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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 imitation one, someone that took the trouble of looking at either of the bills' serial numbers would observe that they were the same number, and consequently one of them needed to be false.
That isn't a perfect analogy--we'll 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 established by Satoshi Nakamoto, and can be an issue of controversy, as some miners believe the block size ought to be increased to accommodate more information.
Note that I stated that verifying 1 MB value of transactions makes a miner eligible to earn Bitcoin--not everyone who supports transactions will get paid off.
1MB of transactions can technically be small as 1 transaction (although this is not at all common) or several thousand. It depends on how much data the transactions take up.
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 have to be the first miner to arrive at the perfect answer to a numeric issue. This practice is also known as a proof of work.
The fantastic news: No advanced math or computation is involved. You might have discovered 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 come up with a 64-digit hexadecimal number (a"hash") that is less than or equal to the target 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 . To mine successfully, you need to have a high"hash rate," 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 can mine with your mining rig's hash rate, the site Cryptocompare provides 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--especially Ethereum miners--buy individual graphics cards (GPUs) as a cheap method to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The graphics cards are such rectangular cubes with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal rod.
Case in point I tell three friends I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the very first person to guess any number that's less than or equal to this number I'm thinking of.
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Let us say I'm thinking about the number 19. If Friend A guesses 21, they 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 target answer of 19. .
In Bitcoin terms, simultaneous answers occur frequently, but browse around this site in 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 decide by a simple majority--51%--that miner to honour. Typically, it's the miner that has done the work, i.e.
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The number preceding has 64 digits. Easy enough to understand up to now. As you likely noticed, that number consists not just 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 knowwe use the"decimal" check this system, which means it's base 10. This in turn means that every digit has 10 Bitcoin Mining Code possibilities, 0-9.