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

Remember that ELI5 analogy, where I composed 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 objective hash.

What miners are doing with these 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 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 equivalent to the target hash is awarded 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 expire 64 times to arrive at 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 this information together in a glance. You are looking at a list of everything which happened when block #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on the top.

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

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

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

You'd have to find a fast mining rig or, more realistically, join a mining pool--a bunch of miners who combine their computing power and split the mined bitcoin. Mining pools are similar to those Powerball clubs whose members purchase lottery tickets en masse and consent to discuss any winnings. A disproportionately high number of cubes are mined by pools rather than by individual miners. .

In other words, it is literally just a numbers game.  You cannot guess the pattern or make a prediction based on previous goal hashes. The difficulty level of the most recent web link 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 two trillion. .

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The aforementioned website Cryptocompare offers a helpful calculator that permits you to plug in numbers like your hash rate, electricity prices etc. to estimate the costs and benefits.

Mining rewards are paid into the miner who discovers a solution to the puzzle , and the probability 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 which have a small percentage of the mining capability stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase for a few thousand dollars would represent less than 0.001percent of the network's mining power.  With such a tiny chance at finding the next block, helpful hints 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 problem 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 flow 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 mentioned, the easiest way to acquire Bitcoin is to purchase it on an exchange like 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 create 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 look into companies which find out make ASICs miners or GPU miners. .