30% energy saving ?7 Feb 2025 15:02
I’m still pondering the advantages of QBT’s Oracle. First let me declare my poor knowledge of Bitcoin mining, I am a novice. As I understand it, a mining pool consists of a group of individual miners pooling their combined hashing facilities and sharing the rewards. The advantage they have, over an individual miner is they all perform hashing of different nonces therefore their hashing efforts are not duplicated.
So miner or pool begins mining a block, there are an untold number of hashes to be processed to find the winner. They all hash away until someone declares the winning hash at which point they all stop. Until a winner is declared they all mine continuously so how do you reduce your energy bill unless you only mine a fixed, albeit big number, of possibilities.
If you only mine a fixed number and stop before a winner is declared then you are reducing your odds of winning because your miner is sat idle when everyone around you is still hashing!
Obviously you could simply decide to have a lucky dip and mine only perhaps a thousand possibilities and stop, saving yourself lots of electricity and just praying for an unbelievable miracle. Or maybe don’t bother at all!
thoughts ?