What is bitcoin, exactly? Why do people continue to mine when it uses so much electricity?

How do you generate bitcoins?

According to some videos, there are hundreds of thousands of 1080 ti miningcomputer equipments laid in the "mining area," and the preliminary estimate for this "mining area" is close to hundreds of millions of dollars. "These computers will not only generate a large amount of electricity, but also irreversible damage to electronic equipment.

As a result of "mining," China's computer industry has devolved into chaos, with a flood of "mining cards" and "mining disks" flooding the market. But exactly what is "bitcoin"? How do you obtain bitcoins worth tens of thousands of dollars? For the most up-to-date information, follow Science Beast.

The Bitcoin Concept

Satoshi Nakamoto proposed the concept of "Bitcoin" in 2009, which is a antminer s19 wattsunique "digital currency." This means that Bitcoin can do away with the central payment system.

This means that Bitcoin can do away with the traditional paymentantminer s19 for sale system. To use the RMB as an example, the state issues the RMB, which then flows into banks and finally into our hands. You only need to run a specific algorithm through your computer software and connect it to a "mining pool" to mine it.

Will Bitcoin eventually supplant the RMB and USD?

What would happen if Bitcoin entered the international market? What would happen to the RMB and USD? Even if the US dollar is a fantastic currency, it is only a piece of paper issued by the US government. The United States can print unlimited amounts of it without regard for the consequences, which can result in bubble economies, market crises, inflation, and other problems.

But Bitcoin is an exception. Since there are only a fixed number of 21 million Bitcoins, which makes Bitcoin more stable, a global "coin mining" craze has taken off.

The Benefits of Bitcoin

Obviously, the answer is no. It was relatively easy to mine Bitcoin in the early days, and all it took was an ordinary computer to dig up a significant amount of Bitcoins, but the concept of "Bitcoin" was so far ahead of its time that no one believed that this virtual currency could influence the international market today. However, when we compare today's "digital currencies," we discover that all of the virtual "digital currencies" issued by countries today are "copied" from Bitcoin.

Who would take a large pile of cash to trade in today's increasingly advanced international trade? Even if you can now pay by phone, you are still essentially using the currency of the country in question. The country's currency is bound to be affected by the exchange rate, so one second you could take $10 million to a foreign country, and the next second the exchange rate drops, and your $10 million becomes $8 million, but Bitcoin is different.