Bitcoin mining in fractions of Bitcoin possible?

DannyHamilton

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Quote from: lapah on May 09, 2014, 04:46:01 PM

So it is possible then?

Not with solo mining, but with pool mining absolutely.

A large number of small time miners can all pool their effort together. Then when a block is solved, the block can award a percentage of a bitcoin to each participant based on the amount of effort they provided.

lapah

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So it is possible then?

DannyHamilton

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Quote from: Kprawn on May 09, 2014, 12:18:00 PM

To me it looks like the "big boys" with huge "rigs" are mining all the coins, and the solo guys, who wants to try, get no rewards.

Is this more or less the truth?

The "small boys" with small "rigs" are able to pool their effort together and each get a small potion of the reward.

byt411

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Quote from: Kprawn on May 09, 2014, 12:18:00 PM

Ok, So that is the answer for Bitcoins.

But what about other crypto currencies, do they work on the same principle or do you mine them in big "chunks" also?

Just thought it would be easier to mine something, that gives small rewards occasionally, than mining for 1 thing, and never getting anything in return.

Would that not encourage more people with smaller "rigs" to enter mining?

To me it looks like the "big boys" with huge "rigs" are mining all the coins, and the solo guys, who wants to try, get no rewards.

Is this more or less the truth?

There are some cryptos that have a random block reward. If you mean sudden low difficulty and low reward blocks, no, I don't think there is such a crypto.

Kprawn

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Ok, So that is the answer for Bitcoins.

But what about other crypto currencies, do they work on the same principle or do you mine them in big "chunks" also?

Just thought it would be easier to mine something, that gives small rewards occasionally, than mining for 1 thing, and never getting anything in return.

Would that not encourage more people with smaller "rigs" to enter mining?

To me it looks like the "big boys" with huge "rigs" are mining all the coins, and the solo guys, who wants to try, get no rewards.

Is this more or less the truth?

Chrithu

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Quote from: bryant.coleman on May 09, 2014, 11:08:18 AM

... Don't do solo mining... do the pool mining.

That and don't do Bitcoin mining at all unless you have like 400$ to 600$ as a starting investment into ASIC hardware that deliver several hundrets of GH/s. It is not worth it to mine with cheap hardware.

If you absolutely want to mine use GPUs to mine for scrypt (a different algorithm than used for Bitcoin) coins on a so called multipool.

Multipools mine for different scrypt coins depending on the coin's current profitability and most of them automatically exchange what you mine into Bitcoin that you can withdraw to your Bitcoin wallet.

More info about that can be found both in the bitcoin mining section and in the mining section of the altcoin subforum.

Sindelar1938

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If you are part of a poo, then yes you will be paid on minuscule fractions of btc

bryant.coleman

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One Bitcoin block contains 25 Bitcoins. Almost impossible to get one if you are doing solo mining. And no... you can't mine Bitcoins in smaller block sizes. It is fixed. My advice: Don't do solo mining... do the pool mining.

ncsupanda

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Quote from: Kprawn on May 09, 2014, 08:58:57 AM

Hi

I just want to know if there is mining done, on any platform, where you do not mine for whole bitcoins, but fractions of it.

In real gold mining for instance, you get small pieces and you get big nuggets.

Might seem trivial, but I just wondered if such mining exist.

Sorry if it's a silly question.

Thanks for positive replies.

Grin

Well, you always mine for whole bitcoins - your aim is to get an entire block. However, since most people work in pools to mine blocks, you end up receiving your fair share of the work you did (at least, that's the idea...pool owners can do whatever they want). Usually this results in your receiving fractions of Bitcoins, rather than whole ones.

I hope this answers your question.

Kprawn

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Merit: 1073

Hi

I just want to know if there is mining done, on any platform, where you do not mine for whole bitcoins, but fractions of it.

In real gold mining for instance, you get small pieces and you get big nuggets.

Might seem trivial, but I just wondered if such mining exist.

Sorry if it's a silly question.

Thanks for positive replies.

Grin

Topic: Bitcoin mining in fractions of Bitcoin possible? (Read 783 times)