Why does virtual currency mining cost electricity?

Because the graphics card of the mining machine consumes a lot of power. Bitcoin mining machine is a computer used to earn bitcoin. This kind of computer generally has a professional mining chip, which works by installing a large number of graphics cards and consumes a lot of power.

The rated power of each graphics card is about 250W, slightly overclocking is about 300W, 4 graphics cards 1200W W ... motherboard, CPU, hard disk, etc. , add up to no more than 200w display, mining machine basically does not need a display. The total power is about1400W.

A computer used by bitcoin miners to earn bitcoin. This kind of computer generally has a professional mining chip, which works by installing a large number of graphics cards and consumes a lot of power. One of the ways to obtain bitcoin is to download mining software from a computer, run a specific algorithm and communicate with a remote server.

Mining process:

Miners will get two kinds of rewards in the process of mining: new monetary rewards for creating new blocks and transaction fees for transactions contained in blocks. In order to get these rewards, miners compete to complete a mathematical problem based on cryptographic hash algorithm, that is, using bitcoin mining machine to calculate hash algorithm;

This requires a strong calculation ability, how much the calculation process is, and whether the calculation result is good or bad. This is called "workload proof" as a proof of the miners' calculation workload. The competition mechanism of the algorithm and the mechanism that the winner has the right to record the transaction in the blockchain ensure the security of Bitcoin.

Miners will also receive transaction fees. Every transaction may contain a transaction cost, that is, the difference between the input and output recorded in each transaction.

Virtual currency refers to unreal currency. Well-known virtual currencies such as Baidu's Baidu Coin, Tencent's Q Coin and Q Point, as well as Shanda's counting coupons and Sina's micro coins (used for reading in micro game and Sina, etc.). ), Chivalrous Yuanbao (for Chivalrous Games), Wen Yin (for Lan Xue Games), 20 13 digital currency Pop, Bitcoin, Litecoin, Infinite Coin, Quark. There are hundreds of digital currency all over the world. The legend of "Bitkin, Wright Silver, Infinite Copper and Penny Aluminum" is popular in the circle.

According to the notices and announcements issued by the People's Bank of China and other departments, virtual currency is not issued by the monetary authorities, has no monetary attributes such as legal compensation and coercion, is not a real currency, has no legal status equivalent to currency, and cannot and should not be used as currency in the market. Citizens' investment and transactions in virtual currency are not protected by law.

On the evening of 20021May 65438+8, China Internet Finance Association, China Banking Association and China Payment and Clearing Association jointly issued the Announcement on Preventing Speculation Risks in Virtual Currency Trading. The announcement clearly stated that relevant institutions should not carry out virtual currency-related business, and reminded consumers to raise their awareness of risk prevention and guard against property and rights losses.