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Bitcoin Mining Efficiency for Dummies


If you're mining Bitcoin, you do not need to figure the entire value of that 64-digit number (the hash). I repeat: You do not need to figure the entire value of a hash.

Bear in Mind that ELI5 analogy, where 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 objective hash.

What miners are doing with these huge computers and dozens of cooling fans is guessing at the hash. Miners make 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 key to generating these 64-bit hexadecimal numbers I keep talking about.

 

 

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The first 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 given 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 would you want to do that

 

 

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The screenshot below, taken by the website Blockchain.info, might help you put all this information together at a glance. You are looking at a summary of everything that 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 into the Bitcoin community is that they confirmed 1768 transactions for this block. 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 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 the standards for whether they will lead to success for the miner:

You would have to get a speedy mining rig or, more realistically, join a mining pool--a bunch of miners that combine read the article their computing power and split the mined bitcoin. Mining pools Continue are somewhat comparable to those Powerball clubs whose members buy lottery tickets en masse and consent to share any winnings. A disproportionately large number of cubes are mined by pools rather than by individual additional resources miners. .

In other words, it's literally only a numbers game.  You cannot guess 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 helpful calculator that allows you to plug in numbers such as your hash speed, electricity prices etc. to estimate the costs and benefits.

Mining benefits are paid to the miner who finds a solution to the puzzle , and the likelihood that a participant is going to be the one to discover the solution is equivalent to the portion of the total mining energy on the network.  Participants with 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 for a few thousand bucks would represent less than 0.001percent of the network's mining energy.  With such a small chance at finding the next block, it could be a long time before that miner finds out a block, and the difficulty going up makes things even worse.  The miner may never recover their investment.  The answer to this problem is mining pools.  Mining pools are operated 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 stream of bitcoin starting the day they trigger their miner.  Statistics on some of the mining pools can be seen on Blockchain.info. .

Sure. As mentioned, the easiest way to get Bitcoin is to buy it on an exchange such as Coinbase.com. Alternately, you can consistently leverage the"pickaxe strategy". This relies on the old saw that during the 1848 California gold rush, the smart investment was not to pan for goldbut rather to create the pickaxes used 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 start looking into companies which make ASICs miners or GPU miners. .

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