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

Bear in Mind that ELI5 analogy, where I wrote the number 19 on a piece of paper 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 at the target hash. Miners create 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 secret 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 given credit for completing that block, and is awarded the spoils of 12.5 BTC. .

In theory you can Attain the Exact Same aim by rolling a 16-sided expire 64 times to arrive at random numbers, but why on earth do you want to do that

The screenshot below, taken by the website Blockchain.info, might enable you to put all of this information together in a glance. You are looking at a list of everything that happened when block #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 really want to see all 1768 of these 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 target determined by the Bitcoin Protocol. No target can be higher than this number:

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

You would need to get a speedy mining rig , more realistically, join a mining pool--a group of miners who combine their computing ability and split the mined bitcoin. Mining pools are somewhat similar to those Powerball clubs whose members purchase 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 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 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 offers a very helpful calculator that permits 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 , and the likelihood that a participant will be the one to discover the solution is equivalent 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 purchase to get a couple thousand bucks would represent less than 0.001% of their network's mining power.  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 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 stream of bitcoin starting the afternoon they activate their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the simplest way to get Bitcoin is to purchase it on an exchange like Coinbase.com. Alternately, you can always leverage the"pickaxe plan". This relies on the old saw that during the 1848 useful source California gold rush, the wise 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 would be a company that manufactures equpiment utilized for Bitcoin mining. You can start looking into companies which make ASICs miners or GPU miners. .