Topic: Lottery Mining (Read 1445 times)

In few occasions it may not take so much time as some may be thinking in making the profits from buying and holding bitcoin as you could be fortunate to buy at a time very close to when a bull run may take place hitting an ATH that beats the previous one. I am certainly no fan of lotto mining, I don't know maybe cause it doesn't seem probable to me at all.

In the first place, based on my knowledge mining Bitcoin using a USB miner such as the new PAC is a nonprofit mate.
Why? It is because mining bitcoin difficulty is very high so that it can generate enough hash power to solve the block and gain a reward.

Aside from that, even though you can mine a block, obviously the rewards will not be enough to cover the electricity cost
that could be used by the miner. So in the end, it is still better to buy bitcoin than to mine using a USB miner.


SHA-256 cryptocurrency would only be profitable to mine if you use a USB miner such as the Newpac.
Moreover, the difficulty mining of these coins increases. Then in the long run, it becomes hard for the small miner like a USB
device to find a block and gain a reward.

However, other SHA256 coins are still being mined with a low difficulty such as Bitcoin cash, Peercoin, and Namecoin, etc. But these coins would not be profitable to mine using a USB miner. So, I highly recommend joining a mining pool for these coins.

The main point here is "trust", the post above talks about a straightforward scam, some scammers will tell you that you did manage to hit a block but you need to send some BTC for the fees because the block is stuck on the pool's wallet, that's just one out of the so many lies they can come up with it, the payment method is some irrelevant, a direct payout written in the coinbase or an automation process at the pool side after the block reward has been sent to the pool's address both should be safe as long as the pool operator is honest.

So far, the two good pools we know off are Ckpool and Kano.

Ja. Main point here is that the solo pool should automatically payout. No 'withdrawal' initiated by you needed. In the case of -ck solo pool it is automatically sent as part of the coinbase, in the case of Kano's solo pool payout is to the pool wallet and from there immediately sent to your address that you setup when you joined the pool.

Yeah I agree with Philip, based on my personal experience CKpool does indeed payout when you find a block on that solo pool.

Here's undeniable proof https://explorer.btc.com/btc/block/720175

ckpool will pay if you hit the block. nuff said.

In my research, at this time solo mining or lottery mining is no longer profitable. Because I remembered 2 years ago I joined a lottery mining website platform, I also waited about a month for mining. Then, when I made a withdrawal, it was placed on the history platform and it was successful, but nothing came to the address I put.

But what is found in the withdrawal history of the platforms is all paid, but everything is just a lie, everything is just released from the platform to say that someone is playing, Is there, is it still legitimate in this era that can generate profit in lottery mining?

All those calculations only work if you look at it large scale. Lottery mining is however done on the very small scale so it is not about the calculated luck, but the actual luck of the individual person. You buy a small stick miner, that costs you next to nothing (or maybe even nothing) to run and if you are lucky you get a whole block of BTC.
If you look at all solo miners as a whole of course it looks stupid, but for the individual it can make sense.

Just a reply to let you know that https://soloblocks.io has integrated a luck simulator (indicates odds of finding a block on the next 24 hours, 3 hours and 15 minutes)

More to come, but yet you can gamble via nicehash on port 3334

Yeah even a blind squirrel gets a nut once in a while! 

I didn't realise you was the one that hit the block. Congrats! Big BTCBTCBTC

Simply put the answer is yes. You can indeed hit the BTC Lottery with a USB miner. I did it on CK's solo pool with a small USB miner farm running several GekkoScience Compaq F's and still can't believe it happened.

When I hit the odds based on my hashrate of 8.4TH/s they were like 1 block in every 423 years or something crazy. It was truly nothing short of miraculous. But as the saying goes if you don't play you can't win.

I'm still solo mining on both CK's and Kano's solo pools currently hoping that lightning can somehow strike twice.

I would recommend don't over investing into solo mining. Expect no return on your investment but keep hope alive that it can happen.

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 !

I'm lotto mining at solo.ckpool with AvalonMiner 841 ( low power firmware, 8 Th/s hash rate).

It has been warming my summer cottage in the winter time.
So the actual cost for mining has been little less, because I have benefitted from the heat.

Now that it is starting to be summer, I think I will shut it down for summer.

its definitely possible, just not probable. i think it's dope, but just like buying a lotto ticket, don't expect to win unless you've stacked the odds in your favor.

that said, if you never "buy a ticket" then you can't win. I've been into BTC for a while and finally gonna build a lotto rig. hoping to run it for the rest of my life and wake up one day with whatever the block reward is haha.

Is it even possible to lotto mine BTC on something like a newpac USB miner?  Just doing some rough math, it looks like it's more likely the Sun will explode before it finds a block.  So if not BTC, what other SHA-256 (that the newpac would be able to mine) would be worth lotto mining?