user56373: I have this doubt regarding bitcoin mining, assuming I have two miners of hashpower 500 H/s .

Can I add up my hashpower and make it work like a single processor of 1000H/s
OR
Both both miners would be acting independently?

According to what I have read, option 1 is how it takes place.

So this means a mining pool has combined power of all the associated miners and working on one block?
OR
All miner are working on different block of their own ??

According to what I have learnt, option 3 is how it takes place.
Now, referring to the attached chart by blockchain.info and assuming option 1 & 3 for the questions
Only top 3-4 mining pools should be making profit. Relatively other miners have a very low probability with available hashpower to mine a block. And say for profit if all the miners decide to join big mining pools, eventually the network will become centralized.

user208: Mining is a lottery, not a race.
The fastest miner doesn't always win. In general, if you have X% of the hashrate, you will find X% of the blocks.
This is because not just all pools, but every every, every chip, ... is attempting to solve a different block proposal. Every attempt has an independent chance of winning. There are an infinite number of potentially valid blocks, but they're still only a tiny fraction of all possible blocks. Everyone is not trying to find the next block - they're trying to find a next block.
So:


Can I add up my hashpower and make it work like a single processor of 1000H/s


Yes. You can't distinguish the different processors - more hashpower just tries more block proposals at the same time.


Both both miners would be acting independently?


Yes. Everything always acts independently.


So this means a mining pool has combined power of all the associated miners and working on one block?


Yes.


All miner are working on different block of their own ??


Yes.

56373: <p>I have this doubt regarding bitcoin mining, assuming I have two miners of hashpower 500 H/s .</p>

<ol>
<li>Can I add up my hashpower and make it work like a single processor of 1000H/s
OR</li>
<li>Both both miners would be acting independently?</li>
</ol>

<p>According to what I have read, option 1 is how it takes place.</p>

<ol start="3">
<li>So this means a mining pool has combined power of all the associated miners and working on one block?
OR</li>
<li>All miner are working on different block of their own ??</li>
</ol>

<p>According to what I have learnt, option 3 is how it takes place.</p>

<p>Now, referring to the attached chart by blockchain.info and assuming option 1 &amp; 3 for the questions
Only top 3-4 mining pools should be making profit. Relatively other miners have a very low probability with available hashpower to mine a block. And say for profit if all the miners decide to join big mining pools, eventually the network will become centralized.</p>
 208: <p>Mining is a lottery, not a race.</p>

<p>The fastest miner doesn't always win. In general, if you have X% of the hashrate, you will find X% of the blocks.</p>

<p>This is because not just all pools, but every every, every chip, ... is attempting to solve a different block proposal. Every attempt has an independent chance of winning. There are an infinite number of potentially valid blocks, but they're still only a tiny fraction of all possible blocks. Everyone is not trying to find <strong>the</strong> next block - they're trying to find <strong>a</strong> next block.</p>

<p>So:</p>

<blockquote>
  <ol>
  <li>Can I add up my hashpower and make it work like a single processor of 1000H/s</li>
  </ol>
</blockquote>

<p><em>Yes</em>. You can't distinguish the different processors - more hashpower just tries more block proposals at the same time.</p>

<blockquote>
  <ol start="2">
  <li>Both both miners would be acting independently?</li>
  </ol>
</blockquote>

<p><em>Yes</em>. Everything always acts independently.</p>

<blockquote>
  <ol>
  <li>So this means a mining pool has combined power of all the associated miners and working on one block?</li>
  </ol>
</blockquote>

<p><em>Yes</em>.</p>

<blockquote>
  <ol start="2">
  <li>All miner are working on different block of their own ??</li>
  </ol>
</blockquote>

<p><em>Yes</em>.</p>
