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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 true bill and the fake one, someone that took the trouble of looking at both of the bills' consecutive numbers would observe that they had been the same number, and thus one of them had to be fictitious.
That isn't a perfect analogy--we will explain in more detail below. .
Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are entitled to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and can be an issue of controversy, as some miners think the block size should be increased to accommodate more information.
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 off.
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 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 reach the right answer to a numeric problem. This practice is also known as an evidence of work.
The good news: No advanced math or computation is involved. You may have heard that miners are solving difficult mathematical problems--that's not true in any way. 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 equivalent to the hash.
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The bad news: Because it is guesswork, you need a lot of computing power in order to get there . To mine successfully, you need to have a high"hash speed," which 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 with your mining rig's hash rate, the More Help site Cryptocompare offers 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 to the tens of thousands. Some miners--particularly Ethereum miners--buy individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photograph below is a makeshift, high-tech mining machine. The graphics cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards into the metal rod.
Case in point : I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they simply must be the first person to figure any number that is less than or equal to this next page number I'm thinking of.
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Let's say I am 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 viable 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 terms, simultaneous answers happen frequently, but at the end of the day there can only be one winning answer. When multiple simultaneous answers are presented that are equal to or less than the target number, the Bitcoin network will determine by a simple majority--51 percent --that miner to honour. Typically, it's the miner that has done the most work, i.e.
The losing block then becomes an"orphan block." .
Now imagine that I pose the"figure what number I am thinking of" question, but I'm not asking only three friends, and I'm not thinking of a number between 1 and 100. Rather, I'm asking millions of would-be miners and I'm thinking of 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 only of numbers, but also letters of the alphabet. Why is that
In order to understand what these letters click for info are doing in the middle of numbers, let us unpack the term"hexadecimal."
As you knowwe utilize the"decimal" system, which means it's base 10. This in turn means that each and every digit has 10 chances, 0-9.