All About Bitcoin Mining Code
Let's 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 fake one, someone who took the trouble of looking at both of the bills' serial numbers would see that they had been the exact same number, and consequently one of them had 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 is an issue of controversy, as some miners believe the block size should be increased to accommodate more data.
Note that I said that verifying 1 MB value of transactions makes a miner qualified to earn Bitcoin--not everyone who supports 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 take up.
In order to earn Bitcoin, you need to fulfill two conditions. One is a matter of work, one is a matter of luck.
2) You must be the first miner to reach the right answer to a numeric problem. 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's not true in any way. What they are doing is trying to be the first miner to come up with a 64-digit hexadecimal number (a"hash") which is less than or equivalent to the target hash.
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The bad news: Since it is 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 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 how much Bitcoin you could mine with your mining rig's hash rate, 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 into the tens of thousands. Some miners--particularly Ethereum miners--buy individual graphics cards (GPUs) as a low-cost method to cobble together mining operations. The photo below is a makeshift, high-tech mining machine. The cards are such rectangular cubes 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 about a number between 1 and 100, and that 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 the number I'm thinking of.
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Let's say I'm thinking of the number 19. If Friend A guesses 21, they lose because 21>19. If Friend B supposes 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 closer to the goal answer of 19. .
In Bitcoin terms, simultaneous answers happen frequently, but in the end of the day there can only be one winning answer. When multiple simultaneous answers are presented which can be equal to or less than the target number, the Bitcoin network will determine by a simple majority--51%--that miner to honour. Typically, it's the miner who has done the most work, i.e.
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The number preceding has 64 digits. Easy enough to understand so far. 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 center of numbers, let's 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 possibilities, 0-9.