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Re: citb0in Solo-Mining Group - BLOCK SOLVERS (english)
by
akaki
on 15/01/2023, 18:31:49 UTC
Hello,

For me there is a huge mistake in the calculation of the winning chances :

Quote
Chance calculation to hit a block in solo mining using different hashrate examples:

at   1 PH/s --> 1 in 267.342 per block or 1 in 1.857 per 24h
at 2.5 PH/s --> 1 in 106,937 per block or 1 in   743 per 24h
at   5 PH/s --> 1 in  53,468 per block or 1 in   371 per 24h
at  10 PH/s --> 1 in  26,734 per block or 1 in   186 per 24h
at  25 PH/s --> 1 in  10,694 per block or 1 in    74 per 24h
at  50 PH/s --> 1 in   5,347 per block or 1 in    37 per 24h

You can't say for example that there are 144 blocks mined each 24h (=1 each 10 min) and thus if we run the miner 24h non-stop we multiply our chances by 144.
Yet this is the reasonning applied as for example : with a hash rate of 50 PH/s --> chance per block = 1/5347 --> chance per 24h = 144/5347 = 1/37 which is false.

Since the draws are independent for mining each new block, the chances are constant as long as the hash rate is constant and no matter how many times you repeat the mining tentatives.

There is a topic in wikipedia that gives a better explanation : https://en.wikipedia.org/wiki/Gambler%27s_fallacy

If the project of @Willi9974 is also based on the assumption that we increase the chances by mining for longer periods of time, then a lot of people might be loosing their money.