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

Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper 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 these tremendous computers and dozens of cooling fans is guessing in the hash. Miners create these guesses by randomly generating as many"nonces" as possible, 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 primary 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 aim by rolling a 16-sided expire 64 days to Reach random numbers, but why on earth do you want to do this

The screenshot below, taken from the site Blockchain.info, might enable you to put all of this information together at a glance. You are looking at a list of everything that happened when block 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 to the Bitcoin community is they confirmed 1768 transactions for this block. If you really want to see all 1768 of these transactions for this block, then go to this page and scroll down to the heading"Transactions." .

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

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

You'd have to get a fast mining rig or, more realistically, join a mining pool--a bunch of miners that combine their computing ability and divide the mined bitcoin. Mining pools are somewhat similar to people Powerball clubs whose members purchase lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. .

In other words, it is literally just a numbers game.  You cannot imagine the pattern or make a prediction based on previous target hashes. The resource 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 target is just 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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The aforementioned site Cryptocompare delivers a very helpful calculator that permits 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 finds a solution to the puzzle , and the likelihood that a participant will be the one to find the solution is equal to the portion of the total mining power on the network.  Participants which have a small percentage of their 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 few thousand dollars would represent less than 0.001% of the network's mining energy.  With such a tiny 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 recover 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 in a swimming pool and sharing the payouts amongst participants, miners can find a steady stream of bitcoin starting the day they trigger their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to acquire Bitcoin is to purchase it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe site link plan". This is based on the old saw that during the 1848 California gold rush, the wise investment was not to pan for gold, but instead to create 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. .