Quick Curiousity!!!

[OjAbram]

So far my research on Bitcoin is not as I imagined, I thought a day or two would guarantee me enough to understand the major concept of Bitcoin as a whole but I've barely scratch the basic concept. What I don't understand is mining in Bitcoin, based on my own research and that of PX-Z in my first post it's clear to me that 80% of user in this forum are no miners just mostly investors.
I thought BTC mining was just as every other mining crypto until I did my research honestly it's not what I expected.



My question?
•Can a single miner with enough resources (be able to claim the block reward) compared to farm network?
•What are the chances of a single miner against a farm?

REFERENCE
https://learnmeabitcoin.com/
https://www.toptal.com/finance/blockchain/what-is-bitcoin-mining

[Charles-Tim]

It is possible but the chance is little. There are unknown miners that are mining blocks but not as often as mining pool. Also that the chance is low because the hashrates generated by single miners is low compared to the hashrates that mining pools are generating.

Try and differentiate between mining pool and mining farm. Miners and miners that have mining rig or mining farm can connect to mining pool. The comparison should be solo mining and pool mining.

Solo miners are miners that do not join mining pool but mining alone.
Mining pool are made up of miners that join their mining hashrates together to increase the chance of mining blocks.

[Churchillvv]

I like the fact that you have now come to understand that Bitcoin is not the regular shitcoins that hangs around the crypto space.

My question?
•Can a single miner with enough resources (be able to claim the block reward) compared to farm network?

Firstly, an individual miner is likely to claim a block reward if he or she has enough mining resources just as you have said.

it all depends on his mining capacity, of if one has enough mining resources (mining power) than a mining farm his is likely to claim the blocks rewards it's very simple, the high your mining capacity the high chance you stand to claim but the question is how possible it for an individual to have more mining power than a farm (cooperations) ? is very rare or almost impossible.

•What are the chances of a single miner against a farm?

The chance is very limited, like I said it's almost impossible because it's said that 2 heads are better than 1 so that means if two people are working towards a thing they are likely to more harder than an individual because combining the power of both it's higher than that of a single person. its applicable to mining, if a corporations sets up a mining farm it's almost impossible for an individual to over take them because they are two different force combined.

So the chance is very low, more like 10% chance of 100%

[Sim_card]

It is very expensive to carry out solo mining and you will not be able to make profit, because the chance of mining a block is very slim compared to when you are with a mining pool. It is better to join a mining pool because they work as one and share the block reward between themselves. Just imagine when a group of people are searching for something together, they will see it faster than when it is only one man.

[Porfirii]

It is very expensive to carry out solo mining and you will not be able to make profit, because the chance of mining a block is very slim compared to when you are with a mining pool. It is better to join a mining pool because they work as one and share the block reward between themselves. Just imagine when a group of people are searching for something together, they will see it faster than when it is only one man.

Another reason is the price of energy in many countries. Big farms are usually located in countries where the price of electricity is very low in comparison to other places. So it is not only a matter of the great investment in hardware needed nowadays in order to be competitive, but also that in many countries it isn't profitable to mine no matter how much you invest (with current prices near ATH, not so many?).

[PX-Z]

My question?
•Can a single miner with enough resources (be able to claim the block reward) compared to farm network?
•What are the chances of a single miner against a farm?

Possible, but chances are near zero. No solo miner with a single device will think that way, it's like suicide and wasting of resources. Joining a pool is the best way to do and earn in smart way. Now, if we are talking a solo miner with lots of asic device, say hundreds of them, it's possible with mid diff. But still, most mined block are from mining pools, only came from "unknown miners" so joining them will give you ROI in shorter time than being solo.

[Cricktor]

Let's do some calculation for a fictional solo miner. According to current total Bitcoin mining network hash power, see https://mempool.space/mining, all miners execute on average a total of roughly ~600EH/s (exahashes per second, that are 630x10¹⁸ hashes per second) to mine a block on average every 10min.

Let's assume our fictional single miner (solo miner) has ten Bitmain Antminer S21 ASICs, each capable to deliver (as advertised by Bitmain) around 200TH/s (terahashes per second, ie. 200x10¹² hashes per second), all ten ASICs together deliver at best 2 PH/s.

Now, what's the probability for our fictional miner to find a valid block at current difficulty? Divide his hash power by current total hash power: 2 PH/s / 600 EH/s equals 1/300,000 (in decimal that's 0.000003333..., this isn't exactly a high probability to hit a block in favour of the rest of the mining network).

If you need percentages for understanding: with the total network's chance is on average 100% to find on average a block every 10min with roughly 600EH/s, our fictional solo miner's chance is only 0.0003333...% per block on average. If you only have one ASIC of above (which is already high-end) your chance is ten times less...

Bear in mind: mining is a totally random process. You could find a valid block in the next minutes or you won't find a block as solo miner in the next year(s), depending on your own total hash power. We can only calculate statistical probability to hit a valid block on average.

[GeorgeJohn]

Op we should do concentrate knowing the rudiment of Bitcoin because with this good for someone to land and understand the features of bitcoin before the person invest on Bitcoin but right away any before does not have the time to make a research concerning bitcoin before the invest in Bitcoin, for me I will advise you not to deep much a mining of cryptocurrency especially Bitcoin but go directly to research about bitcoin so that you you will know the kind of investment you will adventure into Bitcoin

[Faisal2202]

•Can a single miner with enough resources (be able to claim the block reward) compared to farm network?
•What are the chances of a single miner against a farm?

You are right we can't consume the full knowledge of BTC in a few days, even if we can't consume full knowledge of anything in a few days. As everything takes time, but we do get some idea of the things we want to get knowledge of. And talking about your question. There is a chance to get a block reward, as in the past there were many solo miners who were able to get the block reward. The latest one I heard of is this --> Source As you can see the power rate at that time were also huge but somehow this miner got lucky and you can also get lucky.

But talking about chances you have compared to farmers, I would say the chances are totally based on your luck, and if you have luck then chances are high but in general they are not very high. I suggest you to not to disheart and give it a shot if it worths for you as we should sometime follow our guts.

[Z390]

So far my research on Bitcoin is not as I imagined, I thought a day or two would guarantee me enough to understand the major concept of Bitcoin as a whole but I've barely scratch the basic concept. What I don't understand is mining in Bitcoin, based on my own research and that of PX-Z in my first post it's clear to me that 80% of user in this forum are no miners just mostly investors.
I thought BTC mining was just as every other mining crypto until I did my research honestly it's not what I expected.



My question?
•Can a single miner with enough resources (be able to claim the block reward) compared to farm network?
•What are the chances of a single miner against a farm?

REFERENCE
https://learnmeabitcoin.com/
https://www.toptal.com/finance/blockchain/what-is-bitcoin-mining

Nice question from a beginner, by the way I think this topic should be move to the Bitcoin mining section, you will  get even more answers in that section than here.

A single miner can get the job done if its the most fastest and latest Bitcoin Asic miners, yes we call them Asic miners, but if you go with old Asic miners or even the most common ones like S19 it will take God known when to solve a single block if you choose to Solo mine with them.

But your question isnt about Solo mining, so you only need a Asic miner to start mining Bitcoin if you connect to a mining pool, you will join numbers of other miners on the pool and when a block is solved you will all share the reward together.

This is better and faster way to get Bitcoin paid into your wallet every 24 hours instead of Solo mining which is all about using your single miner to solve a block all for yourself, which can take years to achieve.

[Kelward]

If you need percentages for understanding: with the total network's chance is on average 100% to find on average a block every 10min with roughly 600EH/s, our fictional solo miner's chance is only 0.0003333...% per block on average. If you only have one ASIC of above (which is already high-end) your chance is ten times less...

Bear in mind: mining is a totally random process. You could find a valid block in the next minutes or you won't find a block as solo miner in the next year(s), depending on your own total hash power. We can only calculate statistical probability to hit a valid block on average.

You just simplified it in your maths, even a layman will understand that joining a mining pool is better off than being a single miner, so there's power in synergy than being solo in mining. I've considered mining, but the epileptic electric power supply in my country is a discouraging factor to me, so let the OP consider factors that might not be favorable for a miner in his country, before embarking on the journey, otherwise let him stick to Bitcoin investment.

[Uhwuchukwu53]

It is very expensive to carry out solo mining and you will not be able to make profit, because the chance of mining a block is very slim compared to when you are with a mining pool. It is better to join a mining pool because they work as one and share the block reward between themselves. Just imagine when a group of people are searching for something together, they will see it faster than when it is only one man.

This answer gives more in my heart, it's more easier when join as farm than one person, the time factor should be considered ,the time to mind a block by one person even when the resources is there , can't be The same when it's in group  it become more faster and achievable in group.

[Outhue]

It depends on what you want.

We have two types of Bitcoin mining, here you go.

1. Solo mining.

Meaning you want to solve a block by yourself using your very own Asic miner, but there is a catch, mining difficulty is extremely high and to solve a block on your own becomes extremely harder, it will take like forever to get this done, unless you get lucky, the chances is like 1/100 with a single Asic miner.

2. Pool mining.

This is where miners come together to solve a block and share the reward among themselves, this gets the job done in a easier and faster manner, its also more predictable, like when a block will get solved using the combined hash rates of all miners working on the pool.

If you have to ask me, pool mining is more suited for new users like you, escapcially people with a single Asic miner, but if you have 10 higher end Asic miners or 100s then you can consider solo mining, the trick is the total hash rate power you have on ground.

The higher the hash rate, the faster you solve a block.