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Let us say you had one legit $20 and one quite good photocopy of the same $20. If someone were to attempt to spend both the real bill and the imitation one, someone that took the problem of looking at either of the bills' serial numbers would observe that they had been exactly the exact same number, and thus one of them needed to be false.
That isn't a perfect 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 is a matter of controversy, as some miners believe the block size ought to be increased to accommodate more information.
Note that I said that verifying 1 MB worth of transactions makes a miner qualified to earn Bitcoin--not everyone who supports transactions will get paid out.
1MB of transactions can technically be little as 1 transaction (though this is not in any way common) or a few thousand. It depends on how much information the transactions consume.
In order to earn Bitcoin, you need to fulfill 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 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 difficult mathematical problems--that's not true at all. What they are 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 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 , you need to get 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 could mine with your mining rig's hash pace, the site Cryptocompare offers a 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--buy individual graphics cards (GPUs) as a low-cost way to cobble together mining operations. The photograph below is a makeshift, high-tech mining machine. The cards are those rectangular cubes with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal rod.
Example: I tell three friends that I'm thinking description of a number between 1 and 100, and that I write that number on a piece of paper and seal it in an envelope. My friends don't need to guess the specific number, they just must be the very first person to figure any number that is less than or equal to the number I'm thinking of.
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Let's say I'm thinking about 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 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 nearer to the goal answer of 19. .
In Bitcoin conditions, simultaneous answers happen frequently, but in the end of the day there can only be one winning answer. When multiple simultaneous answers are presented which can be equal to or less than the target number, the Bitcoin network will decide by a simple majority--51 percent --that miner to honour. Normally, it's the miner who has done the most work, i.e.
The losing block then becomes an"orphan block." .
Now imagine I present the"figure what number I'm thinking of" question, but I am not asking just 3 friends, and I am not thinking of a number between 1 and 100. Instead, I'm asking millions of prospective miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it is going to be extremely difficult to guess the right answer.
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The number preceding 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 the alphabet. Why is that
In order to understand what 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 is base 10. This in turn means that each and every digit has 10 possibilities, 0-9.