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Let's say you had one legit $20 and one quite 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 problem of looking at either of the invoices' consecutive numbers would observe that they had been exactly the exact same number, and consequently one of them needed to be fictitious.

That isn't a perfect analogy--we'll 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 a matter of controversy, as some miners think the block size should be increased to accommodate more data.

Note that I stated that verifying 1 MB value of transactions makes a miner qualified to earn Bitcoin--not everyone who supports transactions will receive paid off.

1MB of transactions can theoretically be as little as 1 transaction (though this is not in any way common) or a few 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 effort, one is a matter of luck.

2) You have to be the first miner to arrive at the right answer to some numeric problem. This process is also known as an evidence of work.

The fantastic news: No advanced math or computation is involved. You might have discovered that miners are solving challenging mathematical problems--that is not true at all. What they're 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 hash.

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The bad news: Since it's guesswork, you need a lot of computing power in order to get there . To mine , you need to have 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 pace, the site Cryptocompare offers a very 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--particularly Ethereum miners--purchase individual graphics cards (GPUs) as a low-cost useful source method to cobble together mining operations.  The photograph 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 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 just have to be the first person to figure any number that's less than or equal to this number I am thinking of.

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Let's say I'm 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've both technically came at viable 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 conditions, 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 equivalent to or less than the target number, the Bitcoin network will decide by a simple majority--51%--that miner to honour. Typically, it is the miner who has done the most work, i.e.

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

Now imagine that I present the"guess what find more information number I am thinking of" question, but I am not asking just three friends, and I'm not thinking of a number between 1 and 100. Instead, I'm asking millions of would-be miners and I'm thinking of a 64-digit hexadecimal number. Now you see that it is going to be quite hard to guess the right answer.

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The number above official website 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 the alphabet. Why is that

In order to understand these letters are doing in the middle 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 each and every digit has 10 chances, 0-9.