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Let's say you had one legit $20 and one really good photocopy of the same $20. If someone were to try to spend both the true bill and the fake one, someone who took the problem of looking at either of those bills' serial numbers would see that they were exactly the exact same number, and consequently one of them needed to be false.
That isn't a perfect analogy--we will explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worth of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and can be a matter of controversy, as some miners think the block size should be increased to accommodate more information.
Note that I said that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who verifies transactions will get paid off.
1MB of transactions can theoretically be as little as 1 transaction (though this is not at all common) or several thousand. It depends on how much information the transactions take up.
In order to earn Bitcoin, you need to fulfill two conditions. One is a matter of work, one is a matter of luck.
2) You have to be the first miner to reach the right answer to a numeric issue. This process is also known as a proof of work.
The good news: No advanced math or computation is involved. You might have heard that miners are solving difficult mathematical problems--that is not true at all. What they are actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a"hash") that is less than or equivalent to the target hash.
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The bad news: Since it is guesswork, you need a good deal of computing power in order to get there first. To mine , you need to have a higher"hash rate," which is measured in terms of megahashes per second (MH/s), gigahashes per second (GH/s), and terahashes per second (TH/s).
If you want to estimate just how much Bitcoin you can mine with your mining rig's hash pace, the site Cryptocompare provides a very helpful calculator.
Either a GPU (graphics processing unit) miner or an application-specific integrated circuit (ASIC) miner. These can run from $500 into the tens of thousands. Resources Some miners--particularly Ethereum miners--buy individual graphics cards (GPUs) as a cheap way to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The graphics cards are such rectangular cubes with whirring circles. Note the sandwich twist-ties check holding the pictures cards into the metal pole.
Example: I tell three friends that I'm thinking about a number between 1 and 100, and that I write that number on a piece of paper and seal it in an envelope. My friends don't need to guess the specific number, they simply have to click for info be the first person to figure any number that's less than or equal to this number I'm thinking of.
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Let's say I am thinking about the number 19. If Friend A guesses 21, they lose because 21>19. If Friend B supposes 16 and Friend C guesses 12, then they've both technically came at viable answers, because 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's answer was nearer to the target answer of 19. .
In Bitcoin conditions, simultaneous answers occur frequently, but in the end of the day there can only be one winning answer. When multiple simultaneous answers are presented that are equivalent to or less than the target number, the Bitcoin network will decide by a simple majority--51%--which miner to honour. Typically, it is the miner who has done the most work, i.e.
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The number preceding has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not only of numbers, but also letters of the alphabet. Why is that
In order to understand these letters are doing in the middle of numbers, let us unpack the term"hexadecimal."
As you knowwe use the"decimal" system, which means it's base 10. This in turn means that each and every digit has 10 chances, 0-9.