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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, where I wrote 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 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 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 equivalent to the target hash is given credit for completing that block, and is awarded the spoils of 12.5 BTC. .

In theory you can achieve the same goal 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 from the site Blockchain.info, might enable you to put all this information together at a glance. You're looking at a list of everything that happened when block 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 they confirmed 1768 transactions for this block. If you truly want to see 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 goal set by the Bitcoin Protocol. No goal can be greater than this number:

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

You'd have to find a fast mining rig , more realistically, join a mining pool--a group of miners that combine their computing power and divide the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members buy 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 is literally just 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 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 which permits 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 discovers a solution to the puzzle , 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 the mining capability stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase to get a few thousand dollars 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 problem 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 flow of bitcoin starting the day they trigger their miner.  read this article Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the simplest way to get 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 goldbut rather to make 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 start looking into companies that make ASICs miners or GPU miners. .