What if you're trying to solve a block and someone else solves at first, was all your time wasted?
Effectively, yes. Mining is a race, winner (of the block) takes all.
Fascinating discussion. I was not aware of this.
Now, I feel like I'm at the racetrack.
It is incorrect (and a common misconception). Nothing is wasted when someone else solves a block because there is no "progress" towards a block. Each hash is like a lottery ticket. It either wins or it loses. Nothing more. Having a thousand losing tickets means they are still losers regardless of if someone else wins or not.
If you mine a quadrillion hashes that fail to meet the difficulty target, you are no "closer" to solving a block then when you first started. Each hash is an independent roll of the dice. It either solves the block or it doesn't.
Hi DeathAndTaxes:
Thank you for your insight.
I find this process of seeking the "right" hash quite stimulating.
Question: Would you agree then, that if one has the money to buy a supercomputer, then it would behoove one to put the supercomputer to work on solving for the correct hash. I reason that since this supercomputer can process hashes at such a phenomenal rate that the "odds" of finding the key hash are bound to increase and therefore he/she would get all the credit for achieving the difficulty target. In other words, the faster one can process hashes the better the "odds" are towards solving a particular block. Hence, the whole rationale for pooling if you disregard the desire to earn crypto-coins.
Would you agree?
Thanks for your input!
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