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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 figure the total value of a hash.

Remember 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 target hash.

What miners are doing with those huge 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 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 first miner whose nonce generates a hash which is less than or equivalent to the target hash is awarded credit for completing that block, and is awarded the spoils of 12.5 BTC. .

In theory you could achieve the Exact Same aim by rolling a 16-sided expire 64 times to Reach random numbers, but why on earth do 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're looking at a list of everything that happened when obstruct 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 into the Bitcoin community is they confirmed 1768 transactions for this block. 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 is no minimum target, but there's a maximum goal determined by the Bitcoin Protocol. No target can be higher than this number:

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

You would have to get a fast mining rig , more realistically, join a mining pool--a bunch of miners that combine their computing power and split the mined bitcoin. Mining pools are somewhat 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 only a numbers game.  You cannot imagine the pattern or make a prediction based on previous goal hashes. The try this out 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 site Cryptocompare offers a helpful calculator that allows you to plug in numbers such as your hash speed, electricity costs etc., to estimate the costs and benefits.

Mining rewards are paid to the miner who finds a solution to the puzzle , and the probability that a participant will be the one to discover the solution is equivalent to the portion of the entire mining energy on the network.  Participants which have a small percentage of the mining power stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase to get a few thousand dollars would represent less than 0.001% of their 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 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 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 get Bitcoin is to purchase it on an exchange like Coinbase.com. Alternately, you can consistently leverage the"pickaxe plan". This is based 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 are a company that manufactures equpiment used for Bitcoin mining. You can see it here start looking into companies that make ASICs miners or GPU miners. .