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If you're mining Bitcoin, you do not need to figure the entire value of the 64-digit number (the hash). I repeat: You do not need to figure the entire 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 terms, that metaphorical undisclosed number in the envelope is called the target hash.

What miners are doing with these tremendous computers and dozens of cooling fans is guessing at the target hash. Miners make 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 also the nonce is the secret to generating these 64-bit hexadecimal numbers I keep talking about.

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The primary miner whose nonce generates a hash that is less than or equal to the target hash is given 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 expire 64 days to Reach random numbers, but why on earth would you want to do that

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 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 top.

As you see here, their contribution to the Bitcoin community is they confirmed 1768 transactions for this cube. If you truly want to find all 1768 of those transactions for this block, go to this webpage and scroll down to the heading"Transactions." .

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

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

You would need to get a fast mining rig , more realistically, join a mining pool--a group of miners who combine their computing ability and split the mined bitcoin. Mining pools are somewhat similar to those Powerball clubs whose members buy 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's literally only a numbers game.  You cannot guess the pattern or make a prediction based on preceding 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 below the goal is 1 in 2,874,674,234,416--less than 1 in two trillion. .

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

Mining rewards 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 equivalent to the portion of the entire mining energy on the network.  Participants with a small percentage of their mining power 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 dollars would represent less than 0.001% of their network's mining energy.  With such a tiny 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 run 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 stream of bitcoin starting the afternoon 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 buy it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This hop over to these guys relies on the old saw that during the 1848 California gold rush, the smart investment was not to pan for goldbut rather to make the pickaxes used for mining.

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In a crypto context, the pickaxe equivalent would be a company that manufactures equpiment used for Bitcoin mining. You can start looking into companies which make ASICs miners or GPU miners. .