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If you are mining Bitcoin, you do not need to calculate the total value of that 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 called the objective hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the 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 also the nonce is the secret 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 equal to the target hash is awarded credit for completing that block, and is given the spoils of 12.5 BTC. .

In theory you can achieve the same aim by rolling a 16-sided die 64 days to arrive at random numbers, but why on earth do you want to do this

The screenshot below, taken by the website Blockchain.info, might enable you to put all this information together in 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 goal hash is shown on the top.

As you see here, their contribution to the Bitcoin community is that they confirmed 1768 transactions for this cube. If you truly want to find all 1768 of these transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

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

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

You'd need to find a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that combine their computing ability go to this website and divide the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members purchase lottery tickets en masse and agree 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 just a numbers game.  You cannot imagine the pattern or make a prediction based on previous 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 below the target is just 1 in 2,874,674,234,416--less than 1 in two trillion. .

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The aforementioned site Cryptocompare offers a helpful calculator which permits you to plug in numbers such as your hash speed, power prices etc., to go right here estimate the costs and benefits.

Mining rewards are paid into the miner who finds a solution to the puzzle first, and also the likelihood that a participant will 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 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 energy.  With such a tiny chance at finding the next block, it could 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 problem 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 get a steady flow 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 discussed, the simplest way to get Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". 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 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 look into companies which make ASICs miners or GPU miners. .