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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 imitation one, someone that took the trouble of looking at both of those bills' consecutive numbers would see that they were exactly the same number, and consequently one of them needed to be false.
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 set by Satoshi Nakamoto, and can be an issue 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 verifies transactions will receive paid off.
1MB of transactions can theoretically be as small as 1 transaction (though 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 have to be the first miner to reach the right 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 might have discovered that miners are solving challenging mathematical problems--that's not true at all. What they're 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 target hash.
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The bad news: Because it's guesswork, you need a lot of computing power in order to get there first. To mine successfully, you need to have 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 much Bitcoin you can mine along with your mining rig's hash rate, the site Cryptocompare offers a 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--particularly Ethereum miners--purchase individual graphics cards (GPUs) as a cheap way to cobble together mining operations. The photo below is a makeshift, home-made mining machine. The graphics cards are such rectangular cubes 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 sheet of paper and seal it in an envelope. My friends don't need to guess the specific number, they simply have to be the first person to guess any number that's less than or equal to this 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 guesses 16 and Friend C guesses 12, then they have 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 conditions, 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 equivalent to or less than the target number, the Bitcoin network will determine by a simple majority--51 percent --which miner to honour. Typically, it's the miner that has done the most 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 this alphabet. Why is that
In order to understand these letters are doing in the center 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 each and every digit has 10 chances, 0-9.