Post
Topic
Board Bitcoin Discussion
Re: Explaining pool mining/solo mining to a indifferent significant other
by
gunungkembar
on 23/05/2024, 16:41:37 UTC
The last incident was on 28th Apr 2024 with hash rate of around 120 petahashes per second (PH/s) which is just 0.02% of total network's hasrate.
0.02% of the total hash power isn't really small. OP's total hash power should be much smaller than that and I don't think it's comparable with that at all.
If you own 0.02% of the total hash power, it's expected that you mine 1 block in every 5000 blocks (approximately 35 days) on average.
Mining Cryptocurrency is currently not very profitable and requires quite high costs. The results obtained are also not very much. If we want to mine, we have to find a source of electricity that is cheap and, if possible, free. Furthermore, it also requires quite cold surrounding conditions, such as at the North Pole or South Pole.