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About Coin Mining Hardware


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.

Bear in Mind that ELI5 analogy, where 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 known as the objective hash.

What miners are doing with these huge computers and dozens of cooling fans is guessing at the target 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 first miner whose nonce generates a hash that 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 can Attain the same goal by rolling a 16-sided die 64 days to Reach random numbers, but why on earth would you want to do that

 

 

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The screenshot below, taken by the website Blockchain.info, might enable you to put all this information together at a glance. You are looking at a summary of everything that happened when obstruct #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 to the Bitcoin community is they confirmed 1768 transactions for this block. If you really want to see all 1768 of these transactions for this block, go to this webpage and scroll down to the heading"Transactions." .

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

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

You'd have to find a fast mining rig or, more realistically, join a mining pool--a group of miners that combine their computing power and split the mined bitcoin. Mining pools are somewhat comparable to those Powerball clubs look at this web-site whose members buy lottery tickets en masse and agree to discuss any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. .

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

 

 

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The aforementioned website Cryptocompare delivers a helpful calculator that permits you to plug in numbers such as your hash speed, power 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 equal to the portion of the entire mining power on the network.  Participants with a small percentage of their 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 few thousand bucks would represent less than 0.001% of the network's mining power.  With such a tiny 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 recover 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 pool and sharing the payouts amongst participants, miners can get 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 discussed, the easiest way to acquire 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 smart investment was not to pan for gold, but rather to make 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 start looking into companies which make ASICs miners or GPU miners. .

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