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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 try to spend both the true bill and the imitation one, someone that took the problem of looking at both of those bills' consecutive numbers would see that they were exactly 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 verified 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 think the block size ought to 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 verifies transactions will receive paid out.

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 consume.

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 reach the perfect answer to a numeric issue. This practice 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's 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") which is less than or equal to the target hash.

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The bad news: Because it's guesswork, you need a good deal of computing power in order to get there . To mine successfully, you need to get a high"hash rate," that is measured in terms of megahashes per second (MH/s), gigahashes per second site (GH/s), and terahashes per second (TH/s).

If you want to estimate just how much Bitcoin you can mine along with your mining rig's hash pace, the site Cryptocompare offers a helpful calculator.

Either 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 low-cost way to cobble great site together mining operations. The photograph below is a makeshift, high-tech mining machine. The cards are such rectangular blocks with whirring circles. Note the sandwich twist-ties holding the graphics cards to the metal rod.

Example: I tell 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 have to guess the specific number, they simply have to be the very first person to figure any number that is less than or equal to this number I am thinking of.

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Let's say I am thinking of the number 19. If Friend A guesses 21they lose because 21>19. If Friend B supposes 16 and Friend C guesses 12, then they have both theoretically arrived at workable answers, since 16<19 and 12<19. There's no"extra credit" for Friend B, even though B's answer was closer to the target 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 useful link presented that are equivalent to or less than the target number, the Bitcoin network will determine by a simple majority--51%--that miner to honour. Typically, it is the miner that has done the most work, i.e.

The losing block then becomes an"orphan block" .

Now imagine I present the"figure what number I'm thinking of" question, but I am not asking only 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 am thinking about a 64-digit hexadecimal number. Now you see that it's going to be extremely difficult to guess the ideal answer.

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The number preceding 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 middle of numbers, let's unpack the word"hexadecimal."

As you knowwe use the"decimal" system, which means it is base 10. This in turn means that every digit has 10 chances, 0-9.