# The 30-Second Trick For Money To Bitcoin

Let us say you had one legit $20 and one really good photocopy of the same $20. If someone were to attempt to spend both the true bill and the fake one, someone who took the problem of looking at both of those bills' serial numbers would see that they had been the exact same number, and thus one of them had to be false.

This isn't a perfect analogy--we will explain in more detail below. .

Once a miner has verified 1 MB (megabyte) worth of Bitcoin transactions, they are entitled to win the 12.5 BTC. The 1 MB limit was set by Satoshi Nakamoto, and is 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 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 information the transactions consume.

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 issue. 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 difficult 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") that is less than or equivalent to the target 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 successfully, you need to have a higher"hash speed," that is quantified in terms of megahashes per second (MH/s), gigahashes per second (GH/s), here are the findings and terahashes per second (TH/s).

If you want to estimate how much Bitcoin you can mine with your mining rig's hash pace, the website Cryptocompare provides 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--especially Ethereum miners--buy individual graphics cards (GPUs) Find Out More as a cheap method to cobble together mining operations. The photograph below is a makeshift, high-tech mining machine. The cards are those rectangular cubes with whirring circles. Note the sandwich twist-ties holding the pictures cards into the metal rod.

Example: I tell three friends I'm thinking about 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 exact number, they simply must be the first person to figure any number that's less than or equal to this number I'm thinking of.

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Let us say I am thinking about the number 19. If Friend A guesses 21they shed because 21>19. If Friend B supposes 16 and Friend C guesses 12, then they've both theoretically arrived at workable answers, because 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 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 percent --which miner to honour. Normally, it is the miner who has done the most work, i.e.

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

Now imagine I present the"guess what number I'm thinking of" question, however I am not asking only three friends, and I'm not thinking of a number between 1 and 100. Instead, I am asking millions of prospective 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 preceding has 64 digits. Easy enough to understand so far. As you likely noticed, that number consists not just of numbers, but also letters of this alphabet. Why is that

In order to understand these letters are doing in the middle of numbers, let's unpack the term"hexadecimal."

As you know, we utilize the"decimal" system, which means it is base 10. This in turn means that every digit has 10 possibilities, 0-9.