Post
Topic
Board Pools
Merits 4 from 1 user
Re: Mining pool success rate
by
hosseinimr93
on 22/04/2024, 13:13:05 UTC
⭐ Merited by mikeywith (4)
The word "faster" is probably misleading and wrong to use, it doesn't matter how fast you are, blocks are found once every 10 minutes on average regardless. also, keep in mind that miners are not working on the same block, and there is no such thing as "the next block", every miner is working on a different unique block candidate, a pool that has 20% of the hashrate is very likely to find 20% of the blocks at no exact order, speed or pace.
Let's say the last block that has been mined is block number n. Now all miners (or mining pools) are trying to mine block number n+1 and there's a competition between them for that.
The miner (or a mining pool) that finds a block header which result to a number below the target if it's hashed twice through SHA-256 function wins the competition. This is why I used the word "faster". All miners (or mining pools) try to find a good block header faster than other miners and be the one who broadcast a good block header to the network.


Correct me if I am wrong, please.
I know blocks are always mined at the rate of 1 per ~ 10 minutes on average and each mining pool can have their own candidate block.