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What is blockchain mining (what is the principle of making money from blockchain mining)

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What is blockchain mining (what is the principle of making money from blockchain mining)

What is blockchain mining According to publicly available information, there are currently two forms of Bitcoin mining machines on the market. One is a crypto digital currency (BTC) represented by Ant S9 produced in Bitmain, and the other is a new type of ASIC mining machine jointly developed by the China Computer Federation and the University of Electronic Science and Technology of China of China Science and Finance. These new devices are based on Ethereum network. In this case, it is possible to optimize the computing power of existing Bitcoin mining machines, reduce costs, and increase the usage and revenue of the machines. And blockchain technology can solve this problem

What is the principle of making money from blockchain mining

Editor’s note: This article is from Orange Book (ID: chengpishu), written by Wang Jiajian, and published by Planet Daily with authorization What is the principle of blockchain mining to make money? Simply put, it means obtaining rewards or paying transaction fees or other forms of income through transactions conducted online. This is the same process as for ordinary people to obtain information. In real life, many people participate in it in order to gain profits. But as more and more internet platforms begin to enter this industry, people are also beginning to focus their attention on blockchain technology. “Digging” refers to the operation of people who use computer equipment to run programs, that is, to dig a certain Cryptocurrency with their own mobile phones or computers. For example, you can purchase a Bitcoin, a Ethereum, and other virtual currencies as well as tokens created by yourself. Then users can start mining in this system, which can earn corresponding profits. When the smart contract application software on your phone or computer is installed, it will automatically execute the code. If you want to continue playing games, you need to download a new set of apps to make it a new type of digital asset for everyone to play with. So what is the principle of blockchain mining to make money? There are actually several important aspects, including:

1. How to utilize the characteristics of blockchain technology to protect the security and privacy of data storage

2. In various blockchain ecosystems, how to ensure the credibility of data sources and prevent Data breach when malicious acts occur

3. What scenarios do you start from to make money? Firstly, it is necessary to understand the working principle and process of blockchain mining There are currently two popular methods in the market: one is to directly improve mining efficiency by increasing computational power or adjusting algorithms. This method is called hardware optimization, and if the reduction in computing power is converted into an increase in computing power, the speed of block extraction is faster; The second approach is called “cloud services”, which helps reduce power costs and save a lot of energy by providing resources to node services, thereby enabling more enterprises to join and develop in the blockchain field Another method is to rely on CPU resources to increase the difficulty of mining, for example, many large servers are now powered on. However, due to the shortage of CPU resources, many new machines cannot operate normally and problems may occur. So the high energy consumption generated by mining can be a very unfriendly approach for those who have worked in research and development.

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