⚡️💬 Do you find it concerning that one mining pool found 8 Bitcoin blocks in a row this weekend? #asknostr
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Luck itself is not an issue. But the hash rate is a bit of a concern.
Yes.
⚡️💬 Do you find it concerning that one mining pool found 8 Bitcoin blocks in a row this weekend? #asknostr
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Do we know what's the longest strike? (Not counting early home mining)
69
Yes
Try flipping a coin and getting heads 8 times in a row...
No, because the miners can jump to another pool in seconds
How do the odds of that compare to the number of Bitcoin blocks there have been?
That is the longest, which happened previously by them in March, and prior to that a streak of 7 blocks earlier this year, also by foundry.
If I remember correctly at least
Not really. I mean: it's already concerning that so few pools control such a large share of the hash power... but, that 1 of those dominant pools occasionally wins several consecutive blocks in a row is just an expected statistical eventuality. 🤷♂️
This keeps me up at night.
Keep telling yourself that
This comment makes no sense.
🔥🔥 This is fine. 🔥🔥
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Yikes
Not a huge statistical outlier
Exactly. For a pool that has about a 30% chance at winning each block, it should be expected to win 8 in a row once every 15000 blocks or so on average.
miners are businesses, they follow the government.
I’m more interested in how they generate all that electricity to power the miners.
Follow the money
Is a fact.
yup. correct.
i posted about this too.
it‘s an issue and does not instil confidence.
It’s a theory we don’t see play out in reality.
I said miner can move to another pool in seconds, and that’s a fact, they can do it.
We don’t know if they want to do, but they can, and that was I said
The chance of that for any 8 consecutive blocks is 0.31^8 = 0.0000852891037441 or 0.0085%. Not zero.
We just need to allow smaller miners who find easier hashes to contribute to blocks.
My idea on how to do this:
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No. Humans can't help themselves in seeing patterns in random events. Every block is an independent random event. It's just a coincidence.
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