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If you're 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.

Bear in Mind that ELI5 analogy, in which 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 target hash.

What miners are doing with those tremendous computers and dozens of cooling fans is guessing in the 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 equal to the target hash is given credit for completing that obstruct, and is awarded the spoils of 12.5 BTC. .

In theory you could Attain the Exact Same goal by rolling a 16-sided die 64 times to arrive at random numbers, but why on earth do you want to do that

The screenshot below, taken from the website Blockchain.info, might enable you to put all of this information together in a glance. You are looking at a list of everything that happened when block #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 into 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, go to this page and scroll down to the heading"Transactions." .

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

Here are some examples of randomized hashes go to these guys and the criteria for if they will lead to achievement navigate to these guys for the miner:

You'd need to get a fast 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 large number of blocks are mined by pools rather than by individual miners. .

In other words, it's literally just a numbers game.  You cannot guess the pattern or make a prediction based on previous 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 beneath 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 offers a very helpful calculator that allows you to plug in numbers like your hash speed, electricity costs etc., to estimate the costs and benefits.

Mining rewards are paid to the miner who discovers a solution to the puzzle , and also the probability that a participant is going to be the one to discover the solution is equal to the portion of the entire mining power on the network.  Participants with 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 for a couple thousand bucks would represent less than 0.001percent 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 out a block, and also the problem going up makes things even worse.  The miner may never recover their investment.  The answer to this predicament 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 find a steady stream of bitcoin starting the afternoon that 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 buy it on an exchange like Coinbase.com. Alternately, you can always leverage the"pickaxe strategy". This is based on the old saw that during the 1848 California gold rush, the wise investment was not to pan for goldbut rather to create 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 look into companies that make ASICs miners or GPU miners. .