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If you're mining Bitcoin, you do not need to calculate the total value of the 64-digit number (the hash). I repeat: You do not need to figure the entire value of a hash.

Remember that ELI5 analogy, in which 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 tremendous computers and dozens of cooling fans is guessing in 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 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 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 goal by rolling a 16-sided die 64 days to Reach random numbers, but why on earth do you want to do this

 

 

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The screenshot below, taken by the site Blockchain.info, might enable you to put all of this information together in a glance. You're looking at a list of everything which 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 that they confirmed 1768 transactions for this block. 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 is no minimum goal, but there is a maximum goal set by the Bitcoin Protocol. No goal can be higher than this number:

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

You'd have to find a fast mining rig or, more realistically, join a mining pool--a bunch of miners that combine their computing ability and split the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs whose members buy lottery tickets en masse and consent to discuss any winnings. A disproportionately large number of blocks are mined by pools helpful site rather than by individual miners. .

In other words, it is literally only a numbers game.  You cannot click site guess 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 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 helpful calculator which permits you to plug in numbers such as your hash speed, electricity costs etc. to estimate 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 equal to the portion of the total mining energy on the network.  Participants which have 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 couple thousand dollars would represent less than 0.001% of the network's mining energy.  With such a small chance at finding the next block, it might be a long time before that miner finds a block, and 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 stream of bitcoin YOURURL.com starting the day 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 get Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe plan". This is based on the old saw that during the 1848 California gold rush, the wise investment was not to pan for gold, but instead 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 look into companies which make ASICs miners or GPU miners. .

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