An emulator is what’s called a virtual machine. It uses software (code) to replicate the hardware (circuits/chips) of another computer.
We can do it with older consoles/computers because they are very simple. In order for it to run properly, you need to be able to simulate the whole machine at once, which means your current hardware needs to be either extremely similar or far faster than what you’re trying to emulate.
The original Wii had a GameCube emulator because the hardware was extremely similar, basically all the Wii needed to do what cut off access to half of its memory, and it’s essentially the same. For something like a computer running an N64 emulator, the N64 was simple enough that the computer can simulate every piece of hardware without issue.
Modern consoles are much more complex, so they take a lot more work to emulate and much higher end PCs to emulate.
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