What does white smoke from the Sistine Chapel indicate during a papal conclave?

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During a papal conclave, the release of white smoke from a pipe through the roof of the Sistine Chapel indicates that a new pope has been successfully elected.12

This signal occurs after the cardinal electors have reached the required two-thirds majority and the chosen candidate has formally accepted his election. Conversely, black smoke is used to signal that a ballot has been held but a majority was not reached. Following the white smoke, the senior cardinal deacon appears on the balcony of St. Peter’s Basilica to announce the election to the public with the Latin proclamation, ā€œHabemus papamā€ (ā€œWe have a popeā€).21