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If you're mining Bitcoin, you do not need to calculate the entire value of that 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, where I composed the number 19 on a piece of paper 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 those tremendous computers and dozens of cooling fans is guessing in the hash. Miners create 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 key 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 given credit for completing that block, and is awarded the spoils of 12.5 BTC. .

In theory you could achieve the Exact Same goal by rolling a 16-sided die 64 times to Reach random numbers, but why on earth do you want to do this

The screenshot below, taken by the website Blockchain.info, might help you put all this information together at a glance. You're looking at a list of everything which 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 that they confirmed 1768 transactions for this cube. If you truly want to find all 1768 of those transactions for this block, then go to this webpage and scroll down to the heading"Transactions." .

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

Here are some examples of randomized hashes and also the standards for whether they will lead to achievement for the Continue 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 similar to people Powerball clubs whose members purchase lottery tickets en masse and agree to discuss any winnings. A disproportionately large number of cubes are mined by pools rather than by individual miners. .

In other words, it is literally just a numbers game.  You cannot guess 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 below the target is just 1 in 2,874,674,234,416--less than 1 in 2 trillion. .

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

Mining benefits are paid to the miner who discovers a solution to the puzzle first, 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 which have a small percentage of their mining capability 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 dollars would represent less than 0.001percent of their network's mining energy.  With such a small chance at finding the next block, it might be a long time before that miner finds a block, and 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 pool and sharing the payouts amongst participants, miners can find a steady stream of bitcoin starting the day that they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the simplest way to acquire Bitcoin is to buy it on an exchange like Coinbase.com. Alternately, you can always leverage the"pickaxe plan". 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 taken 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 that make ASICs miners or GPU miners. .