This chapter introduces Bitcoin Mining.
What Is Bitcoin Mining
Computation Effort of Bitcoin Mining
Bitcoin Mining Machine - "Miner"
Bitcoin Mining Farm
Bitcoin Mining Pool
Is Bitcoin Mining Profitable
- Bitcoin mining is the activity of building a new Bitcoin block
that meets the cryptographic difficulty requirement and collecting the reward.
- As of 2018, Bitcoin mining of a single new block requires an average
of 8 ZH (Zetta SHA256 Hashes) = 8,000,000,000,000,000,000,000 SHA256 hash
- Mining a new Bitcoin block will take 63,419,583 years for one desktop
computer capable to perform 4 MH/s (Mega SHA256 Hashes per Second) to finish.
- Bitcoin miners are ASIC (Application-Specific Integrated Circuit)
computers designed to only carry out SHA256 hash operations.
- As of 2018, Antminer 9S is the fastest Bitcoin miner
that can carry out 14 TH/s.
- Mining a new Bitcoin block will take 18 years for a single Antminer 9S
- Bitcoin mining farm runs thousands of Bitcoin miners attached together
to reduce the mining time.
- Bitcoin mining pool remotely connects thousands mining farms or single miners
together to reduce the mining time and share profit.
- As of 2018, the largest Bitcoin mining pool is Antpool,
which has a total capacity of 3,200 PH/s.
It can mine a new Bitcoin block in 42 minutes.
Table of Contents
About This Book
Introduction of Bitcoin
Bitcoin-Qt - Bitcoin Core GUI
Bitcoin Consensus Rules
Bitcoin Block Data Structure
Bitcoin Transaction Data Structure
Bitcoin Blockchain APIs
Copay - Bitcoin Wallet
Full Version in PDF/EPUB