Topic: Is it theoretically possible (Read 716 times)

I recall someone putting bitcoin mining this way(Or something like that, i forgot.):

"Mining a block is like flipping a coin for 37 times, and all of them heads"

The probabilities are very, very slim.

This is actually pretty intresting... If my memory serves me correct the world population is around 7 billion.
So, if everybody on the whole world would have a decent smartphone, and would use it to mine... The whole world population would have about 1/50th of the hashrate. While 49/50th of the hashrate would still be controlled by guys running ASICS... This actually sounds pretty grim to me

Ok everybody has written this off, but just returning to the original question. As I suspected I did get the decimal point a few places wrong in my first reply, too much red wine, but everyone seems to be ignoring the second part of the question?

And what if you had 1 billion people with 1mh.

So by my reckoning 1MH is 1,000,000 and a Billion is 1,000,000,000 so putting these together we get 1,000,000,000,000,000 which I make 1PH.

So you are not going to rule the World but you would have 1/500 of the Current network Hash rate, and would find a few Blocks.  


Rich

thanks for the reply guys, good food for thought

Like others have said, nothing prevents you from trying! You might get lucky! But if you try this you might as well buy a lottery ticket instead. You need the same amount of luck but the reward from buying a lottery ticket will be much higher than a reward from mining a block!

In theory, yes - but the odds are prohibitively long, to the point of "don't bother trying" give the electric cost to achieve 1MH.

 Cell phones don't tend to have highly powerfull CPUs, and since you can't turn the rest of the device off they're actually very INefficient for CPU mining overall.

I hope you were just philosophising... Altough you could solve a block with your cellphone, you will break it in a very short time (the phone, not the block).

Chances are higher of winning your national lottery with buying just 1 ticket/week than actually mining a block with your phone... And if you win the lottery, you'll make a lot more money than you'll make by finding a block...

proof:
https://en.bitcoin.it/wiki/Non-specialized_hardware_comparison
Tells me that smartphones can hash at 1.3 Mhash/s.

https://alloscomp.com/bitcoin/calculator
Tells me that this hashrate makes 0.0000072BTC/year

25/0.0000072 = 1 block every 3.472.222 years...
One block (preev rate) = 8.474$

So, given there is no halving, and no diff increase, it'll take you 3.5 million years to mine a block with your phone (on average)

The odds of winning euromillions:
1 in 116,531,800, giving you   €46,720,282.16 (https://www.euro-millions.com/odds-of-winning)
Given that you play 1 ticket a week for 3.5 million years, you'll buy 182 million tickets... So you'll statistically win 1.5 times... Giving you 73 million...

These are you expected profits... the expected cost of 1 euromillions ticket is 2€... The cost of mining 24/7 with your phone is the cost of a new phone every couple of months + the cost of your electricity. Even tough there is no objective way to quantify this, i'm pretty sure it's higher than 2€/week

These are all averages offcourse... it IS possible you'll mine a block with your cellphone after mining 2 minutes, and it IS possible that you'll buy 1 lottery ticket a week for 10 million years without winning... These are just averages and odds

Last sidenode: i'm not really a fan of gambling in any way, so i wouldn't suggest buying lottery tickets, nor would i suggest mining with your phone... But each to his own

man it's simple, with that power you have 0.00000001 a day

this mean that for one block you need 100M days for 1 btc, and 2500M days for 1 block, assuming diff stay the same

Thanks Rich, oh i'm just doing some philosophy   Say every cell phone was mining for very very very little hash rate, wouldn't that be something ? All on solo mining, so one lucky bastard gets a block once in a while. 

Not sure of the point of this question? But as you suspect in theory you could solve a block using pencil and paper let alone 1MH

As to a Billion People with 1MH I may have got a decimal point wrong but I think that equates to 1000PH in which case you would then be responsible for 2/3 of the current network hash rate and be finding 2/3 of the Blocks, which would not go unnoticed, however the Billion people's individual shares would be rather small....


Rich

Lets say you have 1mh.  Is it theoretically possible to solve a block at current difficulties ?  I'm assuming it is, but really does someone know for sure ?


And what if you had 1 billion people with 1mh.  How would that skew the bitcoin block finds ?  It may not be so far fetched to provide 1 billion people with  very small mining power, whether they are aware of not.