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If you're mining Bitcoin, you do not need to calculate 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 newspaper and put it in a sealed envelope

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

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the 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 secret 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 equal to the target hash is given credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

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

The screenshot below, taken by the website Blockchain.info, might help you put all this information together at a glance. You're looking at a summary 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 to the Bitcoin community is that they confirmed 1768 transactions for this block. If you truly want to see all 1768 of those transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

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

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

You'd need to get a speedy mining rig or, more realistically, join a mining pool--a group of miners who combine their computing ability and split the mined bitcoin. Mining pools are similar to those 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 guess the pattern or make a prediction based on preceding target 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 beneath the goal is 1 in 2,874,674,234,416--significantly less than 1 in two trillion. .

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The aforementioned website Cryptocompare delivers a very helpful calculator which permits you to plug in numbers like your hash rate, electricity costs etc., to gauge the costs and benefits.

Mining benefits are paid into the miner who discovers a solution to the puzzle , and the probability that a participant is going to be the one to find the solution is equivalent to the portion blog 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 few thousand dollars would represent less than 0.001percent of the network's mining power.  With such a small chance at finding the next block, it might be a long time before that miner finds a block, and the difficulty going up makes things even worse.  The miner may Homepage 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 get 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 simplest way to get Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can always 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 create the pickaxes taken for mining.

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