What mining machine is used for Bitcoin Cash (What mining pool is used for Bitcoin)

08/17/2023 23:43 • Tech Trends • 65 views

What mining machine is used for Bitcoin Cash? The low-cost mining machine used is the Antminer S9Pro+.

Bitcoin Cash adopts the SHA256 algorithm, POW and POS hybrid consensus mechanism, and obtains block rewards through hash competition. The total difficulty coefficient of each new block is calculated based on the transaction hash value, which is 2 exahash (EH/s). With the development of the network, the addition of ASIC mining machines will have an impact on the growth of the global network computing power. For example, Ethereum can process about 100,000 transactions per second; Bitmain can support about 150,000 blocks per second; Microsoft can handle nearly one million blocks per second, but this is still less than $1,000 in Bitcoin Cash mining revenue.

What mining pool is used for Bitcoin

Editor’s note: This article is from BlockBeats (ID: BlockBeats), authorized and reproduced by Odaily Star Daily.

A Bitcoin mining pool refers to a system that shares computing power by mining the mined cryptocurrency. Usually, the network is brought to a centralized platform, and users run their own wallets to store Bitcoin. There are generally two types of such services: one is to directly generate transaction outputs using encryption algorithms on servers; the other is to provide computing power through smart hardware. These software can help miners achieve peer-to-peer network effects or data transfer processes to obtain rewards and profits, thereby achieving more efficient and efficient data processing goals.

Since the Bitcoin network adopts the PoW mechanism, some ASIC mining machines are needed to protect the normal operation of the miners. However, mainstream Bitcoin mining pools are designed based on the Proof of Work consensus mechanism, so it is crucial for ordinary people to participate.

If we say that the traditional financial industry is most concerned about which mining pools Bitcoin miners use?

First of all, starting from blockchain technology, we already have decentralized mining pools-that is, novel open-source protocols and applications supported by distributed ledgers. Many well-known institutions and individuals have joined this project, including Canaan, Ebon International, and other companies that have also launched custody solutions similar to Coinbase, and have even obtained stock codes “COIN” listed on the Nasdaq.

Secondly, let’s take a look at other cryptocurrency mining facilities, such as Antminer S19Pro, Avalon E11, and so on.

Of course, not all of these cryptocurrency miners are companies or enterprises specialized in mining, but they have chosen a large technology giant company to operate their equipment, such as Bitmain.

In addition, there are many other mining businesses in the market, such as purchasing cloud computing power or trading on exchanges, such as Bitfarms and Huobi Mining Pool. In addition to the above two companies, many mining funds are also considering investing in related businesses. In addition, according to the “2019 China Blockchain Industry White Paper”, the scale of Bitcoin mining power in China is expected to exceed 100,000 THash/s, accounting for more than 5% of the global total. On December 15, 2020, the price of Bitcoin once fell below $10,000.

In addition, according to statistics, as of the end of 2018, the number of active Bitcoin addresses has reached nearly 20,000, with an increase of more than 30,000 at the end of 2017.

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What mining machine is used for Bitcoin Cash (What mining pool is used for Bitcoin)

What mining pool is used for Bitcoin

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