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Let's say you had one legit $20 and one really 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 trouble of looking at both of those bills' consecutive numbers would observe that they were the same number, and consequently one of them needed to be false.
That isn't a great analogy--we'll 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 is a matter of controversy, as some miners think the block size ought to be increased to accommodate more information.
Note that I stated that verifying 1 MB worth of transactions makes a miner qualified to earn Bitcoin--not everyone who verifies transactions will get paid off.
1MB of transactions can technically be little as 1 transaction (although this is not at all common) or a few thousand. It depends on how much information the transactions take up.
In order to earn Bitcoin, you need to fulfill two conditions. One is a matter of effort, one is a matter of luck.
2) You have to be the first miner to arrive at the perfect answer to a 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 heard that miners are solving difficult mathematical problems--that's not true at all. What they are 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's guesswork, you need a lot of computing power in order his explanation to get there first. To mine , 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 just how much Bitcoin you can mine with your mining rig's hash pace, the website Cryptocompare offers a helpful calculator.
Either way 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 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 into the metal rod.
Case in point : I tell three friends I'm thinking about a number between 1 and 100, and I write that number on a sheet of paper and seal it in an envelope. My friends don't have to guess the exact number, they simply have to be the very first person to figure any number that's less than or equal to the number I'm 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 supposes 16 and Friend C guesses 12, then they've 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 nearer to the goal answer of 19. .
In Bitcoin conditions, simultaneous answers occur frequently, but at the end of the day there can only his response 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 decide by a simple majority--51%--that miner to honour. Normally, 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 so far. As you likely 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 middle of numbers, let us unpack the word"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.