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2019, it is more than 13 trillion. All of this is to say that, in order to mine competitively, miners must now invest in powerful computer system equipment like a GPU (graphics processing unit) or, more reasonably, an application-specific integrated circuit (ASIC). These can range from $500 to the 10s of thousands.

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The image listed below is a makeshift, homemade mining machine. The graphics cards are those rectangle-shaped blocks with whirring fans. Note the sandwich twist-ties holding the graphics cards to the metal pole. This is probably not the most efficient method to mine, and as you can think, many miners remain in it as much for the fun and difficulty as for the money.

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Consider this illustrative example of how the hash issue works: I inform three buddies that I'm considering a number between one and 100, and I write that number on a notepad and seal it in an envelope.  This Author  do not have to think the precise number; they simply need to be the first person to guess any number that is less than or equal to the number I am thinking about.

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Let's state I'm considering the number 19. If Good friend A guesses 21, they lose because of 21 > 19. If Buddy B guesses 16 and Friend C guesses 12, then they've both theoretically gotten here at feasible answers, due to the fact that of 16 < 19 and 12 < 19. There is no "additional credit" for Friend B, even though B's response was closer to the target response of 19.

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Rather, I'm asking millions of prospective miners and I'm considering a 64-digit hexadecimal number. Now you see that it's going to be incredibly tough to guess the best answer. If B and C both response simultaneously, then the ELI5 analogy breaks down. In Bitcoin terms, synchronised answers take place often, but at the end of the day, there can just be one winning response.

Usually, it is the miner who has actually done the most work or, simply put, the one that validates the most deals. The losing block then becomes an "orphan block." Orphan blocks are those that are not included to the blockchain. Miners who effectively resolve the hash issue but who haven't validated the most transactions are not rewarded with bitcoin.