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

Bear in Mind that ELI5 analogy, in which 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 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 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 that is less than or equivalent to the target hash is awarded credit for completing that block, and is given the spoils of 12.5 BTC. .

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

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

As you see here, their contribution into the Bitcoin community is that they confirmed 1768 transactions for this cube. If you really want to see all 1768 of those transactions for this block, go to this page 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 greater than this number:

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

You'd need to get a fast mining rig or, more realistically, join a mining pool--a bunch of miners discover this info here that combine their computing power and split the mined bitcoin. Mining Get More Information pools are somewhat similar to people Powerball clubs whose members purchase lottery tickets en masse and consent to discuss 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 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 below the goal is 1 in 2,874,674,234,416--significantly less than 1 in two trillion. .

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The aforementioned site Cryptocompare offers a helpful calculator that permits you to plug in numbers such as your hash speed, power costs etc. to gauge the costs and benefits.

Mining benefits are paid to the miner who discovers a solution to the puzzle first, and also the likelihood that a participant will be the one to discover the solution is equivalent to the portion of the entire mining power on the network.  Participants with a small percentage these details of their mining power stand a tiny 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 0.001% of the network's mining energy.  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 difficulty going up makes things even worse.  The miner may never recover their investment.  The answer to this problem is mining pools.  Mining pools are run 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 stream of bitcoin starting the afternoon that they activate 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 plan". This relies on the old saw that during the 1848 California gold rush, the smart investment was not to pan for goldbut instead 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 for Bitcoin mining. You can start looking into companies that make ASICs miners or GPU miners. .