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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 attempt to spend both the real bill and the imitation one, someone that took the problem of looking at both of those invoices' serial numbers would see that they had been exactly the same number, and thus one of them had to be fictitious.
That isn't a perfect analogy--we'll explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worthiness 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 believe the block size should be increased to accommodate more information.
Note that I stated that verifying 1 MB worth of transactions makes a miner eligible to earn Bitcoin--not everyone who supports transactions will get paid off.
1MB of transactions can technically be little 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 must be the first miner to reach the perfect answer to some numeric problem. This practice is also known as a proof of work.
The fantastic news: No advanced math or computation is involved. You may have discovered that miners are solving difficult mathematical problems--that's 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 target hash.
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The bad news: Because it is guesswork, you need a good deal of computing power in order to get there . To mine , 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 just how much Bitcoin you could mine along with your mining rig's hash rate, 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 into the tens of thousands. Some miners--particularly Ethereum miners--buy individual graphics cards (GPUs) as a cheap way to cobble together mining operations. The photograph below is a makeshift, home-made mining machine. The graphics cards are those rectangular cubes with whirring circles. Note the sandwich twist-ties holding the pictures cards into the metal pole.
Case in point I tell his comment is here three friends that I'm thinking of 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 need to guess the exact number, they simply have to be the very first person to guess any number that is less than or equal to this number I'm thinking blog of.
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Let's say I'm thinking about the number 19. If Friend A guesses 21they shed because 21>19. If Friend B supposes 16 and Friend C supposes 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 goal answer of 19. .
In Bitcoin terms, simultaneous answers happen frequently, but at the end of the day there can only be one winning answer. When multiple simultaneous answers are presented which can be 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.
The losing block then becomes an"orphan block" .
Now imagine I pose the"figure what number I am thinking of" question, but I am not asking just three friends, and I am not thinking of a number between 1 and 100. Rather, I'm asking millions of prospective miners and I am thinking about a 64-digit hexadecimal number. Now you see that it is going to be extremely 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 likely noticed, that number consists not only of numbers, but also letters of this alphabet. Why is that
In order to understand what these letters are doing in the center of numbers, let us unpack the term"hexadecimal."
As you know, we use the"decimal" system, which means it is base 10. This in turn means that each and every digit has 10 possibilities, 0-9.