Where Bitcoins generate from?
While coins are minted, paper money are printed, digital money are mined.
The rules of how Bitcoin mining works are defined by the Bitcoin protocol and implemented in its software. Bitcoin cryptocurrency uses POW (proof-of-work) algorithm to create supply of bitcoins and verify transactions. Also it is claimed to be the one of possible defenses against DoS attack. To prevent it the network demands from miners to prove that some work has been done by them (hence, the name, proof-of-work).
The network gives to miners a mathematical puzzle that is difficult to solve but easy to verify computationally. The miner uses computational power to solve the stated math problem in order to produce the valid block. After the challenge is completed, miner submits his work to other nodes’ for validation. In return the miner who found a block first gets a block reward and transaction fees included to this block.
Note: The difficulty of such mathematical puzzle increases with the growing number of miners. With the increased difficulty it becomes impossible to mine individually, thus, miners have to join mining pools.
About the puzzle that miners need to solve
The Bitcoin cryptocurrency has a cryptographic proof-of-work hash function - SHA 256d. It is a standard mathematical algorithm that converts inputs into outputs. Usually, it is really computationally-easy to get the output by putting the input into the function. E.g. from 1+2+3+4 we get 10. But if we set the challenge vice versa knowing only the output we will have a number of different variants of inputs: 9+1, 8+2, 7+3, 6+4, 5+5, etc. The challenge in a mathematical puzzle is that miner needs to find such input that will satisfy the specific output.
Note: The specific output is a digital value of a block header’s hash - an identifier of a block that has to start with a certain number of zeros.
For solving the puzzle, a miner searches a block nonce. The one who finds it first is a winner. The efficiency of miner depends on its speed in searching the right nonce.
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DevelopmentThe weekly chart shows how many times it became near-term overbought, and how many corrections it had, on its previous post-halving bullish run where it went up by 20x.In July 2017, mining pools and companies representing roughly 80 percent to 90 percent of bitcoin computing power voted to incorporate a technology known as a segregated witness, called SegWit2x.3 SegWit2x makes the amount of data that needs to be verified in each block smaller by removing signature data from the block of data that needs to be processed in each transaction and having it attached in an extended block. Signature data has been estimated to account for up to 65 percent of data processed in each block, so this is not an insignificant technological shift. Talk of doubling the size of blocks from 1 MB to 2 MB ramped up in 2017 and 2018, and, as of February 2019, the average block size of bitcoin increased to 1.305 MB, surpassing previous records. By January 2020, however, block size has declined back toward 1 MB on average.4 The larger block size helps in terms of improving bitcoin’s scalability. In September 2017, research released by cryptocurrency exchange BitMex showed that SegWit implementation had helped increase the block size, amid a steady adoption rate for the technology.5рулетка bitcoin
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