Bitcoin miner là gì

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Euny Hong is the former supervising editor at hawacorp.vn. She is also the author of two critically-acclaimed, published books.

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Julius' business experience is dynamic and includes leading the finance và operations management teams of companies in multiple industries which include real estate, logistics, financial services, & non profit organizations.

What Is Bitcoin Mining?

Bitcoin mining is the process by which new bitcoins are entered inlớn circulation, but it is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve sầu extremely complex computational math problems.


Cryptocurrency mining is painstaking, costly, và only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto lớn tokens. This may be because entrepreneurial typessee mining as pennies from heaven, lượt thích California gold prospectors in 1849. And if you are technologically inclined, why not vì it?


However, before you invest the time và equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin (throughout, we"ll use "Bitcoin" when referring lớn the network or the cryptocurrency as a concept, và "bitcoin" when we"re referring to a quantity of individual tokens).


By mining, you can earn cryptocurrency without having lớn put down money for it.Bitcoin miners receive sầu Bitcoin as a reward for completing "blocks" of verified transactions, which are added to lớn the blockchain.Mining rewards are paid lớn the miner who discovers a solution to lớn a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.You need either a GPU (graphics processing unit) oran application-specific integrated circuit(ASIC) in order lớn phối up a mining rig.

A New Gold Rush

The primary draw for many mining is the prospect of being rewarded with Bitcoin. That said, you certainly don"t have sầu lớn be a miner to lớn own cryptocurrency tokens.You can alsobuy cryptocurrencies using fiat currency; you can trade it on an exchange lượt thích Bitstamp using another cryplớn (as an example, using Ethereum or NEO to lớn buy Bitcoin); you even can earn it by shopping, publishing blog postson platforms that pay users in cryptocurrency, or even phối up interest-earning crypto lớn accounts.


An example of a crypto blog platform is Steemit, which is kind of lượt thích Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called STEEM.STEEM can then be traded elsewhere for Bitcoin.


The Bitcoin reward that miners receive is an incentive sầu that motivates people khổng lồ assist in the primary purpose of mining: to lớn legitimize and monitor Bitcoin transactions, ensuring their validity. Because these responsibilities are spread aao ước many users all over the world, Bitcoin is a "decentralized" cryptocurrency, or one that does not rely on any central authority like a central bank or government to oversee its regulation.


How to lớn Mine Bitcoins

Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions. This convention is meant to lớn keep Bitcoin users honestand was conceived by Bitcoin"s founder, Satoshi Nakamolớn. By verifying transactions, miners are helping to prevent the "double-spending problem."


Double spending is a scenario in which a Bitcoin owner illicitly spends the same bitcoin twice. With physical currency, this isn"t an issue: once you hand someone a $20 bill khổng lồ buy a bottle of vodka, you no longer have it, so there"s no danger you could use that same $20 bill to buy lotkhổng lồ tickets next door. While there is the possibility of counterfeit cash being made, it is not exactly the same as literally spending the same dollar twice. With digital currency, however,as the hawacorp.vn dictionary explains, "there is a risk that the holder could make a copy of the digital token and send it lớn a merchant or another party while retaining the original."


Let"s say you had one legitimate $trăng tròn bill & one counterfeit of that same $20. If you were khổng lồ try to spend both the real bill & the giả one, someone that took the trouble of looking at both of the bills" serial numbers would see that they were the same number, and thus one of them had to lớn be false. What a Bitcoin miner does is analogous to lớn that—they check transactions to lớn make sure that users have sầu not illegitimately tried khổng lồ spover the same bitcoin twice. This isn"t a perfect analogy—we"ll explain in more detail below.


Once miners have sầu verified 1 MB (megabyte) worth of Bitcoin transactions, known as a "bloông chồng," those miners are eligible lớn be rewarded with a quantity of bitcoins (more about the bitcoin reward below as well). The 1 MB limit was set by Satoshi Nakamoto lớn, and is a matter of controversy, as some miners believe sầu the bloông xã kích thước should be increased to lớn accommodate more data, which would effectively mean that the bitcoin network could process and verify transactions more quickly.


chú ý that verifying 1 MB worth of transactions makes a coin minereligibleto lớn earn bitcoin—not everyone who verifies transactions will get paid out.


1MB of transactions can theoretically be as small as one transaction (though this is not at all common) or several thousand. It depends on how much data the transactions take up.


"So after all that work of verifying transactions, I might still not get any bitcoin for it?"

That is correct. To earn bitcoins, you need to meet two conditions. One is a matter of effort; one is a matter of luck:


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The good news: No advanced math or computation is involved. You may have sầu heard that miners are solving difficult mathematical problems—that"s not exactly true. What they"re actuallydoing is trying to bethe first miner to lớn come up with a 64-digit hexadecimal number (a "hash")that is less than or equal to the target hash. It"s basically guesswork.


The bad news: It"s guesswork, but with the total number of possible guesses for each of these problems being on the order of trillions, it"s incredibly arduous work. In order lớn solve a problem first, miners need a lot of computing power. To mine successfully, you need to have sầu a high "hash rate," which is measured in terms of megahashesper second (MH/s), gigahashes per second (GH/s), và terahashes per second (TH/s).


If you want to estimate how much bitcoin you could mine with your mining rig"s hash rate, the site Cryptocompare offers a helpful calculator.


Mining and Bitcoin Circulation

In addition lớn lining the pockets of miners & supporting the Bitcoin ecosystem, mining serves another vital purpose: It is the only way to lớn release new cryptocurrency inlớn circulation. In other words, miners are basically "minting" currency. For example, as of Nov. 20trăng tròn, there were around 18.5 million bitcoins in circulation.


Aside from the coins minted via the genesis bloông chồng (the very first bloông xã, which was created by founder Satoshi Nakamoto), every single one of those bitcoins came inkhổng lồ being because of miners. In the absence of miners, Bitcoin as a network would still exist và be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million.


However, because the rate of bitcoin "mined" is reduced over time, the final bitcoin won"t be circulated until around the year 2140. This does not mean that transactions will cease lớn be verified. Miners will continue khổng lồ verify transactions & will be paid in fees for doing so in order lớn keep the integrity of Bitcoin"s network.


Aside from the short-term Bitcoin payoff, being a coin miner can give sầu you "voting" power when changes are proposed in the Bitcoin network protocol. In other words, miners have a degree of influence on the decision-making process on such matters asforking.


How Much a Miner Earns

The rewards for Bitcoin mining are reduced by half every four years. When bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved lớn 25 BTC. By năm nhâm thìn, this was halved again to lớn 12.5 BTC. On May 11, 20đôi mươi, therewardhalved again khổng lồ 6.25BTC. In November of 2020, the price of Bitcoin was about $17,900 per bitcoin, which means you"d earn $111,875 (6.25 x 17,900) for completing a block. Not a bad incentive sầu to lớn solve sầu that complex hash problem detailed above sầu, it might seem.

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If you want lớn keep traông chồng of precisely when these halvings will occur, you can consult the Bitcoin Cloông chồng, which updates this information in real-time. Interestingly, the market price of Bitcoin has, throughout its history, tended lớn correspond closely to the reduction of new coins entered inkhổng lồ circulation. This lowering inflation rate increased scarcity and historically the price has risen with it.


If you are interested in seeing how many blocks have sầu been mined thus far, there are several sites, includingBlockchain.info,that will give youthatinformation in real-time.


What Do I Need to lớn Mine Bitcoins?

Although early on in Bitcoin"s history individuals may have been able lớn compete for blocks with a regular at-trang chủ computer, this is no longer the case. The reason for this is that the difficulty of mining Bitcoin changes over time.


In order to lớn ensure the smooth functioning of the blockchain và its ability lớn process & verify transactions, the Bitcoin network aims to lớn have sầu one bloông chồng produced every 10 minutes or so. However, if there are one million mining rigs competing khổng lồ solve the hash problem, they"ll likely reach a solution faster than a scenario in which 10 mining rigs are working on the same problem. For that reason, Bitcoin is designed to evaluate and adjust the difficulty of mining every 2,016 blocks, or roughly every two weeks.


When there is more computing power collectively working lớn mine for bitcoins, the difficulty cấp độ of mining increases in order khổng lồ keep blochồng production at a stable rate. Less computing power means the difficulty cấp độ decreases. To get a sense of just how much computing power is involved, when Bitcoin launched in 2009 the initial difficulty cấp độ was one. As of Nov. 2019, it is more than 13 trillion.


All of this is to say that, in order to mine competitively, miners must now invest in powerful computer equipment lượt thích a GPU (graphics processing unit) or, more realistically, an application-specific integrated circuit (ASIC). These can run from $500 to lớn the tens of thousands.Some miners—particularly Ethereum miners—buy individual graphics cards (GPUs) as a low-cost wayto lớn cobble together mining operations.


The photo below is a makeshift, homemade mining machine.The graphics cards are those rectangular blocks with whirring fans.lưu ý the sandwich twist-ties holding the graphics cards khổng lồ the metal pole. This is probably not the most efficient way to mine, & as you can guess, many miners are in it as much for the fun and challenge as for the money.


The "Explain It Like I'm Five" Version

The ins và outs of Bitcoin mining can be difficult khổng lồ understvà as is. Consider this illustrative example of how the hash problem works: I tell threefriends that I"m thinking of a number between one and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don"t have sầu lớn guess the exact number; they just have sầu lớn be the first person to guess any number that is less than or equal tothe number I am thinking of. And there is no limit to how many guesses they get.


Let"s say I"m thinking of the number 19. If Friover A guesses 21, they thảm bại because of 21>19. If Friend B guesses 16 and Friover C guesses 12, then they"ve sầu both theoretically arrived at viable answers, because of 16 orphan blochồng." Orphan blocks are those that are not added khổng lồ the blockchain. Miners who successfully solve the hash problem but who haven"t verified the most transactions are not rewarded with bitcoin.


0000000000000000057fcc708cf0130d95e27c5819203e9f967ac56e4df598ee

The number above has 64 digits. Easy enough lớn underst& so far. As you probably noticed, that number consists not just of numbers, but also letters of the alphabet. Why is that?


"Hexadecimal," on the other hand, means base 16, as "hex" is derived from the Greek word for six và "deca" is derived from the Greek word for 10.In a hexadecimal system, each digit has 16 possibilities. But our numeric system only offers 10 ways of representing numbers (zero through nine). That"s why you have sầu to lớn stiông chồng letters in, specifically letters a, b, c, d, e, and f.


If you are mining Bitcoin, you vì chưng not need to lớn calculate the total value of that 64-digit number (the hash). I repeat: You do not need to lớn calculate the total value of a hash.



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Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope?


In theory, you could achieve sầu the same goal by rolling a 16-sided die 64 times to lớn arrive at random numbers, but why on earth would you want to lớn bởi that?


The screenshot below, taken from the site Blockchain.info, might help you put all this information together at a glance. You are looking at a summary of everything that happened when blochồng #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on top. The term "Relayed by Antpool" refers to the fact that this particular bloông xã was completed by AntPool, one of the more successful mining pools (more about mining pools below).


As you see here, their contribution lớn the Bitcoin community is that they confirmed 1768 transactions for this bloông xã. If you really want lớn see all 1768 of those transactions for this block, go lớn this page và scroll down khổng lồ the heading "Transactions."



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(source: Blockchain.info)


Here are some examples of randomized hashes and the criteria for whether they will lead khổng lồ success for the miner:



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You"d have khổng lồ get a fast mining rig, or, more realistically, join a mining pool—a group of coin miners who combine their computing power & split the mined Bitcoin. Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse và agree khổng lồ mô tả any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners.



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(Source: Cryptocompare)


"I've sầu done the math. Forget mining. Is there a less onerous way to profit from cryptocurrencies?"

As mentioned above, the easiest way lớn acquire Bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the "pickaxe strategy." This is based on the old saw that during the1849 California gold rush, the smart investment was not to lớn pan for gold, but rather lớn make the pickaxes used for mining.


To put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe pháo equivalent would be a company that manufactures equipment used for Bitcoin mining. You may consider looking inkhổng lồ companies that make ASICs equipment or GPUs instead, for example.


Is Bitcoin Mining Legal?

The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies & government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places.


Bitcoin ownership and mining are legal in more countries than not. Some examples of places where it is illegal are Algeria, Egypt, Morocteo, Bolivia, Ecuador, Nepal, và Pakischảy. Overall, Bitcoin use & mining are legal across much of the globe.


Risks of Mining

The risks of mining are often that of financial risk & a regulatory one. As mentioned, Bitcoin mining, và mining in general, is a financial risk. One could go through all the effort of purchasing hundreds or thousands of dollars worth of mining equipment only to lớn have sầu no return on their investment. That said, this risk can be mitigated by joining mining pools. If you are considering mining & live in an area that it is prohibited you should reconsider. It may also be a good idea khổng lồ research your countries regulation and overall sentiment towards cryptocurrency before investing in mining equipment.


One additional potential risk from the growth of Bitcoin mining (and other proof-of-work systems as well) is the increasing energy usage required by the computer systems running the mining algorithms. While microchip efficiency has increased dramatically for ASIC chips, the growth of the network itself is outpacing technological progress. As a result, there are concerns about the environmental impact and carbon footprint of Bitcoin mining.

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There are, however, efforts to lớn mitigate this negative sầu externality by seeking cleaner & green energy sources for mining operations (such as geothermal or solar), as well as utilizing carbon offset credits. Switching lớn less energy-intensive consensus mechanisms lượt thích proof-of-stake (PoS), which Ethereum is planning khổng lồ do, is another strategy; however, PoS comes with its own set of drawbacks và inefficiencies.