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A megabyte is a unit of measurement for computer storage, memory and information; while its exact definition varies, it is in theory equal to one million bytes. The symbol for megabyte is MB (note B for Byte, lowercase b would mean bit).
Three definitions for megabyte are being used:
The definitions of the kilobyte (either 1000 = 103 or 1024 = 210 bytes) and of the gigabyte (either 109 or 230 bytes) have similar ambiguities.
To reduce the confusion and distinguish between meanings (1) and (2) above, the International Electrotechnical Commission (IEC), adopted an international standard in December 1998 which reserves the term megabyte for 106 bytes and introduces the new term mebibyte (abbreviated as MiB) for 220 bytes. Similarly, the terms kibibyte (KiB, equal to 210 bytes) and gibibyte (GiB, equal to 230 bytes) were introduced. This naming convention, while strongly endorsed by IEEE and CIPM, has not yet been widely accepted, and is simply ignored by most people.
Note the distinction between a megabyte (one million bytes) and a megabit (one million bits). A megabit is abbreviated as Mbit (preferably) or as Mb (when the byte is abbreviated by an upper case "B", which stands for Bel in SI). There are eight bits in one byte, so a megabyte (Mb) is eight times as large as a megabit (Mbit). Megabits are often used in applications where a serial bitstream is the item of interest, particularly in communications and in specifying the internal data rate of a computer hard drive. In these contexts, one megabit is almost invariably defined as 106 bits. In practice, the abbreviation Mb is frequently encountered as a mistaken notation for Mbit. In most cases, an examination of the context will indicate which unit of measure was intended.
Similarly, a Gbit is a gigabit and a kbit is a kilobit: these units too are often written in error when using the "b".
The prefix "mega" comes from a Greek word meaning "large", and it was chosen because a million is a large number.