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Question is: what are the odds that it will happen? I would expect a ration : to take place in the answer. So if the current total H-power is about 7. Which is per a year, if the total H-power does not change and it basically does not depend on the difficulty, as the difficulty is based on total H-power.
The chance you actually find a block will sadly decrease over time probably. Thing is, if you're lucky you win the lottery. And if you don't get lucky, you don't win and get nothing. The advantage of being in a pool is that you play in more lotteries, so your luck averages out.
To answer your question more directly: the long block-intervals 10 minutes are there to reduce network-lag's influence on people's ability to mine on the newest block. There's some influence, inevitably, but others endure it too. Pools can have a minor advantage if they're close together, but the miners connect through them instead of directly. I think there'd be no difference worth mentioning. Small footnote should be made about selfish mining, if another pool is big enough they'll have a mining advantage.
Smaller it'd be a disadvantage. It's not being done and I hope pools will stay spread thinly enough to make it ineffective. You can safely ignore this. It also doesn't likely matter when you're "lottery mining" you're still betting just on your own luck! Unless you own an ASIC, of course.
The beauty of Bitcoin is that it provides anyone with a chance to earn free bitcoins. No matter what statistics are used to calculate the odds of hitting the jackpot, they can never be used to predict the outcome. As we all can read in the numerous variaties and complications when it comes to calculating probabilities in the above mentioned posts, it's obvious that there will never be a mathematical model able to predict the possibilities.
There are too many variables that change continously overtime diffuclty rate, amount of miners, growing blockchain etc. Instead of focussing on mining itself you better try and find a way to reduce the cost. In that case it's cheaper then taking part in a lottery and your chances to hit the pot will be no more or less the same either way. That's why we call it luck ;. Sign up to join this community. The best answers are voted up and rise to the top. Solo mining just for luck, realistic?
Ask Question. Asked 7 years, 3 months ago. Active 4 years, 8 months ago. Viewed k times. What are the odds? Improve this question. Isac Isac 1 1 gold badge 3 3 silver badges 8 8 bronze badges. Add a comment. Active Oldest Votes. PS: Math. Improve this answer. Luca Matteis Luca Matteis 4, 14 14 silver badges 21 21 bronze badges.
Where 69 years is the expected time , it could be much quicker with luck, but likely much longer because the difficulty its constantly increasing meanwhile. Thank you. One more thing, is theory and practice the same thing in this case? Isac: In theory, theory and practice are the same. As dam close as. Don't use your CPU, use the electric bill your running up to go buy lottery tickets instead, better odds.
CPU is as you say, very useless. Show 2 more comments. Tim S. Lottery ROI is consant. Bitcoin difficulty is not. TimS, but surely there's a minimum amount of computational power you need before you can even "take part in the bitcoin mining lottery" right?
Pacerier There is a minimum. I'd estimate 10 minutes per hash as the minimum to participate: you could do approx. There is a chance that hash is the right one! You've played the lottery. Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with low-cost electricity. There are also Bitcoin hardware wallets like the Ledger Nano X , which secure bitcoins. You can use our calculator below to check the mining hardware above.
Input your expected electricity price and the hash rate of the miner for an estimate. The Bitcoin price and the total network hash rate are the two main factors that will affect your profitability. Our calculator is more accurate than most others because ours assumes the 0. This has been the average daily increase over the past 6 months. Most other calculators do NOT include this metric which makes mining appear way more profitable than it actually is.
Bitcoin mining is a booming industry , but the Bitcoin price increasing can help make up some of these losses. The Bitcoin price is increasing at an average of 0. Try messing with the calculator using different prices. Hash rate — How many hashes per second can the Bitcoin miner make?
More hashes cost more, which is why efficiency is crucial. Right now, this is the Halong Mining Dragonmint T1. Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins.
Price — How much does the bitcoin miner cost? Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important. The fastest and more efficient mining hardware is going to cost more. The best ASIC miner is the most efficient bitcoin miner. Aim for value. Other bundled equipment may be included with your purchase depending on the seller. You can use a bitcoin mining profitability calculator to determine your estimated cost of return on your mining hardware.
Be sure to take electricity costs into account. Most mining hardware appears profitable until electricity costs are accounted for. The best way to determine actual profitability is to figure out your electricity cost per hash. That is really what will make or break your operation. Good Bitcoin mining hardware needs to have a high hash rate.
But, efficiency is just as important. To improve your efficiency, there are also companies that will let you order hardware to their warehouse and run the miners for you. You could also cloud mine bitcoins. But both options are a lot less fun than running your hardware! Halong Mining — Halong Mining is the newest mining hardware company. They have the best miner available. Unfortunately, they already sold out of their first batch but a new batch should be available for sale soon.
Bitmain — Bitmain makes the Antminer line of Bitcoin miners. Bitmain is based in China and also operates a mining pool. BitFury — BitFury is one of the largest producers of Bitcoin mining hardware and chips. Its hardware is not available for purchase. Power Supply — Bitcoin rigs need special power supplies to funnel and use electricity efficiently. Cooling Fans — Bitcoin hardware can easily overheat and stop working.
Buy a sufficient amount of cooling fans to keep your hardware working. Backup generators — You may want generators as a backup in case your main source of electricity goes down. You can find Bitcoin mining equipment for sale on eBay. Bitcoin is based on blockchain technology, a decentralized platform which takes power away from a central authority and gives it to the average person. Sensitive information is stored on the blockchain rather than large data centers, and is cryptographically secured.
A vast amount of people, known as miners, all work together to validate the network, instead of just one person or government. In the beginning, CPU s were used to solve cryptographic hash functions , until miners discovered that GPU s were far better equipped for mining.
As block difficulty increased, miners turned primarily to GPUs. Their hashrates are significantly higher than anything GPUs are capable of. With stellar performance comes a high price tag — the best ASIC chips will run you a few thousand dollars each. Upon creation, Bitcoin blocks were confirmed by the average person using their desktop — once ASICs hit the market, things changed.
ASIC developers, including Bitmain, granted early access to large mining cartels rather than the average person. Nowadays, a large majority of Bitcoin mining takes place in China where electricity is cheap. Thousands of ASICs all mine simultaneously in a mining farm large warehouse. Unfortunately, Bitcoin is no longer as decentralized as it was once intended to be.
Buy Antminer S7 on eBay. The S7 is also a popular choice among hobbyist miners for its reasonable price and strong performance. The strong metal casing features a tongue and groove system which allows for the neat arrangement of multiple miners. The APW3 requires a minimum Volts to function and does not ship with the necessary 16A power cord.
While an integral PSU makes for a compact and convenient miner, there are few other reasons to recommend such a setup. The S7-LN also excludes a cord. Note: Before you buy an Antminer S7 make sure you already have Bitcoin mining software and a Bitcoin mining pool. These prices can be expected to fall further as the S9 and other superior mining hardware becomes the new standard.
With careful tweaking, it may be possible to profit from an S7 even at 15c power. The same calculations adjusted for the Hash Rate and Power consumption of the S7-LN produces slightly more encouraging results:. Naturally, the hotter the environment, the more energy the fan s will consume to cool the unit. The S7 is twice as efficient as the S5 at converting all this energy into bitcoins; it requires a modest 0. Setting them up via the MinerLink GUI is a simple process, requiring only your mining pool credentials to begin mining.
The units will automatically begin hashing upon powering up, which can be helpful in the event of power failure. S7 connectivity is via Ethernet only. They are both cooled by dual fans. A dry basement is an ideal location. This peak was reached on May 24 th Such tremendous growth has been spurred by major investment into Bitcoin mining technology and operations. Profits have accumulated where mining is most profitable China , with the result that several competing operations eg.
KNC have been forced out of the industry. We have tried to calculate the amount of money that the Chinese have invested in mining, we estimate it to be in the hundreds of millions of dollars. Even with free electricity we cannot see how they will ever get this money back. The same Chinese competitive advantage has been doubly effective at squeezing the profit-dependent hobbyist miner from the market.
With the block reward halving looming, the profitability of all but the most efficient operations will likely be challenged. Given that profits derived from the current generation of mining hardware are dwindling and will likely reach negative returns post-halving:. Can the new S9 change the game for smaller and hobby miners and restore their lost profitability? Note: Before you buy an Antminer S9 make sure you already have Bitcoin mining software and a Bitcoin mining pool.