Enhance Your Bitcoin Mining Knowledge with a Glossary

The Bitcoin network has been running smoothly for the last 10 years, thanks to its robust decentralized infrastructure. At the core part of this infrastructure lie Bitcoin miners and nodes. Thus, staying updated with the latest crypto terminology and concepts is crucial for anyone involved in this dynamic industry. Whether you're an experienced miner, an investor, or just curious about the field, our latest resource, your crypto mining glossary, is a pocket-sized book and a perfect guide to help you navigate the complex language and technical terms associated with Bitcoin mining. These terms are neatly selected by ViaBTC research team and cover a wide range of topics, from the basics of hash rate in mining to more advanced concepts such as mining hardware. 

Key Words for Your Mining Glossary

ASIC

Application-Specific Integrated Circuit is a highly specialized hardware aiming to solve BTC’s complex math problems. BTC ASIC miners are built to hash the SHA-256 algorithm. ASICs are the preferred hardware for BTC mining currently, ranging from $1000 depending on the hashrates. 

Hashrate 

In the context of Bitcoin network, hash rates refer to the total processing power across the network. A higher hashrate equals a more stable network, which is harder to attack. However, higher hashrates also indicate highly specialized machines, making it harder for fresh starters to compete for block rewards. 

Depending on the scale of computational power, hash rates are typically expressed in TH/s or EH/s.

Halving

As a deflationary currency, the Bitcoin network is designed to reduce the number of coins it emits per block over time. Halving refers to this programmed reduction, which happens every 210,000 blocks or just about four years. The Bitcoin rewards are cut in half every halving cycle until the block reward becomes zero. Currently, the block reward is 6.25 coins per successful block, which will become 3.125 coins after the 2024 halving. 

Mining Pool

Mining pool is a way for users to participate in the mining process, without needing to manage their own hardware. Operators of mining pools aggregate power across multiple miners, use their combined processing power for hashing and then, distribute rewards among the network

Mining Hardware

Discover the various types of mining hardware used, from ASICs to FPGAs and GPUs. This word also explains the importance of control boards, power supply units (PSUs), and the concept of ASIC lifespan.

Mining Infrastructure

This word explains the critical components of a mining operation, including cooling systems, data centers, and power distribution units (PDUs). It also covers innovative cooling methods like hydro cooling and immersion cooling.

Conclusion

The mining terms are more than just a dictionary of crypto words; they are comprehensive resources designed to make the complex world of BTC mining more accessible. Whether you're setting up a new mining operation or simply want to enhance your knowledge, these words could be invaluable tools. 

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.