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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 attempt to spend both the true bill and the fake one, someone that took the trouble of looking at either of those bills' consecutive numbers would see that they were the exact same number, and thus one of them needed to be fictitious.
That isn't a perfect analogy--we'll explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worth 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 eligible to earn Bitcoin--not everyone who supports transactions will get paid out.
1MB of transactions can technically be small as 1 transaction (although 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 have to be the first miner to reach the perfect answer to a numeric issue. This process is also known as a proof of work.
The good news: No advanced math or computation is involved. You may have discovered that miners are solving challenging 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 have a higher"hash site link rate," 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 could mine with your mining rig's hash pace, the site 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 this post miners--purchase individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photograph below is a makeshift, home-made 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 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 is less than or equal to this number I'm thinking of.
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Let's say I'm thinking about 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, 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 than the target number, the Bitcoin network will determine by a simple majority--51%--which miner to honour. Typically, 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 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 center of numbers, let us unpack the term"hexadecimal."
As you knowwe utilize the"decimal" system, which means it's base 10. This in turn means that every digit has 10 chances, 0-9.