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If you are mining Bitcoin, you do not need to calculate the entire 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, in which I wrote 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 known as the target hash.

What miners are doing with these tremendous computers and dozens of cooling fans is guessing in the hash. Miners make 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 block, and is awarded the spoils of 12.5 BTC. .

In theory you can 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 this

The screenshot below, taken by 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 target hash is shown on top.

As you see here, their contribution to the Bitcoin community is that they confirmed 1768 transactions for this cube. If you really 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 goal, but there is a maximum target set by the Bitcoin Protocol. No target can be higher than this number:

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

You would have to find a speedy mining rig , more realistically, join a mining pool--a group of miners who combine their computing ability and divide the mined bitcoin. Mining pools are somewhat similar to people Powerball clubs whose members purchase lottery tickets en masse and consent to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. .

In other words, it's literally only a numbers game.  You cannot guess 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 below the goal is just 1 in 2,874,674,234,416--less than 1 in two trillion. .

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The aforementioned site Cryptocompare delivers a helpful calculator that allows you to plug in numbers like 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 , and also the likelihood that a participant is going to be the one to find the solution is equal to the portion of the total mining energy on the 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 couple thousand dollars would represent less than 0.001percent of their network's mining energy.  With such a Home Page small chance at finding the next block, it could be a long time before that miner finds out a block, and also the problem going up makes things even worse.  The miner may never recover their investment.  The answer to this predicament 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 find a steady stream 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 simplest way to get Bitcoin is to purchase 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 wise investment was not to pan for gold, but rather 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 look into companies which make ASICs miners or GPU miners. .