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Why is the Status of Miners Disabled (Why Miners Get Trapped)

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Why is the status of miners disabled? Why is the status of miners disabled?In t

Why is the Status of Miners Disabled (Why Miners Get Trapped)

Why is the status of miners disabled? Why is the status of miners disabled?

In the Bitcoin network, there are two types of transactions called “block production” – Proof of Work (PoW) and Proof of Stake. Since these blockchains are public and transparent, each address has its own ledger data and corresponding hash value, making mining easier. Both mechanisms serve the same purpose: in order to allow the entire system to undergo faster network restructuring, updates, or restarts, miners must first verify whether a node has a sufficient amount of new coins before confirming whether the newly issued tokens are valid currency; if there are no new digital assets, they will lose their rewards and may lose tokens. Therefore, when this problem is resolved, miners need to transfer all their computing power to another platform to maintain network operation to ensure its normal operation. However, for those unfamiliar with encryption technology, this is a very complex problem: if a project does not receive more developer support, the project’s code cannot be completed smoothly.

Because only fully tested and capable of meeting certain conditions can create complete software products, there is currently no solution to specific problems. This is what the so-called status of miners means. Let’s take a look at the following two pictures:

The first picture shows a data structure based on EOSDApp, which shows a way EOSDApps use the EOS network for smart contract execution. It includes information about user-generated block headers, such as the current gas cost, and provides users with storage information in the block content to the application, but it still includes other functionality and limiting parameters such as memory consumption/hard disk space utilization (CPU resources), timestamp, and so on. (This refers to a simple logical deduction process). The second example is a DAPP on Blockstack.io, which shows a wallet deployed on the EOS mainnet, similar to Metamask.

The third is a DAPP on Etherscan. EtherScan was built by Ethernodes, an open-source tool based on EOSIO, which provides a fast way to query off-chain records of the blockchain.

The fourth case is to obtain results by viewing all transactions within a block. According to the description on the EtherNodes website, these transactions are requests sent on the EOS network, not direct requests for transactions initiated from exchanges, but received from third-party hosting service providers.

Why Miners Get Trapped

Editor’s note: This article is from the FHBT18 community (ID: FHBT18), written by Peipei, authorized republished by Odaily Star Daily.

Hello everyone, I’m Peipei. Today is Monday. In the past few days, many friends have been asking why miners get trapped. Personally, I feel that something is not right about this. After all, the total amount of bitcoin that can be mined is limited and unstable. It has now risen to over 30,000 coins, but the circulation of these tokens is only a few million, and most of it is driven by speculation.

However, many friends have recently noticed a problem:

In fact, many people in the industry are also focusing on a problem known as “old leek.” This is a group of people who try to make money or cash out when hunting for other people’s altcoins. If the “old leeks” can make money based on luck rather than profit, then they don’t need to find the so-called “big players.” Because in this case, they will not be attracted to invest in the so-called project party’s funds and resources, such as the stocks of star enterprises like Bitmain and Jianan Yunzhi, nor can they directly buy the chips in their hands, let alone sell their shares. So when you take away the chips in your hand and exchange them back for the coins you held before, you may still owe some losses. Especially since the market’s expectations for new projects have been very high since the first half of this year, many people choose highly speculative cryptocurrencies. However, this situation is definitely unrealistic. But to some extent, the “old leeks” can indeed find suitable investment channels. We saw that at the beginning of last year, the price of Ethereum reached a peak of around $20,000, and then continued to rise to around $40,000. Currently, the price is $22 per coin, which has fallen more than 40% from the historical high of $12 on January 30, 2019. In the first quarter of this year, the market value of Ethereum reached over $1 billion, making it the strongest digital asset in the entire industry. Of course, this also means that many investors still hope to deploy in this market. However, considering the congestion of Ethereum and the uncertainty of recent trends, this is definitely something to be alert about. That is why miners get trapped.

1. Mining costs are too low and electricity costs are generally high due to insufficient computing power, many small mining farm owners are unwilling to bear operating expenses or maintenance costs.

2. Ordinary users find it difficult to participate in blockchain games, such as playing games to earn certain income. However, it should be noted that if you only buy and sell your virtual property into fiat currency through tipping, and let other players buy the card during the transaction without paying any fees, you may incur losses. (Note: Here, “mining” refers to the use of a computer to process data storage in a network operating system, including but not limited to network resources consumed by bandwidth and memory devices) 3. The threshold is relatively low. Although most people know that the threshold is high, as long as they install some software, they can easily achieve zero-based knowledge. Almost all services will provide services to customers.

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