Cryptocurrency Q&A
How do solo bitcoin miners earn BTC?
How do solo bitcoin miners earn BTC?
DigitalDukedom
Thu Jul 11 2024
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7 answers
1625
As a cryptocurrency enthusiast, I'm curious to understand how solo bitcoin miners earn BTC. Could you elaborate on the process? Do they need specialized hardware and software? How do they compete with large mining pools? And most importantly, what are the chances of a solo miner successfully mining a block and earning the block reward? I'm interested in understanding the economics and technicalities behind this process. Also, how profitable is solo mining, compared to other methods? Could you provide an insight into this aspect? Thank you.
7 answers
CryptoQueen
Sat Jul 13 2024
Bitcoin mining has reached an all-time high in difficulty, posing a significant challenge for solo miners.
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StarlitFantasy
Sat Jul 13 2024
Miners engage in this process to earn BTC as a reward.
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Stardust
Fri Jul 12 2024
Upon submitting the correct hash, miners are awarded BTC, which gives them the right to select and process transactions within the block.
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Leonardo
Fri Jul 12 2024
To achieve this, they must submit the correct hash for a specific block.
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Federico
Fri Jul 12 2024
A hash is a unique string of jumbled letters and numbers that serves as a digital fingerprint for the block.
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