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zariOne

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| Creator | Stacker of Sats | 88 zap signature

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?

Generally it's hard to manufacture a lot more miners, you need big factories, etc. But overall nothing prevents states from mining and they should start mining (El Salvador does for example).

Miners don't have that many powers over the network, so even if states mine, it just makes Bitcoin stronger.

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?

Yes. The main thing that matters with miners is the hashpower - how many hashes it can do per second.

If you get stronger miner it can do more hashes per second, but also if you get 2 miners (they look like desktop computers without a monitor), then you will earn twice as much Bitcoin. The miners consume electricity, so you need to think about your electricity bill...

Thank you for the quick and understandable answer! A follow up:

What prevents a state buying the largest farm and make sure it gets all the new goodies from now in?

You’re consistent. I’ll give you that.

Dude, consistency is overrated as fuck

My favorite day of the week

Favorite days of the week are overrated

Looking forward to Monday.

Mondays are overrated

A genuine question of a pleb trying understand Bitcoin.

Does a bigger and stronger mining equipment is a direct cause of chances to het the mined bitcoins?

Take a few moments to listen to nostr:note1lyw4rgdxz5k6gvhh87cm2v949yvqf5wp34yc8aw8kalrun5en4ysupmz9n

DON'T

BE

ONE

OF

THEM

https://video.nostr.build/9d0ee88195cf1f3c51e1c28c8952af07bfd5581c90a2095937cc1d0620bd0242.mp4

This is inspiring!!

I always claim that it is crucial to get lost on purpose sometimes

nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev

For me you are the voice of #Bitcoin

Please Audioread as many books as possible! I promise to buy the all 🙏

Zapped you with love with 88 sats 🤍

Don’t stop learning no matter what views you have

#Bitcoin

just accidentally liked my own note

nice

It’s here forever you know…

May the Lightning zap sats in your wallet this block 🙏

A great financial podcast I hear regularly just had a guest specialist to talk about crypto. The questions of the two leads, very intelligent and educated people, made me realize how early we are.

You can know a HODLer by the type of #Bitcoin question he asks

Gn pleb

Don’t loose your keys with your ship

#Bitcoin

I spent around 100k satoshis in the last week zapping around people to incentivize them to keep doing what they are doing and it feels great doing it without any fucking permission

#bitcoin

Was thrilling to discover you can now send sats on Elon Musk’s X, the catch? For small amounts the fees are absolutely insane.

#Damus for me, please ⚡️

Good morning #Nostr

I love the chaos of global

It scares the shit out of me sometimes…

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