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If you are mining Bitcoin, you do not need to calculate 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, in which 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 tremendous computers and dozens of cooling fans is guessing at the target hash. Miners create 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 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 equivalent to the target hash is awarded credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you can Attain the Exact Same aim by rolling a 16-sided die 64 days 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 are 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 to the Bitcoin community is 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 page and scroll down to the heading"Transactions." .

There's no minimum target, but there's a maximum target determined by the Bitcoin Protocol. No goal can be higher than this number:

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

You'd need to get a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that combine their computing power and divide the mined bitcoin. Mining pools are similar to those Powerball clubs whose members purchase lottery tickets en masse and consent to share any winnings. A disproportionately large number of cubes are mined by pools rather than by individual miners. .

In other words, it is literally just a numbers game.  You cannot imagine 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 check my blog producing a hash below the goal 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 permits you to plug in numbers like your hash speed, electricity costs etc., to gauge the costs and benefits.

Mining benefits are paid to the miner who discovers a solution to the puzzle , and the likelihood that a participant is going to be the one to discover the solution is equal to the portion of the entire mining power on the network.  Participants which have 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 purchase to get a few thousand dollars would represent less than 0.001% of the network's mining energy.  With such a small chance at finding the next block, it might be a long time before that miner finds a block, and also the problem 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 my response a pool and sharing the payouts amongst participants, miners can find a steady flow of bitcoin starting the afternoon they trigger their miner.  Statistics on some of the mining pools can be look here seen on Blockchain.info. .

Sure. As mentioned, the simplest way to acquire Bitcoin is to purchase it on an exchange like Coinbase.com. Alternately, you can consistently leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the smart 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 are a company that manufactures equpiment utilized for Bitcoin mining. You can look into companies which make ASICs miners or GPU miners. .