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If you are 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 entire 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 known as the target hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the 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 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 which is less than or equal to the target hash is awarded credit for completing that obstruct, and is given the spoils of 12.5 BTC. .

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

The screenshot below, taken from the site Blockchain.info, might enable you to put all of this information together at a glance. You are looking at a list of everything which 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 they confirmed 1768 transactions for this block. If you really want to find all 1768 of these 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 goal 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 find a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that 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 discuss any winnings. A disproportionately high number of cubes are mined by pools rather than by individual miners. .

In other words, it is literally only a numbers game.  You cannot imagine 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 target is 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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The aforementioned site Cryptocompare delivers a helpful calculator which allows you to plug in numbers such as your hash rate, electricity prices etc., to gauge the costs and benefits.

Mining rewards are paid into the miner who discovers a solution to the puzzle first, and also the probability 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 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 0.001% of their network's mining power.  With such a tiny chance at finding the next block, it might be a long time before that miner finds a block, and 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 swimming 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 some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to get Bitcoin is to purchase it on an exchange like Coinbase.com. Alternately, you can read the article always leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the wise investment was not to pan for goldbut rather to make the pickaxes used for mining.

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In a crypto context, the pickaxe equivalent would be a company that manufactures equpiment used for Bitcoin mining. You can look into companies which make ASICs miners or GPU miners. .