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Let us say you had one legit $20 and one really good photocopy of the same $20. If someone were to try to spend both the true bill and the fake one, someone that took the problem of looking at both of those bills' consecutive numbers would see that they had been the exact same number, and consequently one of them needed to be false.

That isn't a perfect analogy--we will explain in more detail below. .

Once a miner has verified 1 MB (megabyte) worthiness of Bitcoin transactions, they are eligible to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and can be an issue of controversy, as some miners think 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 qualified to earn Bitcoin--not everyone who verifies transactions will get paid out.

1MB of transactions can technically be small as 1 transaction (although this is not in any way common) or several 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 work, one is a matter of luck.

2) You must be the first miner to arrive at the perfect answer to a numeric issue. This process is also known as a proof 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 in any way. What they are doing is trying to be the first miner to think of a 64-digit hexadecimal number (a"hash")  which 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 have a higher"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 pace, the site Cryptocompare provides a helpful calculator.

Either way a GPU (graphics processing 20000 Satoshi unit) miner or an application-specific integrated circuit (ASIC) miner. These can run from $500 to the tens of thousands.  Some miners--particularly Ethereum miners--purchase individual graphics cards (GPUs) as a low-cost method to cobble together mining operations.  The photo below is a makeshift, home-made mining machine.  The cards are those rectangular cubes with whirring circles.  Note the sandwich twist-ties holding the graphics cards into the metal rod.

Example: I tell three friends I'm thinking about 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 specific number, they just must be the first person to guess any number that's less than or equal to the number I am 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 supposes 16 and Friend C guesses 12, then they have both theoretically arrived 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 conditions, 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 this contact form determine by a simple majority--51%--that miner to honour. Normally, it's the miner who has done the most work, i.e.

 

 

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The losing block then becomes an"orphan block." .

 

 

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Now imagine I pose the"figure what number I am thinking of" question, however 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 would-be miners and I'm thinking about a 64-digit hexadecimal number. Now you see that it is going to be quite difficult to guess the ideal answer.

 

 

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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 center of numbers, 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 each and every digit has 10 possibilities, 0-9.

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