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If you're mining Bitcoin, you do not need to figure 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, 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 target hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing at 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 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 awarded the spoils of 12.5 BTC. .

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

The screenshot below, taken by the site Blockchain.info, might enable you to put all of 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 into the Bitcoin community is that they confirmed 1768 transactions for this cube. If you really want to find all 1768 of those transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

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

Here see this page are some examples of randomized hashes and the standards for whether they will lead to achievement for the miner:

You'd have to get a speedy mining rig or, more realistically, join a mining pool--a group of miners that combine their computing ability and split the mined bitcoin. Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse and consent to discuss any winnings. A disproportionately high 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 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 1 in 2,874,674,234,416--less than 1 in two trillion. .

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

Mining rewards 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 discover the solution is equal to the portion of the total mining power on the network.  Participants with a small percentage of the mining capability stand a very small 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 their network's mining energy.  With such a tiny chance at finding Recommended Site 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 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 stream of bitcoin starting the afternoon that they trigger 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 such as 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 smart 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 are a company that manufactures equpiment used for Bitcoin mining. You can look into companies that make ASICs miners or GPU miners. .