New answers tagged proof-of-work
4
There are several aspects here that are worth pointing out.
The 'little man" rarely wins, simply because almost all mining happens in large pools, and they win proportionally to their hashrate.
This isn't due to unfairness in mining, but simply due to the fact that the expected variance in payout is too large for most small hashrate entitites to risk ...
0
Difficulty is proportional to hash power. If buying more hash power doesn’t increase difficulty but reduces you profit it wouldn’t make sense to invest but in a larger scale it would kind of correlate the halving with the hash power. But not every 4 years or so. And the total amount of coins would be unknown but still capped when a certain hash limit is ...
2
Miner2 was really close to mining their block when Miner1 finished (perhaps within 10 increments of a nonce).
This is not what's happening during mining. Mining isn't a gradual process where you could be "really close" to getting a block mined. Rather it is a constant lottery, with each attempt (incrementing a nonce and producing a block hash) ...
-2
The concept is a commonly referred to as divide and conquer. Sorting a list can be done similar. Divide the list into 2 smaller parts and merge the two. A list of one item is sorted. Merging the 2 results in a fast efficient sorting algorithm. Something similar can be done on proof of work. Divide the work to be proven over many small parts and let them all ...
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