Pauli matrices tell us what the spin of a particle is along a certain axis. Let's say I want to measure the spin along the z-axis then the pauli operator
$$\sigma_z = \begin{bmatrix}1&&0\\0&&-1\end{bmatrix}$$
will give me the value of the spin along the z-axis.
But how do I actually measure the probability of spin being along one of its axis?
For example, a spin 1/2 particle (electron) that is in a static magnetic field which can be in the up $|0\rangle$ or down $|1\rangle$ state with a probability $|\alpha|^2$ and $|\beta|^2$.
So the total state of the spin is given by: $$|\psi\rangle=\alpha|0\rangle+\beta|1\rangle$$ and $|\alpha|^2+|\beta|^2=1$.
This spin can be represented by the bloch sphere.
How do I actually measure the probabilities $|\alpha|^2$ and $|\beta|^2$? How do I find the probability of the spin being along one of the axis. And how is measuring the probability related to measuring the spin?