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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 calculate 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 make these guesses by randomly generating as many"nonces" as possible, as quickly as possible. A nonce is short for"number only used once," and also 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 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 Attain the Exact Same goal by rolling a 16-sided die 64 days to Reach random numbers, but why on earth do you want to do that

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The screenshot below, taken by the website Blockchain.info, might help you put all this information together in a glance. You are looking at a list of everything that 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 to the Bitcoin community is that they confirmed 1768 transactions for this cube. 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 is no minimum target, but there is 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 criteria for if they will lead to achievement for the miner:

You'd need to get a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that combine their computing ability and split the mined bitcoin. Mining pools are somewhat similar to those Powerball clubs whose members purchase lottery tickets en masse and consent to share any winnings. A disproportionately large number of blocks visit the website are mined by pools rather than by individual miners. .

In other words, it is 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 just 1 in 2,874,674,234,416--significantly less than 1 in 2 trillion. .

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The aforementioned website Cryptocompare delivers a helpful calculator which permits you to plug in numbers such as your hash speed, 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 is going to be the one to discover the solution is equivalent to the portion of the entire mining power on the network.  Participants which have a small percentage of the mining power stand a tiny chance of discovering check this site out the next block on their own.  For instance, a mining card that one could buy to get a few thousand dollars would represent less than 0.001% of the network's mining power.  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 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 they activate their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the simplest way to get Bitcoin is to purchase it on an exchange such as Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the smart 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 used for Bitcoin mining. You can look into companies that make ASICs miners or GPU miners. .

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