Mining metrics are calculated based on a network hash rate of 110,861,336,180 GH/s and using a BTC – USD exchange rate of 1 BTC = $ 8,772.97. These figures vary based on the total network hash rate and on the BTC to USD conversion rate. Block reward is fixed at 12.5 BTC . Future block reward and hash rate changes are not taken into account. The average block time used in the calculation is 600 seconds. The electricity price used in generating these metrics is $ 0.12 per kWh. Network hash rate varies over time, this is just an estimation based on current values.
To explain what is and how mining nbelle blockchain mining works, it must be said first of all that it is an operation that underlies the ability of the blockchain to guarantee an otherwise unreachable security. And it is a security that does not depend on a central body but on all the actors or nodes of the blockchain.
The mining test is used to validate new transactions and to record them on the blockchain ledger. The process (in the case of the Blockchain Bitcoin) is called Proof of Work and aims to generate a new block in the sense of the structure that contains all the transactions. This operation in the Bitcoin blockchain takes place every 10 minutes. In other blockchains, with processes of other types but with the same purpose, it takes less time.
How does it happen in mining? The “miners” compete with each other in solving a difficult mathematical problem that is based on a hash cryptographic algorithm. With the solution, the Proof of Work is reached, and with the Proof of Work, which asks the miners for a lot of time and resources in terms of computing power and energy, it is possible to confirm the transactions contained in the block. The confirmation of transactions allow the creation of the block and the remuneration that in the Bitcoin world is expressed in Bitcoin. The miner who has achieved the goal receives the cryptocurrency in his wallet when he solves the mathematical problem.
But the reward for this work trial is not only in cryptocurrency, it can also be in the form of a percentage of the transactions that are confirmed.