Giga Watt Team: Bitcoin’s mining history and new model


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Reporter: pencil leadn

Mysterious blackmail virus “eternal blue” crisis just recently, because the spread of the virus hackers designated bitmaps as a ransom, bit coins for the hackers back the “black pot”, many people think that bit currency into a “virus” , In fact the virus and Bitcoin does not have any relationship, just as hackers black money you will not blame the same dollars. But Bitcoin is also a blessing in disguise, this event so that bitcoin once again into the public view. The reason why the bitter currency will be so easily misinterpreted in this incident, mainly because the public is not familiar with the special currency. This article will be the special currency “production link” – that is, “mining” the basic knowledge and industry status of a certain analysis. And as the world’s top mine Giga Watt, also officially announced that it will invite a Chinese investor, to provide round-trip airfare and hotels to the United States top mine Giga Watt visit to visit the bit currency mining industry and mining industry Charm.n
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nWhat is mining?n
nThe essence of Bitcoin is an open, non-tampering distributed account. In fact, mining is calculated by mathematical calculations, while using a large number of mathematical encryption operations to ensure that this book will not be tampered with. Accounting need to pay a lot of computing power, that is, hardware and electricity investment, as a reward, the new output of the bits of money owned by miners. Mining is the production process of Bitcoin, while the sum of money and electricity expenses to ensure that the distribution of books can not be tampered with. Because if you want to tamper with the books, then need to pay a very large fortune and electricity, all the previous block to recalculate, the economy is not worthwhile. Also to avoid the evil motives.n
nTherefore, mining is the process of printing money.n
nNow the Bitcoin network generates a block every 10 minutes, and each block will reward miners with 12.5 bits, which also includes the handling fee for the transaction transfer in the block, which now accounts for about 15% of the block award, -20%.n
nThe total amount of Bitcoin is 21 million, and the block’s reward is reduced by half in every four years. By 2040, all the bits of the base currency are all produced, so the total amount of Bitcoin is constant and will not increase. But with the popularity of Bitcoin and the increase in trading volume, the transaction fee will be more and more, after a certain period of time the miners will be a transaction fee for a living. So mining is a business that can be done for a lifetime.n
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nDigital currency mining “past life”n
nBitcoin mining has become an industry with an annual output of several billion, and now produces about 650,000 bits per year, according to the current price of about 16500, worth about 10 billion yuan. Now the entire mining industry alone in the mining equipment on the investment has been more than 3 billion yuan, electricity load above 600MW.n
nBut mining is a very new industry, professional mining machine, but only three or four years time.n
nMining from the initial personal computer mining, graphics mining, personal mining machine at home mining. Has now developed to the cluster, specialized large-scale mining.n
nNowadays ordinary people want to be a Bitcoin miner, the power alone is almost impossible. High room construction costs, professional venue construction technology and how to find cheap electricity have become ordinary people involved in the mining of the high threshold. Ordinary people are now involved in mining, one of the latest way is to manage the mine, the professional equipment, venues by professionals to take care of investors can enjoy most of the mining income. Industry regularization, clustering will be the future direction of the development of this industry.n
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n”Cloud mining” VS mine machine hosting: stability and transparency is the keyn
nIn terms of popularity, cloud mining is the purchase of computing power in the remote data center. But by the fact that the drawbacks of cloud mining increasingly exposed, mainly cloud mining transparency is very low, high maintenance costs, service providers may be suspended, and investors do not really have their own mining, resulting in the loss of mining Income control.n
nWhile the mature mining machine hosting model is open and transparent, hardware facilities can be seen. The Giga Watt mine in Veneto, Washington, USA, hosts a one-stop facility. Generally speaking, the custodian miners need investors to pay the following costs: miner purchase fees and mining custody fees. The mine entrusted hair also includes the venue rental fees, electricity and maintenance costs. The biggest expenditure here is electricity and site rental fees.n
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nAcross the river of Columbia in Washingtonn
nA mature mine is bound to be near cheap electricity, and Giga Watt is located in the waters of the Columbia River, sitting on river dams and hydropower stations. So it has a very low cost of electricity, the cost of electricity is only 0.2 yuan / kWh. As for venue rental fees, Giga Watt is issuing WTT tokens to allow investors to use Giga Watt’s top-of-the-line equipment for free. Specifically, each WTT token represents a mine-free right for a mine facility for a period of 50 years. For example, a regular investor to buy a power consumption of 1350 watts of the miners want to host, then only need to buy 1350 WTT tokens in advance, you can host this machine. The general mine will be scrapped after two and a half years, and the investor will only need to re-purchase the new miner, and the token can still be used to host the new miner until the 50th year. In the daily mining and mining, to remove a small amount of electricity and custody fees, mining income generated by all owned by investors. In addition, the Giga Watt mine every month because of open days, all investors can go to study, you can see that the pool is owned by which pool, in which position, running the state. Cheap power to Giga Watt to operate steadily, absolutely transparent hosting model in the industry is second to none. It can be said that Giga Watt is at the forefront of the mine hosting model.n
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nGiga Watt invites Chinese investors to visit the United Statesn
nAs a result of the distance between China and the United States, many Chinese investors for Giga Watt also want to do a better understanding. Giga Watt has officially announced that it will invite a Chinese investor to the United States to visit the Giga Watt mine on behalf of Chinese investors. The conditions to be met are as follows:n
nn1, the purchase of WTT tokens and mining a total of more than 200,000 yuann
n2, visa: July 21 before you can get to the US visan
n3, love mining industryn
n4, can be willing to be true and objective to the inspection and see the news passed to the Chinese community.n
nnGiga Watt’s tokens WTT tokens are on sale and the deadline is August 1. The current price per $ 1.1 can subscribe for a WTT tokens.n
nWTT tokens to buy official address: https: //cryptonomos.com/wttn
nGIGA WATT Minerals Purchase Address: https: //giga-watt.com/n
nFor more information and visit the United States, please contact Giga Watt official public number contact background, and click on “join the community”, and thousands of miners to explore the mining of the road.n
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