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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.

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 conditions, 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 quickly 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 first miner whose nonce generates a hash that is less than or equivalent to the target hash is awarded credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you could achieve the Exact Same aim by rolling a 16-sided expire 64 days to arrive at random numbers, but why on earth do you want to do this

The screenshot below, taken from the site Blockchain.info, might help you put all this information together at a glance. You are looking at a list of everything which happened when obstruct 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 to the Bitcoin community is that 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's a maximum goal determined 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'd need to get a speedy mining rig , more realistically, join a mining pool--a group of miners that combine their computing ability and split the mined bitcoin. Mining pools are similar more info here to people Powerball clubs whose members buy lottery tickets en masse and consent to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. .

In other words, it's literally just a numbers game.  You cannot 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--significantly 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 costs etc. to estimate 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 discover the solution is equal to the portion of the total mining power on the network.  Participants with a small percentage of their 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 0.001% of their network's mining energy.  With such a tiny chance at finding the next block, it could be a long time before that miner finds a block, and the difficulty going up makes things even worse.  The miner may never recover 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 pool and sharing the payouts amongst participants, miners can get a steady stream of bitcoin starting the afternoon that they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, click here for more the simplest way to get Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can consistently 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 goldbut instead to create the pickaxes used 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. .