NERDMINER: Bitcoin lottery miners

[LoyceV]

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

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.

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.

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

[fillippone]

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

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.

The whole ckpool.com has roughly 200 Ph/s of power:



In the public-pool.io there are 1,400 such machines operating:



This adds to the 45,000 operating.

The hash power in the OP is referred to the nerdminer, which is based on a generic CPU. The 300 Gh/s is probably a BitAxe, a machine built over a single ASIC chip of a s19 (so, effectively a 1/300 of a S19 minus some efficiency optimisation).

[joker_josue]

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.

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

Well it really is all a matter of perspective. 

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

[LoyceMobile]

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

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.

[joker_josue]

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

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.

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.

[LoyceV]

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

Even if large miners were impossible, the ones with cheapest electricity would install many small miners. I think it's inevitable for "proof of work" to concentrate on places with the best conditions for mining.

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

Joining a pool with a small miner is kinda useless: it will take forever to reach a payout. If it takes "forever" anyway, you can just as well join the solo-lottery.

[joker_josue]

@fillippone how is your adventure with NerdMiner going?

Have you ever thought about putting the mineral to work in solar energy?
Do you know someone's project that did it?

[fillippone]

@fillippone how is your adventure with NerdMiner going?

Have you ever thought about putting the mineral to work in solar energy?
Do you know someone's project that did it?

I have just checked, and no, I haven't mined a single block since I started the thing.
No, I didn't think about using solar energy to mine, as it is an extremely inefficient method.
In any case, I don't have solar panels myself, nor do I know anyone using solar to mine, let alone with a nerdminer!

[joker_josue]

No, I didn't think about using solar energy to mine, as it is an extremely inefficient method.

For the energy load required by the nerdminer, I believe it is not that efficient.

I'll explore that option, and see if I can make the idea work. 

[LoyceV]

I have just checked, and no, I haven't mined a single block since I started the thing.

Lol. You didn't have to check to know you haven't mind anything. Are you seriously still using this device to convert electricity into heat? Even CPU-mining is more likely to find a block, and CPU-mining was abandoned long before I got into Bitcoin.

[fillippone]

I have just checked, and no, I haven't mined a single block since I started the thing.

Lol. You didn't have to check to know you haven't mind anything. Are you seriously still using this device to convert electricity into heat? Even CPU-mining is more likely to find a block, and CPU-mining was abandoned long before I got into Bitcoin.

Lol!
I didn't check, so maybe there is a chance.
I must admit I am thrilled when someone says a “solo miner” has found a block.
Of course, we all know what a “solo miner” is these days.

Regarding the consumption of my nerdminerS, I am not too worried about it. Getting rid of many (bad) habits in my (and of the living creatures casually sharing my space/time coordinates) routine could potentially be far more energy efficient than turning off a tiny device.
Also, I would lose the possibility of bragging about being a “Bitcoin miner”.

[LoyceV]

Also, I would lose the possibility of bragging about being a “Bitcoin miner”.

That's like saying I'm a gold miner because I used my son's shovel on the beach last summer
Even my old laptop CPU could outperform (lol) your nerdminer

Don't mind me, if you're having fun running this, you should of course continue. I'm still grasping at the idea of doing something that's utterly pointless

[paid2]

Out of curiosity, how many (accepted) shares do you have submitted with your Nerdminer?

[fillippone]

Also, I would lose the possibility of bragging about being a “Bitcoin miner”.

That's like saying I'm a gold miner because I used my son's shovel on the beach last summer
Even my old laptop CPU could outperform (lol) your nerdminer

Don't mind me, if you're having fun running this, you should of course continue. I'm still grasping at the idea of doing something that's utterly pointless

I was actually pointing out that doing something else only slightly less pointless like upgrading to a Bitaxe, which is just 1/330 of a full ASIC.
Doing something pointless is the very essence of the human being.
As a confirmed AI, I understand you can be struggling with that concept.

[LoyceV]

I was actually pointing out that doing something else only slightly less pointless like upgrading to a Bitaxe, which is just 1/330 of a full ASIC.

I'd still love to see this:

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

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.

Many people spend more on "classic" lotteries than it would cost to run their own little Bitcoin lottery miner, and the odds of winning $300k may even be better.

Doing something pointless is the very essence of the human being.
As a confirmed AI, I understand you can be struggling with that concept.

Life itself is pointless, and will be obsolete soon

[Agbe]

@fillippone how is your adventure with NerdMiner going?

Have you ever thought about putting the mineral to work in solar energy?
Do you know someone's project that did it?

Lolz this is funny. Ah, using Solar Energy to mine will be more expensive because the needed panels and the solar  generator to generate such heat will be much. And Solo mining is not like normal mining pool which you will work with others but you look for blocks alone and in the process energy is burning and if the sun ☀️ is not strong enough to heat the solar panels too there will be no good electricity to power the ASIC. But fillippone is capable of purchasing a Solar System of 20 panels of 300wtt each. And each panel cost $60 of the 300wth times 20 panels. That should be $1,200 for the 20 panels. And if he can add 5.5KVA everything will be stable. And the total amount for that system will be $3,000. Though depends on the country and the location of the installation.

[hd49728]

Lolz this is funny. Ah, using Solar Energy to mine will be more expensive because the needed panels and the solar  generator to generate such heat will be much. And Solo mining is not like normal mining pool which you will work with others but you look for blocks alone and in the process energy is burning and if the sun ☀️ is not strong enough to heat the solar panels too there will be no good electricity to power the ASIC. But fillippone is capable of purchasing a Solar System of 20 panels of 300wtt each. And each panel cost $60 of the 300wth times 20 panels. That should be $1,200 for the 20 panels. And if he can add 5.5KVA everything will be stable. And the total amount for that system will be $3,000. Though depends on the country and the location of the installation.

It depends where you are living.

If you are living in a nation with a lot of sun hours in day and year, using solar panel in a long term is very profitable and sustaintable. You have to invest initially to solar panels, but in long term, you can save a lot of money. Generally I think NerdMiner is lottery mining and I don't like to invest too much capital to this mining activity. Even I can save a lot of money for electricity by solar panels in long term, it won't help me to increase my chance to find a Bitcoin block too much.

If invest too big money for solar panels, and in long term, no block found, it's big loss for me.

[joker_josue]

@fillippone how is your adventure with NerdMiner going?

Have you ever thought about putting the mineral to work in solar energy?
Do you know someone's project that did it?

Lolz this is funny. Ah, using Solar Energy to mine will be more expensive because the needed panels and the solar  generator to generate such heat will be much. And Solo mining is not like normal mining pool which you will work with others but you look for blocks alone and in the process energy is burning and if the sun ☀️ is not strong enough to heat the solar panels too there will be no good electricity to power the ASIC. But fillippone is capable of purchasing a Solar System of 20 panels of 300wtt each. And each panel cost $60 of the 300wth times 20 panels. That should be $1,200 for the 20 panels. And if he can add 5.5KVA everything will be stable. And the total amount for that system will be $3,000. Though depends on the country and the location of the installation.

I'm talking about powering a NERDMINER, not an ASIC with dozens of hashpower.

I don't know if you know, but a NERDMINER must use about ~16Wh per day. Which means that a 10W - 5V - 2A solar panel, together with a 10,000mAh power bank, would be enough to power the miner. That is, of course, if you live in a region where you get several hours of sun a day.
This setup is capable of being less than $50.

So you don't need to spend $60 on 20 x 300w solar panels. 

[fillippone]

My nerdminer are hanging behind my monitor, connected to an usb plug.
Not the ideal situation where putting a solar panel.
Also, I am not an huge fan of mining with wind or solar. I prefer mining with more constant green energy: geothermal, hydro or nuclear.
Yet having a nuclear reactor to power a nerdminer could va an overkill.

[joker_josue]

Yet having a nuclear reactor to power a nerdminer could va an overkill.

It would still be an excellent comedy sketch. 

I thought about it, with the more DIY style idea of ​​doing something different. And I have been analyzing, to understand whether the cost of acquiring the necessary equipment is high or not. And in fact it is a low value, which does not lose its usefulness, even if it is not to be used with nerdminer.