Review on Bitcoin Mining Pool by Owoade Victor
Description of Bitcoin Minning
Bitcoin mining is performed by high-powered computers that solve complex computational math problems (that is, so complex that they cannot be solved by hand, and indeed complicated enough to tax even incredibly powerful computers). The luck and work required by a computer to solve one of these problems is the digital equivalent of a miner striking gold in the ground — while digging in a sandbox. At the time of writing, the chance of a computer solving one of these problems is about 1 in 13 trillion, but more on that later.
The result of “bitcoin mining” is twofold. First, when computers solve these complex math problems on the Bitcoin network, they produce new bitcoin, not unlike when a mining operation extracts gold from the ground. And second, by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information.
There’s a good chance all of that only made so much sense. In order to explain how bitcoin mining works in greater detail, let’s begin with a process that’s a little bit closer to home: the regulation of printed currency.
Pros
- Anonymous and Private
- Low/Minimal Fees
- People can’t steal your payment information from merchants
- Non-Inflationary
- Payment Freedom
Cons
- Volatility
- Deflationary
- Degree of acceptance
New products
Comments (1)
May 31, 2020
Mining in general is a wide scope in blockchain a very important key word in mining is "difficulty" this term is a key word in mining terminology the rate of difficulty can solely determine the rate rewards can be generated and it's a principle term that determines how miner earn in blockchain.
