NERDMINER: Bitcoin lottery miners

[joker_josue]

Yet it makes me wonder why the has rate skyrocketed just before they found a block.

According to https://solochance.com anyway it was an incredible luck.

Without a doubt, it was something incredible.
It just proves that it's always worth having a toy like this working. Really low consumption and there is always a possibility of finding a block.

[LoyceV]

Apparently a solo miner using a Bitaxe mined their first block today:

Your screenshot in the OP showed 55 kH/s. The one that found the block has 300 GH/s. That's already 5.5 million times faster. The total Bitcoin hashrate is 650 EH/s. That's another 2 billion times faster. So let's say 1000 people run a 300 GH/s miner for a year. That makes the chance of one of them finding a block 1000 * 365 * 24 * 6 (blocks per hour) / 2 billion = 2.6%. The chance per person is 0.0026% per year.

It just proves that it's always worth having a toy like this working. Really low consumption and there is always a possibility of finding a block.

You're wrong on the details: it proves it's rarely worth having this toy working

[fillippone]

Apparently a solo miner using a Bitaxe mined their first block today:

Your screenshot in the OP showed 55 kH/s. The one that found the block has 300 GH/s. That's already 5.5 million times faster. The total Bitcoin hashrate is 650 EH/s. That's another 2 billion times faster. So let's say 1000 people run a 300 GH/s miner for a year. That makes the chance of one of them finding a block 1000 * 365 * 24 * 6 (blocks per hour) / 2 billion = 2.6%. The chance per person is 0.0026% per year.

The whole ckpool.com has roughly 200 Ph/s of power:



In the public-pool.io there are 1,400 such machines operating:



This adds to the 45,000 operating.

The hash power in the OP is referred to the nerdminer, which is based on a generic CPU. The 300 Gh/s is probably a BitAxe, a machine built over a single ASIC chip of a s19 (so, effectively a 1/300 of a S19 minus some efficiency optimisation).

[joker_josue]

It just proves that it's always worth having a toy like this working. Really low consumption and there is always a possibility of finding a block.

You're wrong on the details: it proves it's rarely worth having this toy working

Well it really is all a matter of perspective. 

Regardless of the perspective, the fact that it has a low operating cost ends up motivating many to try their luck.

[LoyceMobile]

Regardless of the perspective, the fact that it has a low operating cost ends up motivating many to try their luck.

It would be good for decentralization if small miners would be economically viable, but that's just not going to happen. In an ideal world, millions of people would run small miners, and their small pools would collectively make up the majority of hash rate. But we don't live in an ideal world, and most people pay too much for electricity to turn a profit from mining.

[joker_josue]

Regardless of the perspective, the fact that it has a low operating cost ends up motivating many to try their luck.

It would be good for decentralization if small miners would be economically viable, but that's just not going to happen. In an ideal world, millions of people would run small miners, and their small pools would collectively make up the majority of hash rate. But we don't live in an ideal world, and most people pay too much for electricity to turn a profit from mining.

This would be possible, if somehow it weren't possible for big - giant - miners. But really this will probably be impossible to implement.

One thing is certain, he continued to see the increasing danger of mining becoming centralized in 3 or 4 large miners or pools.

[LoyceV]

This would be possible, if somehow it weren't possible for big - giant - miners. But really this will probably be impossible to implement.

Even if large miners were impossible, the ones with cheapest electricity would install many small miners. I think it's inevitable for "proof of work" to concentrate on places with the best conditions for mining.

One thing is certain, he continued to see the increasing danger of mining becoming centralized in 3 or 4 large miners or pools.

Joining a pool with a small miner is kinda useless: it will take forever to reach a payout. If it takes "forever" anyway, you can just as well join the solo-lottery.