If there are 100,000+ bitcoin miners in the world, are they all competing against each other for each block every 10 mins? Or do they share in the block reward in proportion to the amount of electricity they are spending? Or does the whole block reward only go to the one miner that solves for the nonce?
Does this mean that small miners run the risk of never being able to solve a block? Because big miners have way too much electricity power?
Trying to wrap my head around this.