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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.

Bear in Mind that ELI5 analogy, where I composed the number 19 on a piece of paper and put it in a sealed envelope

In Bitcoin mining conditions, that metaphorical undisclosed number in the envelope is called the objective hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the target hash. Miners make these guesses by randomly generating as many"nonces" as possible, as quickly as possible. A nonce is short for"number only used once," and the nonce is the secret to generating these 64-bit hexadecimal numbers I keep talking about.

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The primary miner whose nonce generates a hash which is less than or equal to the target hash is given credit for completing that block, and is given the spoils of 12.5 BTC. .

In theory you could achieve the same aim by rolling a 16-sided expire 64 times to Reach random numbers, but why on earth would you want to do that

The screenshot below, taken by the site Blockchain.info, might enable you to put all this information together at a glance. You're 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 really want to see all 1768 of those transactions for this block, go to this page and scroll down to the heading"Transactions." .

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

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

You'd need to get a fast mining rig , more realistically, join a mining pool--a bunch of miners who combine their computing ability and split the mined bitcoin. Mining straight from the source pools are comparable to those 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 only a numbers game.  You cannot guess 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 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 prices etc. to estimate 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 is going to 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 capability stand a very small chance of discovering the next block on their own.  For instance, a mining card that one could buy for a few thousand bucks would represent less than 0.001percent of the network's mining power.  With such content a tiny chance at finding the next block, it could be a long time before that miner finds a block, and the difficulty going up makes things even worse.  The miner may never recoup 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 swimming 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 mentioned, the simplest way to get Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can consistently 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 gold, but 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 used for Bitcoin mining. You can start looking into companies that make ASICs miners or GPU miners. .