Additional Information
Disclaimer: NerdMiner is a toy, a clock, a stats display and an educational device which is great for learning and display purposes. But that’s it. The chances to mine a block with this device are absolutely miniscule, and you should not run a NerdMiner in hopes of making profit with it, because you won’t! To put this into perspective, the world’s first ASIC mining chip (BE100 @ 130nm) hashes at 330,000 kh/s. The NerdMiner hashes at 55 kh/s, it is not an ASIC by any means, and due to the layout of pools, even getting shares in is not guaranteed, let alone the correct one. If you really want to solo mine Bitcoin, start with a cheap S9 or a Bitaxe, as these at least have a real chance at solo mining.
The above disclaimer was written for the original Nerdminer, but now things have changed. With the NerdNos upgrade, your NerdMiner now has a real ASIC chip, albeit just one and it won’t exceed 100GH/S, but it at least counts as an ASIC Miner. Chances to mine a block with it are still at best miniscule and at worst absolutely impossible. This is a toy for nerds which should be a fun and educational tool and a bitcoin stats ticker, treat it as such.
“Lottery mining” explained: A lottery miner competes with other Bitcoin network participants to find a specific numerical value, called a hash, that meets certain criteria as set by the Bitcoin protocol. This hash is necessary to verify and process Bitcoin transactions. In order to participate in the mining process, a miner usually needs to invest in specialized and expensive computer hardware such as ASIC Miners, which are designed to guess the needed hash as quickly and efficiently as possible.
However, since many miners compete to find the same hash, it becomes like a lottery. The chances of winning the reward are proportional to the miner’s computational power or hash rate. The higher the hash rate, the more likely a miner is to find the block and win the reward. Especially with the small amount of hashrate this NerdMiner provides, it is like buying a lottery ticket. The more tickets you buy, the higher your chances of winning.
