What does mining t represent (Mining 1t)?
What does mining t represent? Mining t is a decentralized distributed storage pr
What does mining t represent? Mining t is a decentralized distributed storage project that allows computing devices on the Bitcoin network to obtain proof of work (PoW) rewards through hash power. In the blockchain world, the consensus mechanism we use is POW + SHA256 dual-algorithm cryptocurrency, which has the same principle as BTC’s consensus algorithm: POW as the core, POC as the foundation, and POS as the cornerstone. According to Bitcoin’s design, this pattern is called “peer-to-peer transmission”.
Mining 1t
According to official sources, the mining 1t activity will start at block height 630,000 (expected to be September 5, 2020). As of now, the number of participants in the activity has reached about 30,000, with a total hash rate of approximately 200 million Thash/s.
It is understood that the current mining 1t project is calculated at the “highest in the network” price, and on average, each block only takes 8 minutes and 25 seconds to complete mining. It is reported that the “lowest in the network” is one block every 10 minutes, and the actual transaction time can only be up to three hours at most, making the cost of a transaction fee so high that it cannot be ignored. (Official website: https://www.cointelegraphcn/pdr/zh-CN)
For the mining products that have been launched before the publication, you can click to view details.
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