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If you are 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 calculate the entire value of a hash.

Remember that ELI5 analogy, in which I composed the number 19 on a piece of paper and put it in a sealed envelope

In Bitcoin mining conditions, 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 in the target hash. Miners create 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 key to generating these 64-bit hexadecimal numbers I keep talking about.

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The primary 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 could achieve the same aim by rolling a 16-sided expire 64 days to arrive at random numbers, but why on earth would you want to do that

The screenshot below, taken by the website Blockchain.info, might enable you to put all of this information together in a glance. You are looking at a summary of everything which happened when obstruct #490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on the top.

As you see here, their contribution into the Bitcoin community is they confirmed 1768 transactions for this block. If you truly want to find all 1768 of these 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 the standards for whether they will lead to achievement for the miner:

You would have to find a fast mining rig , more realistically, join a mining pool--a bunch of miners who combine their computing ability and split the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members buy lottery tickets en masse and agree 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 just a numbers game.  You cannot imagine 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 1 in 2,874,674,234,416--less than 1 in two 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, electricity prices etc. to estimate the costs and benefits.

Mining benefits are paid to the miner who discovers a solution to the puzzle , and also 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 power stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could purchase to get a couple thousand bucks would represent less than 0.001% of their network's mining power.  With such a tiny chance at finding the next block, it might 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 problem 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 find a steady flow of bitcoin starting the afternoon that they activate their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to acquire Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can consistently leverage the"pickaxe strategy". This go now is based 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 taken for mining. Bitcoin Mining Efficiency

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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 that make ASICs miners or GPU miners. .