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Just as the phrase might imply, “data mining” is the practice of searching through numerous pieces of data in order to “mine” or bring up the particular kernel of information that you are looking for. It was about 40 years ago that data mining became common practice in commerce. The block chain now seeks to make use of this phenomenon as well. In this chapter we will explore all the ways that data mining relates to the block chain.
Mining the Block chain
When we say “mining” as it pertains to the block chain, we are talking about a massive “computational review” proceeding taking place, followed by a consensus in the block chain ecosystem occurring in rapid succession. In the process of mining the block chain, a careful look is taken all up and down the long line of transactions, checking for proof of purchase and making sure that everything is legitimate.
This enables everyone involved to know just how much calculated value is being moved through the ecosystem in each of the exchanges that are made. Every single chunk of information in the block chain must be in sync with the last, and be able to be processed in an orderly fashion. Every chunk of information which is added to the chain causes other mining enthusiasts to make their own copy of the transaction making sure the whole block chain ecosystem stays updated as it goes along.
The block chain serves to solve the old problem of how to handle double spending. Because with block chain, transactions can not be completed until computational resources are expended to solve a block of data. These blocks of data are time stamped as soon as they are solved, this thereby prevents someone else from trying to solve the same block, since the stamped time reveals when it was that the transaction went through.
This then helps to finally solve the computational puzzle of double spending or as it is otherwise known, “The Byzantine General’s Problem” once and for all. This is all thanks to being able to mine the block chain. Block chain miners are finding new rewards every single day with their implantation of mining the chain. It has been a truly rewarding experience and many of us could directly benefit from it. And perhaps you could too!
A look at Mining Hardware
Mining was initially carried out most frequently with the standard, Central Processing Unit that comes with every personal computer. These CPU’s are in charge of handling and processing most applications on your computer. If you are reading these words on a computer screen right now, it is your computer’s Central Processing Unit that is making sure that the file stays up and running on your device while it simultaneously keeps track of other vital aspects of running your computer.
The standard CPU can usually handle these routine tasks without a problem, and when mining the block chain first came in vogue, it was ready to take on this new chore as well. But as the number of miners on the network became more prevalent, it became harder and harder for the standard CPU to keep up. And soon it was abundantly clear that that the hardware used for mining needed a serious upgrade.
This is when mining enthusiasts first turned their attention to Graphic Processing Units as a potential upgrade in mining hardware. A Graphical Processing Unit or as it is abbreviated, “GPU” is a processing unit geared specifically toward the interpretation of graphics. If you have ever played a video game there is a GPU hard at work making sure that every single bit of pixilated data is processed as you play to your little heart’s content.
By their very nature, GPU’s are simply much more qualified for the task of mining the block chain than CPU’s are. Aiding GPU’s in this are their “Arithmetic Logic Units” that are able to read large levels of information in several sequences. As good as GPU’s are for the task of mining however, they were soon outmatched by the use of “Field Programmable Gate Arrays”.
These field programmable gate arrays are circuit based systems that are integrated and custom made to work with the process power needed for most block chain applications. These Field Programmable Gate Arrays come complete with their own “logic blocks” that can be manipulated at will in order to solve whatever computational equation needs to be figured out.
The next piece of hardware to come along for block chain miners was that of the “ASIC” or as it is otherwise known, the “Application Specific Integrated Circuits”. The use of this piece of mining hardware really came into vogue in the block chain community back in 2013. This was when the kind of ASIC needed specifically for block chain was first distributed for wider range consumption at a price that the average block chain miner could afford.
It is with these pieces of mining hardware that block chain mining really took off. It’s now not uncommon to find whole companies and corporations making use of massive amounts of hardware and resources for their own mining purposes. Block chain mining is big business, but you have to have the right kind of hardware on your mining rig in order to succeed.
A Look at Mining Software
Most mining software is ready for use for both Mac and Windows computers. This software is generally free for public consumption and can be downloaded directly to your computer. As soon as the mining software is installed you can then take a look at the performance specs unique to your personal computer and mining rig setup, including the speed of the hash rate, as well as knowing the status of the nonce that is used.
The software could be started up from a USB drive, CD, or downloaded directly from a secure website. Once installed you need to monitor the progress directly to make sure that as the system progresses, your hash rate is improving. With your software installed you can then begin setting your “miner” to work. You may not see results immediately, but give it enough time and you will learn how to mine your own corner of the block chain.
Difficulties posed in Mining
One of the biggest difficulties posed by block chain mining is the amount of electricity that is consumed in the process. With a heavily outfitted mining rig you could easily rack up a bill of about $50 a day, so be prepared for this contingency. It is for this reason that many miners have pooled their resources together in order to mitigate the expenses accrued.
Known as “mining pools” these workers of the block chain share all the potential burdens and profits alike. There are many inherent difficulties presented in the process of data mining on the block chain but when you can pool your resources together you can significantly reduce the burden on yourself. So as it pertains to mining on the block chain—when the going gets rough—reduce the strain of the chain folks, and get yourself into a mining pool!
The Complete Guide to Understanding Block Chain Technology By Matthew Scott
Mining the Block chain
When we say “mining” as it pertains to the block chain, we are talking about a massive “computational review” proceeding taking place, followed by a consensus in the block chain ecosystem occurring in rapid succession. In the process of mining the block chain, a careful look is taken all up and down the long line of transactions, checking for proof of purchase and making sure that everything is legitimate.
This enables everyone involved to know just how much calculated value is being moved through the ecosystem in each of the exchanges that are made. Every single chunk of information in the block chain must be in sync with the last, and be able to be processed in an orderly fashion. Every chunk of information which is added to the chain causes other mining enthusiasts to make their own copy of the transaction making sure the whole block chain ecosystem stays updated as it goes along.
The block chain serves to solve the old problem of how to handle double spending. Because with block chain, transactions can not be completed until computational resources are expended to solve a block of data. These blocks of data are time stamped as soon as they are solved, this thereby prevents someone else from trying to solve the same block, since the stamped time reveals when it was that the transaction went through.
This then helps to finally solve the computational puzzle of double spending or as it is otherwise known, “The Byzantine General’s Problem” once and for all. This is all thanks to being able to mine the block chain. Block chain miners are finding new rewards every single day with their implantation of mining the chain. It has been a truly rewarding experience and many of us could directly benefit from it. And perhaps you could too!
A look at Mining Hardware
Mining was initially carried out most frequently with the standard, Central Processing Unit that comes with every personal computer. These CPU’s are in charge of handling and processing most applications on your computer. If you are reading these words on a computer screen right now, it is your computer’s Central Processing Unit that is making sure that the file stays up and running on your device while it simultaneously keeps track of other vital aspects of running your computer.
The standard CPU can usually handle these routine tasks without a problem, and when mining the block chain first came in vogue, it was ready to take on this new chore as well. But as the number of miners on the network became more prevalent, it became harder and harder for the standard CPU to keep up. And soon it was abundantly clear that that the hardware used for mining needed a serious upgrade.
This is when mining enthusiasts first turned their attention to Graphic Processing Units as a potential upgrade in mining hardware. A Graphical Processing Unit or as it is abbreviated, “GPU” is a processing unit geared specifically toward the interpretation of graphics. If you have ever played a video game there is a GPU hard at work making sure that every single bit of pixilated data is processed as you play to your little heart’s content.
By their very nature, GPU’s are simply much more qualified for the task of mining the block chain than CPU’s are. Aiding GPU’s in this are their “Arithmetic Logic Units” that are able to read large levels of information in several sequences. As good as GPU’s are for the task of mining however, they were soon outmatched by the use of “Field Programmable Gate Arrays”.
These field programmable gate arrays are circuit based systems that are integrated and custom made to work with the process power needed for most block chain applications. These Field Programmable Gate Arrays come complete with their own “logic blocks” that can be manipulated at will in order to solve whatever computational equation needs to be figured out.
The next piece of hardware to come along for block chain miners was that of the “ASIC” or as it is otherwise known, the “Application Specific Integrated Circuits”. The use of this piece of mining hardware really came into vogue in the block chain community back in 2013. This was when the kind of ASIC needed specifically for block chain was first distributed for wider range consumption at a price that the average block chain miner could afford.
It is with these pieces of mining hardware that block chain mining really took off. It’s now not uncommon to find whole companies and corporations making use of massive amounts of hardware and resources for their own mining purposes. Block chain mining is big business, but you have to have the right kind of hardware on your mining rig in order to succeed.
A Look at Mining Software
Most mining software is ready for use for both Mac and Windows computers. This software is generally free for public consumption and can be downloaded directly to your computer. As soon as the mining software is installed you can then take a look at the performance specs unique to your personal computer and mining rig setup, including the speed of the hash rate, as well as knowing the status of the nonce that is used.
The software could be started up from a USB drive, CD, or downloaded directly from a secure website. Once installed you need to monitor the progress directly to make sure that as the system progresses, your hash rate is improving. With your software installed you can then begin setting your “miner” to work. You may not see results immediately, but give it enough time and you will learn how to mine your own corner of the block chain.
Difficulties posed in Mining
One of the biggest difficulties posed by block chain mining is the amount of electricity that is consumed in the process. With a heavily outfitted mining rig you could easily rack up a bill of about $50 a day, so be prepared for this contingency. It is for this reason that many miners have pooled their resources together in order to mitigate the expenses accrued.
Known as “mining pools” these workers of the block chain share all the potential burdens and profits alike. There are many inherent difficulties presented in the process of data mining on the block chain but when you can pool your resources together you can significantly reduce the burden on yourself. So as it pertains to mining on the block chain—when the going gets rough—reduce the strain of the chain folks, and get yourself into a mining pool!
The Complete Guide to Understanding Block Chain Technology By Matthew Scott
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