Just as paper is the only way to make conventional currency, ‘Bitcoin’ is created virtually only through ‘mining’. However, a bitcoin user can earn this cryptocurrency in different ways. But mining is the only way to make bitcoin.
What is ‘mining’?
The first thing that comes to mind about Bitcoin mining is that mining is a very competitive business and a relatively small number of Bitcoin users are involved.
For a normal user, ‘mining’ is possible only when the matter is being done only for the sake of will, where the matter of profit is very minor. Or it can be made efficiently by hand for profit purposes.
Bitcoin mining is basically as difficult a task as extracting gold from a gold mine, hence the name. Bitcoin that is 'mined' is called 'bitminer'. Minor ‘mining’ using computer programs running on specialized hardware.
Before knowing the subject of ‘mining’, it is necessary to know the mathematical function ‘hash function’. A hash function is one that will give a seemingly simple (random) output with an input, but extracting input from the output is difficult, in many cases even impossible. And the same output will come every time as opposed to the same input. For example, if we apply the function to p, hash (p) = q. Here the meaning of q is known and p is unknown, in most cases it is impossible to know the meaning of p. If the value of p does not change, the hash (p) will always be q. However, in the case of a good ‘hash function’, p and q carry different values, i.e. are unique.
Bitcoin mining hash function SHA-256 is used. SHA (Secure Hash Algorithm) This hash function, designed by the United States National Security Agency (NSA), was first published in 2001. It is completely impossible to break this system which is very important for security.
Theoretically, hashing and encrypting a message will result in n-amount bits (bit means 0 or 1 in computer programming language). According to the Brute Force method, the detected ঐ encrypted message will have 2 ^ n-steps of the corresponding message. Again, two messages can be found in the Birthday Attack Method, which also results in n-bit, but will require 2 2 (n / 2) steps. The bigger the n here, the harder the subject. In SHA-256 this calculation is done with 32 or 64-bit word.
There is no suitable algorithm for solving many problems in computer science. The process of working on other possible issues to solve such problems until the expected solution is found is called Brute Force Method. A lot of the solution or force of the body is the kind of mulluk.
Bitcoin mining refers to the creation of bitcoins by solving difficult mathematical problems through computer programming. Basically, using this SHA-256 function, a block chain is created across blocks one by one. The feature of these is that it is impossible to reverse the previous block by looking at a block, and it is possible to fully verify this blockchain. Because no more than one output will be created from one input.
Bitcoin currency is limited to 21 million
One controversial issue with Bitcoin is that over time, the amount of Bitcoin currency will be limited to 21 million. Which no longer grows. Every 4 years the total number of bitcoins will halve, and by 2140 the total number of bitcoins will have stopped at 21 million, which will never increase.
Which no longer grows. Every 4 years the total number of bitcoins will halve, and by 2140 the total number of bitcoins will have stopped at 21 million, which will never increase.