I can see many delegation “groups” that have millions of XTZ in their staking power. I’ve got 10,000 XTZ in my wallet and have registered to become a baker and my node is up. What is the chance I’ll get picked? Is it purely random or does the amount you have staked factor in? Basically, do I even stand a chance of getting picked to bake?
Your odds should be linearly proportional to your stake. So someone with a million XTZ baking should be 100 times more likely than you. So yes, you do have a chance. You’ll face more variance in the short term but long term your profits should converge to what you’d get if you’d simply delegated plus the savings from not paying them a percentage.
Remember to run the baker, endorser, and accuser at the same time. There are actually more rewards from endorsing than from baking blocks.
Do you need extra tezos for the deposit, on top of 10,000 Tezos ?
No. Your bond will be taken from that 10K but the network will still see a 10K stake/roll.
Good to know. Thanks.