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Let's say you had one legit $20 and one quite good photocopy of the same $20. If someone were to try to spend both the real bill and the fake one, someone that took the problem of looking at both of those bills' consecutive numbers would observe that they were exactly the same number, and thus one of them had to be false.
This isn't a great analogy--we'll 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 established by Satoshi Nakamoto, and is an issue of controversy, as some miners think 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 theoretically be as small as 1 transaction (although this is not at all common) or a few thousand. It depends on how much data the transactions take up.
In order to earn Bitcoin, you need to meet 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 right answer to a numeric problem. This process is also known as an evidence of work.
The fantastic news: No advanced math or computation is involved. You may have discovered that miners are solving difficult mathematical problems--that's not true at all. What they're actually doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash") that is less than or equivalent to the 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 , you need to get a high"hash rate," 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 how much Bitcoin you could mine with your mining rig's hash pace, the site Cryptocompare provides a very helpful calculator.
Either way a 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--buy individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the pictures cards to dig this the metal rod.
ExampleI tell three friends I'm thinking of a number between 1 and 100, and that I Full Report 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 must 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'm thinking of the number 19. If Friend A guesses 21, they lose because 21>19. If Friend B guesses 16 and Friend C supposes 12, then they have both technically came at workable answers, because 16<19 and 12<19. There is no"extra credit" for Friend B, even though B's answer was closer to the target 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 which can be equivalent to or less than the target number, the Bitcoin network will decide by a simple majority--51 percent --that miner to honour. Normally, it's the miner that has done the work, i.e.
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The number preceding has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not only 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's unpack the word"hexadecimal."
As you know, we utilize the"decimal" system, which means it's base 10. This in turn means that each and every digit has 10 chances, 0-9.