Bitcoin is not created out of thin air, but is mined by so-called "miners" who use computers, consume electricity and time to "mine".

“Mining” is an analogy made by Satoshi Nakamoto, the inventor of Bitcoin, to mining a gold mine. In fact, miners use computers to search for a specific pattern of lucky numbers in a huge space of positive integers. How big is this space of positive integers? It contains so many numbers that almost every atom in the universe can be assigned a number (the number of atoms in the universe is estimated to be about 10 to the 80th power, and the Bitcoin mining search space is about 10 to the 77th power).

The difficulty coefficient of mining is automatically adjusted regularly according to a specific algorithm. This allows miners around the world to work together and can only find one lucky number that meets the conditions on average about every 10 minutes. The miner who is the first to find the lucky number can reward himself with the newly mined Bitcoin and declare victory to everyone else - by creating a new Bitcoin "ledger", called "Block" (block), and record in this new ledger "Reward XXX (the miner himself) as many Bitcoins as possible, over", and then tell everyone about this new ledger.

After others receive this new ledger, they will not blindly believe it, but will carefully check whether the difficulty coefficient is correct, whether the lucky number is correct, whether the number of Bitcoins rewarded does not meet the regulations, etc. If there is any sign of cheating, the new ledger will not be recognized by everyone, and the miner's work will be in vain. Only when the calculation is flawless will the new ledger be accepted by everyone and placed on a pile of old ledgers. Then everyone will start to calculate the next ledger based on the new ledger (looking for the next one). lucky number).

It can be seen that this lucky number and related parameters "prove" the validity of the new ledger. This "proof" was not easy to come by, and it took a lot of energy and time to "work" to calculate it. Therefore, it is called "Proof-of-Work" (PoW). $BTC $ETH $BNB #BTC #币安合约锦标赛 #etf