[Blah-Chain : Talk22. How to mining]
“Mining” originally means that a person digs out minerals from the ground. However, when it comes to Blockchain Technology, mining means to mine cryptocurrency instead of minerals.
It’s been said that it’s called “mining” since getting rewards is as tricky as getting gold from a mine.
Then how to mine in the Blockchain technology?
The first miner who solved a math problem takes the authority to create a new block and get a reward.
Miners solve the same math problems regularly, for example, miners solve math problems every 10 minutes when it comes to Bitcoin since the block is created every 10 minutes.
In 2009, when Bitcoin came out for the first time, people could mine easily with their computing power. However, due to an increase in high functioning mining equipment and the difficulty of a math problem, an opportunity to get rewards has been reduced.
like products can be more expensive when it is in high demand, Blockchain ecosystem provides a specific amount of rewards so it makes the math problems more difficult. And it required high quality of computing equipment.
Mining Bitcoin was available with CPU or GPU for the first time but these days professional mining equipment is required to mine. When it comes to Bitcoin, for example, the mining method has been changed like CPU → GPU → FPGA → ASIC.
But not every blockchain system can be maintained with the same mining methods. because how to mine actually depends on the blockchain consensus.
For example, MicroBitcoin is suitable to be mined by CPU, GPU miners, and the consensus algorithm ‘Rainforest’ is intended for decentralized mining, resisting to ASIC.
There are several ways to mine depending on types of consensus algorithms and Blockchain system.
