fiatjaf gave the perfect answer, but it has to do with the leading hex zeros. The process comes from Adam Back's hashcash.

This is the hash(double SHA256) of block 881,664

000000000000000000013cc896e99981db8a1035bd2e5c1b4a83c592a297f25c

If a miner finds a number lower than this, that miner wina the reward.

It's a base 16 numbering system.

Reply to this note

Please Login to reply.

Discussion

The original proof of work algorithm used a number of leading binary zeros as the threshold. A hash can be treated like a random number that radically changes whenever the data being hashed changes very little (e.g. with the nonce). Satoshi changed the leading zeros (power of two) comparison to a comparison between the hash and a computed difficulty number between 0 and 2^256. The difficulty is calculated based on the average number of blocks found over a two week period. The "leading zeros" method was not granular enough to maintain 2016 blocks per fortnigh, this is why the hash is compared with and must be less than this non-power-of-two difficulty number.