“Blessed be the God and Father of our Lord Jesus Christ, who according to His abundant mercy has begotten us again to a living hope through the resurrection of Jesus Christ from the dead.”  1 Peter 1:3

Let’s look more closely at this verse.  It is a verse that causes the Believer to praise and worship our God and Father.  In this verse Peter speaks of: 
Praise (blessed be), of abundant mercy, of a new birth, a living hope, resurrection of our risen Savior. 

‘Blessed be’  
“Now therefore, our God,
 We thank You
 And praise Your glorious name.”  1 Chronicles 29:13

“The LORD is great in Zion,
 And He is high above all the peoples.
 Let them praise Your great and awesome name--
 It is holy.”  Psalm 99:2-3

“Be exalted, O LORD, Your own strength!
 We will sing and praise Your power.”  Psalm 21:13 

“I will praise You, O LORD, among the peoples
 And I will sing praises among the nations.”  Psalm 108:3

‘Great mercy’
“And David said to Gad, ‘I am in great distress.  Please let us fall into the hands of the LORD, for His mercies are great; but do not let me fall into the hand of man.’”  2 Samuel 24:14

“For Your mercy is great above the heavens,
 And Your truth reaches to the clouds.”  Psalm 108:4

“And His mercy is on those who fear Him
 From generation to generation.”  Luke 1:50

‘New birth (has begotten us again)’
“Jesus answered and said to him (Nicodemus), ‘Most assuredly, I say to you, unless one is born again, he cannot see the kingdom of God.’”  John 3:3
In verse 5 Jesus repeats it with added information:
“Jesus answered, ‘Most assuredly, I say to you, unless one is born of water and the Spirit, he cannot enter the kingdom of God.’”

Please note this is NOT baptism!  Baptism does not save.  Baptism is an outward expression to the world of what has already taken place.  
“For by grace you have been saved through faith, and that not of yourselves; it is a gift of God, not of works, lest anyone should boast.
For we are His workmanship, created in Christ Jesus for good works, which God prepared beforehand that we should walk in them.”  Ephesians 2:8-10

‘To a living hope’
Peter goes on in 1Peter 1:4 to tell us of that living hope.  Here it is in the Amplified Bible:
“[Born anew] into an inheritance which is beyond the reach of change and decay [imperishable], unsullied and unfading, reserved in heaven for you.”

“Beloved, now we are the children of God; and it has not yet been revealed what we shall be, but we know that when He is revealed, we shall be like Him, for we shall see Him as He is.  Everyone who has this hope in Him purifies himself, just as He is pure.”  1John 3:3-4

‘Risen Savior’
Jesus Christ the risen Savior and Lord!  The good news--the gospel! 
Paul telling of the good news to the Corinthians,
“For I delivered to you first of all that which I also received: that Christ died for our sins according to the Scriptures,
And that He was buried, and that He rose again the third day according to the Scriptures.”  1 Corinthians 15:3-4

The Scriptures Paul is referring to are Old Testament Scriptures:
“For You will not leave my soul in Sheol,
 Nor will  You allow Your Holy One to see corruption.
 You will show Me the path of life;
 In Your presence is fullness of joy; 
 At Your right hand are pleasures forevermore.”  Psalm 16:10-11

“Yet it pleased the LORD to bruise Him
 He has put Him to grief.
 When You make His soul an offering for sin,
 He shall see His seed,  He shall prolong His days,
 And the pleasure of the LORD shall prosper His hand.” Isaiah 53:10

Read 1 Peter 1:3 again, all these things are ours in the Father through His beloved Son, Jesus Christ our Lord and Savior!  Amen