Excerpt
I talk about the realities of home Bitcoin mining and whether it’s still possible to find a block with just one device. Watch now to learn how mining pools work and how they can help increase your chances as a small miner.
Transcript
What I’m talking about always is really that you’re doing home mining in that sense, that you have a real miner at home, a device. And the probability for a home miner who only has one device to find a block is very small. But if we have more of those and the miners, the individual miners, they get together in so-called mining pools. So they pool their hash rate together. And if you are in one of that mining pools, together you then have a higher hash rate again. And the chances to find a block or to being paid out small amounts if the pool finds a block and all individual miners mining within that block get the same amount from that one block they found, then that’s also an opportunity. But of course the industrial miners have higher chances, but mining is already also so distributed globally. Yeah, it’s difficult, but it’s possible.
