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If you're mining Bitcoin, you do not need to calculate the entire 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, 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 objective hash.

What miners are doing with those huge computers and dozens of cooling fans is guessing at the target hash. Miners create these guesses by randomly generating as many"nonces" as possible, as fast 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 first miner whose nonce generates a hash that is less than or equivalent to the target hash is awarded credit for completing that block, and is awarded the spoils of 12.5 BTC. .

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

The screenshot below, taken from the website Blockchain.info, might help you put all of this information together at a glance. You're looking at a summary of everything that happened when obstruct #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target 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 really want to see 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 is a maximum target set by the Bitcoin Protocol. No target 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'd have to get a fast mining rig , more realistically, join a mining pool--a group of miners that combine their computing ability and divide the mined bitcoin. Mining pools are similar to people Powerball clubs whose members buy 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 is 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 target is just 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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

Mining rewards are paid into the miner who finds a solution to the puzzle , and also the probability that a participant is going to be the one to discover the solution is equal to the portion of the entire mining energy on the network.  Participants with a small percentage of the mining capability stand a tiny chance of discovering the next block on their own.  For sites 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 small chance at finding the next block, it could 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 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 stream of bitcoin starting the day they activate their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to acquire Bitcoin is to purchase it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This is based on the old saw that during the 1848 California gold rush, the smart investment was not to pan for gold, but rather to make the pickaxes used for mining.

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