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If you're 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 calculate the entire value of a hash.

Remember that ELI5 analogy, in which I composed the number 19 on a piece of paper 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 these tremendous computers and dozens of cooling fans is guessing at the hash. Miners create 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 that is less than or equal to the target hash is awarded credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you could Attain the Exact Same aim by rolling a 16-sided expire 64 times to arrive at random numbers, but why on earth do you want to do this

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

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

There's no minimum goal, 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 also the criteria for if they will lead to achievement for your miner:

You'd have to get a speedy mining rig or, more realistically, join a mining pool--a bunch of miners who combine their computing ability and divide the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs whose members buy 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 only 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 below the target is 1 in 2,874,674,234,416--less than 1 in two trillion. .

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The aforementioned site Cryptocompare delivers a very helpful calculator that allows you to plug in numbers such as your hash rate, power costs etc., to estimate the costs and benefits.

Mining rewards are paid to the miner who finds a solution to the puzzle first, and the probability that a participant is going to be the one to discover the solution is equivalent to the portion of the total mining power on the network.  Participants which have a small percentage of the mining power stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase for a couple thousand dollars would represent less than 0.001% of their network's mining power.  With such a small chance at finding the next block, it might be a long time before that miner finds out 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 run 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 flow of bitcoin starting the day that they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to get Bitcoin is to purchase it on an exchange like Coinbase.com. Alternately, you official website can consistently leverage the"pickaxe plan". This relies on the old saw that during the 1848 California gold rush, the smart investment was not to pan for gold, but instead to make the pickaxes used 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 look into companies that make ASICs miners or GPU miners. .