Questions about Bitcoin Mining Mechanics

Got a quick question about Bitcoin mining. Let's say there are around 700 to 1000 transactions daily and 10 miners in the game. Each miner gets 1 Bitcoin for their work. If 5 miners drop out, will the remaining 5 double their rewards?

Not quite how it works. The mining reward stays the same and is based on transaction fees in each block. More miners means higher difficulty, so your chances of finding a block actually drop.

So basically, if some miners stop, the rest get a better shot at rewards. But if more miners join, it gets tougher to win because of competition. Bitcoin adjusts the difficulty to keep blocks coming every 10 minutes, right?

Exactly! Less competition means your chance of earning goes up. With 10 miners, you have a 10% chance of finding a block, but with only 5, you jump to 20%. But remember, Bitcoin lowers difficulty when miners leave, so blocks still drop around every 10 minutes.

In simpler terms, fewer miners means more coins for each. Bitcoin adjusts difficulty every 2016 blocks to keep things moving. Ideally, each block should take about 10 minutes.

True, but earnings depend on two factors: the fixed block reward and fluctuating transaction fees. If all miners have the same power, your theory holds. If you have 10 candies and 5 leave, the remaining get more.

Luck plays a big role in mining too. Everyone has a shot, but luck varies. Like, some might hit lucky streaks while others get rekt for days.

Yeah, like a solo miner might find a block once in a thousand years. If they hit it in the first year, that’s luck. But generally, over long periods, it balances out.