What is legitimate mining machine mining (what is mining machine mining)
What is legitimate mining machine mining? According to CoinTelegraph, a recent
What is legitimate mining machine mining? According to CoinTelegraph, a recent news article exposed what is considered legitimate mining machine mining. According to reports, on December 28, 2017, Wu Jihan, the co-founder of Bitmain, tweeted, “I have a machine called S19jPro (Shenma M20s), which can mine 5 bitcoins per day.” However, subsequent reports indicated that the production date and price of this mining machine did not change significantly, but instead opted for a “shutdown” mode for sales.
Now, many media outlets have expressed their intention to shut down mining operations. The reason is that some illegal individuals in China have directly sold their mining power to certain individuals or exchanges through the internet, and then illegally traded digital currencies for profit through these channels. Therefore, many people believe that this market trend may only be the beginning. “We all know that the price of bitcoin has been continuously falling recently, and many investors are worried about this situation.”
What is mining machine mining?
Mining machine mining is a relatively popular emerging phenomenon in the blockchain industry, mainly involving the following three aspects: hardware-based cryptocurrency mining, digital asset trading and circulation supported by computing power, and other activities.
The Bitcoin network was established in 2009, and today, billions of dollars’ worth of cryptocurrencies are being generated through this method. The concept of “mining” was initially proposed because many people were interested in so-called virtual currency mining. However, now many investors also invest in the mined coins. Therefore, some people have proposed a concept called “mining”. In fact, tokens are mined, which is what we call token issuance (Token Offering).
In simple terms, it means using a machine to buy chips from a specific brand, then putting these chips in the machine, and selling them to others in exchange for certain goods or services. After that, the coins are either bought back into one’s own wallet, or a portion of the profit is spent. This is a method that uses the algorithm produced by ASIC devices. It can dynamically adjust parameters and set difficulty, block size, and hash rate according to different demands, in order to ensure the normal operation and security of the system. Of course, problems can also occur due to various reasons, such as “mining”, “rising price of coins”, and so on, which can cause great uproar. (This article is from Bitcoin.com)
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