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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 attempt to spend both the real bill and the imitation one, someone that took the trouble of looking at both of the invoices' consecutive numbers would see that they had been the exact same number, and consequently one of them needed to be fictitious.
That isn't a perfect analogy--we will 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 a matter of controversy, as some miners believe the block size should be increased to accommodate more information.
Note that I stated that verifying 1 MB value of transactions makes a miner qualified to earn Bitcoin--not everyone who supports transactions will receive paid out.
1MB of transactions can theoretically be as little as 1 transaction (though 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 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 perfect answer to a numeric issue. This practice is also known as a proof of work.
The fantastic news: No advanced math or computation is involved. You might have discovered that miners are solving challenging mathematical problems--that's not true in any way. What they are actually doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash") that is less than or equal to the hash.
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The bad news: Because it's guesswork, you need a good deal of computing power in order to get there . To mine , you need to get a high"hash speed," that 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 could mine with your mining see this site rig's hash rate, the website Cryptocompare offers a very helpful calculator.
Either 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--especially 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 blocks with whirring circles. Note the sandwich twist-ties holding the pictures cards to the metal rod.
Case in point : I tell three friends I'm thinking of a number between 1 and 100, and that I write that number on a sheet of paper and seal it in an envelope. My friends don't need to guess the exact number, they just have to be the very first person to figure any number that's less than or equal to this number I'm thinking of.
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Let us say I am thinking of the number 19. If Friend A guesses 21they lose because 21>19. If Friend B guesses 16 and Friend C guesses 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 occur frequently, but at the end of the day there can only be one winning answer. When multiple original site 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 percent --which miner to honour. Typically, it is the miner who has done the work, i.e.
The losing block then becomes an"orphan block." .
Now imagine I present the"figure what number I am thinking of" question, but I am not asking only 3 friends, and I'm not thinking of a number between 1 and 100. Instead, I'm asking millions of prospective miners and I am thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely difficult to guess the ideal answer.
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The number preceding 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 this alphabet. Why is that
In order to understand these letters are doing in the middle 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 every digit has 10 possibilities, 0-9.