1. Yes, you would pay 1,900 sats

2. You can calculate a hashprice for bid / 21 TH/s and compare to what you could earn in a "trad" mining pool

However,  since I am adding bonus hashrate that tilts the odds for the block party, there isn't an easy way to compare to the block party's value..

(hence the auction!)

3. You pay your winning bid, you will get your fair % of reward if we find a block

I email everyone before the party starts mining on Friday.

evanbaer

Bit of a novice in terms of such auctions. I am trying to understand how the whole process works. So please don’t mind if my questions are basic.

bitcoin

Jan 3rd Mining Block Party ~ Place your bid and mine with me

Bit of a novice in terms of such auctions. I am trying to understand how the whole process works. So please don’t mind if my questions are basic. 

1. I signed up for a rigly account and checked, and joined the party. It shows that the current bid is 1800 sats. So for example if I bid for 1900 sats, and if by chance, that is the closing bid, then do I have to pay 1900 sats ? 

2. What is the relation between the bid amount in SATS and the hashrate?

3. How I do I know if I am selected in the pool of people who will earn a percentage of the reward?

 