I recently read a newsletter, which was titled in the same way. It narrated several curious facts, one of them and the one that surprised me the most was about the devices to execute Bitcoin mining. And something I must mention is that I know absolutely nothing about Bitcoin mining, until a few days ago I thought that in order to mine it was necessary to have one or more special machines for Bitcoin mining. Which were highly expensive.

My mind has exploded upon discovering that there are some more affordable devices for mining, and that until recently a solo miner was able to solve a block (Block 853742), and take the reward plus the commissions of that block. I consider this to be something revolutionary since it invites us to follow the path of that solo miner, and in a certain way we would simply be following the philosophy of Bitcoin, in this case in the area of decentralization, the decentralization of mining. An aspect that had been reduced by concentrating all the mining power in large mining pools, which are managed by corporations. Generating a high entry barrier for Bitcoin mining and eliminating the possibility of any individual to act.

The block was mined with one like the one in the image, a "Bitaxe" but additionally discovered that there are some cheaper and easier to use ones, called "Nerdminer's" and this is where the lottery concept comes in.

The author of the newsletter mentions that this solo mining becomes a kind of lottery since our chances of getting the block are quite low, but compared to the normal lottery that also offers a low percentage of probability in favor. Here it obviously becomes more striking since you would be buying a ticket 🎫 that allows you to participate in the lottery of a block approximately every 10 minutes, which leaves us with about 144 attempts per day or up to approximately 52,560 attempts per year. Obviously you have to keep in mind the probabilities of getting said block, for example with a Bitaxe, it gives us a probability of mining the next block of 0.0000001% Compared to a professional mining equipment, such as an Antminer S19 which gives us a power of 110 TH and leaves us with a probability of mining the next block that would be 0.00001833% something that in the same way is a fairly low probability of getting a block, that is why miners have always been grouped into pools which has led to the centralization of mining power and a high level for the entry barrier.

The odds in some of the well-known normal lotteries are:

· Euromillions: 0.000000715%

· Primitiva: 0.00000715%

· Bonoloto: 0.00000715%

· Melate: 0.00000308%

· Quini6: 0.00001068%

· Tinka: 0.00000715%

And remember that to participate in the normal lottery we must buy a ticket every time we are going to participate.

These products try to change the centralization that exists in mining and considerably lower the barrier to entry so that it is accessible to participate in bitcoin mining with a different approach.

Because most people when they think about bitcoin mining, they think of a large initial investment and like any investment, they try to make projections of return on the initial investment and a return on the initial investment (a profit). The Bitcoin lottery offers a different perspective, a way to participate in mining and the hash power of bitcoin, without making a large investment, and your incentives are merely fun, participating and hoping that the force is with you to maybe with luck unlock a block and get the reward, and all that while supporting the decentralization of mining.

I personally see a lot of future in this lottery approach, because it is mainly focused on decentralization. Which is a super important aspect in bitcoin, and seen from another angle it opens the door for more people to join.

If you got this far, I thank you for reading

Tell me what you think about the Bitcoin Lottery?? 🎰🍊