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If you are 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 calculate the total value of a hash.

Bear in Mind that ELI5 analogy, where 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 called the objective hash.

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

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

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

As you see here, their contribution to the Bitcoin community is that they confirmed 1768 transactions for this block. If you really want to see all 1768 of those 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 set by the Bitcoin Protocol. No goal can be higher than this number:

Here are some examples of randomized hashes and the standards for whether they will lead to achievement for your miner:

You would need to get a speedy mining rig or, more realistically, join a mining pool--a group of miners who combine their computing power and pop over to these guys split the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members buy 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 is literally just a numbers game.  You cannot imagine 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 beneath the target is just 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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The aforementioned website Cryptocompare offers a helpful calculator which allows you to plug in numbers such as your hash speed, power costs etc. to estimate the costs and benefits.

Mining rewards are paid into 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 entire mining energy on the network.  Participants which have a small percentage of the their explanation 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 few thousand bucks would represent anchor less than 0.001percent 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 recoup their investment.  The answer to this problem 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 a few of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the simplest way to get Bitcoin is to purchase 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 wise investment was not to pan for goldbut rather to make the pickaxes taken 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. .