A chance of discovering a block as a solo miner: A view of Ethereum’s mining mechanics
As a lover of the crypto currency, it is a key understanding of the internal action of the Ethereum network. One aspect of a mining that often causes curiosity in this article,
** What is the block in Ethereum?
In the algorithm of the consensus of evidence of Ethereum, each new block that is added to Blockchain contains a list of unconfirmed transactions. These transactions represent a recording of user activities online at a certain moment. The first transaction in each block is called “block header”
** How many coins were awarded on the block?
Each new block contains about 6,000 to 7000 transactions (although it may vary depending on the congestion of the network). The total amount of ether (ETH), which is mined annually, is about $ 3.2 billion. Since each transaction has a unique prize, the number of award -winning coins
Calculation
The number of coins awarded for the discovery of solo miners, assuming an average block of 1,000 ETH (most often quoted figure) and estimated annual ETH production of about $ 3.2 billion, here are a few rough estimates:
- Block reward: approximately 1,000 eth / 6,000-7,000 transactions ≈ 0.17 to 0.22 ETH per transaction
- Number of coins awarded for the discovery of a solo miner (
A chance of
In order to calculate the outcomes to detect a block as a solo miner, we can use the following formula:
Coefficients = (number of award -winning coins per discovery of solo miner) / (total amount of ether)
Use of the above estimate:
Coefficients = (1,300 eth) / ($ 3.2 billion)
Coefficients ≈ 40,000 to 50,000 times
This means that the solo miner has approximately 0.01% to 0.02% chance of detecting a block in a particular year.
Conclusion
A huge number of transactions and complexity of mathematical problems needed to solve. The odds involved are stunning, making it an exceptional event that requires significant computer power and expertise.
Demand for mining hardware and computer power continues to grow, however,