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

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

In Bitcoin mining conditions, that metaphorical undisclosed number in the envelope is called the target hash.

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

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

In theory you can Attain the same goal by rolling a 16-sided expire 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 enable you to put all this information together at a glance. You're looking at a summary of everything which happened when block 490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on the top.

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

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

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

You would need to find a speedy mining rig or, more realistically, join a mining pool--a group of miners who combine their computing power and split the mined bitcoin. Mining pools are comparable to people Powerball clubs whose members purchase lottery tickets en masse and agree to discuss any winnings. A disproportionately large number of cubes are mined by pools rather than by individual miners. .

In other words, it's literally just a numbers game.  You cannot imagine 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 helpful hints 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 website Cryptocompare delivers a helpful calculator that allows you to plug in numbers like your hash speed, electricity prices etc. to estimate the costs and benefits.

Mining benefits are paid into the miner who discovers a solution to the puzzle , and the likelihood that a participant is going to be the one to find the solution is equivalent to the portion of the entire mining power on the network.  Participants with a small percentage of the mining capability 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 the network's mining power.  With such a small chance at finding the next block, it could be a long time before that miner finds out a block, and also the problem going up makes things even worse.  The miner may never recoup their investment.  The answer to this problem useful link is mining pools.  Mining pools are operated by third parties and coordinate groups of miners.  By working together in a pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the day that they trigger 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 buy it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This is based on the old saw that during the 1848 California gold rush, the smart investment was not to pan for gold, but 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 utilized view for Bitcoin mining. You can look into companies which make ASICs miners or GPU miners. .