On 31st October we had a reason to celebrate and to greet everyone with one of the most outstanding anniversaries – 10 years of Bitcoin industry.
We would say, it’s a great reason to remember crypto origins.
The creation of cryptocurrency, according to many anthropologists, is a milestone in the development of humanity of the post-industrial era. The launch of cryptocurrency is compared with the entry into orbit the “Sputnik-1” and the rapid growth in the popularity of the cryptocurrency industry for 9 years has created a completely new information environment and a new kind of “minerals” in the form of mining cryptocurrency, or mining.
Economists are now confidently saying that cryptocurrencies are creating a radically new dimension of the international economy. Cryptocurrencies in general and Bitcoin, in particular, created the conditions for the development and recovery of the global economy. Minerall.io decided to retrospect the development of mining for your benefit and simple reading for a weekend. Enjoy!
Imagine the “Game of Thrones”. Action, erotic and vivid history. Mining is exactly the same, but without erotica. Interesting? Sure! However, we decided to omit the antediluvian time when mining took place on a basic PC.
We’ll begin the story with aggressive races, evolution of ASIC-miners and the ups and downs of manufacturers. Sit back, we’re launching!
Every newbie crypto-enthusiasts knows: the first miner of Bitcoin was a mysterious character named Satoshi Nakamoto. If he really exist, he was the pioneer of creation genesis block. However, in the time since the creation of the first block in early 2009 to the first client-version of Bitcoin v.01, a ridiculous number of blocks were put into operation: 15. And, as the dry calculation shows, Satoshi couldn’t have millions of bitcoins, and his income during this period was not more than 750 BTC. But already then he had created a network of other miners, early adepts.
For the most part, no one knows these people by sight, either in the community or outside it. And three days after the first block was named, the first transaction between Satoshi and Hal Finney occurred. The amount was 10 BTC. A total of 32 BTC transactions were completed that day (no need to roll your eyes, it’s worth remembering how much Bitcoins were worth then).
During this period, mining was not something difficult – just usage of SHA256 algorithm in the process of hashing the calculation.
Most likely, Mr. Satoshi couldn’t initially imagine how quickly the mining segment will develop. Satoshi mined on the processors of ordinary computers, like his followers. This allowed making Bitcoin completely decentralized.
In the first year, cryptocurrency was a lot of eccentrics and loners, but by the end of December 2009, more than 10 CPUs were used on each farm.
The explosion of the popularity of the mining occurred on July 16, 2010, on block 68544. The reason for this boom is simple: an article about Bitcoins was published on the Slashdot website, popular among nerds.
In the summer of 2010, Bitcoin’s popularity began to grow exponentially. Mining began to pull the hardware industry. Began race manufacturers. On July 18, an anonymous with the nick ArtForz first launched a mining farm on the GPU and extracted the first block using parallel computing implemented in the OpenCL driver. So the era of industrial mining began.