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If you're mining Bitcoin, you do not need to calculate the total value of that 64-digit number (the hash). I repeat: You do not need to figure the entire value of a hash.

Bear in Mind that ELI5 analogy, where I wrote the number 19 on a piece of newspaper and put it in a sealed envelope

In Bitcoin mining terms, that metaphorical undisclosed number in the envelope is known as the objective hash.

What miners are doing with these tremendous computers and dozens of cooling fans is guessing at the target hash. Miners make these guesses by randomly generating as many"nonces" as you can, as fast as possible. A nonce is short for"number only used once," and the nonce is the key to generating these 64-bit hexadecimal numbers I keep talking about.

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The first miner whose nonce generates a hash which is less than or equivalent to the target hash is given credit for completing that obstruct, and is given the spoils of 12.5 BTC. .

In theory you could achieve the Exact Same goal by rolling a 16-sided die 64 times to Reach random numbers, but why on earth do you want to do that

The screenshot below, taken from the website Blockchain.info, might help you put all this information together at a glance. You're looking at a list of everything which happened when obstruct 490163 was mined. The nonce that generated the "winning" hash was 731511405. The goal hash is shown on the top.

As you see here, their contribution into the Bitcoin community is they confirmed 1768 transactions for this cube. If you truly want to find all 1768 of these transactions for this block, go to this webpage and scroll down to the heading"Transactions." .

There's no minimum target, but there is a maximum goal set by the Bitcoin Protocol. No target can be higher than this number:

Here are some examples of randomized hashes and the criteria for if they will lead to success for your miner:

You would have to find a fast mining rig , more realistically, join a mining pool--a group of miners that combine their computing power and divide the mined bitcoin. Mining pools are similar to those Powerball clubs whose members purchase lottery tickets en masse and consent to share any winnings. A disproportionately high number of blocks are mined by pools rather than by individual miners. .

In other words, it is literally just a numbers game.  You cannot guess the pattern or make a prediction based on previous goal hashes. The difficulty level of the most recent block at the time of writing is 2,874,674,234,416, i.e. the chance of any given nonce producing a hash below the goal is 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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The aforementioned site Cryptocompare offers a very helpful calculator that allows you to plug in numbers like your hash speed, power prices etc., to estimate the costs and benefits.

Mining benefits are paid to the miner who discovers a solution to the puzzle first, and the probability that a participant is going to be the one to discover the solution is equal to the portion of the entire mining power on the network.  Participants which have a small percentage of the mining power stand a very small chance of discovering the next block on their own.  For instance, a mining card that one could buy for a couple thousand bucks would represent less than 0.001percent of their network's mining energy.  With such a small chance at finding the next block, it might be a long time before that miner finds a block, and the problem going up makes things even worse.  The miner may never recoup their investment.  The answer to this predicament is mining pools.  Mining pools are operated by third parties and coordinate groups of miners.  By working together content in a pool and sharing the payouts amongst participants, miners can find a steady stream of bitcoin starting the afternoon they activate their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to acquire Bitcoin is to purchase it on an exchange such as Coinbase.com. Alternately, you can consistently leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the wise investment was not to pan for goldbut rather to make the pickaxes taken for mining.

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In a crypto context, the pickaxe equivalent would be a company that manufactures equpiment used for Bitcoin mining. You can start looking into companies that make ASICs miners or GPU miners. .