Hey everyone, quick question from a newbie. I just got into Bitcoin and I’m trying to wrap my head around how mining really works. I get that miners run this hashing algorithm until they hit the jackpot. If you're in a mining pool, do you get to share the spoils when one of your buddies hits a block?
Lol, yeah, that's right. But just so you know, duplicating posts isn’t a good look here. Also, earnings from a small pool should balance out with a large one long-term... if you’re patient enough. They have their own luck cycles. Sometimes the smaller pool can pay off way better with those block rewards after a while, you know?
Yup, true that. But remember, it’s all about the pool’s software. The Bitcoin network doesn't care how many miners are in your pool or if you’re solo mining. It just checks if that hash is valid or not. The size of your pool doesn’t really change that.
For real, nothing's without risk, right? Plus, pools charge fees, and there are always stories about miners getting ripped off. Not to mention those crazy withholding attacks. Just gotta stay vigilant, you know?
There are costs-- beyond the health impact to the network, pools charge a fee, and it is extremely easy for pools to steal from miners and for miners to withholding attack the pools.