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Let us say you had one legit $20 and one quite good photocopy of that same $20. If someone were to try to spend both the true bill and the imitation one, someone that took the problem of looking at both of the bills' consecutive numbers would see that they had been the exact same number, and consequently one of them had to be fictitious.
That isn't a great analogy--we'll explain in more detail below. .
Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was established by Satoshi Nakamoto, and can be an issue of controversy, as some miners believe the block size should be increased to accommodate more information.
Note that I said that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who verifies transactions will get paid out.
1MB of transactions can theoretically be as small 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 a numeric problem. This practice is also known as an evidence of work.
The good news: No advanced math or computation is involved. You might have heard that miners are solving challenging mathematical problems--that's 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") which is less than or equal to the hash.
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The bad news: Since it's guesswork, you need a lot of computing power in order to get there first. To mine successfully, you need to have a higher"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 how much Bitcoin you can mine with your mining rig's hash pace, the 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 into the tens of thousands. Some miners--particularly Ethereum miners--purchase individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photo below is a makeshift, home-made mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal pole.
Example: I tell three friends 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 simply must be the first person to guess any number that's less than or equal to the number I am thinking of.
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Let's 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 supposes 12, then they've both theoretically arrived at viable 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 conditions, simultaneous answers occur frequently, but in the end of the day there can only be one winning answer. When multiple simultaneous answers are presented that are equivalent to or less than the target number, the Bitcoin network will decide by a simple majority--51 percent --that miner to honour. Typically, it's the miner that has done the most work, i.e.
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The number above has 64 digits. Easy enough to understand up to now. As you probably noticed, that number consists not just 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's 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 chances, 0-9.