What is mining fever (what mining is)

What is mining heat? What is mining heat? Why is there a phenomenon of “mining fever”? This article will explain through the following three aspects. First, the mining of Cryptocurrency is a revolutionary technology, which can change the rules of the game. The blockchain industry needs to keep pace with other technologies in terms of consensus mechanisms; Second, mainstream digital assets such as Bitcoin and Ethereum have entered the adoption cycle. These new virtual currencies have unique functions and are used to counter the impact of price increases The third question is whether the popularity of mining is increasing. Although the current price of Bitcoin fluctuates greatly, as more and more investors flock to the market and purchase Bitcoin, this situation may continue as more people begin to pay attention to its value proposition The fourth reason is the decline in mining machine performance. Due to the design purpose of ASIC chips being new equipment designed to improve efficiency, when ASIC chips become powerful enough, it will lead to a surge in demand for mining hardware. This means that some companies are starting to look for potential market opportunities to develop new products or optimize their business processes (such as computing power). If such demand growth occurs, the difficulty of mining Bitcoin will increase, making the Bitcoin network more reliable and easier to obtain more profits. The last factor is the increasing network usage of Bitcoin The fifth point is a very important variable, which is the problem that Bitcoin has been facing since its development: miners are not aware of this problem and they hope to find the most suitable way to solve it; Or just to cope with such a situation, they must consider how to best utilize this change to improve their system, such as the Proof of Work (PoW) algorithm and various other parameter changes

What is mining

Mining refers to encrypting and decoupling computer hardware through a network for peer-to-peer transactions

Blockchain technology can enable information and assets to be stored and circulated openly, transparently and tamper free, thus making the digital economy operate and develop more fairly and efficiently. In the traditional The Internet Age, data is widely used and used in various applications. But currently, there is still no unified standard for virtual currencies such as Bitcoin to support their value transmission and payment. Therefore, we need to note that mining is a complex process that mainly involves three steps: the first step is to obtain accounting rights; The second step is to collect data from the blocks in order to further calculate their true and valid hash values; The third step is to generate random numbers (such as CPU count or RAM capacity) within the system, then use these data to create corresponding blocks, and then perform final confirmation.