Bukz mining is the process in which transactions are solved and continually confirmed upon the blockchain. You can read about what a blockchain is here if you like.
All miners work towards solving the current block that’s to be added to the chain next. The first miner to solve the computational equation wins the reward, which is then relayed to the network so everyone can ensure the answer given is correct, resulting in confirmations which merchants take as a sign that the nodes are all agreeing the block proposed as solved is correct.
As more miners join the network the difficulty is guaranteed to go up. The difficulty adjust A mathematically generated equation that fluctuates how hard it should be to solve. As more hashing power is added to the network, the difficulty grows. You can see the current difficulty level on our blockchain explorer here.
As a metaphor you could imagine 1,024 people standing in a room trying to make sure they all have the same transactions written down one after another. Compare the same situation to having four people sitting at a table keeping a ledger of exchanges among one another.
Mining is the act of solving these randomly mathematically generated questions by throwing guesses at it them called hashes! The more powerful your mining equipment, the more likely you are to solve the next block. Every miner is working towards solving the same block at a time, which is to be added to the overall blockchain and increase its height.
The faster you can guess, the higher your chances of being correct become when you’re trying to solve a randomly generated question such as what string of characters is behind this hash?
We measure this power in KH and MH. For example 6MH/s means there are 6,000,000 guesses happening every second on the Bukz network!
Miners typically use a pool because when we work together we can pool our resources and become more likely to solve the current block, which can they be split among the contributing miners depending on how many hashes they submitted, or some pools pay per solve directly to the miner that solved the block.
Anyone can participate in mining Bukz! You can mine with any computer with an internet connection, ASIC hardware is the most only way to go as far as mining Bukz. We used the CryptoNight Original algorithm on purpose in forming the mathematical equation generated to be solved. There are several companies that offer ASIC equipment for mining the CryptoNight algorithm specifically, being physically arranged to solve the particular algorithm enhances it’s power consumption to network efficiency level greatly.
Baikal also offers smaller models of their CryptoNight lineup, check the product page for further details.
It is our goal to help our miners power such rigs with renewable energy. Taking advantage of group buys as our community grows, and offering easily assembled solar kits with the mining hardware included as our capital rises.