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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 total 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 called 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 you can, 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 that is less than or equal to the target hash is given credit for completing that obstruct, and is given the spoils of 12.5 BTC. .

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

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The screenshot below, taken by the site Blockchain.info, might help you put all of this information together at 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 target hash is shown on top.

As you see here, their contribution into 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, go to this page and scroll down to the heading"Transactions." .

There is no minimum goal, 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 also the criteria for whether they will lead to success for the miner:

You'd have to find a fast mining rig , more realistically, join a mining pool--a group of miners that combine their computing power and split the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs whose members buy lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. .

In other words, it's literally only a numbers game.  You cannot guess go to the website the pattern or make a prediction based on previous target read review 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 website Cryptocompare delivers a very helpful calculator which allows you to plug in numbers like your hash rate, power prices etc., to gauge the costs and benefits.

Mining benefits are paid into the miner who finds a solution to the puzzle , and also the likelihood that a participant is going to be the one to find the solution is equivalent to the portion of the total mining power on the network.  Participants with a small percentage of the mining power stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could buy for a few thousand dollars would represent less than 0.001percent 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 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 swimming pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the afternoon 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 plan". This relies on the old saw that during the 1848 California gold rush, the wise investment was not to pan for goldbut instead to create 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. .

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