- Tram Ho
When it was launched in 2009, mining Bitcoin was a very easy job and could be done by computer with CPU without expensive VGA. Every 10 minutes, a block is generated and a certain amount of Bitcoins will be rewarded to those who successfully solve the block. The number of Bitcoins awarded will gradually decrease every 4 years (known as the Bitcoin Halving rule), starting with 50 Bitcoins and currently only 6.25 Bitcoins are awarded per block as of May 11, 2020.
As the number of people participating in mining a block increases, the difficulty and competition also increases, the CPU gradually becomes ineffective at mining Bitcoin. So in general, mining Bitcoin using CPU has been no longer viable since around 2010.
Butterfly mining Bitcoin used to be an extremely effective digger, but small, easy to set up
Once upon a time, the Bitcoin craze spawned a host of malicious websites. These websites embed malicious code running in the background on a visitor’s computer to take advantage of the processing and mining performance of Bitcoin for the website owner.
Until about 2012, Bitcoin mining using VGA was no longer possible, but switched to using a compact miner like a USB, called a block erupter. Such a combination of USBs is plugged into a multi-port hub for very fast Bitcoin mining results, but when running, there are many colorful colors, so it is also called butterflies in Vietnam.
By the end of 2016 when the price of Bitcoin increased sharply, people rushed to buy new and old VGA to install a dedicated system, known as the buffalo plow staging. This system is divided into two types: green buffalo (Nvidia’s VGA) or red buffalo (AMD VGA). When Bitcoin dropped from a peak of nearly $ 20,000 to $ 3,000, virtual currency collapsed, leading to a buffalo discharge, VGA sell-off in 2018.
Bitcoin mining has long been the game of industrial-scale mining
Bitcoin mining has long been a game of industry-scale mining, in fact, Bitcoin mining has long been done using specialized machines such as FPGAs or ASICs. This type of machine is usually installed on an industrial scale in mining factories in China or in cold countries such as Ireland.
Meanwhile, thanks to the improved GPU performance, today’s plowshares also have significantly improved performance. However, buffalo drivers and miners are no longer using buffalo rigs to dig Bitcoin, but instead digging Ethereum and other grassy coins (altcoin).
Today, the crypto fever makes everything technology can be used to mine coins, from phones, laptops, Raspberry Pi to MacBook, PlayStation 5. Of course, these are just fun stories because VGA is still is something with a huge hash rate, bringing high profits for individual miners, not any other technological device.
VGA still plays an important role in mining altcoins, which are virtual currencies other than Bitcoin
Finally, the question arises when the 21 million Bitcoin coins are fully mined, what happens to the mines? Although according to the Bitcoin Halving rule mentioned above, it will take more than 100 years to fully mine Bitcoin, around the year 2140. But when Bitcoin is exhausted, the mines will have only one thing left to authenticate. Bitcoin transactions and take fees based on the conditions at that time.
That is the story of the future, but currently people are still using buffalo plows to dig virtual money day and night and trying to think of all possible ways to dig as quickly as possible.
Source : Genk