Litecoin Solo Mining Chance Calculator
How do you calculate the chance to solo mine a Litecoin block?
Our Litecoin 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 Litecoin 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 Litecoin network. For example, if your hashrate was 20 TH/s and the network hashrate was 250 TH/s, you would account for 8% of the total mining power. This means your chance of mining a single block is 8%. 🤓
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 Litecoin solo mining?
To better understand Litecoin solo mining, you need to understand the two different types of crypto mining.
Litecoin Pool Mining 👪: This is when a group of miners collectively combines their mining equipment (hashrate) to find a Litecoin 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 7% of the pool's total hashrate, you would receive 7% of the block reward.
Litecoin Solo Mining 🕵: This is when a single miner uses their own mining equipment to find a Litecoin block. While this type of mining results in a much larger payout (since you keep the entire reward! 🤴), the odds of succeeding are small unless you spend hundreds of thousands of dollars on mining equipment.
What is the current Litecoin network hashrate?
The current Litecoin network hashrate is 2.45 PH/s. A reasonable estimate is that there are between 100,000 and 400,000 active mining devices on the network. However, the decentralized and pseudonymous nature of the Litecoin network makes it impossible to know the true number. 👥 Did you know a lot of miners use merged mining to mine Litecoin and Dogecoin at the same time? 🔌
What is the current Litecoin network difficulty?
The current Litecoin network difficulty is 97.15 M. The network diffficulty is adjusted every 2,016 blocks, or roughly every 3.5 days, to keep the average time for creating a new block at around 2.5 minutes. If Litecoin 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 Litecoin mining reward?
The current Litecoin mining reward is 6.25 LTC plus transaction fees. With the Litecoin price at $118.15, this reward is worth the investment. To put that in perspective, imagine you just mined block #2951001. The reward for that single block was $741.36—that is a good amount of money! 💰 This why crypto mining companies pay for specialized hardware to mine Litecoin.