On January 3, 2009, Nakamoto dug out the first bitcoin and left a never modifiable phrase in the founding block, "the time 03 / Jan / 2009 Chancellor on brink of second Baidu for banks". It marks the original intention of bitcoin

Around 2011, bitcoin mining entered the vision of a group of Chinese Internet cafe teenagers, so far bitcoin has taken root in China.

In 2012, starting with the announcement of ASIC miner by butterfly Laboratory of the United States, a battle of bitcoin miner hegemony was launched.

Until recently, bitcoin miner bitcoin continental announced its IPO, with a peak value of $15 billion. There is no denying that bitcoin mining has become a huge industry with a value of hundreds of billions, and with the development of the market (the total value of the digital money market is going to trillions of dollars), the industry will become larger and larger. If you have read our last article, "what is the meaning of mining", you can understand why this result occurs. Today, I'd like to tell you something about the lower level. What was the principle of bitcoin mining at first?

The mining principle of bitcoin is simply a data recording process. As we all know, bitcoin is actually the most famous application of blockchain technology, and the essence of blockchain is a database that everyone can participate in data processing, such as data updating and recording.

Then every once in a while, someone needs to collect and process the transaction data that has not been confirmed by everyone before. The problem is that blockchain is a decentralized system, which means that there is no so-called company or team to actively maintain the operation of the network. Who will do the work? We can't help you work for no reason, can we? In addition, when there are more people involved in data processing, it is also a problem to record the processed data.

Bencong, the original founder of blockchain, has designed a special mechanism. Everyone can participate in data processing. Whoever processes the fastest and the best can get the bookkeeping right of data and get the corresponding bitcoin reward (this is actually the issuing process of bitcoin). So the essence of mining mechanism is to solve the above two problems.

But the "fastest and best" is clearly going through a series of processes:

First, the miners (the people who process the data) should collect the original transaction information that has not been recorded, check whether there is any problem with the information, and gather it into a data block.

And every once in a while (about 10 minutes or so), you need to process the data, and only one person can make a successful bookkeeping. After packing the data blocks, the miners need to solve a series of cryptography problems to fight for the only accounting power. This cryptography problem is to find a hash value through a large number of calculations, also known as hash value. Because the hash operation applied in it is irreversible, it is very difficult to find the hash value that meets the requirements.

When the miners find the hash value that meets the requirements, they can broadcast their own processing results to the whole network. Other miners receive and test the block for compliance. If most of them feel that there is no problem and meet the requirements, then the data block packed by the miner will be connected to the whole blockchain, accepted by everyone, and get the corresponding bitcoin reward.

This is how bitcoin mining works. The whole process is a bit like a pirate king leaving a lot of gold and silver jewelry. Then he said to everyone, go find it. Whoever can find the key to open my treasure door will get all my wealth.

Of course, this is just xiaokjun, taking bitcoin as an example, talking about the role of mining in the blockchain. In general, mining is an important link in the blockchain ecology. It not only solves the problem of who will handle the data, but more importantly, it enables more and more people to participate in the construction of the blockchain network. The more people participate, the more decentralized the whole blockchain, The more people involved in data validation, the more secure our information and data will be.

With the large-scale popularization and application of blockchain, the mining industry will become larger and larger. I believe that in the future, mining may become a social level basic industry like AI data trainers in the artificial intelligence industry. At that time, miners changed the world, not just talk about it!

Welcome to the previous article ："jokining talk" about blockchain

🤩“Joking Talk” About Blockchain | First Lecture : What Is Blockchain❓

🤩“Joking Talk” About Blockchain | Second Lecture : Why Blockchain Is Called Blockchain❓

🤩“Joking Talk” About Blockchain | Third Lecture : Characteristics of blockchain - decentralization❗

🤩“Joking Talk” About Blockchain | Fourth Lecture : The Principle Of Block Chain Operation❗

🤩“Joking Talk” About Blockchain | Fifth Lecture : What Does Mining Mean❓

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