Let’s skip the hardware setup for mining and just focus on some hypothetical stats here.
I’m not a total expert on mining difficulty or anything, but let’s say I’m running a pool with 100TH/s... I’m just using TH as a reference since I’m not super familiar with all the mining gear and the power it puts out, but I’m figuring it out bit by bit.
So, there are pools out there that have a huge amount of hashing power, and then there are those that are way less powerful. It's kinda wild that sometimes a pool with 10 times less hashrate can still end up mining a block.
Is this all about luck? How exactly does the Bitcoin network pick who gets to mine a block? What’s the deal with that?
It depends on luck for such people. There are solo miners that are still mining blocks, but their hash rate is not really small but significantly smaller than the hash rates produced by mining pools.
But the mining pools with the highest hash rate will be the one producing more blocks and getting the mining reward.
You can see the hash rate here: https://mempool.space/mining
These are blocked mined and the mining pool or miner that mined the block: https://mempool.space/blocks/1
Compare both and see what I am taking about. You will rarely see unknown miners but they are there.
If the hash rate is very small like using a computer to try it, the chance to produce a block is almost zero. Those solo miners are still having ASICs to do the work.
These miners have a luck calculator on the website.
https://www.asicminervalue.com/solo-mining
The process of finding a block requires significant computing resources and time, so the higher your hashrate, the greater your chances of successfully mining a block.
Your 100 TH/s ASIC will likely fail several times faster than you'd get the same results. And the hashrate is constantly growing.
I did used to view Mempool in past but never paid attention to blocks or mining, for some reason mempool.space isnt opening on my phone.. Though I do remember there a few pools like Viabtc I dont know if its the exact name but this pool mined many blocks when I regularly used to use mempool to view transactions.
I made this thread because of the reason i visited Willis Group Buy thread and had some questions.
Install any VPN, and all links will open smoothly. Many resources are currently inaccessible in Russia without a VPN.
You can buy the equipment or rent hashrate; it depends on your willingness to spend a little money per month. With a hashrate of 10-20 terahashes, it's very difficult to mine a block, but sometimes miracles happen.
Everything you need to know about how a miner & pool work together can be found here at Kano's site and all the technical details right under that here.