Topic: NERDMINER: Bitcoin lottery miners (Read 1122 times)

This would be possible, if somehow it weren't possible for big - giant - miners. But really this will probably be impossible to implement.

One thing is certain, he continued to see the increasing danger of mining becoming centralized in 3 or 4 large miners or pools.

It would be good for decentralization if small miners would be economically viable, but that's just not going to happen. In an ideal world, millions of people would run small miners, and their small pools would collectively make up the majority of hash rate. But we don't live in an ideal world, and most people pay too much for electricity to turn a profit from mining.

Regardless of the perspective, the fact that it has a low operating cost ends up motivating many to try their luck.

You're wrong on the details: it proves it's rarely worth having this toy working

Your screenshot in the OP showed 55 kH/s. The one that found the block has 300 GH/s. That's already 5.5 million times faster. The total Bitcoin hashrate is 650 EH/s. That's another 2 billion times faster. So let's say 1000 people run a 300 GH/s miner for a year. That makes the chance of one of them finding a block 1000 * 365 * 24 * 6 (blocks per hour) / 2 billion = 2.6%. The chance per person is 0.0026% per year.

Apparently a solo miner using a Bitaxe mined their first block today:

It just proves that it's always worth having a toy like this working. Really low consumption and there is always a possibility of finding a block.

Yet it makes me wonder why the has rate skyrocketed just before they found a block.

According to https://solochance.com anyway it was an incredible luck.

Seems like Canaan is getting interested in the idea of downsizing, not to 5w but 150W for now, not going to advertise the thing here since it already has it's own topic but I find it surprisingly the seeing the big guys going down this route. So, let's see how that part about economically viable plays out!

I found this little new website called www.solochance.com.

What would it take to add a small ASIC miner into this? Would it be possible to take 1/1000th of the chips of an ASIC miner, and instead of 3500W run at 5W (a bit more per hash but still small enough to run off USB power)? It would be great for decentralization to have millions of people do some mining, but I guess the market isn't big enough to make production economically viable.

So you're telling me there's a chance (source of this quote)

Time estimate: 12,336,955,676 years

Did you actually read the thread?
Oh forget the thread, did you read the FIRST paragraph? The one with red letters?

Of course, all the other conditions, namely efficiency at the hash machine and price of production factors (electricity, miners), have to be accounted for to prospect a true economic return.

My idea is ASIC Bitcoin mining farms can install those Nerdminer equipment and do mini solo mining to try their luck. I believe it does not cause any big cost on those big mining farms.
~
Analyzing cost and benefit, I see it is worthy for big ASIC mining farm operators to try with NerdMiner.

<...>

I can get a BM1398BB for 20$ via trusty sources and for $10 via less trusty ones and basically no guarantee for DOA, how could I compete with my home-built miner when the 342 chips packed in miner with 1 one-year warranty sell for under 3k?

How about this: put one of those chips in other hardware! If that would be possible without raising the price per hash too much, it could have a market.

Mining efficiency is the same at chip level. Of course having 300 chip together make the machine more efficient, and for this reason industrial miners are built with so many chips.

How about this: put one of those chips in other hardware! If that would be possible without raising the price per hash too much, it could have a market. Then again, I wouldn't keep my Bitcoin mining hardware wallet connected to a PC 24/7 just for this, and I wouldn't want it to be very hot all the time. I regret missing the days that a home computer could mine Bitcoin.

Mining efficiency is the same at chip level. Of course having 300 chip together make the machine more efficient, and for this reason industrial miners are built with so many chips.

Bitaxe cost is outrageous, we do agree

But also, for the twofold reason I explained in the OP, these are useful gadgetry for at least the couple of reasons I outliner there.

It really sucks that laws of scale made miners so large, power hungry and loud to be efficient.

It would need to cost about $15-20 to be worth it.

I didn't check the link before. I did just now: $95 for 1/330th of the power of an ASIC miner. That's 1/41th of the price.
It would need to cost about $15-20 to be worth it.

This is exactely the Bitaxe project I described in the OP.

What would it take to add a small ASIC miner into this? Would it be possible to take 1/1000th of the chips of an ASIC miner, and instead of 3500W run at 5W (a bit more per hash but still small enough to run off USB power)? It would be great for decentralization to have millions of people do some mining, but I guess the market isn't big enough to make production economically viable. You'd have to produce many millions of them to get the price low enough to sell them, and still they'd have to compete against millions of ASIC miners that are a thousand times more powerful.
I'd like it though! It would still be not for profit, but at least there would be some chance to find a block.

It really sucks that laws of scale made miners so large, power hungry and loud to be efficient.

This is a non-profit project. That is a no profit for the user. With such a setup, you won't probably mine a single satoshi in your lifetime. This is NOT for economic profit. The total loss of monetary funds invested in this project is almost inevitable.
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The nerdminer is 1,500,000 times less efficient than a miner.

i find it's a shame ASIC chip isn't used in any way.

Refer to "this" part.

Thanks for the articles, although i'm already aware of that. But what i actually asked was technical comparison such as uptime, latency and block propagation speed. Although it's hard to compare block propagation speed between two pool.

Height

803,821
795,268
793,607
790,958
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379,035
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373,814
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372,974
372,935
372,306
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369,506
369,164
369,083
369,030
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368,152
368,108
367,990
367,231
367,073
367,056
366,796
365,342
364,927
364,822
364,695
364,037
363,679
362,799
362,389
361,346
360,687
360,325
359,823
359,502
359,100
358,774
358,682
358,109
357,922
357,904
357,840
357,759
357,513
357,271
357,041
357,022
356,928
356,912
356,675
356,546
356,287
356,223
356,026
355,517
354,990
354,905
354,267
354,133
353,879
353,759
352,532
352,484
352,163
352,002
351,709
351,364
349,946
349,800
346,340
344,466
342,725
341,702
341,566
339,391
339,021
338,663
338,629
338,121
337,531
336,004
333,844
332,878
326,617
321,919

https://www.talkimg.com/images/2023/09/16/6Ij1T.jpeg
~Snipped~
Withe the latest firmware, the total hashpower of this device is 55Kh/s maximum (peak value, not sustained).

The following is the full list of boards capable of running 1.61.

There are 99 mining pools in this list, SoloCK is there but HAN is not.

I didn't know there are other Bitcoin solo pool besides solo ckpool. Do you know how reliable is it compared with solo ckpool?

Sincerely, I have no idea. I guess the pool hasn’t mined a single bitcoin so far.

While it's fun project, i find it's a shame ASIC chip isn't used in any way. By ASIC chip, i mean something like BM1387 (which used on Antminer S17 and GekkoScience Compac F).

I didn't know there are other Bitcoin solo pool besides solo ckpool. Do you know how reliable is it compared with solo ckpool?

You forget to include actual link for Han Solo Mining.

Once online, this is the Pool where the Nerdminers connect to:
https://web.public-pool.io/#/

Interesting little project that it's relative easy to make it, I know LILYGO T-Display is dirt cheap to buy and it's widely available on internet.
Code for nerdminer is open source and that is great, but I think this would be useful only if I had time machine to get back in past and actually mine some BTC
 

Also bitaxe is not profitable, as it is orders or magnitude less efficient than a modern ASICs.
The only relevant difference is that the chip is an actual ASIC, not a generic chip as for the S3

Wow, interesting, is it an innovation from Italy?

I'm not Nerd and also not Miner at all but for professionals, it seems to be an really interesting opportunity to do research about mining and it's no need to organize an expencive miner from China to study it because your described veariant is all meant to address it if a professional wants to do a research or a study. Maybe your topic will have better audience in experts section of Bitcointalk like "Development & Technical Discussion".
For an innovation viewpoint, it's an attractive consideration even when it's not economically intended to generate much coin. But if I understand your post correctly, it is not intended to engage in profit, just educational and innovalive purpose, while BitAxe is intended to generate a profit of mined coin?

I know it is a lottery ticket with costly initial spending than simply buying a lottery ticket. I wonder more that why Nerdminers don't simply do solo mining because if they get superb luckiness, find a Bitcoin block, they can enjoy all the block reward, 6.25 BTC. Joining a mining pool and with their super small hashrate, they will not receive much rewards proportionally. The odds is not to compete with other miners with bigger hash rate but how to solve Bitcoin puzzle with very less powerful hash rate and face with very high difficulty on the Bitcoin network.

According to this article [1], Nerdminer is about 10 million times less powerful than BitAxe miner.
Bitcoin – Are Nerdminer and BitAxe profitable?