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Let's say you had one legit $20 and one really good photocopy of that same $20. If someone were to attempt to spend both the real bill and the imitation one, someone who took the trouble of looking at either of the invoices' consecutive numbers would see that they were exactly the exact same number, and consequently one of them had to be false.
This 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 is a matter of controversy, as some miners think the block size ought to be increased to accommodate more information.
Note that I stated that verifying 1 MB value of transactions makes a miner qualified to earn Bitcoin--not everyone who verifies transactions will get paid off.
1MB of transactions can technically be little as 1 transaction (although this is not in any way common) or a few thousand. It depends on how much information the transactions consume.
In order to earn Bitcoin, you need to fulfill two conditions. One is a matter of effort, one is a matter of luck.
2) You have to be the first miner to arrive at the right answer to a numeric problem. 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's not true in any way. What they're 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 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 . To mine , you need to have a higher"hash speed," that is quantified 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 could mine along with your mining rig's hash rate, the website Cryptocompare offers a helpful calculator.
Either a GPU (graphics processing unit) miner or an application-specific integrated circuit (ASIC) miner. These can run from $500 to the tens of thousands. Some miners--especially Ethereum miners--purchase individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The cards are such rectangular cubes with whirring circles. Note visit their website the sandwich twist-ties holding the pictures cards into the metal pole.
ExampleI tell three friends 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 have to guess the exact number, they just have to be the first person to figure any number that's less than or equal to this number I am thinking of.
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Let's say I'm thinking about the number 19. If Friend A guesses 21they shed because 21>19. If Friend B supposes 16 and Friend C supposes 12, then they've both theoretically arrived at viable answers, since 16<19 and 12<19. There is no"extra credit" for Friend B, even though B's answer was closer to the target answer of 19. .
In Bitcoin conditions, simultaneous answers my company happen frequently, but at the end of the day there can only be one winning answer. When multiple simultaneous answers are presented which can be equivalent to or less than the target number, the Bitcoin network will decide by a simple majority--51%--that miner to honour. Normally, it is the miner that has done the most work, i.e.
The losing block then becomes an"orphan block" .
Now imagine that I pose the"figure what number I am thinking of" question, however I'm not asking just 3 friends, and I am not thinking of a number between 1 and 100. Instead, I'm asking millions of prospective miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely difficult to guess the ideal answer.
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The number above has 64 digits. Easy enough to understand so far. As you likely noticed, that number consists not just of numbers, but also letters of this alphabet. Why is that
In order to understand what these letters are doing in the center 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 site web 10 possibilities, 0-9.