Bitcoin Forum

Got single 60GH about 2 mon ago, got my ROI back and plus about 2 btc profit, with in the last 2 months my single found 2 blocks. I am thinking of going solo, please advice

If I keep mining with the pool, ATM my average btc per month will be around 1.7 btc and of course it will be lower  with the dif increase, should I go solo ????

If you like risk, sure.  But with only 60GH/s, solo mining will be like trying to win the lottery.  You could go a year and find nothing, quite easily.

Try a 1TH instead. Because its more likely you'll be struck by lightning multiple times over hitting a block.

Bobcat i feel your pain, I found EIGHT blocks within a two week period with 1.4gh/s (this was in 2012) and was going Nuts about how much "the pool was stealing from me!, Grr how dare i share those blocks that i found!" So decided to go solo for a bit, Within 14hrs i found another block, But this time it was All MINE MINE mineminemine. At this point i was happy, but wanted more, I left it on solo for two weeks and hit nothing, So i went back to the pool, a day later i found another block, Boy was i pissed.

It's really all just luck like the lottery

My one single hasn't solved a block since August.

Well that's not really true.  His chances of hitting a block in a month of mining is about 1 in 14.  But those still aren't good enough odds for me to recommend solo mining.

On average - it makes little difference if you are in it for the long run.

That is only true when the network is not growing or shrinking.  With difficulty increasing like it has for the past 4 months it is better to pool mine as the chance for getting a block diminishes with time (not the case when the network is relatively static).

Did I miss something? 1 in 14 chance? Its 7% Chance to find a block with 60GHs? Did you not watch the current speed of the entire network?

1.7 btc per month is still good steady income. I wouldnt turn it to solo because in next month when difficulty is still ok for 60GH you make over 1 BTC while solo mining probably 0. I would go solo mining if the BTC amount mined at pool is not interesting anymore

You might have missed the "in a month" part?  Otherwise, I don't know what your surprise is... at the current difficulty, anyone has a 1 in 14 chance of finding a block in a month of solo mining with 60GH/s.

This is my thoughs, I might be wrong, but this is my math

Lets say 12/24 months pool mining vs 12.24 months solo


Pool mining
12 months = 7 BTC,      7  * $375 = $2625(profit)
24 months = 10 BTC,    10 * $375 = $3750(profit)
 


Solo Mining
12 months = 25BTC  * $375 = $9375(profit)
24 months  = 25BTC  * $375 = $9375(profit)
36 months found a block still make profit (may be at this time btc price is sky rocket)

It's worth doing it every other day or once a week. The longer you wait to try it the less likely you'll solve a block. Still, the estimations are only estimates. You could hit 3 blocks in one day you never know.

Your math is off.  The averages over the long term will be exactly the same.

The logic behind all of this is a fallacious post ex facto statistical fantasy. If statistics show that you "found" a block during pool mining, that doesn't mean that if you were solo mining you would've found a block. The header on the block created by your pool versus the block you would've mined solo are different, therefore the hashes would have different nonces.

If I could distribute my hashpower to 50% solo mining and 50% pool mining it'd be perfect.

Now I stick to pool mining for the time being. Hitting a block would be insane at this BTC price.

Please buy some lottery also... use your luck on something better before it ran out :)

Thanks for all the inputs, I will stick with pool for a while.

Want to gamble with Bitcoin? Try Satoshi Dice! The odds are pretty fair over time, just like solo mining!

Satoshi Dice odds are better then solo mining...