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Why Bitcoin miners are banned (why Bitcoin cannot be mined)

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Why Bitcoin Miners Disable

Why Bitcoin Miners Disable Bitcoin Mining is one of the oldest concepts in the blockchain industry, but it is also regarded by some people as a “foam”, because it is not as good as people think

But if anyone wants to know why Bitcoin became a foam? The answer is: the environmental impact caused by the impact on the environment will make the entire network healthier, safer, and more decentralized Therefore, for those engaged in digital currency business without any energy consumption, they should understand this issue – Bitcoin mining is not a revolutionary technological change; It is not a technological innovation; But another new thing Nowadays, many articles about Bitcoin mining have appeared, seemingly just to attract more investors to enter and participate in the crypto world. However, we can observe the reasons behind these articles and what the author believes are the main reasons. 1. What is’ prohibited for miners’? Mining companies need to use renewable energy to mine BTC, or use their ASIC equipment to mine BTC, in order to reduce electricity costs. Currently, in most cases, proof of work (PoW) can be performed through ASIC devices to increase the hash rate of Bitcoin. This consensus mechanism allows users to immediately send rewards to a new address (0x000000000219ab540ba5c4ebdbbdcfda6a0b8f1bf9fe2ce3cae7be09f) when trading blocks, and then receive a certain percentage of profits or penalties from it Do mining machine manufacturers have to run their own chips? Mine production machines usually need to have more than 100 computing power of the latest Bitmain S19jPro mining machines, and only a few of the latest generation of Shenma M20s series products can support Bitcoin mining; For example, the Samsung Galaxy 10 series phones can only produce approximately 500000 bitcoins per second Does the mining pool operator have a responsibility to ensure that their customer funds are recovered? According to BitInfoCharts data, as of November 30, 2018, about 60% of mining pools were operated by professionals, and the platform processes small orders from different mines every day, such as recent FPGA projects and even RTX3080. In addition, most miners are seeking to sell their hardware instead of purchasing more equipment. So although some miners choose to sell mining machines at certain times, they start considering selling when prices fall to a low point, and there are also a large number of other miners hoping to sell their own production equipment

Why Bitcoin cannot be mined

Editor’s note: This article is from Carbon Chain Value (ID: cc value), authored by Nick Tomaino, translated as 0x13, and reprinted by the Daily Planet with authorization Why can’t Bitcoin mine? We know that the way to dig Bitcoin is to use ASIC chips to dig Cryptocurrency and conduct transactions; However, the limited number of Bitcoins excavated cannot guarantee a certain degree of decentralization, traceability, and security. So if you want to dig up more Bitcoin, the first thing to consider is whether you can generate a block or at least package a transaction to become one of the only effective participants in the network. This issue is very important In order to solve this problem, two factors must be taken seriously: firstly, the problem of insufficient computing power; secondly, the lack of consensus mechanism in the Bitcoin blockchain itself; Thirdly, due to the fact that Bitcoin does not rely on the verification capabilities of external devices such as CPUs and GPUs, some people believe that these computers may be phased out due to their computing resources. Therefore, there are similarities in both cases. The first reason is that the “difficulty coefficient is too high”, that is, miners use Formula to convert their work proof algorithm into another method to obtain rewards. However, when this situation occurs, the “difficulty coefficient” will become smaller and smaller. The longer the difficulty adjustment process, the less rewards will be obtained, which can make the system more flexible.

According to the rules in the current Bitcoin mining mode, as long as more than 60% of Bitcoin’s total network computing power is running, the entire Bitcoin network can be kept running; In addition, most Bitcoin networks do not support any other type of Proof of work. From a certain perspective, because new hardware is no longer needed, Bitcoin’s network can truly start producing new tokens or creating new business processes. On the other hand, due to the fact that the extracted Bitcoin does not have a fully determined mining time and cost basis, the process of extracting Bitcoin cannot continue indefinitely.

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