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Let us say you had one legit $20 and one quite good photocopy of the same $20. If someone were to attempt to spend both the real bill and the imitation one, someone that took the problem of looking at both of the bills' serial numbers would see that they were exactly the same number, and thus one of them needed to be fictitious.

This isn't a great analogy--we will explain in more detail below. .

Once a miner has verified 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 is a matter of controversy, as some miners think the block size should be increased to accommodate more data.

Note that I stated that verifying 1 MB value of transactions makes a miner qualified to earn Bitcoin--not everyone who verifies transactions will get 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 must be the first miner to reach the perfect answer to some numeric issue. This practice is also known as a proof 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 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 , you need to get a high"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 along with your mining rig's hash rate, 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 way to cobble together mining operations.  The photo below is a makeshift, high-tech mining machine.  The cards are those rectangular cubes 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 about a number between 1 and 100, and that I write that number on a piece How To Make Money Through Blogging of paper and seal it in an envelope. My friends don't need to guess the specific number, they simply must be the first person to figure any number that is less than or equal to the number I am thinking of.

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Let us say I am thinking of 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 technically came at workable answers, because 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%--which miner to honour. Typically, it's the miner that has done the most work, i.e.

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The losing block then becomes an"orphan block" .

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Now imagine that I present the"figure what number I am thinking of" question, however I'm not asking just three friends, and I am not thinking of a number between 1 and 100. Instead, I'm asking millions of would-be miners and I'm thinking about a 64-digit hexadecimal number. Now you see company website that it is going to be extremely hard to guess the ideal answer.

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The number preceding 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 this alphabet. Why is that

In order to understand what these letters are doing in the center of numbers, let's unpack the term"hexadecimal."

As you know, we utilize the"decimal" system, which means it is base 10. This in turn means that every digit has 10 possibilities, 0-9.

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