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Let us say you had one legit $20 and one really good photocopy of that same $20. If someone were to attempt to spend both the true bill and the imitation one, someone who took the trouble of looking at both of the bills' serial numbers would see that they were the exact same number, and consequently one of them had to be fictitious.
That isn't a great analogy--we will explain in more detail below. .
Once a miner has confirmed 1 MB (megabyte) worthiness of Bitcoin transactions, they are entitled to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and is an issue 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 receive paid off.
1MB of transactions can theoretically be as small as 1 transaction (though this is not in any way 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 have to be the first miner to reach the perfect answer to a numeric problem. This practice is also known as an evidence of work.
The good news: No advanced math or computation is involved. You might have heard that miners are solving challenging mathematical problems--that is not true at all. 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: Because it is guesswork, you need a lot of computing power in order to get there . To mine , you need to get a higher"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 can mine with your mining rig's hash rate, the site 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 low-cost method to cobble together mining operations. The photo below is a makeshift, home-made mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal pole.
Example: I tell three friends 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 must be recommended you read the very first person to guess any number that is less than or equal to this number I'm thinking of.
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Let's say I'm thinking of the number 19. If Friend A guesses 21they shed because 21>19. If Friend B guesses 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 target answer of 19. .
In Bitcoin terms, 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 equivalent to or less than the target number, the Bitcoin network will determine by a simple majority--51%--which miner to honour. Normally, it's the miner who has done the work, i.e.
The losing block then becomes an"orphan block." .
Now imagine that I present the"figure what number I'm thinking of" question, but I am not asking only three friends, and I am not thinking of a number between 1 and 100. Rather, I'm asking millions of would-be miners and I am thinking of a 64-digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right 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 just of numbers, but also letters of the alphabet. Why is that
In order to understand these letters are doing in the center of numbers, let's unpack the word"hexadecimal."
As you know, we utilize the"decimal" system, which means it's base 10. This in turn means that every digit has 10 possibilities, 0-9.