method
this method gathers the shares g by all miners together. Whenever a certain amount of shares is accumulated (generally 30 million shares), the mine pool will allocate the profits of the previous stage to the miners according to the proportion of contribution
in this way, the income of miners depends entirely on the time needed to dig 30 million shares in the mine pool. If you are lucky, you can dig them in a short time, then the income of miners will be more, otherwise it will be less. In return, the pool charges a 3% tax
(2) PPS mode
for users, the income of this mode is relatively stable
the profit mainly depends on the miner's mining speed. As long as the mining speed is stable, the corresponding profit can be obtained, and the profit is real-time, that is, the mine pool will pay the profit for the miner while the miner is running
obviously, every time a block is calculated, the mine pool has paid for all the miners. If the block fails in the subsequent confirmation link, all the losses will be paid by the pool operator. Therefore, this method reces the risk of the miners, but transfers the risk to the pool operator
therefore, usually the ore pool can charge a handling fee to make up for the possible losses caused by these risks. In this mode, the tax of the ore pool is 7.5%
the above is about how to mine. The difficulty of mining has greatly increased, but the mining army is expanding. If the basic equipment does not meet the standard, it will be difficult to gain in the mining instry, because the value of the virtual currency may not be equal to the price of an equipment, and many miners are not just digging bitcoin, Instead, we choose other virtual currencies to mine.
Tianyuan currency is a new type of digital currency, which is based on the Internet, stored in the computer system in the form of electronic data, and realizes the circulation and payment function in the form of electronic information transmission through the network system. Its purpose is to explore a new payment currency in the process of social and economic development in the future. It envisages that it will become a universal electronic payment means in the world to compete with bitcoin in the future
the acquisition of Tianyuan currency adopts the mode of issuance and subscription, not the same mining mode as bitcoin, lightcoin and other digital currencies. The total number of Tianyuan coins is 100 billion, and its issuing institution does not belong to the central bank. Instead, it is proced by Chongqing Tianyuan Xianbao Technology Development Co., Ltd. through the mine pool, and then it is issued by stages and the user subscribes to obtain Tianyuan coins<
Chinese name
Tianyuan coin
alias
Tianyuan Xianbao
attribute
digital currency
issue time
September 26, 2014
contents
1 Introction
2 evaluation
3 media reports
4 development prospects
1 Introction editor
definition: Tianyuan coin is a new type of digital currency, which is based on the Internet, A currency that is stored in a computer system in the form of electronic data, and circulates and pays through a network system in the form of electronic information transmission. Its purpose is to explore a new payment currency in the process of social and economic development in the future. It envisages that it will become a universal electronic payment currency competing with bitcoin in the world in the future
acquisition method: Tianyuan currency is acquired in the form of issuance and subscription, not in the same mining mode as bitcoin, lightcoin and other digital currencies. The total number of Tianyuan coins is 100 billion, and its issuing institution does not belong to the central bank. Instead, it is proced by Chongqing Tianyuan Xianbao Technology Development Co., Ltd. through the mine pool, and then it is issued by stages and the user subscribes to obtain Tianyuan coins
issuing method: the trading platform of Tianyuan currency adopts the limited interval trading method to ensure that the value of Tianyuan currency is not controlled by the strong market, and ensure the orderly growth of the value of Tianyuan currency
in the first stage, the subscription price is 0.01 yuan, and the free trading range is [0.01 yuan-0.09 yuan], and the free trading price shall not be lower than 0.01 yuan and higher than 0.1 yuan
in the second stage, the subscription price is 0.1 yuan, and the free trading range is [0.1 yuan-0.99 yuan], and the free trading price shall not be less than 0.1 yuan and not more than 1 yuan
in the third stage, the subscription price is 1 yuan, and the free trading range is between 1 yuan and 4.99 yuan. The free trading price shall not be less than 1 yuan and not more than 5 yuan
in the fourth stage, the subscription price is 5 yuan, and the free trading range is between 5 yuan and 9.99 yuan. The free trading price shall not be less than 5 yuan and not more than 10 yuan
in the fifth stage, the subscription price is 10 yuan, and the free trading range is between 10 yuan and 19.99 yuan. The free trading price shall not be less than 10 yuan and not more than 20 yuan
...
and so on, the price of Tianyuan coin continues to rise with the issue price. After entering the next issue subscription stage, the price of Tianyuan coin will never be lower than the current lowest price
development history:
in September 2014, Tianyuan official trading platform was officially launched and opened to the outside world
in January 2015, Tianyuan global strategic development committee was established<
2 evaluation editor
risk:
since digital currency is still in a blank stage of supervision in China, and there is no specific financial regulation to supervise digital currency suppliers, they operate in a self-regulation way. The digital money supplier is not a bank, so the banking regulations are not applicable. The biggest risk of Tianyuan currency comes from the change of national policy
according to Xinhuanet, on November 5, 2014, an Internet virtual currency seminar was held in Beijing with the theme of "virtual currency development strategy selection under the background of Internet finance". Luo Kaifu, vice chairman of the China Economic Frontier decision making Advisory Center, a Chinese think tank, Yu Jianguo, researcher of the Institute of macroeconomic research of the national development and Reform Commission, Zhang Xu, vice president of the school of Marxism of Renmin University of China, Hu Meijuan, chief editor of Financial World magazine of Xinhua news agency, and other experts and scholars from all walks of life attended the meeting. The experts discussed a series of opportunities, challenges and regulatory risks faced by the government under the current Internet finance background
experts generally said that with the rapid development of Internet technology, the emergence of virtual currency has brought a great impact on the traditional monetary economy, while the public's awareness of virtual currency still stays on High-yield opportunistic investment procts. In the market economy, we should not be one size fits all for the new things such as virtual currency. We should accumulate experience in the development. While strengthening the proper communication between R & D institutions and government departments, we should graally establish corresponding rules and proceres. On the basis of cracking down on illegal transactions using virtual economy system, we should ensure the healthy development of virtual currency system in the future[ 1]
advantages
1 foam less. As the issue of digital currency is vulnerable to price fluctuations, the Tianyuan dollar trading mode is phased out, and its value growth is related to the number of holders. Therefore, the price of Tianyuan coins issued in each issue can meet its real value and will not generate economic bubbles.
2 the risk is small. Because the transaction rules set the lowest transaction price and the highest transaction price for each interval of the transaction, it prevents the price from rising and falling, and also prevents large households from using their own capital strength to smash the market
3 easy to participate. Compared with bitcoin and other digital currencies, e to its high market price and scarcity of total amount, it can only be circulated in the hands of a few people. The entry threshold of Tianyuan coin is low, and the participation of ordinary people is high. Moreover, with permanent repurchase, users are more free to advance and retreat after participation
disadvantages
1 the trading platform is fragile. Tianyuan's trading platform is just a website, which is vulnerable to hacker attacks or national policies
2 is not accepted. As digital currency is a new concept of Internet economy, the concept of ordinary people is still more concerned about the value of paper currency, and they can not fully understand the future development trend of Tianyuan currency. Coupled with the resistance of traditional financial practitioners, it is more difficult to promote Tianyuan currency<
3 media report editor
can virtual coin venture from dark to dawn (group photo) [2]
Tianyuan coin opens up a new way to make money on the Internet [3]
new mode of Internet Finance: Tianyuan wealth reform era has quietly come [4]
will Tianyuan Xianbao be the next Internet miracle after Ali [5]
4 development prospect editor
Beijing time March 2014 In the morning of May 9, Jared Cohen, Google's creative director, said at the Sxsw conference this week that a digital cryptocurrency similar to bitcoin will exist for a long time[ 6]
from December 12 to 14, Sanya International Forum of Finance and economics was held ceremoniously. At this conference, there was an eye-catching sub forum theme, "digital currency: from information network to value network", which also marked that digital currency finally began to enter the mainstream vision
this morning, the keynote speakers of the sub forum included Wu Xiaoling, former vice governor of the central bank, current member of the Standing Committee of the National People's Congress and deputy director of the finance and Economics Commission, Wang Yongli, former vice president of the Bank of China, Xiao Feng, vice chairman of China Wanxiang holding group, Li Lin, founder and CEO of fire coin, and Sha Qian, author of "ownerless currency: China's digital currency Research Report 2014"
Wu Xiaoling, former vice governor of the people's Bank of China, now member of the Standing Committee of the National People's Congress and deputy director of the finance and Economics Commission, expressed his views on digital currency. She said:
"algorithmic currency only solves the credit problem, but if there is no supply regulation mechanism applicable to economic demand, it can not solve the problem of currency fluctuation. It can become a financial proct and financial asset, but it can not become a good currency. However, the coexistence of legal money and private money is the normal state of human society, and digital private money can coexist with legal electronic money. Open source sharing of distributed information technology has created the Internet of information, we can also use this technology to transfer digital currency, low cost and high efficiency to complete the value transfer
when the audience asked whether blockchain technology could replace legal currency, Wu Xiaoling said that a country would not allow legal currency to be replaced by digital currency
Wang Yongli, former vice president of the Bank of China, said that the Internet clearing system based on Internet companies has graally formed, and Ali shuang12 has impacted the traditional clearing system. When talking about the exploration of super sovereign currency, Wang Yongli said that internet currency systems such as bitcoin and reborn currency need to be verified and worthy of discussion. The future trend of currency development may be super sovereign virtual currency
after Xiao Feng, vice chairman of China Wanxiang holding group, discussed the development of digital currency from the perspective of economic and financial theory, as the only entrepreneur of digital currency instry development in the conference, Li Lin, founder and CEO of fire coin, showed relevant data of the instry. At present, the market value of bitcoin is about 30 billion yuan, and there are about 100000 businesses that accept bitcoin, In addition, he said that digital currency and bitcoin technology are still in the early stage of development, and there will be an outbreak period in the next few years. Li Lin also echoed Wu Xiaoling's point of view. He believed that cryptocurrency is a cross era technology, which is worthy of attention and research of traditional financial institutions. It will greatly improve the efficiency of traditional financial institutions
as for the supervision of digital currency, Shaqian thinks that the state should start with tax supervision, but China's new technology cannot be protected and served by the state at present[ 7]
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 you1. First of all, connect the network cable, plug the network cable into the network cable interface of the mining machine, and remember to plug it tightly. Only when the miner is connected to the Internet, there is no limit to the broadband
extended data
users can buy bitcoin, at the same time, they can also use computers to "mine" bitcoin according to a large number of calculations. When users "mine" bitcoin, they need to use the computer to search for 64 bit numbers, and then compete with other gold miners by repeatedly solving puzzles to provide the required numbers for the bitcoin network. If the user's computer successfully creates a set of numbers, then they will get 25 bitcoins
e to the decentralized programming adopted by the bitcoin system, only 25 bitcoins can be obtained every 10 minutes, and by 2140, the maximum number of bitcoins in circulation will reach 21 million. In other words, bitcoin system is able to achieve self-sufficiency, resist inflation through coding, and prevent others from destroying these codes
2 after successful registration, we will see a message like "your account has been successfully registered and logged in!" on the web page, It means that we have successfully registered and logged in
3 we can click the "dashboard" button in the upper left corner to see the whole monitoring status of the account
note: in this monitoring dashboard, we are most concerned about "total earnings", which is the bitcoin earned by our current account. In the future, as long as we open the website and enter the monitoring dashboard, we can see the relevant information of our account
4 next, please click "Settings" in the navigation bar of the page. In the settings page, we can set the e-mail address, bit wallet address, change the password, etc.
5 if we set the e-mail address in the account, if we forget the password or steal it in the future, we can restore the password through the set e-mail. First, enter our common email address in the "email address" column, and then click the "change" button
6. Next, a confirmation email will be displayed on the page to confirm that it has been sent to our previously set email
7. Then we open our email and find the email sent by BTC guide. Click the confirmation link, and then the page will show that our email has been successfully set
8. If we set email in the account setting, we can also set email notification for the behavior of mining miners. Find the "idle warnings" column on the setting page, click the drop-down list, select the time when you want to send the email, and then click the "change" button on the right. When we set 10 minutes later, if a miner stops mining, the system will automatically send a notification email to our email after 10 minutes. After receiving the email, we knew that the miner was on strike
9 in addition, we are more concerned about the "bitcoin wallet", that is, the wallet address. You don't need to set this address first. It's not too late for me to fill in when I really get bitcoin
10 after the account is set up, we need to set "worker". What is a worker? This is the login account name we will use later on the bitcoin mining client. The system will create a miner name for us by default. The miner name is composed of our registered account name, an underline and a number. For example, our registered account is XXX, and the first miner's name is "XXX"_ 1 "
11 if we want to set multiple miner names, enter a number such as" 2 "in the" create worker "column, and then click the" create "button to add a new miner's account name
12 in the worker settings page, we can also set the mining payment mode of the mine account separately. Payment method, i.e. mining payment method. There are two types to choose from, PPS and PPLNs. The difference lies in the mining mode and handling charge. The handling charge of PPS is 7.5%, while that of PPLNs is 3%. The system adopts PPLNs by default. If you want to change it, please click the "change" button under the payment method
13 in addition, we can also choose the difficulty of mining mode. If our computer has multiple graphics card GPUs or some special machines, we can set the miner's account name under the minimum difficulty
Step 2, download the mining client software
1 after we complete the registration setting, Next, please click "support" in the page navigation menu, and we will see the download link of the client< There are two types of mining client software:
bfgminer: command line operation interface, which can be downloaded directly
cgminer: it is also operated in the command line format, but the download steps are too complicated
let's take bfgminer as an example and click download as shown in the figure
2 then it will jump to the download page of mining tools. There are two formats of mining tools, one is 32-bit system, the other is 64 bit system. According to the number of system bits, download the corresponding tool version
3. The client size of mining tool is less than 5m, which is a zip compressed file. When the download is complete, locate and open the file. Click the right mouse button and select the "" option
4 here, I take paste extraction to the desktop as an example
Step 3, mining client software detailed settings
1 after opening the mining directory, double-click to open the "bfgminer" file under the directory
2 next, look at the BFG minier window and enter the address of the mine pool at the URL. The pool address can be seen in the BTC guide's support page, such as stratum. Btcguild com:3333 , press enter key
3, and then enter the miner's name set on BTC guide website after the user name, press enter key
4, and then enter at will in the password, as shown in the figure
5. Finally, you can see that many numbers are changing, It means mining. It is worth noting that the places marked in the figure indicate the speed of the current machine button
6 in addition to the current mining speed on the mining client software, we can also see the specific mining speed of each miner in the "active worker summary" list on the "dashboard" page of BTC guide website
7 If you want to close the mining tool, you can directly x drop it, You can also directly press the Q key to exit. If you want to open more, you can open another mining tool in the BFG miner directory< Step 4: cgminer command line client software
1 if you really want to mine, the official recommends that we use "cgminer", that is, to run it at the command prompt. Click "support" on BTC guide page, then click "cgminer" download link page, select the corresponding system version
2, then jump to cgminer download page and click the link as shown in the figure
3 and then select a version of cgminer. Here I download a Windows version as an example.
4 take the Windows version of cgminer as an example. After the download, unzip it to the computer.
5 open the cgminer directory, find "cgminer"
6. Double click "cgminer" with the mouse, and a command-line window will pop up, prompting us to enter the URL address of the connection server. Enter "stratum. Btcguild com:3333 ”, press the Enter key on the keyboard
7, and then prompt us to enter "user name", that is, the account name of the miner. Press the Enter key on the keyboard
8, and then enter the password. Press the Enter key on the keyboard
9, and wait for a moment, When the client and the service establish a connection, the machine will start mining
10 to quit mining, please press the "Q" key on the keyboard in the window
tools / raw materials
PC with independent graphics card
precautions
if you are using cgminer, the graphics card must support the display of general computing standard, otherwise you will not be able to mine.
1. First of all, connect the network cable, plug the network cable into the network cable interface of the mining machine, and remember to plug it tightly. Only when the miner is connected to the Internet, there is no limit to the broadband
extended data:
shortcomings
first, the vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
Second, the transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed Thirdly, the price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading Fourthly, the public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless