What is the meaning of 1 Peter 1:3?

* The two F.O.G. Bibles & Commentary below are currently a work in progress.

Blessed be the God and Father of our Lord Jesus Christ! By His great mercy He has given us new birth into a living hope through the resurrection of Jesus Christ from the dead,

Berean Standard Bible (BSB)

Blessed be the God and Father of our Lord Jesus Christ, who according to his great mercy became our father again to a living hope through the resurrection of Jesus Christ from the dead,

World English Bible (WEB)

Blessed{G2128} be the God{G2316} and{G2532} Father{G3962} of our{G2257} Lord{G2962} Jesus{G2424} Christ{G5547}, which{G3588} according to{G2596} his{G846} abundant{G4183} mercy{G1656} hath begotten{G313} us{G2248} again{G313}{(G5660)} unto{G1519} a lively{G2198}{(G5723)} hope{G1680} by{G1223} the resurrection{G386} of Jesus{G2424} Christ{G5547} from{G1537} the dead{G3498},

Strong's King James

(3) Blessed be יהוה YAHWEH, Abba of our Adonai, ישוע Yeshua HaMashiach! Who according to His great mercy has caused us to be born again, unto a living hope through the resurrection of ישוע Yeshua HaMashiach from the dead.

The F.O.G*

[3] Let endless praise rise to the God and Father of our Lord Jesus the Messiah! In His overflowing mercy, He has given us a completely new start in life. Through the resurrection of Jesus the Messiah from the dead, we've been reborn into a life crackling with hope and possibility.

The F.O.G Paraphrase

Blessed is the God and Father of our Lord Jesus Christ, who, according to the abundance of His kindness did beget us again to a living hope, through the rising again of Jesus Christ out of the dead,

Young's Literal Translation