Doesn’t a state that mines gets all the mined bitcoins? How can I compete with a single computer with a power of mining state?
In other words, why does El Salvador does not get all the mined bitcoins in the world?
Discussion
No, the newly mined bitcoins get assigned based on your hashpower. If you have more hashpower, then you get more bitcoins, if you have less hashpower you get less bitcoins. But even a small player can still get some bitcoins. As I mentioned you also need to pay for more electricity if you have more miners.
Now, when you are only an individual person that has one or two mining boxes, the way that Bitcoin works you would actually get some Bitcoin only really rarely (e.g. once in 2 years if you are lucky) and so that's why people join "mining pools" where you have somewhat guaranteed steady payouts of the bitcoin based on the hashpower you contribute to the pool.
It's quite interesting how this is actually done technically, I'm happy to explain that, but it's a bit more complicated.
Cool! So practically, a state can mine bitcoin but it may be not cost efficient and little plebs like me could still get a piece of the reward pie but much less frequently.
Hashrate is the power of all miners combined so states becomes smaller and smaller entities in the overall pools
Also, halvings probably will increase the cost of bitcoin due to the need to consume same or bigger amount of energy to accumulate half of the botcoins
Did I understand correctly?