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In theory, you could achieve the same goal by rolling a sided die 64 times to arrive at random numbers, but why on earth would you want to do that? Note the sandwich twist-ties holding the graphics cards to the metal pole. But our numeric system only offers 10 ways of representing numbers zero through nine. In order to solve a problem first, miners need a lot of computing power. Although early on in bitcoin's history individuals may have been able to compete for blocks with a regular at-home computer, this is no longer the case. To understand what these letters are doing in the middle of numbers, let's unpack the word "hexadecimal. For example, as of Nov. Aside from the short-term bitcoin payoff, being a coin miner can give you "voting" power when changes are proposed in the Bitcoin network protocol. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money. They are doing the work of verifying previous bitcoin transactions. All of this is to say that, in order to mine competitively, miners must now invest in powerful computer equipment like a GPU graphics processing unit or, more realistically, an application-specific integrated circuit ASIC. When there is more computing power collectively working to mine for bitcoin, the difficulty level of mining increases in order to keep block production at a stable rate. However, if there are one million mining rigs competing to solve the hash problem, they'll likely reach a solution faster than a scenario in which 10 mining rigs are working on the same problem. Why is that? 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 data, which would effectively mean that the bitcoin network could process and verify transactions more quickly. In bitcoin mining terms, that metaphorical undisclosed number in the envelope is called the target hash. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. And if you are technologically inclined, why not do it? Typically, it is the miner who has done the most work, that s, the one that verifies the most transactions. Miners are getting paid for their work as auditors. The photo below is a makeshift, home-made mining machine. As of Nov. Easy enough to understand so far. What a bitcoin miner does is analogous to that—they check transactions to make sure that users have not illegitimately tried to spend the same bitcoin twice. As of the time of writing, the reward for completing a block is If you want to keep track of precisely when these halvings will occur, you can consult the Bitcoin Clock , which updates this information in real time. The primary draw for many Bitcoin miners is the prospect of being rewarded with valuable bitcoin tokens. To get a sense of just how much computing power is involved, when Bitcoin launched in the initial difficulty level was one. All target hashes begin with zeros—at least eight zeros and up to 63 zeros.{/INSERTKEYS}{/PARAGRAPH} In , this was halved to 25 BTC. That said, you certainly don't have to be a miner to own cryptocurrency tokens. Let's say I'm thinking of the number There is no "extra credit" for Friend B, even though B's answer was closer to the target answer of Now imagine that I pose the "guess what number I'm thinking of" question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number. The number above has 64 digits. That is correct. In Bitcoin terms, simultaneous answers occur frequently, but at the end of the day, there can only be one winning answer. Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope? The screenshot below, taken from the site Blockchain. There will eventually come a time when bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million. Double spending is a scenario in which a bitcoin owner illicitly spends the same bitcoin twice. To earn bitcoins, you need to meet two conditions. In addition to lining the pockets of miners and supporting the bitcoin ecosystem, mining serves another vital purpose: It is the only way to release new cryptocurrency into circulation. Interestingly, the market price of bitcoin has, throughout its history, tended to correspond closely to the marginal cost of mining a bitcoin. However, before you invest the time and equipment, read this explainer to see whether mining is really for you. As you probably noticed, that number consists not just of numbers, but also letters of the alphabet. As you see here, their contribution to the Bitcoin community is that they confirmed transactions for this block. In Bitcoin mining, a nonce is 32 bits in size—much smaller than the hash, which is bits. Well, here is an example of such a number:. In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. Because these responsibilities are spread among many users all over the world, bitcoin is said to be a "decentralized" cryptocurrency, or one that does not rely on a central bank or government to oversee its regulation. That's why you have to stick letters in, specifically letters a, b, c, d, e and f. Miners who successfully solve the hash problem but who haven't verified the most transactions are not rewarded with bitcoin. The graphics cards are those rectangular blocks with whirring circles. The rewards for bitcoin mining are halved every four years or so. It's basically guesswork. For that reason, Bitcoin is designed to evaluate and adjust the difficulty of mining every 2, blocks, or roughly every two weeks. An example of the latter is Steemit , which is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called STEEM. The bitcoin reward that miners receive is an incentive which motivates people to assist in the primary purpose of mining: to support, legitimize and monitor the Bitcoin network and its blockchain. By verifying transactions, miners are helping to prevent the " double-spending problem. The term "Relayed by Antpool" refers to the fact that this particular block was completed by AntPool, one of the more successful mining pools more about mining pools below. And there is no limit to how many guesses they get. The bad news: It's guesswork, but with the total number of possible guesses for each of these problems being on the order of trillions, it's incredibly arduous work. We will focus primarily on Bitcoin throughout, we'll use "Bitcoin" when referring to the network or the cryptocurrency as a concept, and "bitcoin" when we're referring to a quantity of individual tokens. If you are mining bitcoin, you do not need to calculate the total value of that digit number the hash. Less computing power means the difficulty level decreases. {PARAGRAPH}{INSERTKEYS}Cryptocurrency mining is painstaking, costly and only sporadically rewarding. In order to ensure smooth functioning of the blockchain and its ability to process and verify transaction, the Bitcoin network aims to have one block produced every 10 minutes or so. A nonce is short for "number only used once," and the nonce is the key to generating these bit hexadecimal numbers I keep talking about. In a hexadecimal system, each digit has 16 possibilities. The nonce that generated the "winning" hash was The target hash is shown on top. If you were to try to spend both the real bill and the fake one, someone that took the trouble of looking at both of the bills' serial numbers would see that they were the same number, and thus one of them had to be false. If you want to estimate how much bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator. If you really want to see all of those transactions for this block, go to this page and scroll down to the heading "Transactions. You may have heard that miners are solving difficult mathematical problems—that's not exactly true. The losing block then becomes an " orphan block. STEEM can then be traded elsewhere for bitcoin. When bitcoin was first mined in , mining one block would earn you 50 BTC. The reason for this is that the difficulty of mining bitcoin changes over time. That is a great many hashes. What miners are doing with those huge computers and dozens of cooling fans is guessing at the target hash. This process is also known as proof of work. You are looking at a summary of everything that happened when block was mined. The ins and outs of bitcoin mining can be difficult to understand as is. This isn't a perfect analogy—we'll explain in more detail below. One is a matter of effort; one is a matter of luck. I repeat: You do not need to calculate the total value of a hash. Once a miner has verified 1 MB megabyte worth of bitcoin transactions , known as a "block," that miner is eligible to be rewarded with a quantity of bitcoin more about the bitcoin reward below as well. The good news: No advanced math or computation is involved. As you know, we use the "decimal" system, which means it is base This, in turn, means that every digit of a multi-digit number has 10 possibilities, zero through nine. This is the easy part. In other words, miners are basically "minting" currency. By , this was halved again to the current level of In about , the reward size will be halved again to 6. It depends on how much data the transactions take up. Now you see that it's going to be extremely hard to guess the right answer.