I'm hoping all these solo miners getting blocks will make people realize we don't need pools.
All it takes is three pools to work together, and they could 51% attack...or try to....just insane to me. Which has gotten "better" as it was just 2 a few months ago.
The hashrate needs to be redistributed! Back to the hands of individuals. SOLO INDIVIDUALS
Must be big mining with that amount . 😁
It would be amazing, but if you do the math, for example, you have one antminer S21 that does 470TH at 5000W.
Solo, your chances right now are roughly finding a block in 35 years with that hashrate.
Lets say power per kWh costs you 0.10$ (which is unreal cheap, but just as an example). That amounts to about 360$/month of electricity cost.
So are you willing to stake, for the next 35 years, about 150.000$ (360 x 12 x 35) for electricity for "maybe" finding a block?
Or would you rather join a pool and get regular payouts, so you can pay the electricity bill?
That 150.000$ has to come from somewhere, you need to have a job or something to cover that cost, for 35 years, to maybe find a block...
So solo is all good with bitaxes, burning maybe 20W - what the bitaxe consumes in month, you burn that or in one hair drying session. So its like a rounding error. But once you get some more mining equipment, it doesn't really scale well cost wise.
I think we need pools, just better pools, more p2p, more open...etc. Solo is fun, but it wont happen IMO...
I don't understand the hashrate clearly enough, so first off informative post 🫂💜
Perhaps smaller pools are better to join then? It just seems whack to me, that something supposed to be so decentralized, got to this point. I mean it's going block by block either way...just sketch to me honestly 🤣
Perhaps Nostr could fix pools 😉😄
Its normal for us humans to not understand this well, we are dealing with extremely large numbers, its difficult to imagine how difficult mining is today...
In my opinion, the large miners aren't that involved in the Bitcoin scene, its an industry, for them its just a profit making deal, they don't get involved in the politics, they don't care much if mining gets more centralized unless it gets so centralized that it causes the price of Bitcoin to reflect that concern, then they might move.
But in the end, if I have a huge mining farm, and I distribute the hashrate into smaller pools, for the public it might look decentralized, but in reality I am maybe controlling 70% of the hashrate, just distributed around, so it looks decentralized. So we really don't know exactly how decentralized it is + its a flow, it changes all the time, today it might be very decentralized, tomorrow not anymore...
And one more to make you think: all these solo blocks, maybe its a huge mining farm, that got paid by the chip manufacturers, to mine for a few hours a day to a random address, that then looks like some bitaxe found the block. A good way to unload some obsolete ASIC chips you have in stock and sell them at a high price. These home solo devices are usually way overpriced for their performance. Its unlikely, but possible, we will never know 😉
