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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 figure the entire value of a hash.

Remember that ELI5 analogy, in which I composed 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 these tremendous computers and dozens of cooling fans is guessing in the hash. Miners create these guesses by randomly generating as many"nonces" as possible, as quickly as possible. A nonce is short for"number only used once," and also 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 equal to the target hash is awarded credit for completing that block, and is given the spoils of 12.5 BTC. .

In theory you can Attain the Exact Same aim by rolling a 16-sided expire 64 times to Reach random numbers, but why on earth would 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 which happened when block 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 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 webpage and scroll down to the heading"Transactions." .

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

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

You'd have to get a fast mining rig or, more realistically, join a mining pool--a group of miners who combine their computing ability and split the mined bitcoin. Mining pools are similar 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 just a numbers game.  You cannot imagine the pattern or make a prediction based on preceding 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 beneath the goal is 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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The aforementioned website Cryptocompare delivers a very helpful calculator that permits you to plug in numbers such as your visit their website hash rate, electricity costs etc., to estimate the costs and benefits.

Mining benefits 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 equal to the portion of the entire mining energy on the network.  Participants which have a small percentage of the mining capability stand a very small chance of discovering the next block on their own.  For instance, a mining card that one could buy for 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 recover 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 get a steady stream of bitcoin starting the afternoon 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 always 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 goldbut rather to create the pickaxes taken for mining.

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In a crypto context, the pickaxe equivalent are a company that manufactures equpiment utilized for Bitcoin mining. You can look into companies which make ASICs miners or GPU miners. .