What are the odds? Solo Bitcoin Mining vs. Bitcoin Casino Games

Every gambler’s dream is to win against all odds. For a solo miner, this dream became true a few days ago. What are the odds to repeat that feat, and how that compares to gambling at the casino?

The Bitcoin Block Explorer registered that block 772,793 was added to the network on Friday, January 22nd, 2022. At the moment, the total mining power for the Bitcoin blockchain was 269 EH/s (exahashes per second).

According to Coinmarketcap’s Bitcoin pricing, the miner’s 6.25 Bitcoin winnings were worth about $142,500 when the block was added to the blockchain.

The majority of miners get together in mining pools since the pooling of resources allows the group to mine multiple blocks at the same time.

This significantly increases the chance to unlock block rewards more often, resulting in larger and higher revenues for their individual mining operations.

For solo miners is a bit of a gamble, as they mine only one block at a time, relying solely on the luck factor to hit it big once if they ever do.

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Bitcoin Mining and Bitcoin Gambling have much in common

You would probably think that Bitcoin mining and Bitcoin gambling do not have much in common, and in some ways, you’d be correct.

Beyond the odds of mining a valid block on your own or within a pool of miners, the only other similarity many people see between bitcoin mining and bitcoin gambling is that both involve using the bitcoin you eventually deposit for betting. Otherwise, they look at them as completely unrelated activities.

But they have more in common than what people see. Let’s have a look at what I’m talking about:

• In both cases, there is the chance to receive a reward.
• There is never a certainty of winning.
• It is possible to improve the odds in order to increase your likelihood of winning.

This means that you can make luck work in your favor with a little effort on your part.

It also means that while mining bitcoin involves a bit of technical knowledge that not everyone understands, winning at the casino is an accessible activity for anybody who wishes to participate.

What are the odds of winning at bitcoin mining?

With an extremely small processing power portion, just 0.000000037% or 1/26,900,000^th, of the Bitcoin network, this solo miner has achieved an exceedingly unusual win for a single individual.

One in 26.9 million are the odds that this lone miner beat by being the first to solve the block with a correct hash. Despite how unlikely it may seem, it is not something that cannot happen again because it does so occasionally.

To improve his odds of mining a valid block more often, this miner should consider the option of joining a pool (and getting smaller rewards frequently) or acquiring more powerful mining equipment while keeping on his own.

What are the odds of success at the casino?

Winning at the casino is a different kind of gamble.

Unlike the solo miner who is betting on a unique win comparable to hitting some state lotteries, casino games offer a varied spread of odds much, much lower than the ones this lone miner has beaten that can be busted easily.

Let’s see some examples: hitting 10 numbers in Keno odds is 1 in 8,911,712, in brick-and-mortar and popular branded online slot machines the probability of hitting the Jackpot while playing the maximum coin bet varies from one in 5,000 to one in about 34 million.

The odds of getting a royal flush in the first hand of poker, are just 649,739 to one, and in a hand well played, the pot can earn you a considerable sum of money.

Natural blackjack pays 3:2 on your wager at the blackjack tables. Equally to this, if you bet on the right number in roulette, you always have a 35x chance of winning your original stake.

Playing at the casino is the right gamble for those people who enjoy winning frequently even if the prize is moderate in comparison to one Bitcoin block reward.

To increase your chances of securing a win at the casino, it is important to have a strategy and know which bets to avoid.

How to improve your odds at the Casino

It is mathematically impossible to defeat the house edge, but chances are good that you will eventually overcome the house edge.

Gambling is much simpler when you accept that you’re expected to lose because you don’t feel as bad about it. It was exactly what you anticipated.

Additionally, it enables you to shift your perspective. You may now put the emphasis on increasing your odds of winning rather than feeling depressed about losing your money.

Since increasing your odds is something you can achieve when making the right steps. We’ll give you examples of what to do to you.

Choose your games

Knowing the best games to play is an important part of experiencing a casino. Ideally, they should be games that you know well or you have already played.

Also, choose the games with the most favorable odds and avoid the ones that will deplete your bankroll.

The following tables illustrate the gap between the best and worst odds to be found in most casinos:

Unlike other casino games, blackjack, and poker challenge the player’s skill as well as their luck, which clearly gives them benefits over other games.

Keep in mind that the chances of winning in poker games vary greatly. Prior to starting a poker game, it is impossible to predict with any degree of certainty whether you will succeed or fail.

Your skill as a poker player will clearly make a difference over time if you keep working on it.

Use the Bonuses and Promotions

Every casino has a battery of bonuses and promotions to entice new -and old- customers to keep playing. Take full advantage of them to boost your bankroll. They will enable you to play for a longer time or to take higher stakes if the wager merits it.

Apply Bankroll Management Techniques

Your bankroll is the money you’re investing in your wagering activities. The key to a successful, long-lasting, and more enjoyable gambling experience is proper bankroll management.

Make your Bets in accordance with your Bankroll

Allowing your bankroll and budget to guide your decision on what games to play is always a good idea.

Lower bets are more likely to be advantageous for you when your budget is smaller, and you can allow yourself to bet larger only when your spending limit grows.

You won’t go over budget and will have more money to play for a long time if you follow this advice.

Split your Bets

This is very straightforward and this relates to the point above, half the wager spending, double the fun you can have playing.

Keep away from chasing losses

A common error made by gamblers is chasing losses. You can feel under pressure to win back all of your lost chips when this happens. But when playing a game, it’s very possible to lose more money than you bet.

If you are going to gamble, you should be prepared to lose because it is simple to get irritated whenever you do. Avoid letting your emotions interfere with your gambling because the point is to play and enjoy yourself. Instead, put the game on hold for the day and examine your gaming budget. Give yourself time to improve your gaming balance when you’ve lost too much money so your livelihood is not in jeopardy.

After you have won, you should leave

It’s tempting to stay at the table and keep playing after you’ve won a large sum of money. However, that shouldn’t be your goal. When you have won your desired amount, whether it is $100 or $10,000, you should instead leave the casino.
Keep your attachment to your profits to a minimum. When you sit down to bet again, you do not want to lose them all. If you are overly happy or you are absent-minded, it might occur. Keep a little of your cash on hand, and when you have won enough, take the rest home with you.

Conclusion

Now you know that you can win bitcoin in a number of different ways. Whatever approach you use, it should be one that seems natural to you.

We hope that understanding what are the odds of bitcoin solo mining and how it relates to bitcoin gaming makes you choose to play with us

In both pursuits, luck is important to succeed, therefore keep in mind that sometimes you won’t be winning no matter how much you try to improve the odds.

Alternatively, maybe today is the day that good fortune favors you!

Image by Karolina Grabowska at Pexels 

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