Cryptocurrency Information Bureau News: Canaan succeeds in mining over 109 BTC in a month! Will this have a major impact on the Bitcoin market? #Bitcoin #Mining #Cryptocurrency
Video explanation
Canaan announces surprising results in May!
Hello everyone! I'm John, your blockchain commentator. Recently, you may have seen the word "Bitcoin" more and more in the news and on the Internet. Some of you may be thinking, "It seems difficult..." or "It doesn't have anything to do with me." But today, I'd like to tell you about some exciting news that happened in the world of Bitcoin in an easy-to-understand way for everyone!
Amazingly, one of the major Bitcoin-related companies, Canaan Inc., lost 2024 shares in May 5.Over 109 BitcoinThey announced that they had mined 10,000 Bitcoins! This is amazing!
What kind of company is Canaan?
You may be wondering, "What kind of company is Canaan?" Canaan is a company that mainly develops and manufactures "Bitcoin mining machines (special computers for creating new Bitcoins)." To put it in perspective, it's like a company that makes the latest pickaxes and drills for digging for gold in gold mines. Canaan itself uses these high-performance machines to mine Bitcoins.
What does "mining 109 bitcoins" mean?
According to the news, Canaan mined over 5 BTC in May alone. This means they "mined" over 109 new Bitcoins!
As a result, the total amount of Bitcoin held by Canaan is now1,466 BTCConsidering the current price of Bitcoin, this is a huge amount of value! (The exact amount fluctuates daily, so I won't mention it here...)
However, many people may be wondering, "What is mining?" or "What does it mean to dig up Bitcoin?" Don't worry, I'll explain it in an easy-to-understand way!
First of all, what is "Bitcoin mining"?
When you hear the word "Bitcoin mining," you might imagine digging into the ground, but it's actually a computer-assisted process.
Let's take a moment to look at how Bitcoin works.
- Bitcoin transactions (such as who sent how much to whom) are all recorded on the internet via the "Blockchain (like a big digital ledger that records transactions)" will be recorded in the location.
- This blockchain is jointly managed by computers around the world, making it an extremely secure system that is extremely difficult to tamper with.
- When a new transaction occurs, it must be properly added to the blockchain. This process is called "mining."
People who do the mining (called miners) use very powerful computers to compete to be the first to solve complex mathematical problems. The first person to solve the problem will be able to add a new group of transactions (called a "block") to the blockchain and have the right to certify that the transactions are valid.
And this difficult taskAs a reward, you will receive newly minted Bitcoin and fees from those who make transactions.This is what it means to "dig up Bitcoins"! It's like a world-wide puzzle competition, where the team that solves the puzzle the fastest gets a prize (new Bitcoins).
Companies like Canaan use a lot of machines called ASICs (application-specific integrated circuits, or ASICs), which are ultra-high performance computers dedicated to mining and are specialized for solving computational problems, to efficiently mine.
What does this news have to do with us?
This may be news that ends with you thinking, "Oh, so Canaan made a profit." But actually, there are some interesting things that can be seen from this news.
- Bitcoin network activity: The fact that a lot of Bitcoin is being mined means that Bitcoin transactions are active and the mining activities that support them are also thriving. This is one piece of evidence that the Bitcoin system is running smoothly.
- Evolution of mining technology: Being able to mine more than 1 BTC in a month means that there are high-performance mining machines and the technology to operate them. As technology evolves, the Bitcoin system will become more stable and secure.
- Full-scale entry by companies: The fact that not only individuals but also large companies like Canaan are seriously engaged in mining shows that Bitcoin is not a passing fad, but is growing as an industry.
Bitcoin and blockchain technology are still new fields, but they have the potential to impact our lives and the economy. I hope that this news will spark at least a little interest in them.
John's words
Wow, 1 BTC in one month is amazing! When I see companies like Canaan achieve such results, I feel the momentum of this new technology called Bitcoin. When you hear the word mining, you tend to think "it seems difficult...", but the point is that we all help support the Bitcoin system and get rewarded for it. I would like to continue to follow the latest news from this world and convey it to everyone in an easy-to-understand way!
This article is based on the following original articles and is summarized from the author's perspective:
Canaan Announces Record Bitcoin Mining Month with Over 109
BTC Mining