5/17/2023 0 Comments Crypto mining hash calculator![]() The smaller the Luck Statistic, the better the ‘luck’. Luck Statistic = mean(actual shares per round / expected shares per round) This is how we look at it as a Mining Pool operator. The Luck Statistic is the inverse of the above. A Luck of 200% means you submitted half as many shares as you should have to find a block. The larger the Luck, the better the mining ‘luck’. Luck = mean(expected shares per round / actual shares per round) The correct way to calculate luck is to look at the amount of expected shares per round and the actual amount submitted. The probability of mining a block is 1/(²³²*Difficulty) for each hash.Īs of Feb-19–2020 the Bitcoin Difficulty is 15,546,745,765,549. Calculating Luck Probability of Mining a Block Miners only get paid out once a block is actually found (not if it is only statistically probable).įor more details on PPS vs PPLNS you can check out this article. PPLNS is another popular payment method, which offers payment to miners as a % of shares they contribute to the total shares. ![]() Instead the pool operator absorbs all the risk of variance. What this system ultimately does is take out the “luck” and hence variance in a miner’s payout. The miner gets paid on what is statistically probable rather than what actually occurs. Pay-Per-Share (“PPS”) is a payment system employed by some Mining Pools. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis. Mining in pools began when the difficulty for mining increased to the point where it could take years for smaller miners to find a block by themselves (hence earn a payout for their efforts). Miners share their processing power over a network, and then split the reward according to the amount of work they contributed to finding the block, and a fee is given to the pool operator. The above description should give you a base level understanding of Luck, but if you want to dive into it deeper keep following below! Key Terms Mining PoolĪ Mining Pool is a group of miners that work together to reduce the volatility of their returns. Over the long run, statistically you should find on average 1 out of 100 (1%) blocks, but there is short term variance. You are lucky! Now imagine you found 0 out of 100. Now imagine that you found 2 out of the 100 blocks, this means that you found a block earlier than you statistically should. So for every 100 blocks found you should statistically find 1 of them. The probability of you winning the lottery (finding the block reward) would be 1%. For illustrative purposes imagine that you provide 1 EH/s of hashing power and the overall hashing power in the network was 100 EH/s then you would receive 1 of 100 total lottery tickets. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. The Luck of crypto mining is probabilistic in nature. We also run Hashrate Index, a data site on everything mining related, we track things such as ASIC prices, the value of hashrate, publicly traded mining companies. Luck is something we deal with day-to-day and is top of mind for us. ![]() ![]() Luxor Tech is a North American-based mining pool for BTC, ZEC, ZEN, SIA, DCR, XMR and more. In this post we talk about what Luck is, how it is calculated, how it can be analyzed and what it means for different industry players. These are crucial elements in understanding how mining works so would definitely recommend reading through that post before diving into mining luck. In our last post we worked through Network Difficulty, Share Difficulty and the Hash Function. Crypto Mining: Luck, Probability and BlockWithholding Attack ![]()
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