re: Bitcoin Casinos Release 2012 Earnings

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What I don't understand is if there is a predetermined amount of bitcoins mined (I think the ratio discussed earlier was 25 Bitcoins every 10 minutes and in 4 years that will split) how does the speed of the computer determine how many bitcoins you mine. Wouldn't that depend on your computers speed vs. the speed of other miners computers. Is it not essentially a race to solve a problem? Who ever solves the equation gets the bitcoin... Right? So the guy with the fastest computer should win every time.... I'm confused

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There is some truth to this, which is why people invest in some serious hardware for their mining. However, mining relies on luck as well, which is also a reason many people prefer to mine in "pools" because it increases the chance that you will get a reward.

In other words: solo mining = high reward, but no guarantee that you'll actually get them

pooled mining = lower rewards, but a much higher chance that someone in your pool will have luck


I know it's all confusing. Here's an article that I hope explains it better than I can: Bitcoin mining in plain english