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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 that took the trouble of looking at both of the bills' consecutive numbers would observe that they were exactly the exact same number, and consequently one of them needed to be fictitious.
That isn't a perfect analogy--we will explain in more detail below. .
Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was established by Satoshi Nakamoto, and can be a matter of controversy, as some miners believe the block size ought to be increased to accommodate more data.
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 technically be small as 1 transaction (although this is not at all common) or a few thousand. It depends on how much data the transactions consume.
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 practice is also known as an evidence of work.
The fantastic news: No advanced math or computation is involved. You might have discovered that miners are solving challenging mathematical problems--that is not true at all. What they're actually doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash") which is less than or equal to the target hash.
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The bad news: Because it is guesswork, you need a good deal of computing power in order to get there . To mine successfully, you need to get a high"hash speed," that 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 could mine with your mining rig's hash pace, the website Cryptocompare provides 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--particularly Ethereum miners--buy individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photograph below is a makeshift, home-made mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the pictures cards into the metal rod.
Case in point I tell three friends that I'm thinking of 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 simply have to be the first person to figure any number that is less than or equal to the number I'm thinking of.
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Let us say I'm thinking about the number 19. If Friend A guesses 21, they shed because 21>19. If Friend B guesses 16 and Friend C supposes 12, then they've both theoretically arrived at workable answers, since 16<19 and 12<19. There is no"extra credit" for Friend B, even though B's answer was closer to the goal answer of 19. .
In Bitcoin terms, simultaneous answers happen frequently, but in the end of the day there can only be one winning answer. When multiple simultaneous answers are presented that are equal to or less get more than the target number, the Bitcoin network will decide by a simple majority--51 percent --which miner to honour. Typically, it's the miner who has done the most 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 center of numbers, let us unpack the word"hexadecimal."
As you know, we utilize the"decimal" system, which means it is base 10. This in turn means that every digit has 10 chances, 0-9.