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If you are 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 total 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 conditions, 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 in 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 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 which is less than or equal to the target hash is awarded credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you can Attain the same goal by rolling a 16-sided expire 64 times to arrive at random numbers, but why on earth do you want to do this

The screenshot below, taken from the site Blockchain.info, might help you put all this information together in a glance. You are looking at a list of everything which happened when block 490163 was mined. The nonce that generated the "winning" hash was 731511405. The target hash is shown on the top.

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

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

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

You would need to get a speedy mining rig or, more realistically, join a mining pool--a group of miners that combine their computing ability and divide 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 high number of blocks are mined by click site pools rather than by individual miners. .

In other words, it's literally just 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 beneath the goal is 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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

Mining rewards are paid into the miner who finds 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 which have a small percentage of the 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 couple thousand dollars would represent less than 0.001percent of their network's mining power.  With such a small chance at finding the next block, it could be a long time before that miner finds a block, and also the difficulty 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 flow of bitcoin starting the afternoon they activate their miner.  Statistics on a few 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 go 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 make 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 start looking into companies that make ASICs miners or GPU miners. .