Both Megabyte (MB) and Mebibyte (MiB) are units of information or computer storage. But MB is used in two ways either as equivalent to 1000 Kb or 1024 Kb. This creates some sort of confusion. To avoid this, the International Electrotechnical Commission (IEC) (1998), the leading international organization for worldwide standardization in electrotechnology, approved as an IEC International Standard names and symbols for prefixes for binary multiples for use in the fields of data processing and data transmission. They recommended the use of Mebibyte (a combination of Mega and Binary) MiB, which always refer to 1024 Kb. See the table for percentage difference in storage size in MB and MiB. The difference is significant as the storage size increases.
Megabyte vs Mebibyte
 Megabyte Mebibyte Megabyte is a multiple of 1000 Mebibyte is a multiple of 1024 The unit symbol for the megabyte is MB The unit symbol for the mebibyte is MiB Megabyte is estimated as 10^6 or 1,000,000 bytes Mebibyte is exactly 1,048,576 bytes. The decimal prefix Mega means 1000 x 1000 bytes=100000 bytes The binary prefix Mebi means 220=bytes=1024 x 1024 bytes=1048576 bytes 1 MB=1000*1000 bytes= 1000000 bytes or 1000Kb 1 MiB=1024*1024 bytes= 1048576 bytes or 1048.576 Kb Technically, Megabyte is a power of 10 Mebibyte is always a power of 2 Sometime1 MB refers to both 1000 Kb or 1024 Kb 1 MiB is always 1024 Kb Disk manufactures commonly use decimal prefix or MB Memory manufactures commonly use binary prefix or MiB. Storage devices such as HDDs and Flash drives, still uses MB (1000Kb) for calculating storage size Most operating systems Ubuntu and Windows use mebibytes to report file and storage sizes. For Example, 500 GB drive is reported by the OS as "465.66 GB" (meaning 465.66 GiB).

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1. Thanks for clearing this up.

2. What is a Magabyte? (you wrote "Technically, Magabyte is a power of 10")

1. It's Trump's new storage value. 1 Magabyte can store a YUGE amount of data.