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Let's say you had one legit $20 and one really good photocopy of the same $20. If someone were to try to spend both the real bill and the fake one, someone that took the trouble of looking at both of the bills' serial numbers would see that they were exactly the same number, and thus one of them needed to be false.
This isn't a great 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 set by Satoshi Nakamoto, and can be a matter of controversy, as some miners believe the block size ought to be increased to accommodate more data.
Note that I said 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 theoretically be as small as 1 transaction (although this is not at all common) or several 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 effort, one is a matter of luck.
2) You have to be the first miner to reach the right answer to a numeric problem. 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 difficult mathematical problems--that is 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") which is less than or equal to the target hash.
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The bad news: Since it is guesswork, you need a lot of computing power in order to get there . To mine successfully, you need to have a high"hash speed," that 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 could mine with your mining rig's hash pace, 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 into the tens of thousands. Some miners--especially Ethereum miners--purchase individual graphics cards (GPUs) as a low-cost 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 pole.
Case in point : I tell three friends I'm thinking about 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 have to guess the specific number, they simply must be the very first person to guess any number that is less than or equal to this number I am thinking of.
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Let's say I am thinking about the number 19. If Friend A guesses 21, they lose because 21>19. If Friend B supposes 16 and Friend C supposes 12, then they have both technically came at workable answers, since 16<19 and 12<19. There is 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 at 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 How To Make Money Through Blogging majority--51 percent --which miner to honour. Typically, it is the miner who 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 more not just of numbers, but also letters of this alphabet. Why is that
In order to understand what these letters are doing in the middle of numbers, let's unpack the term"hexadecimal."
As you know, we use the"decimal" system, which means it's base 10. This in turn means that every digit has 10 chances, 0-9.