- The Bitcoin community erupted in applause three weeks ago when he disclosed that a single miner had received a full 6.5 BTC block reward.
- Mining is similar to a fair lottery. The greater the hash rate someone has, the more chances they have of winning. With only one ticket, though, anyone can win. And there’s a new winner every 10 minutes every day.
- It implies that everyone can solve a block on their own. And while the answer is yes, it overlooks the fact that 2,000 other miners have been doing this for one, two, or 3 years but have never received any compensation
Con Kolivas, a Bitcoin legend, is represented by the CK in CK Pool. The Bitcoin community erupted in applause three weeks ago when he disclosed that a single miner had received a full 6.5 BTC block reward. Then came a second announcement, followed by a third, and most recently, a fourth. Is the Bitcoin network in good working order? Is it even possible to have such odds? How can these low hash rates be winning so frequently? That’s why we’ve come to investigate.
But first, let us discuss Dr. Con Kolivas. Why is he referred to as a Bitcoin legend? Let’s look at an example from Bitcoin Magazine. Kolivas is also the creator of CGMiner, a bitcoin mining software built in the C programming language which was widely in use by the bitcoin mining community for years until manufacturers began maintaining their forks of CGMiner or developing proprietary bitcoin mining software.He established a mining pool based on his reputation. It was unable to gain traction. Offering the solo mining service was the turning point, and the else is history.
What Role Did CK Pool Play in Solo Miners’ Victory?
It didn’t work out. On their own, the miners triumphed. CK Pool demonstrated that even with a low hash rate, it is still possible to win block rewards. Even though it’s improbable, it happens more frequently than we imagine. Kolivas told Bitcoin Magazine in an interview that Many believe that this little miner should never have cracked the code. People believe that this is impossible, that there is a flaw in Bitcoin because proof of work is broken, or that there is a backdoor. And this is entirely incorrect. When Bitcoin happens, there isn’t anything wrong with it. It’s completely natural; it’s just improbable.
Mining is similar to a fair lottery. The greater the hash rate someone has, the more chances they have of winning. With only one ticket, though, anyone can win. And there’s a new winner every 10 minutes every day. It makes no difference how much hash power they have. If you’re lucky, all you need is one hash to solve a block, the CK Pool designer explained.
A solitary miner may be said to have won every individual block reward. Dr. Con Kolivas illustrates this idea in the following way, When you have anything such as S19, which is the current generation’s fastest miner available for purchase commercially, it’s made up of millions of little small miners. So, whenever you solve a block with an S19, you’re simply solving it with one hash, from one chip, spread across millions of more chips, and millions of more hash units.
So, Is Solo Mining A Viable Option?
We mainly know about the success tales, as is customary. Failures are plentiful, so hardly one pays attention to them. In the instance of solo mining, thousands of miners have yet to solve a block since they began their trip. The CK Pool developer says it all over again:
However, this does a disservice to all because it implies that everyone can solve a block on their own. And while the answer is yes, it overlooks the fact that 2,000 other miners have been doing this for one, two, or 3 years but have never received any compensation. All they’re doing is paying their electricity bills, as well as the initial costs of purchasing mining equipment.
As a result, buyers beware. When you enter a pool, you may expect a consistent income according to the amount of the hash rate you contribute. If you choose to go it alone, you won’t receive anything until the big day. To summarize, you must ask yourself this question: Do I feel fortunate? Do you agree, punk?
