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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 try to spend both the real bill and the fake one, someone who took the problem of looking at either of those invoices' serial numbers would see that they were the same number, and thus one of them had to be fictitious.
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 entitled to win the 12.5 BTC. The 1 MB limit was established by Satoshi Nakamoto, and can be an issue of controversy, as some miners believe the block size should be increased to accommodate more data.
Note that I stated 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 information the transactions consume.
In order to earn Bitcoin, you need to meet 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 perfect answer to some 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 doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash") which is less than or equivalent to the hash.
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The bad news: Since it is guesswork, you need a lot of computing power in order to get there first. To mine , you need to get a higher"hash speed," 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 how much Bitcoin you can mine with your mining rig's hash rate, 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 to the tens of thousands. Some miners--particularly Ethereum miners--purchase individual graphics cards (GPUs) as a low-cost method to cobble together mining operations. The photograph below is a makeshift, home-made mining machine. The graphics cards are such rectangular cubes with whirring circles. Note the sandwich twist-ties holding the graphics cards into the metal pole.
ExampleI tell three friends that I'm thinking about a number between 1 and 100, and 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 just have to be the very first person to guess any number that's less than or equal to this number I am 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 have both technically came at viable answers, since 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's answer was closer to the goal 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 which can be equal to or less than the target number, the Bitcoin network will determine by a simple majority--51 percent --which miner to honour. Normally, it's the miner who has done the work, i.e.
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The number above has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not only of numbers, but also letters of this alphabet. Why is that
In order to understand what these letters are doing in the middle of numbers, let us unpack the term"hexadecimal."
As you know, we use the"decimal" system, which means it is base site web 10. This in turn means that each and every digit has 10 chances, 0-9.