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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 imitation one, someone who took the trouble of looking at both of the invoices' consecutive numbers would see that they were the exact same number, and thus one of them had to be false.

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

Once a miner has verified 1 MB (megabyte) worthiness 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 information.

Note that I said that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who verifies transactions will get paid off.

1MB of transactions can theoretically be as little as 1 transaction (although this is not at all common) or several thousand. It depends on how much information the transactions take up.

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 must be the first miner to reach the perfect answer to some numeric issue. This process 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 in any way. What they're actually 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: Because 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 rate," 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 can mine with your mining rig's hash pace, the website Cryptocompare offers a 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--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 cards are those rectangular cubes with whirring circles.  Note the sandwich twist-ties holding the graphics cards into the metal rod.

Case in point I tell three friends I'm thinking of a number between 1 and 100, and that important source I write that number on a piece of paper and seal it in an envelope. My friends don't need to guess the exact number, they simply have to be the first person to figure any number that is less than or equal to this number I am thinking of.

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Let us say I am thinking about 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 have both technically came at viable answers, since 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's answer was closer 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 determine by a simple majority--51 percent --that miner to honour. Normally, it is the miner who has done the most work, i.e.

The losing block then becomes an"orphan block" .

Now imagine that I pose the"guess what number I'm thinking of" question, however I'm not asking only three friends, and I am not thinking of a number between 1 and 100. Instead, I am asking millions of would-be miners and I'm thinking about a 64-digit hexadecimal number. Now you see that it's going to be quite hard to guess the right answer.

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The number preceding has 64 digits. Easy enough to understand up to now. a fantastic read 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 center of numbers, let us unpack the word"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.