Bitcoin Miners! - #Chapter 3- Beginners Guide to Blockchain
Hello Everyone, So we came to the last day of 2017 and 3... 2... 1... ! Happy New Year! Today we are about to talk on Bitcoin Miners. This will be our Chapter 3 in BlockChain , so without wasting any time lets move to the lesson...
Bitcoin Miners!
Bitcoin has a group of people which are called as "Bitcoin Miners", the job of miners is to check and verify every transaction which falls under the bitcoin block chain . This miners actually do all the mathematical and cryptographical work and hence they need good machines. In bitcoin block chain, a massive chunk of data has to be processed within the block creation limit of 10 Minutes and this all jobs are done by Super Computers.
Why we use mathematical approach in Bitcoin?
The reason behind this is to make every transaction temper proof and to do this strong calculation is needed. Thus, the strong backend of Bitcoin Blockchian is lie under Mathematical Cryptography. Computers are gifted by the good knowledge of Mathematics and Numbers,but Cryptography can be said as Advanced version of Mathematics. Unlike, we do decoding or solving mathematical problems, cryptography is metaphor and is used to encrypt or to encode the data to maintain the security integrity of Bitcoin Block Chain.
Facts
Zero is an even number.
The Role of Bitcoin Miners!
Miners perform calculation to validate information by solving the problems using Mathematical Cryptography. Solving takes a lot of CPU power as there are hard cryptography problems and the task of every miner is to solve this problem as fast as possible. As soon as someone completes the calculation ,that person is rewarded by asset called Bitcoin. And the prize of solving this works is 12.5 Bitcoin. That's why there are large number of Miners nowadays!
Definition Of Miner
Facts
There is a lost Hard Drive which got 7,500 Bitcoins can be found in Newport landfill.
Can we use General Computer to mine Bitcoin?
A BIG NO!!
General computers aren't designed to mine bitcoin. Mining bitcoin requires a good setup along with coolant which is used to lower down the temperature of CPU. Still there are clients available online which can help you to mine bitcoin but unless and until you are tired of your computer,never do mining on it. The reason is you will get very small part of bitcoin and on other side you will get hefty electric bills and you will end up converting your computer in junk!
How Miners work?
Lets take an example!
Think that there is a room filled up with 100 Bitcoin miners.All are solving cryptography using their machine. But there is only 1 person who will get the reward of 12.5 Bitcoin and the reason is that you have to complete the work within 10 minutes. So the one who is faster will take all! But wait, rest of 99 people who lost were the judge who will test the work of that 1 winner. So this 99 people will ensure that the work is correct and verified then only the winner will get the reward. So every person matters in bitcoin Block Chain!
After completion of work
Facts
There are currently 501890 Blocks in Bitcoin Blockchain! And increasing...
That's all in this Chapter!
We will see more about miners in upcoming chapters...
Want to read ch1 and chp2?
Time to Notify you....
Do upvote and follow me for more...
Till then live-love-laugh....
Happy New Year!
good read thanks! I'm slowly starting to learn about the crypto stuffs
following
Thank you as well! Happy new year! I will notify you on upcoming chapters
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