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If you are mining Bitcoin, you do not need to calculate the total 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, where I composed the number 19 on a piece of newspaper 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 quickly as possible. A nonce is short for"number only used once," and 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 that is less than or equivalent to the target hash is given credit for completing that obstruct, 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 would you want to do that

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

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

You'd have to find a fast mining rig , more realistically, join a mining pool--a group of miners who combine their computing ability and divide the mined bitcoin. Mining pools are somewhat comparable to people Powerball clubs whose members purchase lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks 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 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--significantly less than 1 in 2 trillion. .

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The aforementioned website Cryptocompare offers a very helpful calculator which permits you to plug in numbers like your hash rate, a fantastic read power costs etc., to estimate the costs and benefits.

Mining benefits are click paid to the miner who discovers a solution to the puzzle first, and the probability 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 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 bucks would represent less than 0.001percent 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 also 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 operated by third parties and coordinate groups of miners.  By working together in a swimming pool and sharing the payouts amongst participants, miners can find a steady flow of bitcoin starting the day that they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the easiest way to get Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can consistently 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 gold, but rather 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 look into companies that make ASICs miners or GPU miners. .