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If you're mining Bitcoin, you do not need to figure the entire value of that 64-digit number (the hash). I repeat: You do not need to calculate the entire 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 terms, that metaphorical undisclosed number in the envelope is called the target hash.

What miners are doing with those huge computers and dozens of cooling fans is guessing in the target hash. Miners make these guesses by randomly generating as many"nonces" as possible, as quickly 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 first miner whose nonce generates a hash which is less than or equivalent to the target hash is given credit for completing that obstruct, and is given the spoils of 12.5 BTC. .

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

The screenshot below, taken from the website Blockchain.info, might enable you to put all of this information together at a glance. You're looking at a list of everything that 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 that they confirmed 1768 transactions for this block. If you truly 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 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'd have to get a speedy mining rig or, more realistically, join a mining pool--a group of miners who 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 consent to share 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 preceding target hashes. The difficulty level of the most useful reference 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 delivers a helpful calculator that allows you to plug in numbers like 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 also the probability that a participant will be the one to discover the solution is equal 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 to get a few thousand bucks would represent less than 0.001% of their network's mining energy.  With such a small chance at finding the next block, it might be a long time before that miner finds out a block, and the difficulty 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 swimming pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the day they activate their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the simplest way to get Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can consistently 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 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. .