Great Wallets - Questions

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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 entire value of a hash.

Remember 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 terms, that metaphorical undisclosed number in the envelope is called the target hash.

What miners are doing with those huge 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 fast 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 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 Attain the same aim by rolling a 16-sided die 64 days to arrive at random numbers, but why on earth do you want to do that

 

 

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The screenshot below, taken by the website Blockchain.info, might enable you to put all of this information together in a glance. You're looking at a list of everything which happened when obstruct #490163 was mined. The nonce that generated the "winning" hash was 731511405. The goal hash is shown on top.

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

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

Here are some examples of randomized hashes and also the criteria for whether they will lead to achievement for your miner:

You would need to get a fast mining rig or, more realistically, join a mining pool--a group of miners that combine their computing ability and split the mined bitcoin. Mining pools are comparable to those Powerball clubs whose members purchase lottery tickets en masse and agree to share any website here winnings. A disproportionately large number of cubes 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 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 below the goal is just 1 in 2,874,674,234,416--less than 1 in two trillion. .

 

 

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

Mining rewards 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 power on the network.  Participants which have a small percentage of the mining capability stand a tiny chance of discovering the next block on their own.  For instance, a mining card that one could buy to get a few thousand dollars would represent less than 0.001% 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 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 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 activate their miner.  Statistics on some of linked here the mining pools can be seen on Blockchain.info. .

Sure. As discussed, the easiest way to get Bitcoin is to purchase it on an 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 goldbut rather 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 this website Bitcoin mining. You can start looking into companies that make ASICs miners or GPU miners. .

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