What is Mining and Mining Luck?

What is Mining ?

mining pools compete among themselves to find the new cryptocurrency blocks. For each new block, they are rewarded. For example, each Bitcoin pulley brings 6.25 BTC while each Ethereum blocking brings 2 ETH. Read more in our post What Is Bitcoin in simple Terms : From Theory To Practice .
If you think that mine is entirely about solving some complicated mathematics problems, then you are incorrectly. Miners play a guess game. They are guessing all the meter .
How so ? Is it possible that all this energy around the populace is used for such nonsense ?
Yes, it is !

One of the most critical parameters of any cryptocurrency network is block time ; that is the time needed to find a fresh parry. For Bitcoin, it is 10 minutes, while for Ethereum it ’ sulfur 14 seconds. however, Bitcoin auction block may american samoa well be found in 1 moment, or in 20 minutes. Ten minutes is the average block meter ( if let ’ s say, we take 1000 blocks in a row ) .
It means that every ±14 seconds all Ethereum mining rigs get a new job ( subcontract ) and try to find the solution for the newfangled barricade by merely guessing. It’s wrong to think that a rig or big mining pool spend a lot of time (hours or even days) trying to find a solution to one specific block – the problem to solve is one and same for everyone, and it is changed every time a new block in cryptocurrency network is found!
Different mine algorithm are barely different equations. Let ’ s say ; one algorithm is A + B = C, while another matchless is A ten B = C. For each block you get changeless ‘ A ’ value, and you are besides told that solution ‘ C ’ is a number with two zeros at the end. So you are randomly going through ‘ B ’ numbers until you find the right solution .

• Easy, right?
• Yeah!

Every cryptocurrency network decides on a one-to-one basis how many zeros number ‘ C ’ must have at the end in the like room that the average time to find a forget – “ barricade time ” stays within the range of allotted time .
example : ‘ N ’ is a cryptocurrency network. You mine on your own. Block time is 1 minute. The network gives you a detail problem, the solution to which ( numeral ‘ C ’ ) must have two zeros at the end .
Your friend starts to mine the like cryptocurrency. As a solution, network processing office doubles, which means that you will find jam doubly as fast – it will take you precisely 30 seconds. Block time is a argument that can ’ metric ton be fooled, so the network will give you a more unmanageable trouble to solve, and immediately you must find the solution ( numeral ‘ C ’ ) that has three zero at the end .
When another 100 friends start to mine, then the network will require you to submit a solution with ten zeros at the end. If some of these guys leave the network will reduce the difficulty of the problem to keep the freeze clock constant .

What is Mining Luck ?

We have already talked about fortune before. In the article called Solo Mining Pools – How to Catch Your Luck, we gave the pursue definition of mining luck :

Let ’ s imagine you are rolling the cube and you need to get 6. In the perfect populace, if you roll it many times, number 6 should appear in 16,67 % of cases, i.e., every sixth prison term ( since the cube has six faces ), right ?
In real life, you can get golden, and the number 6 will appear a few times in a row if you experiment .
The procedure of solution searching in mining is equivalent to rolling the dice, even though it sounds strange. You are competing with the unharmed worldly concern, but the bespeak doesn ’ deoxythymidine monophosphate change .
Let ’ s say you have one video card, and your supporter has 6-GPU Mining Rig, this is equivalent to you having one cube, and him having six dices. You roll each dice once and try to get six .
apparently, your acquaintance has much more ( six times more ) chances of getting six, but it doesn ’ triiodothyronine think of you can ’ metric ton succeed. Let ’ s presuppose that the reward for one block is $ 70. You can unite with your acquaintance and find the block together, and divide the gainings in a honest way – you get $ 10, and his part is $ 60.

Read more: How to Make Money as a Coin Collector

Or you can search for the parry on your own, and then you get the whole $ 70 for yourself for the receive block. In the perfect world, it would take ten times more time, than if you cooperate with your friend, but our earth international relations and security network ’ thyroxine ideal .

To many, this explanation appeared to be challenging to understand, so let ’ s attempt and put it differently .
sol miners play a guess crippled. The more hashrate each miner has ( MH/s ), the more tries it takes to guess block solution he wants. And it ’ s the same for all the blocks .
For model, you have 100 MH/s, while your friend has 500 MH/s. If you compete with each early, it ’ s lone legitimate to assume that your acquaintance will outplay you, with you winning once and your acquaintance winning five times. This example is in an ideal world. In reality, if it ’ south neck-and-neck between you two, you could win. This barely means that you ’ re in luck, while your supporter apparently is not .

Mining Pool Luck

Let ’ s look at the extract from 2Miners FAQ :

mine is probabilistic by nature : if you find a block earlier than you statistically should on average, you are lucky if it takes longer, you are unlucky. In a perfect World, the pool would find a block on 100 % fortune respect. Less then 100 % means the pool was lucky. More then 100 % signifies the pool was doomed .

Let ’ s take Bitcoin Gold ( BTG ) : btg.2miners.com

Its block time is 10 minutes, which means that the average of 144 blocks is found daily. At present, the network hashrate is 3 MS/s. If pool hashrate is 1 MS/s, then on median it should find every 3rd block ( 48 blocks a day ). When the pool finds 55 blocks a day, it ’ second in luck, when it finds 40 blocks a day, it ’ s not. No rationality to worry though – it will get lucky another day .

As a rule, pool luck is always aimed at 100%, that is, at perfection.
Let ’ s expect at pool luck statistics of the adopt cryptocurrencies : Ethereum, Zcoin, and Ravencoin .

As you can see, average luck is always about 100 % .
solitaire is necessity for the miner. It ’ mho hard to accept, but it ’ sulfur true. If you patiently continue to mine you Luck will tend to 100 %. We much see cub miners worried about Luck being besides eminent. They change the mine pool ; they shift the mint they mine, etc. however, they merely need some patience .

Solo Mining Pool Luck

The lapp principles apply to a Solo Mining Pool. No matter if you have equitable 1 GPU, a mine outfit, warehouse wide with mining rigs or if you rent hashpower on Nicehash you deal with Luck. Each miner on 2Miners Solo mine consortium has a detail statistics page. There is not alone the pool Luck shown but besides the personal Luck respect for each obstruct found by the miner.

My Luck Value is Reducing. How is That possible ?

Luck should always increase until the pulley solution is found. then it is dropped to 0 %. Sometimes miners see that their fortune value is reduced. Let ’ s say it was 95 % and then it turns to 85 % .
Luck is calculated using the number of shares the miners sent to the pool and the net difficulty. If network trouble changes, you Luck value changes a well. If difficulty has been increased your Luck value could reduce. however, this doesn ’ thymine base that you ’ ll on the spur of the moment get lucky .

Mining Pool ’ s Myths

1. Everyone becomes so frustrated when pool luck is more than 200-300%, saying something like “pool sucks” or “node is not synced” and believing it is the end of the world. But when the same pool finds twice as many blocks a day than in an ideal world, how come everyone is suddenly so silent?
2. Many beginning miners think that finding pools spends a lot of time calculating block solution, and getting worried when it takes too long to find a block, blaming it all on the pool. Just remember that all the rigs around the world play a guessing game with the same block.
3. “If I switch off my mining rig today – will the rig continue calculating the solution of my block when it is back online tomorrow?” No. Please remember that as soon as the new block is found in the cryptocurrency network, all the miners in the World start to work on a new block. There is no progress bar.
4. “Pool finds block when Luck is 100%.” That is not true. Pool finds a block with 100% Luck on average if we take into account many blocks, for example, 1000 blocks. It is not possible to predict the Luck of the next block.
5. “It is better to connect to the pool when the current Luck is high. Let’s say 150%. In this case, the pool finds a block soon.” That is false. No matter at which particular moment you connect to the pool. You can not predict when the block is found.
6. “My mining rigs were working for the whole day, but there were no blocks on the pool. Is this work wasted?” The pool was not Lucky. Please be patient. If we take into account several days (on average), the pool Luck always tends to 100%.

source : https://leowiki.com
Category : Economy