Ethereum: What are bitcoin miners really solving?
Ethereum: Unpack the mystery of work of minors Bitcoins
While the world is struggling with the boundaries of traditional blockchain and cryptocurrencies, such as Bitcoin, the question was among amateurs and skeptics: what exactly Bitcoin miners do, spending millions of dollars on the platforms -ITFORMS? Is this just a solution to complex mathematical puzzles or is there anything more?
The answer lies in the Ethereum ecosystem, a decentralized platform that enables intelligent contracts and decentralized applications (DAPP). In this article, we will immerse ourselves in the world of cryptocurrency extraction and examine what it really is.
What are Bitcoin miners?
Mean bitcoins are people or companies that use powerful computers to solve complex mathematical problems in exchange for a reward in the form of newly created Bitcoins. The process is called “extraction” and plays a key role in network security and transaction verification in Bitcoin blockchain.
Imagine a gigantic digital game in which players compete to solve more and more complex puzzles. In this case, the puzzle is a mathematical problem that requires significant computing strength to solve. Juvenile is essentially “players” who try to solve these problems faster than others.
What do they really need minors?
To start my bitcoin or other cryptocurrency, you need:
- Powerful computers
: Miners use high graphic processing units (GPU) or integrated circuits specific to applications (ASIC) to solve mathematical problems.
- Internet connection
: A stable internet connection is necessary to download and check the transaction.
- Software until : Specialist manages the extraction process, including the algorithm used to solve puzzles.
What do they solve?
The mathematical problem, which juvenile strives to solve, is called a “abbreviation”. Simply put, it is a cryptographic puzzle that requires a significant computing force to crack. The target of the shortcut is to find the most likely solution between the infinite number of possibilities.
To illustrate this, imagine that you are trying to guess the sum of all integers from 1 to 100. You need a lot of time and calculations to solve this problem with precision. Similarly, minors Bitcoin use their powerful computers to find a unique digital manhole, which corresponds to the “real” sum – in this case the total value of all transactions on the web.
Can we see what they solve?
Although theoretically it is possible to “see” what minors are trying to solve, the cryptographic nature of the abbreviation makes it difficult. Juvenile use sophisticated algorithms and advanced calculation techniques to ensure that their solutions remain safe.
To say, some mining pools revealed that their calculations include various mathematical operations, such as:
* rounded : A circle of a number in a specific location or decimal fraction to create an estimate.
* modular arithmetic : They conduct complex modular arithmetic operations to find the rest of the division.
* Occurrence and multiplication : minors use algorithms such as square and multiplication to solve mathematical problems.
Can anyone give an example?
Let’s see an example: a minor with 10,000 GPU units can try to find the following equation:
2 ^ 32 - 1 = x + y
When “x” and “y” are variables representing the sum of all integers from 1 to 100. With the help of their powerful juvenile computers, they would try to solve this problem by haunting various entries until they find a solution.
To visualize this process, imagine a huge range of computers working to try millions of possible solutions. A minor, which finds the right solution, is awarded with newly created bitcoins and a fraction of network transactions.