Bitcoin Hash target educational series Part 2

Part 2: Bitcoin Hash Target

What is a Bitcoin hash?

000000000000000051ABA2000000000000000000000000000000000000000000

Current Bitcoin hash target, Hexadecimal

When you are mining Bitcoin you hear difficulty, MH, GH and TH referenced often. You see mining software best share found represented as a regular number like 1.5M.

I am going to skip all the information that really does not matter to the regular end user and get straight to the explanation. I will try and make it short and sweet, you might need a cup of coffee.

To solve/find/mine a Bitcoin block, the Hexadecimal number produced by your miner needs to be smaller/more difficult than the current Bitcoin Network hash target.


 

Hexadecimal short and easy version:

  • 0-9 are just 0-9
  • A=10, B=11, C=12,D=13,E=14,F=15

Example with regard to a Bitcoin hash target:
If these were shares found

  • 00000F
  • 00000A would be a better share because A=10 and F=15

 

Example:

  • Current hash target:  000000000000000051ABA2000000000000000000000000000000000000000000
  • Information you need from this: There are 16 zeroes before the 51ABA2
  • So, if you have a hash result with 13 zeroes and B   0000000000000B you did not solve a block
  • If you have a hash result with 16 zeroes and a A   0000000000000000A you did not solve a block
  • If you have a hash result with 16 zeroes and a 4   00000000000000004 you did solve a block

The next difficulty target will be harder/easier depending on the speed blocks were found. 2016 blocks between difficulty changes.

  • If mining has not grown, but stayed the same the 2016 blocks would take 20,160 minutes to complete.
  • If mining has grown and the 2016 blocks completed in 18,000 minutes- Difficulty will rise by approx 12%.

 

Again, I hope this makes sense to newcomers. This is meant to be a simplified idea of what happens and what earns you Bitcoin.

This will take us to Part III