What Does Mining Rejection Mean? (What Does High Mining Rejection Rate Indicate?)

08/16/2023 16:20 • Metaverse & Beyond • 51 views

What does mining rejection mean? What does mining rejection number mean? In the Bitcoin blockchain, we often hear the term “mining rejection”. In fact, “mining rejection number” means that if the computing power of a node reaches a certain threshold (for example, a new block appears every 10 minutes), then the entire network cannot be packaged into an invalid transaction. Therefore, when a small payment calculates a certain amount, it actually confuses or frustrates some participants. Therefore, for users who are unwilling to accept these requirements, their choices may impose a heavy burden on the system.

What Does High Mining Rejection Rate Indicate?

Editor’s note: This article is from the Wind and Fire Wheel community (ID: FHBT18), authored by Peipei, authorized and reprinted by Odaily Planet Daily.

Hello everyone, I am Peipei who loves the West. The funniest thing in the currency circle is when the miners are rejected! In fact, it is very normal for many people to be dissatisfied with mining or choose to shut down. Many times they don’t have any problems at all, so what is the reason behind this situation? Today I will talk about the reasons behind it:

1. Because the price of this currency is too high, and it is not cheap. Generally, there needs to be a relatively low threshold. For example, if you want to buy a mining machine, the electricity cost needs to exceed 5,000 yuan. Now, if you don’t want to directly buy mainstream coins like Bitcoin, you only need a computer and two smartphones to mine. If someone is really willing to do a certain project, they can only use their own cloud computing power and graphics card. But for some newbies, they may consider mining with their own graphics card, after all, ordinary people may not be able to easily obtain substantial rewards in this way.

2. Why does such a mechanism exist? First, it has two advantages: 1. Its cost is slightly higher than other platforms, so users can also bear the corresponding losses according to their own ability to bear risks; 2. Its transaction processing speed is faster than the average of other platforms, with tens of thousands of transactions per second. That is to say, your transactions are safer.

3. In addition to transaction fees, it can also enjoy better network performance and a larger user group. For example, you can use your own private key to find other public chain nodes to mine blocks and then transfer them to your friends; 4. It also allows exchanges to support user withdrawals. However, at present, most exchanges still use third-party custody methods led by Binance to accept withdrawals, so from this perspective, there should be several improvements:

1. Through centralized exchanges, users can quickly obtain coins and can withdraw at any time without worrying about account fund loss and other issues. 2. Another point is that when mining in certain countries or regions, you need to first register a domestic exchange, so that all the tokens stored in your account can be frozen, thus avoiding the occurrence of asset freezing for users. 3. Of course, many exchanges have also launched new products, such as eosio, which are actively involved.

4. These products themselves do not have much value. However, I think this technology does have some potential. However, there are some shortcomings, just like projects like Sushi and Uniswap. Therefore, what I said above is that I don’t think all mining will be affected by the so-called “anti-censorship” nature in the blockchain industry.

Now let me explain this part of the problem.

1) Overview of high mining rejection rate. Since most mining activities belong to speculative activities, some things may become a means for investors to profit.

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What Does Mining Rejection Mean? (What Does High Mining Rejection Rate Indicate?)

What Does High Mining Rejection Rate Indicate?

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