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Let us say you had one legit $20 and one really good photocopy of the same $20. If someone were to try to spend both the real bill and the fake one, someone who took the trouble of looking at either of the bills' consecutive numbers would see that they were the exact same number, and consequently one of them needed to be false.
This isn't a perfect analogy--we'll 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 ought to be increased to accommodate more data.
Note that I stated that verifying 1 MB value 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 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 fulfill two conditions. One is a matter of work, one is a matter of luck.
2) You must be the first miner to reach the right answer to a numeric problem. This process is also known as an evidence of work.
The good news: No advanced math or computation is involved. You might have discovered 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 think of a 64-digit hexadecimal number (a"hash") that is less than or equivalent to the target hash.
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The bad news: Because it's guesswork, you need a good deal of computing power in order to get there first. To mine successfully, you need to get a high"hash rate," 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 how much Bitcoin you could mine with your mining rig's hash pace, the website Cryptocompare provides a very helpful calculator.
Either way Extra resources 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--particularly Ethereum miners--buy individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photograph below is a makeshift, high-tech mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the pictures cards to the metal rod.
Example: I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a sheet of paper and seal it in an envelope. My friends don't need to guess the specific number, they just have to be the first person to guess any number that is less than or equal to this number I am thinking of.
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Let us say I am thinking about the number 19. If Friend A guesses 21they lose because 21>19. If Friend B supposes 16 and Friend C guesses 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 answer was nearer to the target answer of 19. .
In Bitcoin conditions, simultaneous answers 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 determine by a simple majority--51%--which miner to honour. Typically, it is the miner that has done the most work, i.e.
The losing block then becomes an"orphan block." .
Now imagine that I present 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. discover this Rather, I'm asking millions of prospective miners and I am thinking of a 64-digit hexadecimal number. Now you see that it is going to be extremely difficult to guess the right answer.
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The number above has 64 digits. Easy enough to understand up to now. As you probably noticed, that number consists not only of numbers, but also letters of the alphabet. Why is that
In Click Here order to understand what 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 is base 10. This in turn means that every digit has 10 possibilities, 0-9.