Bitcoin Forum

I'm using the Phoenix miner @ ~ 162Mhash/sec

Up until now I've been mining with bitcoinpool.com.  But after some hack attempts and some connectivity issues with the pool, I've decided to give solo mining a whirl.  I'll probably do something like mine for a month and then rejoin the pool regardless of if I find a block(s) or not.

I've set up my bitcoin.exe -server with a fancy dancy username and password and I have phoenix crunching away with my personal wallet as the (hopefully) lucky recipient.

1) I realize my chances of finding a block are pretty small, but lets just assume I do.  What happens?  Does my wallet just go up by 50 btc one day and I'm like WTF I R rich!?

2) I saw a btc video shortly after the /. story about some guy running a mining rig and he said something like "transaction fees are almost more profitable these days."  How do I get paid these transaction fees?  Again, do they just randomly show up in my balance?  What's up with that?

3) Phoenix miner shows my Mhash/sec, but shows 0 accepted/rejected.  I assume that's there cause I'm not mining with a pool and there's no one to accept or reject my stuff.  I just crunch numbers and hope I hit the jackpot.  Do I have this configured correctly?

PS- The bitcoinpool.com folks are REALLY cool.  They've even taken care of the "Issues" I mentioned earlier...  I don't want this post to somehow construe them in a negative light.

PPS- Thanks for your helpful responses in advance :)

I think that pool mining is more psychologically gratifying, especially if you can't mine 24/7/365. It really sucks to mine for a few days straight, get nothing, and then have to stop for whatever reason, to play a game, etc.

I mine for about 22 hours a day sans for the 2hrs I'm playing WoW.

With current difficulty it may take about 4 weeks, 5 days, 15 hours, 39 minutes, and 50 seconds to find a block if mining solo. It's not guaranted, may be less and may be much longer. (Difficulty will jump ~40% up in less than a week).

Yes, you will see a generation transaction in your wallet. Then you'll have to wait ~20 hours for 120 confirmations and if it's not failed then your balance will go 50 (+fees) BTC up.

He is wrong, transaction fees are about 0-0.05 BTC per block, rarely up to 0.1.
They will be added to your +50 at the time when block is found.

You will see "1 accepted" if you hit the block.

Welcome to my pool :)

Are you saying that if you stop, your progress gets lost or something? I've been stopping a lot because I can't mine 24/7...
WHATTT?

there is no progress to get lost.
you can only try one hash at a time and it's either a winner or not, makes no sense to save it.

probablity of you finding a block:
on the other hand, you could get 2 blocks on the same day 8) . Since the money i make via mining is minimal, i go solo mining. nothing to lose...

Your progress doesn't get lost. I was just referring to the psychological aspects. If you mine with a pool, you get something sooner rather than later. I think most people prefer instant gratification.  :D

Holy thread necro !

It's not worth it to solo mine unless you have several TH at your disposal.

Stick with a pool.

use this http://www.bitcoinx.com/profit/ . according to it if you had like 2 milion mh/s you get a block in 12 hours approx. but bitcoin at this stage it`s a big NO! for solo mining. if you had that kind of hash speed it`s still beter to stick to a pool.

Definitely want to at least get into the TH range

There are 144 blocks generated per day (at target speeds). You currently have 0.08% of the network hashrate approximately, that means you can expect 0.1152 blocks per day or 1 block roughly every 9 days. The process is subject to extreme variability though, you may have a month-long dry spell or find 2 blocks the same day.

In any case, for consistent payoffs, a pool is much better. And pool fees are rarely significant.

how do i calculate based on GH what are the probabilities of finding a block? i realised i found one on eligius actually, but ofcourse only got my share of the block.
i wouldn't mind solo mining for 3-4 months if i at least find one block worth 25btc. or even try a week or two.
As written before here, any info on avalon solo mining setups?

Enter the GH in http://mining.thegenesisblock.com/a/965a7370fc and look at 'Time per Block (days)'.

You will be better off in a pool unless your 'Time per Block (days)' is smaller than the period between difficulty adjustments (about 10 days).

If you're going for a 25 BTC "lottery", mine in a pool, then use the BTC you get to play Satoshi's dice or equivalent with a BTC 25 payout - your overall odds are better that way.

Depends on your mining speed and how long you can mine each day!