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Let's say you had one legit $20 and one quite good photocopy of that 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 either of the bills' serial numbers would see that they had been exactly the exact 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 set by Satoshi Nakamoto, and can be an issue of controversy, as some miners believe the block size should be increased to accommodate more information.
Note that I said 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 technically be small as 1 transaction (although this is not in any way common) or several thousand. It depends on how much data 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 must be the first miner to arrive at the perfect answer to some numeric problem. This practice is also known as an evidence of work.
The good news: No advanced math or computation is involved. You might have heard that miners are solving difficult mathematical problems--that is not true in any way. What they're actually doing is trying to be the first miner to come up with 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 successfully, 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 can mine with your mining rig's hash rate, the site 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--particularly Ethereum miners--buy individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photo 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 pictures cards to the metal pole.
Case in point : I tell three friends that 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 simply must be the first person to guess any number that's less than or equal to this number I'm thinking of.
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Let's say I am thinking about the number 19. If Friend A guesses 21they lose because 21>19. If Friend B guesses 16 and Friend C guesses 12, then they have both technically came at viable answers, because 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 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 equal to or less than the target number, the Bitcoin network will determine by a simple majority--51%--that miner to honour. Typically, it's the miner that has done the most work, i.e.
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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 order to understand 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's base 10. This in turn means that every digit has 10 possibilities, 0-9.