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If you are 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 figure the entire value of a hash.

Bear in Mind 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 called the target hash.

What miners are doing with these tremendous 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 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 given the spoils of 12.5 BTC. .

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

The screenshot below, taken by the site Blockchain.info, might enable you to put all of this information together in a glance. You're looking at a summary of everything that happened when block 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 block. If you truly want to see all 1768 of these transactions for this block, then go to this page and scroll down to the heading"Transactions." .

There is no minimum goal, but there is a maximum goal set by the Bitcoin Protocol. No target can be greater 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 , more realistically, join a mining pool--a group of miners that combine their computing power and divide the mined bitcoin. Mining pools are similar to people Powerball clubs whose members purchase lottery tickets en masse and agree to discuss any winnings. A disproportionately high number of cubes are mined by pools rather than by individual miners. .

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

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The aforementioned website Cryptocompare delivers a helpful calculator which allows you to plug in numbers like your hash speed, power costs etc., to gauge the costs and benefits.

Mining rewards are paid into the miner who discovers a solution to the puzzle , and also the probability that a participant will be the one to find the solution is equal to the portion of the total mining energy on the her response network.  Participants with a small percentage of their 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 few thousand dollars would represent less than 0.001% of the network's mining energy.  With such a tiny chance at finding the next block, it might be a long time before that miner finds out a block, and also the difficulty 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 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 acquire Bitcoin is to purchase 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 used 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. .