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Who Mines? Satoshi Nakamoto, the proposer of bitcoin, recognised that if you want lots of people to use hardware and energy creating this network, you need to incentivise them: i.e. you need to pay them. The white paper can be read here. How do you pay anonymous participants without creating some sort of power structure? A source of funding provided by an entity (e.g. if a company or government paid miners) would give that entity censorship rights and some control over who mined, and what gets mined. Satoshi realised that an intrinsic source of funding, where a payment is paid by the system rather than by any external party, was the answer. This is why miners are paid by the system, in tokens which have a value that is related to the size and security of the system. Theoretically, the more valuable the tokens become, the more money can be spent mining, leading to an increase in security and an increase in the value of the network. Anyone can “participate” in the mining activity, you just need to download the software and run it. Your computer will then start taking transactions that it receives through the bitcoin network, and it will bundle them into blocks, and start mining the block. Your chance of mining a block is some what proportional to the amount of computing power you throw at it, because mining is a guessing game, and faster computers guess more quickly. It is also related to how fast your internet connection is. Once you have created a valid block, you want to make sure that it’s incorporated quickly, before someone else with a faster internet connection distributes his block. In practice, successful miners form groups, or pools, and combine their processing power. If they win a block, the reward gets shared between participants. This is similar to forming a lottery syndicate, so you win less, but more often, and your income becomes lumpy. Currently, the top 10 mining pools consistently create about 90% of the blocks, and China-based pools create more than 60%. Pools are generally controlled by the “pool operator” which is a person or a few people. So, despite the rhetoric of bitcoin being decentralised, it is controlled by a handful of people in China. The decentralisation of bitcoin, although romantic in theory, doesn’t seem to be working properly in practice. A GENTLE INTRODUCTION TO BITCOIN MINING Mining is mainly done by Chinese pools. 4 days worth of mining in early Sep 2015 9PDF Image | Introduction To Bitcoin Mining
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