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Let's say you had one legit $20 and one quite good photocopy of the same $20. If someone were to try to spend both the real bill and the imitation one, someone who took the problem of looking at both of those bills' serial numbers would observe that they were the same number, and consequently one of them had to be fictitious.
This 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 can be a matter of controversy, as some miners think the block size should be increased to accommodate more data.
Note that I stated that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who supports transactions will get paid off.
1MB of transactions can theoretically be as little as 1 transaction (though this is not at all common) or several thousand. It depends on how much information the transactions consume.
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 must be the first miner to arrive at the perfect answer to some numeric issue. This process 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're doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash") that is less than or equivalent to the target 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 get 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 look at here now much Bitcoin you can mine with your mining rig's hash pace, the site 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--purchase individual graphics cards (GPUs) as a cheap way to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The graphics cards are those rectangular cubes with whirring circles. Note the sandwich twist-ties holding the graphics cards into the metal pole.
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 have to guess the specific number, they just have to be the very first person to figure any number that's less than or equal to the number I am 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 supposes 16 and Friend C guesses 12, then they have webpage both theoretically arrived 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 occur 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 decide by a simple majority--51%--that miner to honour. Normally, it is the miner that has done the work, i.e.
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The number preceding has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not only of numbers, but also letters of the 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 use the"decimal" system, which means it's base 10. This in turn means that every digit has 10 chances, 0-9.