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If you're mining Bitcoin, you do not need to figure the total 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, where I wrote 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 these huge computers and dozens of cooling fans is guessing at the 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 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 obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you can 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 this

The screenshot below, taken from the site Blockchain.info, might enable you to put all of this information together at a glance. You're looking at a list of everything which happened when obstruct 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 cube. If you truly want to see all 1768 of those transactions for this block, go to this page and scroll down to the heading"Transactions." .

There is no minimum target, but there is a maximum target set by the Bitcoin Protocol. No target can be higher than this number:

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

You'd need to find a fast mining rig , more look what i found realistically, join a mining pool--a group of miners that combine their computing power and divide the mined bitcoin. Mining pools are comparable to people Powerball clubs whose members buy 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 only a numbers game.  You cannot imagine 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 target is 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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The aforementioned website Cryptocompare delivers a very helpful calculator which permits you to plug in numbers such as your hash rate, electricity costs etc., to gauge the costs and benefits.

Mining benefits are paid to the miner who discovers a solution to the puzzle , and the likelihood that a participant will be the one to discover the solution is equivalent 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 buy to get a couple thousand dollars would represent less than 0.001% of their 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 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 swimming pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the day that they activate their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to acquire Bitcoin is to purchase it on an exchange like 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 create 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. .