mocacinno
Legendary
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Activity: 3682
Merit: 5347
https://merel.mobi => buy facemasks with BTC/LTC
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November 23, 2017, 10:48:32 AM Last edit: November 23, 2017, 11:02:05 AM by mocacinno |
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You're missing some basic points about mining here... I suggest you read up on what mining really is.
I'll try to give a short explanation about the things you're missing... Don't take this as an absolute truth, i skipped some of the things that are a bit harder to grasp for a beginner! You don't mine a single transaction... You collect and verify all transactions that are being broadcasted, then you use these verified transactions from your mempool to puzzle together a 1 Mb block (since segwit was activated, the block itself can be bigger than 1 Mb, since the witnessdata can be placed at the end). You then create a valid block header, using the hash of the previous block, the merkle tree of all transactions in your block, a nonce and some other data and start incrementing the nonce and creating a sha256 hash of the sha256 hash of the header with the current nonce. Only if you find a header whose hash is under the current target, you solved the block. If the hash is over the current target (which it allmost always is), you need to increment the nonce and try again... The difficulty is adjusted every 2016 blocks, to make sure the average time between 2 blocks being found by ALL miners in the COMPLETE network is about 10 minutes.
So, to make it easy to understand: there are thousands of people out there, running machines especially made for creating sha256d hashes... Those 1000's of people running those specialised hardware find about 6 blocks an hour. What do you think your odds are if you want to find a valid block using a qt wallet running on your local PC... I can tell you that these odds are very close to 0.
Basically, the first versions of the wallet allowed you to mine directly from your wallet, but the feature has long been removed since the diff is so high that cpu mining (and gpu mining) are dead. At the time the feature was introduced, there were only a couple guys mining, and everybody was using their CPU. Nowadays, it would be ludacrous to even try this route.
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