Topic: Is it still possible to solo mine a block? - page 2. (Read 2691 times)
It's like winning the lottery. You may solve the block today or tomorrow or next week, or next 100 years.
Definitely not 50/50, no I doubt anyone can solo mine unless they have the latest ASICs in clusters.
My mistake...next time I will remember to turn on my sarcasm font!
Thanks. I did yet more googling and came up with some links to help answer my question.
https://bitcointalksearch.org/topic/probability-of-generating-a-block-solo-mining-bitcoin-vs-lottery-156918
https://en.bitcoin.it/wiki/Target
The answer to my question is right there in the second link: It's important to realize that block generation is not a long, set problem (like doing a million hashes), but more like a lottery. Each hash basically gives you a random number between 0 and the maximum value of a 256-bit number (which is huge). If your hash is below the target, then you win. If not, you increment the nonce (completely changing the hash) and try again..
https://bitcointalksearch.org/topic/probability-of-generating-a-block-solo-mining-bitcoin-vs-lottery-156918
https://en.bitcoin.it/wiki/Target
The answer to my question is right there in the second link: It's important to realize that block generation is not a long, set problem (like doing a million hashes), but more like a lottery. Each hash basically gives you a random number between 0 and the maximum value of a 256-bit number (which is huge). If your hash is below the target, then you win. If not, you increment the nonce (completely changing the hash) and try again..
Definitely not 50/50, no I doubt anyone can solo mine unless they have the latest ASICs in clusters.
The odds are 50/50
You either solve a block or you don't.
You either solve a block or you don't.
I believe it is your hash rate divided by total hash rate. So if my math is correct it is 0.000000269% per block or 0.000045% percent chance per day.
Which is on average slightly more than once every 10,000 years if difficulty remained constant as of today. Which it won't.
Suffice to say you should not expect to solve a block solo mining.
Which is on average slightly more than once every 10,000 years if difficulty remained constant as of today. Which it won't.
Suffice to say you should not expect to solve a block solo mining.
The odds of winning the Powerball are something around 1 in 176 million which is only slightly better than me guessing your phone number. The odds of a hash solving a block are worse? Do you know what those odds are? I have done a lot of googling and I just get conflicting answers.
Theoretically, that is possible.
What are the odds of winning the lottery with just six numbers?
The odds of solving the block by yourself are
many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many,
times lower.
What are the odds of winning the lottery with just six numbers?
The odds of solving the block by yourself are
many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many, many,
times lower.
[Edit: I am also new to this forum. I should probably have posted on a sub category]
This is my first post here and I am new to Bitcoin. I have been doing a lot of reading in the past week and have not been able to find the answer to a question that I have.
First of all I have an old computer with a Nvidia in it which gets about 40M hashes. Before you laugh I am just figuring out how to set stuff up and do not expect this thing to do much but waste power.
My question is this: Is it theoretically possible, even if extremely unlikely, that a setup like this can solve a block? More precisely - is every hash just a random guess and is each guess just as (un)likely to be a correct one?
If the answer is yes then what are the odds of a guess being correct? I have heard things like "at the current difficulty it would take 10,000 years..." But I would like to know "at the current difficulty a hash has the probability of 1 in a billion to be correct". Are the odds worse than, say, Powerball?
This is my first post here and I am new to Bitcoin. I have been doing a lot of reading in the past week and have not been able to find the answer to a question that I have.
First of all I have an old computer with a Nvidia in it which gets about 40M hashes. Before you laugh I am just figuring out how to set stuff up and do not expect this thing to do much but waste power.
My question is this: Is it theoretically possible, even if extremely unlikely, that a setup like this can solve a block? More precisely - is every hash just a random guess and is each guess just as (un)likely to be a correct one?
If the answer is yes then what are the odds of a guess being correct? I have heard things like "at the current difficulty it would take 10,000 years..." But I would like to know "at the current difficulty a hash has the probability of 1 in a billion to be correct". Are the odds worse than, say, Powerball?
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