Computational power question

[uchegod-21]

I know we have many miners here. I have a question. Someone should help me, I am learning. I read that in bitcoin mining for you to be given the next block of bitcoin your computer should be the first to find the solution to the mathematical puzzle. For your computer to be the first to find it within the 10 minutes. Your computer power should be high. Which means your hash rate is high.This means that the higher computers will always find the block on or before 10 minutes. If this is correct. Why are the people with low computational power still in the business? Are they there for only transaction fee or is there a time that anyone can be lucky to solve the problem even if you have the lowest computational power?

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[Charles-Tim]

.This means that the higher computers will always find the block on or before 10 minutes.

It can also be after 10 minutes but in a way it will be 10 minutes in average.

Why are the people with low computational power still in the business?

They join mining pool. Miners are now joining mining pool based on the requirements to produce a great hashrate that can be able to compete with other mining pools, the block reward and the transaction fee are shared by the miners in a mining pool.

Are they there for only transaction fee or is there a time that anyone can be lucky to solve the problem even if you have the lowest computational power?

The transaction fee of transactions included in a block will be the incentive along side the reward for block mined which is currently 6.25 BTC. So, the mining pool that mined a block will also earn from transaction fee along, not seperate.

[BitMaxz]

Take note if you talking about a computer then it's no longer able to mine Bitcoin blocks.

There are different types of mining to the pool you can mine solo or join other miners/pools if you found some miners with low hashrate(computation) who are trying their luck those are solo mining they mostly called it a lottery.

There are still mining with GekkoScience NewPac or any USB stick built with ASIC any computer without ASIC chips is no longer able to mine BTC.
Since the ASIC is developing the higher the hashrate the higher power consumed by each miner. The manufacturer keeps developing a miner with low power with high hashrate.

About the fees, if you are mining on the pool it depends on the pool which fees they will include on the block so the reward will still depend on which mining fees they would choose.

[odolvlobo]

I know we have many miners here. I have a question. Someone should help me, I am learning. I read that in bitcoin mining for you to be given the next block of bitcoin your computer should be the first to find the solution to the mathematical puzzle. For your computer to be the first to find it within the 10 minutes. Your computer power should be high. Which means your hash rate is high.This means that the higher computers will always find the block on or before 10 minutes. If this is correct. Why are the people with low computational power still in the business? Are they there for only transaction fee or is there a time that anyone can be lucky to solve the problem even if you have the lowest computational power?

The important point that you are missing is that finding a solution is luck-based. Miners repeatedly guess until they get lucky and they find a solution. Guessing is the only known way to find a solution. So, even the slow miners have a chance to correctly guess a solution first, but their chances are lower because they can't guess as quickly.

The difficulty of finding a solution is such that with all the miners in the world guessing, a solution is found by one of them every 10 minutes on average.

[o_e_l_e_o]

Think of it like a lottery which must be won. Let's say you buy 1 lottery ticket, while I buy 100 lottery tickets. I am 100 times more likely to win than you are, but on average 1 out of every 101 times we play you will win.

Now let's say we are the only two miners, and you control 1 terahash/s while I control 100 terahashes/s. I will be 100 times more likely to find the next block than you, but on average you will still find 1 out of every 101 blocks, and claim the full block reward and fees for the transactions you have included.

Now lets scale this up. You buy 1 lottery ticket, but there are 1 million other lottery tickets. You don't fancy winning once every 1 million times, so you team up with 10,000 other people each with 1 ticket. Now you win once every 100 times, but you split the winnings between all 10,000 people you teamed up with.

This is essentially what happens with mining pools. Lots of people who control small amounts of hashrate team up together, and when one of them finds a block the reward is split between everyone, proportional to how much work they contribute.

[uchegod-21]

Think of it like a lottery which must be won. Let's say you buy 1 lottery ticket, while I buy 100 lottery tickets. I am 100 times more likely to win than you are, but on average 1 out of every 101 times we play you will win.<snip>

This comment is so understanding. You use example I know to explain it. You deserve more merit from me and some bitcoin if I have Thank you very much.

They join mining pool. Miners are now joining mining pool based on the requirements to produce a great hashrate that can be able to compete with other mining pools, the block reward and the transaction fee are shared by the miners in a mining pool.

Thank you. Is saying the same thing with the lottery example. I thank you.

The important point that you are missing is that finding a solution is luck-based. Miners repeatedly guess until they get lucky and they find a solution. Guessing is the only known way to find a solution. So, even the slow miners have a chance to correctly guess a solution first, but their chances are lower because they can't guess as quickly.

This one is somehow different from other answers. You said to find solution is luck base. That is by guessing. That the person with high computational power will have the ability to guest faster. But someone can be guessing faster and will not be lucky. But someone guessing slowly will be more lucky. I think the lottery example is more suitable.

[o_e_l_e_o]

This one is somehow different from other answers. You said to find solution is luck base. That is by guessing. That the person with high computational power will have the ability to guest faster. But someone can be guessing faster and will not be lucky. But someone guessing slowly will be more lucky. I think the lottery example is more suitable.

It's the same thing. Just as you can buy one ticket and get lucky and win the lottery, you can have a tiny amount of the hashrate and get lucky and find the next block. Just as you can buy 1 million lottery tickets and get unlucky and not win, you can have a huge amount of the hashrate and get unlucky and not find the next block.

Sometimes someone gets really lucky and finds the next block in only a few seconds. Sometimes no one gets lucky and it takes 30 minutes or more to find the next block.

[odolvlobo]

This one is somehow different from other answers. You said to find solution is luck base. That is by guessing. That the person with high computational power will have the ability to guest faster. But someone can be guessing faster and will not be lucky. But someone guessing slowly will be more lucky. I think the lottery example is more suitable.

They are the same answer. When you buy a lottery ticket, you are trying to guess the winning lottery number.

Note that the lottery analogy is not quite accurate. In a lottery, everybody picks numbers and then the winning number is revealed. But in Bitcoin, the winning numbers are predetermined, and instead of buying a ticket you pick a number for free but it costs you money (and time) to check if it is a winner.