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If you're 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.

Remember 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 known as the objective hash.

What miners are doing with these huge computers and dozens of cooling fans is guessing in the target hash. Miners create these guesses by randomly generating as many"nonces" as possible, 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 primary miner whose nonce generates a hash that 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 can achieve the Exact Same goal 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 website Blockchain.info, might enable you to put all of this information together at a glance. You're looking at a summary of everything that 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 into the Bitcoin community is they confirmed 1768 transactions for this block. If you really want to see all 1768 of those transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

There is no minimum goal, but there's 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 success for your miner:

You would need to find a speedy 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 comparable to people Powerball clubs whose members purchase lottery tickets en masse and consent to discuss 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 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 beneath the goal is 1 in 2,874,674,234,416--less than 1 in two trillion. their explanation .

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

Mining rewards are paid into the miner who discovers a solution to the puzzle first, and also the probability that a participant is going to be the one to discover the solution is equivalent to the portion of the entire mining energy on the network.  Participants with a small percentage of their mining capability stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could buy for a few thousand bucks would represent less than 0.001percent of the network's mining energy.  With such a tiny chance at finding the next block, it might be a long time before that miner finds out a block, and also the difficulty 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 stream of bitcoin starting the day 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 such as Coinbase.com. Alternately, you can always leverage my explanation the"pickaxe plan". This relies on the old saw that during the 1848 California gold rush, the wise investment was not to pan for gold, but straight from the source instead to make the pickaxes taken for mining.

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