Topic: SOLO MINING = LOTTERY (in contrast to the more regulated pooled mining) - page 2. (Read 2773 times)
June 18, 2011, 11:47:30 PM
um i made a poll with the same thread title accidentally and i cant edit it and now its fully locked for some reason O_o
June 18, 2011, 11:42:17 PM
Imagine a giant pile of coins. Everyone is looking for one coin with a certain date. Mining pools have big diggers, trucks, and sorting machines. The solo miner with an old computer is looking at each coin by hand. Sure the lowly solo miner with the old computer could find it but I'd bet on the other guys! 
If you've got a pretty decent setup then you have got the big machines too like the pools!
If you've got a pretty decent setup then you have got the big machines too like the pools! June 18, 2011, 11:36:13 PM
Yep. If you want, you can find the exact numbers for calculating the probabilities on the wiki.
June 18, 2011, 11:32:03 PM
That's the way I understand it, yes. But I'm a n00b so I hope to see an expert answer this.
June 18, 2011, 11:30:53 PM
If I solo mine, and it just happens to randomly find a block chain that is valid (or however mining works lol) then that means I GET 50 BITCOINS.
Every single computation has a possibility to be valid meaning that every time the mining program computes a hash there's a small possibility that you could get 50 btc right?
And the higher the hash rate or whatever means more computations per second meaning there's a higher chance you could get the 50.
However in pooled mining everyone has a chance of getting 50 but that 50 gets divided between all the members depending on how many calculations they did compared to the total amount of calculations to get that 50 btc.
Am I right?
Every single computation has a possibility to be valid meaning that every time the mining program computes a hash there's a small possibility that you could get 50 btc right?
And the higher the hash rate or whatever means more computations per second meaning there's a higher chance you could get the 50.
However in pooled mining everyone has a chance of getting 50 but that 50 gets divided between all the members depending on how many calculations they did compared to the total amount of calculations to get that 50 btc.
Am I right?
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