How does Ethereum mine? How is it different from Bitcoin mining?

Dec 30,2022
How does Ethereum mine? How is it different from Bitcoin mining?

World Chain Finance

We must have a certain understanding of mining, but we may understandIt needs to be shallowMaybe they only know how to get virtual coins by mining machines, such as EthereumfilCurrency, etc., and then sell the virtual currency to make money. It is true that the ultimate goal of the miners is to earn money, so many things become unimportant here. People care more about how to dig Ethereum better, which platform is reliable, and so on. How does Ethereum mineWhat aboutHow is it different from Bitcoin mining? Next, let's have a look.

How does Ethereum mine?

The mining process of Ethereum is almost the same as that of Bitcoin.ETHadoptGenerated by mining, averagefifteenSecond generationoneWhen mining, miners use computers to calculate the answer to a function calculation problem, until a miner calculates the correct answer, that is, to complete the packaging information of the block, and the first calculated miner will getthreePiecesETHThe reward of.

If the minersAFirst figure out the correct answer, then the minerAYou can get Ether as a reward and broadcast it to all miners on the whole networkI've worked out the answerAnd let all the miners working on the problem verify and upgrade the correct answers. If the minersBIf the correct answer is worked out, other miners may terminate the current problem solving process, record the correct answer, and start to work on the next problem until the correct answer is worked out, and keep repeating the process.

It is difficult for miners to cheat in this game. They can't pretend to work and get the right answer. This is why the process of making questions is calledproof of work POW)。

About every12-15Seconds, the miners will dig out a block. If the mining speed of the miners is too fast or too slow, the algorithm will automatically adjust the difficulty of the test questions to maintain the blocking rate atthirteenSeconds up and down.

Miners get theseETHCoins are accidental. The profitability of mining depends on the computing power invested. The bigger your computer is, the higher your probability of correct problem solving is, and it is easier to get block rewards.

What is the difference between Ethereum mining and Bitcoin mining?

Bitcoin and Ethereum both adoptPoWproof-of-work)Consensus mechanism, the more powerful the mining machine is, the more likely it is to get the opportunity to pack blocks, that is, mining. Therefore, there is no essential difference between the two in terms of mining, but they are different in specific steps.

First,Different mining equipment

And BitcoinSHA-256The encryption technology is suitable. At present, the bitcoin mining equipment is usually highly specializedASICMining machine. And Ethereum choseEthashEncryption algorithm, withresistASICnatureTherefore, mining equipment is usually video card mining machine, which is specializedASICThere are few mining machines.

Second,The electricity consumption of mining machines is different

ASICMining machines have high computing power and large power consumption, such as antsS19ProMining machine, rated power consumption is3250W, need to spend every dayseventy-eightKWh of electricity, the electricity charge is very high. In comparison, the power consumption of the video card mining machine is low, and the proportion of electricity cost is also low.

Third,The difficulty of mine machinery trusteeship is different

As the mining difficulty continues to increase, it is difficult for some small miners to obtain mining opportunities. Therefore, many miners will choose to trust their machines in the mine to obtain mining profits. BitcoinASICThe high electricity consumption of mining machinery is beneficial to the mining plant to deduct a large amount of electricity charges, and the maintenance is relatively simple. Therefore, it is welcomed by the mining plant. When it is entrusted, there are many mining plants to choose from.

The graphics card mining machine of Ethereum not only uses less power, but also has a large volume and high environmental conditions for the mine. If it is restarted after shutdown, there will be widespread computing power loss, which will improve the workload of on-site operation and maintenance. Therefore, the video card miner is not popular in many mines, and there are few alternative escrow mines.

Fourth,Mining machinery depreciation is different

ASICThe chip of mining machine is customized. It can only dig the currency of fixed algorithm. After being damaged, it can only be used as hardwarethirtyIt is sold at a price of about $, and the depreciation is very low. In contrast, Ethereum's video card mining machine can be used to dig other currencies, and video cards and other accessories can also be disassembled and sold to other users for normal use, with high depreciation.

Fifth,mineGenerated at different rates

Bitcoin generates a block abouttenMinutes, i.e. everytenOnly one mine can be dug every minute, while Ethereum only needs aboutfifteenSecond, only Bitcoin1/40。 Therefore, the response speed of transactions on Ethereum is faster than Bitcoin.

Sixth,Block reward (i.e. mining reward) and mining period are different

Bitcoin block rewards and delivery volume are established. At present, the block rewards are6.25BTC, but the average reward isfourHalf of the year untiltwo thousand one hundred and fortyAll intwo thousand and one hundredTen thousand bitcoins have been dug up.

The first block rewards of Ethereum were5ETHtwo thousand and seventeenyeartenIn August, the Byzantium of Ethereum will be upgraded, and a reward will be given by5ETHlower3ETHtwo thousand and nineteenyearthreeConstantinople was upgraded in January, and a reward was awarded by3ETHlower2ETH。 There is no limit on the amount of Ethereum. In addition, Ethereum is gradually moving towardstwoVersion connection, and the consensus mechanism will be upgraded toPoSproof-of-stake)At that time, all mining machines will be unable to continue mining.

Speaking of this, I believe you have a certain understanding of how Ethereum mines and what is the difference between Ethereum and Bitcoin mining. In general, Xiaobian also reminds investors that no matter whether it is Ethereum mining or Bitcoin mining, investment is accompanied by certain risks. You must have a comprehensive understanding before entering the site and not blindly follow the trend.