Dogecoin Solo Mining Chance Calculator
How do you calculate the chance to solo mine a Dogecoin block?
Our Dogecoin solo mining calculator uses two key formulas to estimate the probability of finding a block. One is a simple calculation for a single block, and the other is a complex formula to estimate the probability over a longer period. Below is the simple calculation for finding a single Dogecoin block.
The formula above is your hashrate divided by the total network hashrate. The answer is your share of the total mining power for the Dogecoin network. For example, if your hashrate was 100 TH/s and the network hashrate was 1 PH/s, you would account for 10% of the total mining power. This means your chance of mining a single block is 10%. 🤓
The formula below is where things get complicated because it avoids a common misconception known as the "Gambler's Fallacy." You cannot multiply your single-block chance by the number of blocks in a time period. You need to calculate the probability of failing to find a block, over and over again, and then subtract that from 100%. 😲
The formula above will give you the true probability of finding at least one block in that timeframe. This is why your chance of finding a block in a lifetime (8 decades) can be 99.991%, even if your chance in one decade is only 68%. 😫 You are calculating the tiny chance of failing for eight decades in a row and subtracting it from 100%.
What is Dogecoin solo mining?
To better understand Dogecoin solo mining, you need to understand the two different types of crypto mining.
Dogecoin Pool Mining 👪: This is when a group of miners collectively combines their mining equipment (hashrate) to find a Dogecoin block. This type of mining can greatly increase the chances of finding a block. However, the reward is split proportionally among all the miners in the pool. For example, if you contributed 15% of the pool's total hashrate, you would receive 15% of the block reward.
Dogecoin Solo Mining 🕵: This is when a single miner uses their own mining equipment to find a Dogecoin block. While this type of mining results in a much larger payout (since you keep the entire reward! 🤴), the odds of succeeding are difficult unless you hundreds of thousands of dollars on mining equipment.
What is the current Dogecoin network hashrate?
The current Dogecoin network hashrate is 2.61 PH/s. A reasonable estimate is that there are between 100,000 and 4.6 million active mining devices on the network. However, the decentralized and pseudonymous nature of the Dogecoin network makes it impossible to know the true number. 👥 Did you know a lot of miners use merged mining to mine Dogecoin and Litecoin at the same time?
What is the current Dogecoin network difficulty?
The current Dogecoin network difficulty is 25.53M. The network diffficulty is adjusted every 40 blocks, or roughly every four days, to keep the average time for creating a new block at around 60 seconds. If Dogecoin blocks are being mined too fast, the network difficulty increases. 📈 Conversely, if they're being mined too slow, the difficulty decreases. 📉
What is the current Dogecoin mining reward?
The current Dogecoin mining reward is 10,000 DOGE plus transaction fees. With the Dogecoin price at $0.23, this reward is worth the investment. To put that in perspective, imagine you just mined a Dogecoin block. The reward for that single block would be $2,295.25 plus transaction fees—that is a sweet return! 💰 This is why miners invest in expensive mining hardware to mine Dogecoin.