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

Bear in Mind that ELI5 analogy, in which I composed 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 known as the objective hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the target hash. Miners create 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 secret to generating these 64-bit hexadecimal numbers I keep talking about.

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The first miner whose nonce generates a hash that is less than or equivalent to the target hash is given credit for completing that block, and is awarded the spoils of 12.5 BTC. .

In theory you could achieve the Exact Same aim by rolling a 16-sided die 64 days 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 help you put all this information together at a glance. You're looking at a list of everything which happened when block #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target 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 truly want to find all 1768 of those 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 goal can be greater than this number:

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

You would have to find a fast mining rig , more realistically, join a mining pool--a bunch of miners that combine their computing power and split the mined bitcoin. Mining pools are comparable to people Powerball clubs whose members purchase lottery tickets en masse and consent to discuss any winnings. A disproportionately high number of blocks 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 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--less than 1 in 2 trillion. .

What Does Bitcoin Mining Power Mean?

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

Mining benefits are paid to the miner who discovers a solution to the puzzle , and the probability that a participant will be the one to discover the solution is equivalent to the portion of additional reading the entire mining power 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 buy for a couple thousand bucks would represent less than 0.001percent of the network's mining power.  With such a tiny chance at finding the next block, it could be a long time before that miner finds out a block, and also 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 pool and sharing the payouts amongst participants, miners can get a steady stream of bitcoin starting the day they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to get Bitcoin is to buy it on an exchange such as 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 rather 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 navigate to these guys make ASICs miners or GPU miners. .