Topic: Lottery Mining - page 2. (Read 1756 times)

And that appears to be the only practical use case for lotto mining.

Because unlike in a traditional lottery, the "tickets" - actually USB stick miners and the like - are *much more expensive* than their paper counterparts. Considering that their prices can enter the "several dozen dollars" category, lotto-mining for its namesake only is not worth it - especially when you consider the odds of hitting a block are much lower than winning an actual lottery, owing to the enormous global hashrate.

Renting miners to solo mine is an "expected" loss.

Think of it like going to a casino with a 1% house edge.
Sometimes you win, sometimes you lose, but the more you do it the closer to the 1% loss of everything you spent, you expect to get.

If you keep doing it you will either end up with a loss (more likely) or ahead (less likely)
But if you do get ahead, prove you're not addicted to losing money gambling and quit while your ahead.

With blocks there's issues:
1) The "expected" rental cost per block is well over 6.25BTC - usually 5% to 10% more.
So you can be losing a lot of money.

2) That 5% to 10% more renting is the 'house edge' i.e. you "expect" to lose long term. Gambling with a 5% to 10% house edge i.e. worse!
i.e. if you keep going over and over again finding blocks, you'll "expect" to end up 5% to 10% down on ALL your BTC you send to rentals.
Of course you could be ahead, but more likely to end up behind.
There is no magical fairy that's going to help you win, it's simple maths and statistics of random numbers.
Luck is an historical calculation of performance. There's so such thing as expecting luck in the future when Bitcoin mining.

3) If you say "I'm only risking 0.6 BTC with 9 others" well you get the same result.
You don't expect to win more, you expect to win 1/10th each if you all find a block.
You all finding a block is still the same "expected" loss, you just happen to only lose 10% of that hundreds of thousands of dosh.

In general renting miners is a bad idea since it's a negative net sum "expected" result.
Worse, the rental sites wont even supply statistics about the miners, so you have no idea if they are withholding some blocks.
Block withholding has a positive financial effect for the owners of the miners on a rental site.

he could do both.

buy 0.01 btc which is around $400

rent 0.001 btc at nice hash point it to cksolo pool

if it loses he has 0.009btc

a month later

buy 0.01 btc
rent 0.001 btc at nice hash coin it to cksolo pool

if it loses he has 0.009+0.009= 0.018 btc

if he does this for a year he has

12 x 0.009 = 0.108 btc if all the rentals lose. Which they likely would

Hey, here is the thing. Nobody ever said that getting rich is easy. There is no way to get rich without hard work, commitment and sacrifice. Yes, you can do lottery mining but buying bitcoin would be reliable, even though it will take too much time to make the profits you desire.

Yes nothing it’s impossible, anyone can try if can *accidentally mint a block.

@NotFuzzy
Those two look like account farming or something else sketchy to me...

I reported them to the mods

Folks, do NOT post the obvious like Zoe and Roger just did. You risk the posts being deleted by moderators as being (very) low quality because you are only restating what is or damn well should be well known facts.

edit: @Hagss, Looks like the Mods did their thing as da posts are gone

Thanks for the links. The interesting part continues with „testing the miner results when finding blocks“. Will look up more about that before asking around.

@kano: thanks for clarify. Im not a programmer but the direction is clear

Hey

You can have a look on one of my lottery here :https://bitcointalk.org/index.php?topic=5340726.msg57125892#msg57125892

This post will be interesting for you I think : https://bitcointalksearch.org/topic/m.57281060

I wish to everyone a nice day

Mining software - that runs the miner - must be coded to support the large numbers involved testing miner results when finding blocks.
There are various cases in the past where people have not done this or not tested this correctly and thus not found any blocks
(i.e. thrown away blocks without even knowing)
The pools of course also, but in most cases it's obvious if the pool works, unless they're some new pool that's never found a block, or some programmer on a working pool, broke the code and didn't test it.

Thanks for the quick reply. Much respect for your content by the way. Just scratching the surface…

… the large numbers in terms of what? Mini-miners/-worker pointed to the pool? Submitted „mini-shares“? Or the total network difficulty itself?

Power has nothing to do with it.

Is it possible to roll a 6 on the first roll of a dice?
Yes 1 in 6 chance.

Is it possible for any miner to find a block with just one hash?
Yes, currently 1 in 19,932,791,027,262.7 times 2^32

Is it possible for a 90TH miner to find a block in one day?
Yes, currently 1 in 11010 chance.

Is it possible for a 90GH miner to find a block in one day?
Yes, currently 1 in 11010000 chance.

(as long as the mining software can handle the large numbers involved ...)

Hello guys! First of all i’m new here just reading some of your interesting discussions and trying to learn a bit more about bitcoin mining…

So i’m asking, even if it may be possible to theoretically solve a block with some small miner like a newpac usb, is small gear like that capable of solving a block in technical terms? As far as i understand you need to get an accepted share having a difficulty higher than the network difficulty to succsesfully solve a block. Is small gear like a newpac with approximately 100 gh/s capable of getting a valid share with that kind of difficulty? Does it have enough „power“ even it is very very unlikely?

Jalapeno my first miner...
i am also running a t10 antminer solo

I will post a photo of my lottery here tomorrow

I also started lotto mining with ckpool recently after resurrecting my old Jalapeño. Next project is getting it and my node running on solar energy.

Oh thank you mate, I've just discovered Kano now and looks quite nice

I just created a solo account and will point my A841 in KanoPool for the next cold season.

Or Kano's solo pool for lower fee of 0.5% if you find a block https://kano.is

Yes you can with solo.ck.pool !