Related Reading | New Report Disproves Widely Held Assumptions About The Impact Of Bitcoin Mining You remain anonymous apart from your btc address.” There is no need to worry about passwords, logins, withdrawals, authentication or pool wallet hacks. If you find a block, 98% of the block reward + transaction fees get generated directly at your bitcoin address! “ck pool automatically takes your bitcoin address and gives you a unique stratum connection mining to your own address. Without any bells and whistles, they inform: The CK Pool website looks like a relic from the days the Internet started. So, to summarize, you’ve got to ask yourself a question: Do I feel lucky? Well, do you, punk? How Does The CK Pool Work? If you decide to go solo, you’ll get nothing until your day arrives. If you join a pool, you’re guaranteed a steady income proportional to the hashrate you’re contributing. All they’re doing is paying electricity bills, and they also paid the upfront costs to buy the mining hardware.” And the answer is, you can, but it ignores the fact that there are 2,000 other miners that have been doing it for one, two, three years and have never gotten any reward at all.
“But that does do a disservice to everyone because it makes it look like anyone can solve a block solo. In the case of solo mining, there are thousands of miners that haven’t solved a block since they started their journey. Failures are a dime a dozen, so no one even acknowledges those. So, ultimately, when you solve a block with an S19, you’re actually just solving it with just one hash again, from one chip, within a vast array of millions of other chips, over millions of other hash units.”īTC price chart for on Coinbase | Source: BTC/USD on So, Is Solo Mining The Way To Go?Īs it always happens, we only hear about the success stories. “When you’ve got something like an S19, which is the current generation fastest miner you can buy commercially, it consists of millions of tiny little miners itself. In fact, we could argue that a solo miner wins every single block reward. If you’re lucky enough, you just need one hash and you can solve a block,” said the CK Pool creator. “It doesn’t really matter how much hash power you’ve got. And every ten minutes of every day, there’s a new winner. However, anyone can win with only one ticket. The more hashrate anyone has, the more possibilities of winning it accumulates. The mining process is like a fair lottery. It’s perfectly normal, it’s just unlikely.” There isn’t something wrong with Bitcoin when it happens. People think that was impossible, that there’s something wrong with Bitcoin, or that proof of work is broken or there’s a back door.
“People think that this small miner should not have solved the block.
In an interview with Bitcoin Magazine, Kolivas told them: And, even though it’s extremely unlikely, it happens more often than we think. What CK Pool did was to highlight that it is possible to earn block rewards with a small hashrate. The pivot was launching a solo mining service, and the rest is history.
#Cgminer pool hashrate software#
“Kolivas is also the developer behind CGMiner, mining software written in the C programming language that was widely used by the bitcoin mining community for years until manufacturers started maintaining their own forks of CGMiner or writing proprietary bitcoin mining software.”īuilding on his credibility, he launched a mining pool. Why do we say he’s a Bitcoin legend? Let’s quote Bitcoin Magazine for the explanation: Related Reading | Bitcoin Mining Revenue Plummets To 6-month Low Amid Downtrendīut first, let’s talk about Dr. Is everything alright with the Bitcoin network? Are these kinds of odds even possible? How can these small hashrates be winning this often? That’s what we’re here to find out. Then, there was a second announcement, and a third one, and recently a fourth one. Three weeks ago, when he announced that a solo miner got a whole 6.5 BTC block reward, the Bitcoin community cheered. The CK in CK Pool stands for Con Kolivas, a Bitcoin legend.
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