What Is “Pool Variance” or “Luck” in the Context of Block Finding and How Does It Impact PROP?

Pool variance, or luck, is the statistical deviation between the actual number of shares required to find a block and the theoretically expected number. A "lucky" pool finds a block with fewer shares than expected, leading to higher payouts per share for PROP miners in that round.

An "unlucky" pool requires more shares, resulting in lower payouts. PROP miners directly bear this risk, as their payment is delayed and variable until a block is found.