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

Bear in Mind that ELI5 analogy, in which 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 known as the target hash.

What miners are doing with those huge computers and dozens of cooling fans is guessing at the target 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 also 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 that is less than or equivalent to the target hash is given credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you can Attain the Exact Same goal by rolling a 16-sided die 64 days to arrive at random numbers, but why on earth do you want to do that

The screenshot below, taken by the website Blockchain.info, might enable you to put all of this information together at a glance. You are looking at a summary of everything which 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 see all 1768 of those transactions for this block, then go to this page and scroll down to the heading"Transactions." .

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

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

You'd have to get a fast 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 consent to share any winnings. A disproportionately large number of cubes are mined by pools rather than by individual miners. .

In other words, it is literally only a numbers game.  You cannot imagine the pattern or make a prediction based on preceding 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 beneath the target is 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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

Mining benefits are paid into the miner who finds a solution to the puzzle , and the likelihood that a participant will be the one to find the solution is equivalent to the portion of the total mining power on the network.  Participants with 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 couple thousand dollars would represent less than 0.001% of the network's mining power.  With such a small chance at finding the next block, it might be a long time go now before that miner finds out 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 pool and sharing the payouts amongst participants, miners can get a steady flow 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 mentioned, the easiest way to acquire Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can always 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 are a company that manufactures equpiment utilized for Bitcoin mining. You can start looking into companies that make ASICs miners or GPU miners. .