In my opinion, the mining process requires collecting recent dealings into blocks and attempting to solve a difficult puzzle computation where the pay off, which accelerates bitcoin mining are both the transaction fees connected with the transactions collected in the block as well as the newly released bitcoin.The collected fees is actually the incentive for the miner to be part of the transaction in their block.
Topic: How does mining produce Bitcoin? (Read 89 times)
In the Bitcoin world, a block of data is recorded approximately every 10 minutes. All mining computers are attempting to package this data block to submit, and the person who successfully generates this data block can get a bitcoin reward. Initially, Bitcoin remuneration of 50 Bitcoins can be generated approximately every 10 minutes. But this pay is halved every four years, and Bitcoin networks can now generate 25 bitcoins every 10 minutes.
Bitcoin is derived from running complex program algorithms and currently generates 3,600 SGD per day. In theory, anyone can make Bitcoin by downloading and running software. However, in fact, with the development of Bitcoin, mining equipment competition intensified, the difficulty of mining bitcoin is already very large, need to have very high computational ability to barely exploit.
Correct me if I'm wrong, when you setup your miner, do you sign yourself into a miner pool? If that is the case then the winning pool would distribute the earnings amongst the workers based on how much they contributed to the block mining.
Looking at the previous answer seems to have complicated the problem. The answer to your question is simple: You should not be mining yourself, but you are joining a certain pool. The mine pool collects the miner's computing power to mine. When digging into a block, dividends are made based on the proportion of each person's computing power to the total power. So you will get a bit of Bitcoin.
In a recent translation of a paper by Mr. Nakamoto on the invention of bitcoin, he said in this paper that the generation of bitcoin was calculated by the miners in calculating the optimal hash value, the first one to calculate this hash value The first person in the block will get bitcoin. Others have no success. Read some other references as well. But I myself did not seem to dig, after a period of mining process I have produced a small amount of bitcoin, then since I did not create this block, these coins come from? Is not the calculation of the best block now is not a person, but a group of people? And then calculated according to each person's ability to pay him a certain value of bitcoin?
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