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If you're mining Bitcoin, you do not need to calculate the total 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 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 at 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 equivalent to the target hash is given 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 times to arrive at random numbers, but why on earth do you want to do this

The screenshot below, taken by the website Blockchain.info, might enable you to put all 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 goal hash is shown on top.

As you see here, their contribution into the Bitcoin community is that they confirmed 1768 transactions for this block. If you truly want to see all 1768 of these transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

There's no minimum goal, but there's a maximum goal determined by the Bitcoin Protocol. No target can be greater than this number:

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

You would have to get a fast mining rig , more realistically, join a mining pool--a bunch of miners who combine their computing power and divide the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs whose members purchase 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's literally only a numbers game.  You cannot imagine the pattern or make a prediction based on previous goal 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 website Cryptocompare delivers a very helpful calculator that allows you to plug in numbers like your hash rate, power costs etc., to estimate the costs and benefits.

Mining rewards are paid to the miner who finds a solution to the puzzle first, i thought about this and the probability that a participant is going to be the one to discover the solution is equal to the portion of the total mining energy on the network.  Participants with 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 buy for a couple thousand dollars would represent less than 0.001% of the 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 also the difficulty 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 find a steady flow of bitcoin starting the afternoon that they trigger 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 strategy". This is based on the old saw that during the 1848 California great post to read gold rush, the wise investment was not to pan for gold, but instead to make the pickaxes used this link 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 start looking into companies which make ASICs miners or GPU miners. .