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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 trouble of looking at both of those bills' consecutive numbers would observe that they were the same number, and thus one of them had to be false.
That isn't a great analogy--we will explain in more detail below. .
Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are entitled to win the 12.5 BTC. The 1 MB limit was established by Satoshi Nakamoto, and is a matter of controversy, as some miners think the block size ought to be increased to accommodate more data.
Note that I stated that verifying 1 MB worth of transactions makes a miner qualified to earn Bitcoin--not everyone who verifies transactions will receive paid off.
1MB of transactions can theoretically be as little as 1 transaction (although this is not in any way common) or several 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 practice 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 is not true at all. What they are actually doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a"hash") which is less than or equal to the hash.
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The bad news: Because it's guesswork, you need a lot of computing power in order to get there . To i thought about this mine , 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 just how much Bitcoin you can mine with your mining rig's hash rate, the website 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 to the tens of thousands. Some miners--especially Ethereum miners--purchase 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 blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards into the metal pole.
ExampleI 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 exact number, they simply must be the first person to guess any number that is less than or equal to this number I'm thinking of.
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Let us say I'm thinking of the number 19. If Friend A guesses 21, they shed because 21>19. If Friend B guesses 16 and Friend C supposes 12, then they've both theoretically arrived at workable 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 happen 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 number, the Bitcoin network will determine by a simple majority--51%--which miner to honour. Typically, it's the miner who 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 only 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 term"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.