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The variance on 2GH on p2pool will, sadly, be massive. You could farm from sha256 alt coins though. Or else you might want to use a normal pool. (The proxy pool project I want to port to sha256 but haven't had time.)
Roy7 is a bit math challenged. The variance in absolute terms (meaning the amount of actual coins you will be above or below expectation) will be smaller the smaller your hash rate. If you are a very small miner you will be getting very little output no matter what. If you want to help bitcoin and also have some fun with your mining, just treat your p2pool output as a fun raffle. Every once in a while (maybe once per week, possibly more or less often) you will get a nice payout. The rest of the time you will get nothing. Either way you won't make a lot. Just relax and have fun it with. However variance as a fraction of expectation is much greater when hashrate is lower, which I think is what roy7 meant, and what is generally noticed by most miners. This is exactly what I meant by variance. The effect of having an excessively low hash rate compared to difficulty such that normal variances in finding shares have a drastic effect on the overall payout frequency of a miner. Luckily my Antminer U2 arrived today, and I also placed an order for 10 more :-D Thinking 22+ GH/s should be sufficient for p2pool :-) |
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Awesome, this is perfect! Thank you. |
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I'm just getting back into bitcoin, and used to use p2pool when GPUs were a thing. I have a small ASIC coming tomorrow (Antminer U2).
How foolish is it to mine on p2pool with _only_ 2 GH/s (gosh, it feels strange calling 2 GH/s "only")?
With such a small device I'm obviously not doing this professionally, but I'm also not sure what the variance will be like either.
The variance on 2GH on p2pool will, sadly, be massive. You could farm from sha256 alt coins though. Or else you might want to use a normal pool. (The proxy pool project I want to port to sha256 but haven't had time.) Ok, thanks. I was kind of fearing that, but it's good to get confirmation. I'll stick with a regular pool for now. What difficulty are p2pool shares? |
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I'm just getting back into bitcoin, and used to use p2pool when GPUs were a thing. I have a small ASIC coming tomorrow (Antminer U2).
How foolish is it to mine on p2pool with _only_ 2 GH/s (gosh, it feels strange calling 2 GH/s "only")?
With such a small device I'm obviously not doing this professionally, but I'm also not sure what the variance will be like either.
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The only way I see this as a viable option is if miners use multi coin pools that auto switch to the most profitable coin based on an algorithm which is what I found was responsible for significant drops and rises in difficulty with some alt coins.  Coin hopping... I like it! |
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Thanks.
I was wondering what could happen if all the Bitcoins stolen from Mt. Gox hit the market. Since the amount that vanished (I read it was close to half a billion USD) is quite large, the selling pressure is considerable. I´m surprised BTC USD exchange rate did not collapse even more. I do not own BTC, but if this move happens and the value drops to less than 100 USD or less, then this could be a very nice entry point. Not so sure if difficulty would fall as much so that mining could be a profitable proposition...
If you are looking to get into Bitcoin, waiting for 100 USD/BTC is very risky. Some people™ believe we have pretty much seen the bottom already, the usual fluctuations notwithstanding. Agreed. Having seen Bitcoin go from a few dollars to 18 and back in the matter of months, then the second run up and collapse a year later... To then only go up to 200, and eventually over 1000 before settling back it it's present price at 600, I must say it's a pretty resilient currency. Trying to time this market is a no-go. Mine for the long term. If I could have back all the BTC I sold for $1, I would :-( |
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But in this case you're not a new investor, you're a prospected customer. This IS different.
A scam, maybe. A Ponzi, no.
lol you make no sense At least you're in good humor about it :-) Customers are not investors. Investors are share holders. Customers and investors play entirely different roles in an organization. A Ponzi scheme is a type of scam that defrauds investors. If I overlooked where you were investing in this company, I apologize. |
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Please stop using the term "ponzi" if you have no clue what it means...
It's true that most of these mining sites are risky, and even the more legit ones ARE NOT for newbies trying to make a quick buck.
Are you retarded? "A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from existing capital or new capital paid by new investors" This is what I am saying: Fake mining operation takes money, pays back investors a small percent of their own money claiming it is "mining profits". How is that NOT a ponzi? But in this case you're not a new investor, you're a prospected customer. This IS different. A scam, maybe. A Ponzi, no. |
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Thank you, just what i needed.
Do not miss the 'luck' factor. On my miner statistics, i have 2 found blocks already.
So why not try to run solo, even if it takes 45 days, no pool in the world gives me 25btc in 45 days
2 blocks in how long? Since the time to find a block is an average, for everyone you find under that average you're equally as likely to go over than average. |
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Not to disagree, but if you were mining with 3.7 MH/s, did you expect to earn anything in 12 hours?
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The work items a pool gives to a miner is unique to the pool. So if you submitted said block solve via your local bitcoind it would not be accepted in the block chain.
Not quite true: the block may be valid if you relay it yourself, but it will still be paying the pool. P2Pool works this way: each miner individually relays the block. What prevents cheating is that the "proof-of-work" is a cryptographic hash of the block header. Change the block, and you change the resulting hash. It is unlikely that the new hash would meet the block-target without re-doing all of the "work" (repeated hashing, incrementing a nonce). #truefacts! Also, on topic #1, withholding the winning share might not directly profit the miner, but it can be used as a method of causing pools to become "unlucky". |
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While ignorant, I don't see any harm in the question. OP, think of Bitcoin like gold in this case. Gold, being a precious metal, is generally though of as a finite resource. So, this this regard all the lost gold at the bottom of oceans hasn't made gold any less valuable/desirable. Moral of the story; backup your wallet |
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