Con the creation of the ecosystem Bitcoin, there are many people who now choose to carry out their transactions, both national and cross-border, with this cryptocurrency. And it is that Bitcoin, not only has been the first cryptocurrency created successfully, but also has the largest number of users of all. Hence, it is the most popular and is used as a reference currency for the others. Not to mention the many advantages it offers its users.
But despite all this popularity, there are many people who still don't really know how it works. At this point one of the most common questions is: How is a bitcoin created?. To give an answer and understand the process of creating each bitcoin that exists today. For this, it is necessary to know that Bitcoin is 3 things: a software, a protocol and a currency. And this currency is totally digital, it does not physically exist.
Now, let's know what these processes or elements are that allow us to finally enjoy bitcoin as we know it.
Blockchain, the base in the construction of Bitcoin
The Bitcoin system is based on technology blockchain, Is open source and has a red peer to peer (p2p) de nodes interconnected with each other. These nodes are in charge of receiving and processing all the information of the transactions carried out within the blockchain. This network of nodes and blockchain technology is what makes Bitcoin a totally particular, innovative and different form of money from those traditionally known. Anyone can join it, and currently constitutes the network with the greatest computing power that exists. This is the foundation that creates every bitcoin that exists today.
The Bitcoin protocol is defined in its whitepaper; And this indicates among many things, the way in which bitcoins are created. The blockchain is made up of a series of blocks chained or mathematically linked together. And each block is generated through a system called Proof of Work (PoW) o Proof of Work. This proof of work, leads all the nodes of the network to participate in the search for a valid solution to a complex mathematical problem that allows the generation of a new block. This search process is known as mining is.. And for this work, which requires great computing power and a lot of electrical energy, the nodes receive a bitcoin reward.
It is through the mining process that each new bitcoin is created or generated. In this way, with each block found, the mining nodes receive new bitcoins for their work, while keeping the system and the economy that supports it operating. But surely you will wonder What processes participate in the generation of a BTC?. Well, we will explain that below.
Process of generating a bitcoin unit
As we well know, governments around the world have a monetary system that is responsible for printing fiat money when they require it. Money of legal tender that they can use to defray the expenses and needs of the nation. Society may use it to acquire goods and services. However, in the world of Bitcoin and many cryptocurrencies (but not all) it does not happen this way. As you know, Bitcoins are generated through the digital mining process. Also Bitcoin is an exclusively digital currency that does not exist in the physical worldIt is decentralized, and there is no government or entity behind it that regulates its issuance.
In this context, Bitcoin is designed and programmed to produce a fixed amount of coins approximately every 10 minutes. It is the users of bitcoin themselves, those who wish to provide computing power, who are responsible for carrying out this process, called mining. These network mining nodes must collect transactions that have been made by users and are in the mempool, add a blocking function and check the digital signatures of said operations.
Then will perform a process to find a valid hash to the math problem. The mining node that first finds the hash It will be who generates the new block and will receive the reward. Then you can include in your block all previously validated transactions. In addition to a coinbase transaction, that is, creating new currencies that will have its reward in bitcoins. These new created coins are put into circulation after a certain number of confirmations.
If a person wants to become a bitcoin miner, he currently requires specialized equipment and mining software. Among these teams are the ASIC, FPGA o But by the full GPU acceleration tech. In this way, you can use the team's resources to perform the complex mathematical calculations necessary to solve a block. Once you solve the riddle you will be able to generate the block, add it to the blockchain and receive the reward of new coins and commissions for all the work done.
It is important to note that in this mining process the hash function used is the SHA-256. Which allows to take any amount of data and convert it into a specific size string, known as a hash. It sounds easy to do but the truth is that the difficulty of this job is immense. A difficulty that is further increased thanks to a variable known as nuncio. This is a very high value random number that is adjusted from time to time in order to increase or decrease mining difficulty. The objective is to guarantee the greatest possible security of the network, preventing others from manipulating it at will.