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If you're mining Bitcoin, you do not need to figure the total value of that 64-digit number (the hash). I repeat: You do not need to figure the entire value of a hash.

Remember that ELI5 analogy, where I wrote 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 known as the objective hash.

What miners are doing with these huge computers and dozens of cooling fans is guessing at 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 primary miner whose nonce generates a hash which is less than or equal to the target hash is given credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you can achieve the Exact Same aim by rolling a 16-sided die 64 times to Reach random numbers, but why on earth would you want to do this

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The screenshot below, taken by the site Blockchain.info, might help you put all this information together at a glance. You're looking at a list of everything that happened when block #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 into the Bitcoin community is they confirmed 1768 transactions for this block. 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 is no minimum target, but there's a maximum goal 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 achievement for your miner:

You would have to get a speedy mining rig , more realistically, join a mining pool--a group of miners who combine their computing power and divide the mined bitcoin. Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse and agree 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 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 below the target is 1 in 2,874,674,234,416--significantly less than 1 in two trillion. .

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The aforementioned website Cryptocompare offers a very helpful calculator which permits you to plug in numbers such as your hash speed, electricity prices etc., to estimate the costs and benefits.

Mining rewards are paid into the miner who finds a solution to the puzzle , and the probability that a participant is going to be the one to find the solution is equal to the portion of the entire mining power on the network.  Participants which have a small percentage original site of their mining capability 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 0.001% 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 the problem going up makes things even worse.  The miner may never recover 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 pool and sharing the payouts amongst participants, miners can get 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 easiest way to get Bitcoin is to purchase it on an exchange like 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 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 used for Bitcoin mining. You can start looking into companies which make ASICs miners or GPU miners. .

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