Why Bitcoin uses hashing (why Bitcoin is mined)
Why Bitcoin uses hash is an important component of the Bitcoin network, which determines the source of income for miners. Due to its decentralized nature, the role of hashing is considered very powerful and interesting
As time goes by, mining becomes more and more complicated and tedious, while hash technology is changing the transaction structure of the entire Cryptocurrency market. By mining a new digital token, one can obtain more returns than traditional financial assets. But there are also some problems in this way: for example, you can’t use the computer to carry out mathematical operations, computing power or anything else – these systems rely on the Proof of work algorithm to ensure that your transactions are confirmed; If you cannot understand the technical principles involved, or do not know how to use this machine correctly, then you will not be able to achieve support for your Bitcoin mining behavior
Why Bitcoin needs to be mined
According to Ambcrypto, in the years prior to the birth of Bitcoin, people had always believed that blockchain was the core of digital currency and payment systems.
. But now there is a saying that due to technological reasons, it cannot achieve true decentralization or is unlicensed So why mining? Because Bitcoin is a network driven by a machine operated by miners – BTC.com. Bitcoin block producers generate transaction information by providing hash values to obtain and validate this data, thus creating blocks for them; Both processes require a significant amount of electricity and energy to complete, and in order to ensure safety, the mining pool must collect a large amount of storage space to ensure the smooth progress of their work; Therefore, mining companies can use their own devices or other tools to encrypt and send these data to users.
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