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Let's say you had one legit $20 and one quite good photocopy of that same $20. If someone were to try to spend both the real bill and the fake one, someone who took the problem of looking at both of the bills' serial numbers would observe that they had been the same number, and consequently one of them had to be fictitious.
This isn't a perfect analogy--we will 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 think the block size should be increased to accommodate more information.
Note that I stated that verifying 1 MB worth of transactions makes a miner qualified to earn Bitcoin--not everyone who verifies transactions will get paid out.
1MB of transactions can technically be small as 1 transaction (though this is not at all common) or a few thousand. It depends on how much information the transactions take up.
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 arrive at the perfect answer to some numeric problem. This process is also known as an evidence of work.
The good news: No advanced math or computation is involved. You may have discovered that miners are solving difficult mathematical problems--that is 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 hash.
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The bad news: Since it is guesswork, you need a good deal of computing power in order to get there first. To mine successfully, you need to get 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 could mine along with your mining rig's hash rate, the site Cryptocompare provides a very 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 website here miners--especially Ethereum miners--buy individual graphics cards (GPUs) as a cheap method 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 pictures cards to the metal pole.
ExampleI tell three friends that 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 need to guess the specific number, they simply must be the first person to figure 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 about the number 19. If Friend A guesses 21they shed because 21>19. If Friend B guesses 16 and Friend C supposes 12, then they've both technically came at workable answers, because 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 terms, 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 equal to or less than the target number, the Bitcoin network will determine by a simple majority--51 percent --which miner to honour. Typically, it is the miner who has done the most work, i.e.
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The number above has 64 digits. Easy enough to understand so far. As you likely 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, find more information let us 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 possibilities, 0-9.