Want to get into mining bitcoin, but don’t want to spend thousands of dollars and have insanely loud and hot hardware in your house? Like playing the lottery? Well Bitcoin Lottery Mining could be for you! Stop wasting your hard earned sats on lame lottery tickets and instead get way better chances of hitting the jackpot all while helping to secure the Bitcoin network!
What Is Bitcoin Lottery Mining?
Bitcoin lottery mining (also called desktop mining) is a way for everyday people to mine Bitcoin that involves solo miners competing to find a valid block in the Bitcoin network. A solo miner is someone that doesn’t join a mining pool and instead, aims to independently solve a block all on their own and claim the full block reward for themselves.
Mining a solo block is hard. Like, really, really, really hard. To mine a single bitcoin block yourself, once a year on average, you would currently need 12,700 Terahash. To wield this amount of raw hashing power you’d need 54 Bitmain S21 Pro’s, each with a price tag of $6,318.
This would cost you a total of $341,172 up front, then you’d also have to somehow supply the enormous 190 kW of continuous power they suck up. Then you’d also need somewhere to put them, as they’re incredibly loud, and cool them as well.
Obviously this isn’t practical for everyday people, which is why most people that have relatively powerful Bitcoin miners like the S21 join a mining pool. Bitcoin lottery mining is for those who wish to operate even lower power consumption miners. As these are usually less than about 1 TH/s in power, they’re not worth even joining these pooled mining efforts.
As a result, people solo mine with them, essentially gambling on the odds of hitting a block and being able to claim the full block reward like you would a jackpot in Powerball.
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