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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 calculate the entire value of a hash.

Remember that ELI5 analogy, where 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 objective hash.

What miners are doing with these huge computers and dozens of cooling fans is guessing at the 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 which is less than or equal to the target hash is given credit for completing that block, and is given the spoils of 12.5 BTC. .

In theory you could Attain the same aim by rolling a 16-sided die 64 days to Reach random numbers, but why on earth would you want to do that

The screenshot below, taken from the site Blockchain.info, might help you put all this information together at a glance. You're looking at a summary of everything which 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 those transactions for this block, go to this page and scroll down to the heading"Transactions." .

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

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

You would need to get a speedy mining rig or, more realistically, join a mining pool--a group of miners that combine their computing ability and divide the mined bitcoin. Mining pools are comparable to those Powerball clubs whose members purchase lottery tickets en masse and agree to share any winnings. A disproportionately large number of cubes are mined by pools rather than by individual miners. .

In you could try these out other words, it is literally only a numbers game.  You cannot guess 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 below the goal is just 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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

Mining rewards are paid to the miner who finds 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 entire mining energy on the network.  Participants with 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 purchase to get a few thousand bucks would represent less than 0.001% of the network's mining energy.  With such a tiny chance at finding the next block, it could be a long time before that miner finds a block, and also the problem 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 find a steady stream of bitcoin starting the afternoon that they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to acquire Bitcoin is to purchase it on an exchange like 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 instead to make the pickaxes used for mining.

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