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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 total 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 called the target hash.

What miners are doing with these tremendous computers and dozens of cooling fans is guessing at the 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 first 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 could achieve the same goal by rolling a 16-sided expire 64 times to arrive at random numbers, but why on earth do you want to do that

The screenshot below, taken by the site Blockchain.info, might help you put all this information together at a glance. You are looking at a summary of everything that happened when block 490163 was mined. The nonce that generated the "winning" hash was 731511405. The goal hash is shown on top.

As you see here, their contribution into the Bitcoin community is they confirmed 1768 transactions for this block. If you really want to find all 1768 of these transactions for this block, go to this webpage and scroll down to the heading"Transactions." .

There is no minimum goal, but there's 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 standards for if they will lead to achievement for the miner:

You'd need to find a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that my review here combine their computing ability and split the mined bitcoin. Mining pools are similar 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 other words, it is literally just a numbers game.  You cannot guess the YOURURL.com 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 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 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 rewards are paid to the miner who discovers a solution to the puzzle , and also the probability that a participant is going to be the one to discover the solution is equivalent to the portion of the entire mining power on the network.  Participants with a small percentage of their mining power stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could buy for a couple thousand dollars would represent less than 0.001percent of the network's mining energy.  With such a tiny chance at finding the next block, it might 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 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 afternoon that they activate their miner.  Statistics on a few of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to acquire Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This relies 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 taken 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 that make ASICs miners or GPU miners. .