What is the computing unit of computing power (computing power unit PIB)?

08/19/2023 10:32 • Digital Disruptors • 60 views

What is the computing unit of computing power? The size of computing power is determined based on the miner’s hash rate of the blockchain, block packaging difficulty, and the block space required for mining. Through computer algorithms, a certain amount of computing power can be calculated and used for trading, payment, and other operations using Bitcoin as the base currency. However, the computing power used in actual use of digital currency is measured in certain proportions and distributed to users in various ways. For example, we can mine 10 billion coins with a speed of 1M, which consumes about 2G of electricity (equivalent to 5T). Therefore, computing power calculation is a suitable choice. So, what is computing power? It is a type of encrypted asset generated by computing power. When the price of a certain digital currency is higher than this value, corresponding fluctuations will occur. If this happens, larger computing power will result in a higher price. However, ordinary investors need to be cautious in this case.

Computing power unit PIB

Editor’s Note: This article is from Caiyun Blockchain (ID:cybtc_com), authorized by Odaily.

In the Bitcoin network, about 15 transactions can be processed per second, with an average cost of about 10 dollars. This means that currently no computing power in the world can reach a stable price.

To solve this problem, miners use a unit called “piibbe” to represent their mining capabilities. According to the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge, each Bitcoin block consumes about 1 kilowatt-hour of energy. Therefore, if the hash rate of the entire Proof-of-Work system is set to this data set, this part of the calculation will become a very important reference indicator.

However, when considering the situation after the next difficulty increase in the entire network using a data model called pIBBE, a more complex and accurate measurement standard is needed! Because for ordinary users, these numbers do not have a particularly significant practical impact; and theoretically, this valuation method is not expensive and inefficient enough. (BitInfoCharts)

In fact, although some members of the cryptocurrency community believe that Bitcoin is the “most feasible” or “most important”, they do admit that “Bitmain, a Bitcoin mining machine manufacturer, may just be one of them.”

However, they have also conducted research on Ethereum 2.0 and made suggestions: “It now appears that the development of Ethereum 1.0 has entered the final stage.” However, since Ethereum 2.0 has not yet been launched, and there are many other projects that have not been released, people are skeptical about this. “With the official launch of Ethereum 2.0, many new features are about to be put into production, such as the introduction of the PoS mechanism. Of course, there are also more questions about how to achieve decentralized governance,” they added. “But I am not completely against this statement,” he said.

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What is the computing unit of computing power (computing power unit PIB)?

Computing power unit PIB

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