How is digital currencies being excavated?

In January 2009, an unknown person (or a group of people) bearing the symbolic name "Satoshi Nakamoto" launched a Benjido program on the Internet, and became the first to "excavate" the digital currency after he recorded the first block in the Blockchain series, which is known as ""The origin block "to date to the birth of the first digital currency on the Internet.

It was the first treatment to form a gaming developer named Hull Fennie, and he had carried a program for a training on his device on the day he was brought on the Internet, and he received ten with compositions from Nakamoto.

It is estimated that Nakamoto in the early days of Takin had extracted one million units before he was handed over the network key and controlled the central bitcoin code to Gavin Anderson, who later became the main developer of the Bitcoin Foundation, who later worked to make control of the Bitcoin Central system..

And then spread the use of a currency with digital formation to become the mother of digital currencies and the most famous, knowing that the number of lively digital currencies currently exceeds a thousand.

When Nakamoto developed an algorithm with a composition, he put an end to the number of currencies that this algorithm can generate, which is 21 million units with training, and currently more than 12 million units are traded, which means that less than nine million units are waiting to be discovered or excavated.

Since the launch of this currency in 2009, the number of extracted units (the prospective) has rumored, and this is in line with the way the currency system was built, which is that the excavation from it at the beginning is easy, and then it is difficult on the way to 21 million units, and according to the current rate of Bitcoin it isIt is estimated that the last unit will be extracted in 2140.

There are three main ways to obtain a currency with a composition (or any other digital currency): its purchase through the disposal of actual money in exchange for composition, and its acceptance of goods or services, or exploration of new units from them.What we care about is the last way.

Excavation of the digital currency and understand how to excavate digital currencies must understand its mechanism. The digital currency works within the "series of blocks" platform and it is the professor's book, or the record in which calculations are saved, and it is repeated several times through a network of computers, updating, distributing and making it available to allDigital currency owners.

In this record, every operation took place in the digital currency and ownership of each digital unit is recorded in circulation, and those who manage this record are called "miners" and their mission is to update the record every time a process is taking place in a digital currency, and ensuring the validity of the information, and thus ensuring that every treatmentCorrectly and safely treated.

In exchange for their services, the prospectors are rewarded for digital currencies, and the reward value is currently 12.5 with a composition, and the reward value decreases to half every four years, and the next amendment will be in 2020/2021.

And verify the validity of the transactions entails the creation of blocks of documented transactions added to the series of blocks, and this is done using high -strength computers called "node" that uses a program with composition and participates - within another network of computers - to verify the validity of digital transactions.

Anyone can excavate the composition, and all that he needs is a strong computer and a (free) program and a quick internet connection, but it must be careful that this process is very consuming for energy and storage space that may exceed 145 GB.

The reason for the consumption of the operation is a large amount of energy that the documentation of the validity of the digital treatment is a mystery that requires it to solve complex and large calculations that consume the maximum ability of the processor continuously, and for this the computer that is used to explore for the currency cannot be used for another purpose.

The issue of the puzzle is part of the Bitcoin program, which is a number (key), which, when it is joined with the data of the mass, leads to a result within a certain range, so that the documentation is achieved from the validity of the financial treatment, and this number is called "Nonce" (Nonce) (shortening for "A single -used number..

This number is found through random guessy, as a bitcoin algorithm makes it impossible to predict, for this, the prospectors begin to guess this number and perform mathematical operations, then re -guess and perform new mathematical operations if the first guess is wrong, until the operation succeeds.

Therefore, the exploration of the currency is a matter of luck and computing power, because the stronger the computer, the more it can perform more guessing and computing operations, and according to "Blockchain.Info "One of the best sites in tracking the latest composition in real time, the number of attempts it takes to find the key (the correct number) is about 178954695105.

Therefore, the faster you have a processor than your competitors, the better your chance to find the correct number before them, but with large companies to invest in the construction projects of servers (farms) to excavate the digital currency, the luck of individuals in excavation becomes small, and to face this matter, forums were createdIndividual prospectors ally to form one wide network to excavate Bitcoin.