Topic: Lets Gamble and find a BTC block (Group buy) (Read 373 times)
sorry, the last bitcoin lottory run is over and we have not organice a new one...
I'd be down to make another one of these 
I'll put 0.01 in
I'll put 0.01 in
How can I determine how long will my investment will last. Do you have sample calculations about cost per day and also the total funds you will used on the whole hunt. This worth a risk compared on typical gambling game like dice and Slots. I'm willing to invest more than minimum amount if you can explain me well the funds expenses daily. Hoping for your reply @will.
You can find it on the nicehash website, and click the calculator links to know the expenses per day.If you don't have a bigger hashrate, the reward will not be too big, and the chance to find a block will be a little chance because we are competing with the other people who have bigger hashrate.
So, as other people say, it is a big risk of gambling, which you need to calculate your return. But I guess it will be difficult to calculate it since we don't know how the mining process will run and when we can get it.
I participated in one of the runs and at the time it lasted about 24 hours. It all depends on the cost and what power is used.
It was fun and intense hoping for a block because the reward would have been nice indeeed!
It was fun and intense hoping for a block because the reward would have been nice indeeed!
How can I determine how long will my investment will last. Do you have sample calculations about cost per day and also the total funds you will used on the whole hunt. This worth a risk compared on typical gambling game like dice and Slots. I'm willing to invest more than minimum amount if you can explain me well the funds expenses daily. Hoping for your reply @will.
Interesting.
Betting big to win a block...
This is fair difinition of gambling in my opinion. You have a high minimum amount of money to bet on block/fees, and lose it if the bet is lost, correct? It really a big risk or gambling (assuming no one can afford to lose the minimum amount).
And It seems that bettors could still keep betting more of the "high minimums" to increase their chances of winning?
Betting big to win a block...
This is fair difinition of gambling in my opinion. You have a high minimum amount of money to bet on block/fees, and lose it if the bet is lost, correct? It really a big risk or gambling (assuming no one can afford to lose the minimum amount).
And It seems that bettors could still keep betting more of the "high minimums" to increase their chances of winning?
Base on how I understand, if you don't have btc anymore to invest then you are not receiving any portion of the block reward right?
Correct. You need to invest a minimum of 0.01 BTC in order to receive a percentage of the reward if op actually ends up mining a block successfully(Chances are low based on the posts above). This is basically gambling at high odds.Op also mentioned that you will only receive a percentage of the win based on the amount you invested(More you invest = More you win). This is a high risk, high reward scenario.
we start also our next Block burning round --> https://bitcointalksearch.org/topic/bitcoin-group-mining-let-us-burn-a-block-reloaded-3-5231433
in the last round we have a bestshare from 366.437.385.163
in the last round we have a bestshare from 366.437.385.163
So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.
Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.
This gamble really sounds interesting finding a block in the BTC mining. Is it still on.?? If so does it fine just transferring the BTC to the address and posting the transaction hash here.? I have also read the german thread but this is not quite clear. So this run will continue as long as we have money to run the mining further am I right.?
Where shall we see the mining progress like how long will it continue I mean the estimated time remaining.?
Where shall we see the mining progress like how long will it continue I mean the estimated time remaining.?
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Finding a block is really a gamble these days. 
You'll be surprise with the things genuine gamblers executes just to make the game of chance comes to pass so i wont be surprise if finding a block is turn into gambling but the fact is that this will make mining more fun and i can see people have already join the process. Too bad I'm not into mining.
However, 0.01 is not a small investment and It's risky but final award is very tempting but go into it only if you can say godbay to that money.
Thats one thing about gambling, the rewards are always enchanting. 
Finding a block is really a gamble these days.
You'll be surprise with the things genuine gamblers executes just to make the game of chance comes to pass so i wont be surprise if finding a block is turn into gambling but the fact is that this will make mining more fun and i can see people have already join the process. Too bad I'm not into mining.
It's definetely an interesting combination and I.think that it will attract quite a number of players. You don't have to be a miner to join, that is not condition. You actualy buy hash power, if I understood it well.
However, 0.01 is not a small investment and It's risky but final award is very tempting but go into it only if you can say godbay to that money.
So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.
Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.
So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.
Yeah. The current block reward is around 12.5 BTC which will drop to 6.25 BTC(Half) after the halving event which makes it tempting to reap the rewards asap. This 12.5 BTC will then be divided among all participants meaning you understood this correctly.However, you should be prepared to lose your 0.01 BTC since the chances are stacked against you. Invest only if you are willing to lose your money.
So, the block reward will be divided to all participants. So, the aim here is to have high hash power so that nicehash can find or solve a block faster because of the participant's mining rig computing hash power and when the miner's hash power are put together then that means the more faster?. I don't know if I am right about what I stated because I am not a miner.
It's kind of interesting when finding a block but sadly i'm not a miner and I don't have any rig to do any of that. In my opinion, turning mining into gamble is kind of making it fun rather than waiting for your rig to find a block. Anyway good luck finding anyone who will see this as Interesting as I do.
you understand it wrong --> we have also no rig, we rent hashingpower on a platform (www.nicehash.com) and fire the hashpower on a solo pool to find a block.
Best regards,
Willi
I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
Quote
Chance per day: 1 in 76.
Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...the minimum amount of 0.01 is intended to keep the organizational effort small
how risky is lottery? so the 1 in 76 is great in comparing with a lottery
Seems like a quite nice little gamble, btw Im not really familiar with nicehash and also it seems that the "gamble" has already run ??
Im trying to understand the main thread but Im not getting anything from it because it is in german
. Care to leave us some update?Edit : Im also not familiar with nicehash
I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
Quote
Chance per day: 1 in 76.
Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...the minimum amount of 0.01 is intended to keep the organizational effort small
how risky is lottery? so the 1 in 76 is great in comparing with a lottery
Seems like a quite nice little gamble, btw Im not really familiar with nicehash and also it seems that the "gamble" has already run ??
Im trying to understand the main thread but Im not getting anything from it because it is in german
. Care to leave us some update?Edit : Im also not familiar with nicehash
I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
Quote
Chance per day: 1 in 76.
Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is...the minimum amount of 0.01 is intended to keep the organizational effort small
how risky is lottery? so the 1 in 76 is great in comparing with a lottery
I checked out the German thread for more details (I don't speak German, so perhaps I misunderstood something). 0.01 BTC is definitely quite a big gamble! Why is the minimum investment so big? I mean, wouldn't more people be interested if it were about 10 times less?
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
I also wanted to ask what's the chance of finding the block here (what are the odds approximately) because it also seems like an important factor to consider. You're planning to buy 10 PH/s, right? According to Solochance which the German thread recommends to get the idea about the odds,
Quote
Chance per day: 1 in 76.
Is that correct? I mean, maybe I inserted the data wrong, I don't know. It seems like a very risky gamble if it is... Jump to: