Topic: [Blockchain Classroom] Lesson 25：How do miners mine? (Read 188 times)
Mining bitcoin requires expensive ASIC devices that eats too much power. In initial days it was possible to mine bitcoin using normal computer. As the computing power grows bitcoin algorithm sets its complexity so that specific number of coins are generated.
The mining of Bitcoin has become absurd with the amount of equipment needed just to mine a few pieces of a coin. You practically need to have thousands of dollars invested into some real efficient mining rigs to make a decent amount of Bitcoin to be profitable otherwise it defeats the purpose. I like the idea that people are redeveloping mining into more efficient and cost effective consensus algorithms like delegated proof of stake. Tradition mining isn't targeted at the novice, making the ecosystem feel not so decentralized as one would have thought.
If you want to become a miner, it is actually relatively simple. Buy a dedicated computing device and download the mining software to start mining. Mining does not require the miners to do it themselves. In fact, the computer performs specific operations. Miners only need to ensure the power supply and the network connection of the computer.
Relatively simple... yes, maybe back in the day. Right now, if you want to make some good profits, it isn't an easy task at all as one has to set up a good mining farm consisting of the latest and very expensive efficient mining rigs.When i visited your topic i thought i was going to see a few details of how mining is done (how transactions are picked from the mempool and validated) I am just disappointed to see just a paragraph of information that can not teach a newbie anything about how mining is done.
This doesn't qualify to be a "LESSON"
Fine, mining of bitcoin is not just as easy as to say it, or just to theorize it. In 2017, a friend and I wanted to build a mining farm, we contacted an expert who built rubbish for us and we have to reject it, well till date he is still indebted to us. We later realized we should have just bought bitcoin and trade against the USDT or leave it to grow.
If you want to become a miner, it is actually relatively simple. Buy a dedicated computing device and download the mining software to start mining. Mining does not require the miners to do it themselves. In fact, the computer performs specific operations. Miners only need to ensure the power supply and the network connection of the computer.
It's simple to do it but it's not simple at all if you want to profit. You need good knowledge to choose profitably coins, do some researches about how to take care of your mining tools (air circulation, how to build your rig if you want to mine altcoins, etc), thinking about electricity cost.And most importantly, now you need big capital to do it. Before 2018, many people were saying that mining is a low-risk low return investment, but now it's not.
I think you should consider replying to the comments in any of your lesson threads to make the information that you give more valuable.
Before the rise of the blockchain, miners specifically referred to workers who dig coal mines. The group impression was that people were covered with coal dust, and their skin was dark outside their clothes.
After the birth of the blockchain, miners are no longer just short for coal miners, but have a new meaning: people engaged in virtual currency mining.
Unlike the traditional "miners", miners in the blockchain industry have more scientific and technological colors. The main job of a miner is transaction confirmation and data packaging. If you want to become a miner, it is actually relatively simple. Buy a dedicated computing device and download the mining software to start mining. Mining does not require the miners to do it themselves. In fact, the computer performs specific operations. Miners only need to ensure the power supply and the network connection of the computer.
After the birth of the blockchain, miners are no longer just short for coal miners, but have a new meaning: people engaged in virtual currency mining.
Unlike the traditional "miners", miners in the blockchain industry have more scientific and technological colors. The main job of a miner is transaction confirmation and data packaging. If you want to become a miner, it is actually relatively simple. Buy a dedicated computing device and download the mining software to start mining. Mining does not require the miners to do it themselves. In fact, the computer performs specific operations. Miners only need to ensure the power supply and the network connection of the computer.
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