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Let us say you had one legit $20 and one really good photocopy of that 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 either of the invoices' serial numbers would see that they had been the exact same number, and thus one of them had to be fictitious.
That isn't a great analogy--we will explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worth 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 believe the block size ought to be increased to accommodate more data.
Note that I said that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who supports transactions will get paid out.
1MB of transactions can theoretically be as little as 1 transaction (although this is not in any way common) or a few thousand. It depends on how much data the transactions consume.
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 perfect answer to some numeric problem. This process is also known as a proof of work.
The good news: No advanced math or computation is involved. You may have discovered that miners are solving difficult mathematical problems--that is not true in any way. 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 equal to the target hash.
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The bad news: Since it's guesswork, you need a good deal of computing power in order to get there . To mine successfully, you need to have a high"hash rate," 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 how much Bitcoin you could mine with your mining rig's hash rate, the website Cryptocompare provides a very helpful calculator.
Either 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--especially Ethereum miners--buy individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photograph below is a makeshift, home-made mining machine. The graphics cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal pole.
ExampleI tell three friends that I'm thinking about 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 just must be the very first person to figure 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 about the number 19. If Friend A guesses 21they shed because 21>19. If Friend B guesses 16 and Friend C guesses 12, then they have both technically came at workable answers, since 16<19 and 12<19. There is no"extra credit" for Friend B, even though B's answer was nearer to the target answer of 19. .
In Bitcoin conditions, simultaneous answers occur frequently, but at 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 next page 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 preceding has 64 digits. Easy enough to understand so far. 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 us unpack the word"hexadecimal."
As you knowwe utilize the"decimal" system, which means it is base 10. This in turn means that every digit has 10 chances, 0-9.