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Sorry to interrupt, am really not familiar with the mining language and I believe many are as confused as I am.
When you say 6.25 BTC is the current minners reward for each block is it individual reward for all minners who are running a mining machine. And how many hash power does it take to successfully complete one block mining?
My other question here is can 1 miner be able to complete 1 block within that said time ?
That's not how mining works... There isn't a formula that goes "haspower x time = guaranteed block"
What a miner does is creating a new block header which includes (amongst other things):
- a merkle tree: in simple terms, this is some kind of hash "tree" that provides proof that none of the transactions in the block are changed
- the previous block header: this way the block becomes part of the blockCHAIN
- the nonce: a "random" number which can be incremented by the miner
It also includes things that aren't important for this answer (nor to understand how mining works).
What a miner does is creating a new block header based on the previous (valid) block and the transactions in his mempool + the coinbase transaction funding his own address. Then he increments the nonce, creates a sha256 hash of the sha256 hash (sha256d) of this header. He compares the outcome to the current target. If the hash is smaller than the current target, his block header (and his block) is valid, and he can broadcast said block. If the sha56d hash is bigger than the target, he starts again by incrementing the nonce and creating a sha256d hash.
Current asic's are doing this at speeds of >100Th/second. This means they try their luck more than 100.000.000.000.000 times a second.7
The thing is, you can not predict a hash outcome based on the input. A single bit that changes in the input will give a completely different output that can not be predicted. Finding a header whose sha256d hash is under the current target is just dumb luck. It's possible that somebody that copy/pastes the previous block header's hash into an excel sheet to calculate a new block (containing only a coinbase tx) finds a valid hash in it's first try, whilst somebody else has 1000 miners trying at 100.000.000.000.000 times/second doesn't find a valid block at the same time. This being said: you can only meaningfully mine using a recent ASIC, the odds of finding a valid block by hand, with excel, with a cpu or with a gpu are soooooooo close to zero, that in reality you could say they *are* zero.
This is why mining is just based on odds and averages. The difficulty gets adjusted every 2016 blocks, so the target changes every 2016 blocks (since the target only depends on the difficulty). This difficulty is set in such a way the AVERAGE time between 2 blocks is ~10 minutes. However, nobody knows how many miners there are, miners don't have to register, miners don't get "appointed" a block they have to solve... Everybody works on finding the "same" next block (not exactly the same, but the same height), and the person who, by accident, finds a header whose sha256d is under the current target "wins".
There is a formula for the AVERAGE time it'll take to find a block given your current hashrate and the current difficulty. keyword being AVERAGE... In reality the time it'll take you to find a block by dumb luck are somewhere between 0 and infinity seconds. The odds of finding a correct hash are the same the very first hash as they are with your 100.000.000.000.000.000'th hash.