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Let us say you had one legit $20 and one quite good photocopy of the same $20. If someone were to attempt to spend both the true bill and the imitation one, someone who took the problem of looking at both of those invoices' serial numbers would see that they had been exactly the exact same number, and thus one of them needed to be false.
That isn't a great analogy--we will explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worthiness of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and is an issue of controversy, as some miners believe the block size should be increased to accommodate more data.
Note that I said that verifying 1 MB worth of transactions makes a miner qualified to earn Bitcoin--not everyone who supports transactions will receive paid out.
1MB of transactions can theoretically be as small as 1 transaction (though this is not at all common) or several thousand. It depends on how much data the transactions take up.
In order to earn Bitcoin, you need to meet two conditions. One is a matter of work, one is a matter of luck.
2) You have to be the first miner to arrive at the perfect answer to a numeric issue. This process is also known as a proof of work.
The fantastic news: No advanced math or computation is involved. You may have heard that miners are solving difficult mathematical problems--that is not true in any way. 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 hash.
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The bad news: Since it's guesswork, you need a lot of computing power in order to get there . To mine , you need to have a higher"hash rate," 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 how much Bitcoin you could mine with your mining rig's hash rate, the website Cryptocompare offers a very helpful calculator.
Either way a GPU (graphics processing unit) miner or an application-specific integrated circuit (ASIC) miner. These can run from $500 into the tens of thousands. Some miners--especially Ethereum miners--buy individual graphics cards (GPUs) as a cheap method 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 the sandwich twist-ties holding the graphics cards to the metal pole.
Case in point : I 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 specific number, they simply have to 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'm thinking of the number 19. If Friend A guesses 21they lose because 21>19. If Friend B guesses 16 and Friend C supposes 12, then they've both theoretically arrived at workable answers, because 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's click for info answer was closer to the target answer of 19. .
In Bitcoin terms, simultaneous answers happen frequently, but at the end of the day there can only be one winning answer. When multiple simultaneous answers are presented that are equal to or less than the target number, the Bitcoin network will decide by a simple majority--51%--that miner to honour. Typically, it is the miner that has done the work, i.e.
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The number above has 64 digits. Easy enough to understand so far. As you likely noticed, that number consists not only of numbers, but also letters of the alphabet. Why is that
In order to understand what these letters are doing in the middle of numbers, webpage let's 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.