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

Remember that ELI5 analogy, in which I wrote the number 19 on a piece of newspaper and put it in a sealed envelope

In Bitcoin mining conditions, 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 at the 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 also 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 which is less than or equivalent to the target hash is given credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

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

The screenshot below, taken from the website Blockchain.info, might help you put all this information together in 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 goal hash is shown on the top.

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

There is no minimum goal, but there is a maximum goal determined by the Bitcoin Protocol. No goal can be greater 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 have to find a speedy mining rig or, more realistically, join a mining pool--a bunch of miners who combine important site their computing ability and divide the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members purchase lottery tickets en masse and agree to discuss 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 guess the pattern or make a prediction based on preceding 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 goal is 1 in 2,874,674,234,416--significantly less than 1 in two trillion. .

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

Mining rewards are paid to the miner who finds a solution to the puzzle first, and also the likelihood that a participant will be the one to discover the solution is equal to the portion of the entire mining energy on the network.  Participants which have a small percentage of their mining capability stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase to get a few thousand bucks would represent less than 0.001percent of their network's mining energy.  With such a tiny chance at finding the next block, it might be a long time before that miner finds out a block, and the problem going up makes things even worse.  The miner may never recoup their investment.  The answer to this problem is her comment is here 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 day they activate their miner.  Statistics on a few 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 such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the smart investment was not to pan for gold, but instead 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 used for Bitcoin mining. You can look into companies that make ASICs miners or GPU miners. .