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If you are mining Bitcoin, you do not need to calculate the total value of that 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 newspaper and put it in a sealed envelope

In Bitcoin mining terms, that metaphorical undisclosed number in the envelope is called the objective hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing at the hash. Miners create these guesses by randomly generating as many"nonces" as you can, as fast as possible. A nonce is short for"number only used once," and 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 equal to the target hash is awarded credit for completing that block, and is given the spoils of 12.5 BTC. .

In theory you could achieve the same aim by rolling a 16-sided die 64 times to arrive at random numbers, but why on earth would you want to do that

The screenshot below, taken by the site Blockchain.info, might help you put all this information together in a glance. You are looking at a list of everything that happened when block #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 they confirmed 1768 transactions for this cube. If you really want to see all 1768 of these transactions for this block, go to this webpage and scroll down to the heading"Transactions." .

There's no minimum goal, but there's a maximum goal 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 achievement for the miner:

You would have to get a fast mining rig , more realistically, join a mining pool--a bunch of miners that combine their computing ability and divide the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs whose members purchase lottery tickets en masse and agree to share any winnings. A disproportionately high number of cubes 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 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 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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The aforementioned site Cryptocompare delivers a very helpful calculator that allows you to plug in numbers such as your hash speed, power costs etc., to Bonuses gauge the costs and benefits.

Mining benefits are paid to the miner who finds a solution to the puzzle , and also the likelihood that a participant is going to be the one to find the solution is equivalent to the portion of the entire mining power 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 instance, a mining card that one could buy to get a few thousand bucks would represent less than 0.001percent of their network's mining energy.  With such a small chance at finding the next block, it could be a long time before that miner finds out a block, and 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 operated 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 investigate this site of bitcoin starting the day they activate 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 like Coinbase.com. Alternately, you can consistently 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 instead to make the pickaxes used 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 start looking into companies that make ASICs miners or GPU miners. .