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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 try 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 had been the exact same number, and consequently one of them had 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 think the block size ought to 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 verifies transactions will get paid out.
1MB of transactions can theoretically be as little as 1 transaction (although this is not at all common) or several thousand. It depends on how much information the transactions take up.
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 right answer to some numeric issue. This practice is also known as an evidence of work.
The fantastic news: No advanced math or computation is involved. You may have heard that miners are solving difficult mathematical problems--that's not true at all. What they are actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a"hash") that is less than or equal to the target hash.
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The bad news: Because it's guesswork, you need a lot of computing power in order to get there . To mine successfully, you need to have a high"hash 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 Resources 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--purchase individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photograph below is a makeshift, home-made mining machine. The cards are those rectangular cubes with whirring circles. Note the sandwich twist-ties holding the pictures cards into the metal pole.
Example: 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 need to guess the exact number, they just must be the first person to figure any number that's 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 guesses 12, then they have both theoretically arrived at workable answers, since 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's answer was closer to the target answer of 19. .
In Bitcoin conditions, 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 equivalent to or less than the target number, the Bitcoin network will determine by a simple majority--51%--which miner to honour. Normally, it's the miner that has done the work, i.e.
The losing block then becomes an"orphan block." .
Now imagine that I pose the"figure what number I'm thinking of" question, but I am not asking just 3 friends, and I am not thinking of a number between 1 and 100. Rather, I am asking millions of would-be miners and I'm thinking about a 64-digit hexadecimal number. Now you see that it's 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 likely noticed, that number consists not just of numbers, but also letters of the alphabet. Why is that
In order to understand what these letters are doing in the center of numbers, let us unpack the term"hexadecimal."
As you know, we use the"decimal" system, which means it is base 10. This in turn means that each and every digit has 10 chances, 0-9.