It doesn’t cost much money to join a Bitcoin mining pool, but it does require persistence; some have compared it to winning the lottery
Previously the purview of tech enthusiasts, bitcoin mining has developed into a sizable global industry. Nowadays, big businesses frequently own their own power plants and cutting-edge equipment.
Small mining rigs can be built, though, for a cost about equal to that of a midrange smartphone or gaming system. But before constructing a small-scale miner, there are a few things to think about.
The well-known Antminer S17 and S17 Pro use the same chip, which is used in this micro setup, which can deliver up to 350 gigahashes per second (GH/s).
- Raspberry Pi Zero 2 W: $22
- Bitcoin USB stick miner: $325
- Heatsink case: $19
By adding a heatsink, you can prevent the entire assembly from popping by allowing the heat produced by the components to be absorbed and distributed. It would be especially useful if you were intending to mine bitcoin for real.
Some call this approach “lotto mining,” a nod to the slim odds of successfully mining a bitcoin block with such a small-scale setup. According to statistics, solo miners with a 350 GH/s hash rate might be able to mine a block after about 21,400 years of operation.
Complicating matters is the fact that bitcoin block rewards are slated to run out by 2140, owing to the network’s “halving” events that cut the issuance rate every four years.
In order to put things into perspective, Marathon Digital, a major player in the bitcoin mining industry, generated 2,195 BTC ($60 million) in the first three months of this year, averaging about 24 BTC ($656,300) per day.
Tens of thousands of ASICs are employed by commercial miners to accomplish this, greatly enhancing their chances of solving blocks.
But there is a glimmer of hope for solo miners. Joining mining pools such as Foundry, AntPool, and F2Pool will increase their chances. Every time a block is successfully mined, these pools—which are responsible for over 70% of all bitcoin blocks—distribute rewards to all contributors.
Despite the odds, there have been instances of lone miners independently mining their own bitcoin blocks with a small number of mining chips last year. Even though the chances are remote, small-scale mining offers a starting point for those curious about learning more about blockchain technology.
