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If you're mining Bitcoin, you do not need to calculate 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 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 known as the target hash.

What miners are doing with these tremendous computers and dozens of cooling fans is guessing in the target hash. Miners make 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 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 block, and is awarded 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 would you want to do this

The screenshot below, taken from the website Blockchain.info, might enable you to put all this information together in a glance. You are 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 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 is no minimum goal, but there's a maximum target set by the Bitcoin Protocol. No goal can be greater than this number:

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

You would have to get a fast mining rig , more realistically, join a mining pool--a group of miners that combine their computing power and split the mined bitcoin. Mining pools are somewhat similar to people Powerball clubs whose members purchase lottery tickets en masse and consent to discuss any winnings. A disproportionately large number of blocks 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 previous 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 beneath the goal is just 1 in 2,874,674,234,416--less than 1 in two trillion. .

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The aforementioned website Cryptocompare offers a very helpful calculator which permits you to plug in numbers like your hash speed, electricity prices etc., to estimate the costs and benefits.

Mining rewards are paid to the miner who discovers a solution to the puzzle first, and the likelihood that a participant will be the one to find the solution is equal to the portion of the total mining power on the network.  Participants which have 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 small 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 recover 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 that they trigger their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the easiest way to acquire 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 gold, but rather to make the pickaxes visit site taken 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. .