Lets Gamble and find a BTC block (Group buy)

[willi9974]

Hello all,

we are currently organizing a solo run in Germany. Anyone can participate. Everyone can invest as much BTC as he wants. If we find a block, we pay out a percentage of the investment.

We would like buy 10PH/s on NiceHash and let it run how long we have coins. At the moment is the plan 1 day or more.

—> https://bitcointalk.org/index.php?topic=5229570.0

If you will jump in, please write a message in the German thread, you can also write in english, it is no problem.

PS: in the old runs from 2016 wie found seven blocks and here a link from one solo mining run, we found 3 blocks (only for your info, post only in the first link)

https://bitcointalk.org/index.php?topic=1332729.0

Best regards
Willi

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[CoinEraser]

Finding a block is really a gamble these days. 

However, willi9974 is a trusted member and this is not the first attempt to find a block. He is very reliable and everything is public about the run. Thumbs up for willi9974 and good luck with the run!   

[suzanne5223]

Finding a block is really a gamble these days. 

You'll be surprise with the things genuine gamblers executes just to make the game of chance comes to pass so i wont be surprise if finding a block is turn into gambling but the fact is that this will make mining more fun and i can see people have already join the process.

Too bad I'm not into mining.

[nakamura12]

It's kind of interesting when finding a block but sadly i'm not a miner and I don't have any rig to do any of that. In my opinion, turning mining into gamble is kind of making it fun rather than waiting for your rig to find a block. Anyway good luck finding anyone who will see this as Interesting as I do.

[willi9974]

It's kind of interesting when finding a block but sadly i'm not a miner and I don't have any rig to do any of that. In my opinion, turning mining into gamble is kind of making it fun rather than waiting for your rig to find a block. Anyway good luck finding anyone who will see this as Interesting as I do.

you understand it wrong --> we have also no rig, we rent hashingpower on a platform (www.nicehash.com) and fire the hashpower on a solo pool to find a block.

Best regards,
Willi

[kryptqnick]

I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,

Chance per day: 1 in 76.

Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...

[willi9974]

I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,

Chance per day: 1 in 76.

Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...

the minimum amount of 0.01 is intended to keep the organizational effort small

how risky is lottery? so the 1 in 76 is great in comparing with a lottery

[cazkooo]

I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,

Chance per day: 1 in 76.

Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...

the minimum amount of 0.01 is intended to keep the organizational effort small

how risky is lottery? so the 1 in 76 is great in comparing with a lottery

Seems like a quite nice little gamble, btw Im not really familiar with nicehash and also it seems that the "gamble" has already run ??

Im trying to understand the main thread but Im not getting anything from it because it is in german   . Care to leave us some update?

Edit : Im also not familiar with nicehash

[CoinEraser]

I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,

Chance per day: 1 in 76.

Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...

the minimum amount of 0.01 is intended to keep the organizational effort small

how risky is lottery? so the 1 in 76 is great in comparing with a lottery

Seems like a quite nice little gamble, btw Im not really familiar with nicehash and also it seems that the "gamble" has already run ??

Im trying to understand the main thread but Im not getting anything from it because it is in german   . Care to leave us some update?

Edit : Im also not familiar with nicehash

Willi9974 rent some btc miners on nicehash and try to find a btc block on a solo run. If Willi9974 find one, the 12.5+fees btc will be divided among all participants.

[nakamura12]

It's kind of interesting when finding a block but sadly i'm not a miner and I don't have any rig to do any of that. In my opinion, turning mining into gamble is kind of making it fun rather than waiting for your rig to find a block. Anyway good luck finding anyone who will see this as Interesting as I do.

you understand it wrong --> we have also no rig, we rent hashingpower on a platform (www.nicehash.com) and fire the hashpower on a solo pool to find a block.

Best regards,
Willi

I didn't understand it wrong. What I mean is for the miners to wait their rigs to find a block and not the site use mining rigs that instead of renting their hashpower to the pool. Yes, your site doesn't need rig because the hashpower is from the miners rig and shared it to the pool to solved a block. I clearly read it on the site stating that "Start selling your idling computing power with nicehash.

[jademaxsuy]

So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.

[Haunebu]

So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.

Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.

However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.

[kryptqnick]

So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.

Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.

However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.

Yes, the chances are extremely against the gambler in this situation. It's a fair point that was brought up that a lottery is always very risky, but the thing about lottery is that it's usually quite cheap. In the hash power case, however, one should be willing to put at least $90 on the table and have around 98% chance (the chance of losing becomes 1.3% smaller with every day of trying to find the block if my calculations are correct) of losing this money... I don't know about you, but 0.01 is definitely not the kind of money I would throw when having these odds of winning. So yes, in this case, it's very important to know the situation before joining.

[bitbunnny]

Finding a block is really a gamble these days. 

You'll be surprise with the things genuine gamblers executes just to make the game of chance comes to pass so i wont be surprise if finding a block is turn into gambling but the fact is that this will make mining more fun and i can see people have already join the process.

Too bad I'm not into mining.

It's definetely an interesting combination and I.think that it will attract quite a number of players. You don't have to be a miner to join, that is not condition. You actualy buy hash power, if I understood it well.
However, 0.01 is not a small investment and It's risky but final award is very tempting but go into it only if you can say godbay to that money.

[suzanne5223]

Finding a block is really a gamble these days. 

You'll be surprise with the things genuine gamblers executes just to make the game of chance comes to pass so i wont be surprise if finding a block is turn into gambling but the fact is that this will make mining more fun and i can see people have already join the process.

Too bad I'm not into mining.

It's definetely an interesting combination and I.think that it will attract quite a number of players. You don't have to be a miner to join, that is not condition. You actualy buy hash power, if I understood it well.

You're absolutely right for that what the OP said when he rationalize how the gambling is done but i think he needs to explain more better cause playing a game ones barely understand is just like a died sentence. Besides, i dont understand the winner will know he's a winner.

However, 0.01 is not a small investment and It's risky but final award is very tempting but go into it only if you can say godbay to that money.

Thats one thing about gambling, the rewards are always enchanting.

[thottum]

This gamble really sounds interesting finding a block in the BTC mining. Is it still on.?? If so does it fine just transferring the BTC to the address and posting the transaction hash here.? I have also read the german thread but this is not quite clear. So this run will continue as long as we have money to run the mining further am I right.?

Where shall we see the mining progress like how long will it continue I mean the estimated time remaining.?

[jademaxsuy]

So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.

Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.

However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.

Even if the hash power is increased many times and still there is a chance that you'll lose 0.01 btc then no blockchain block reward to be divided to all participants?. Am I wrong?. This really is a mining and also a gambling. Base on how I understand, if you don't have btc anymore to invest then you are not receiving any portion of the block reward right?

[willi9974]

we start also our next Block burning round --> https://bitcointalk.org/index.php?topic=5231433.0

in the last round we have a bestshare from 366.437.385.163

[Haunebu]

Base on how I understand, if you don't have btc anymore to invest then you are not receiving any portion of the block reward right?

Correct. You need to invest a minimum of 0.01 BTC in order to receive a percentage of the reward if op actually ends up mining a block successfully(Chances are low based on the posts above). This is basically gambling at high odds.

Op also mentioned that you will only receive a percentage of the win based on the amount you invested(More you invest = More you win). This is a high risk, high reward scenario.

[Ucy]

Interesting.
Betting big to win a block...
This is fair difinition of gambling in my opinion. You have a high minimum amount of money to bet on block/fees, and lose it if the bet is lost, correct? It really a big risk or gambling (assuming no one can afford to lose the minimum amount).
And It seems that bettors could still keep betting more of the "high minimums" to increase their chances of winning?