Is solo mining more profitable and i will get more coins on same speed as pooled mining? if not, what is the difference between the two.
also, those are some helpful links, thank you. And would you mind telling me which coin are you mining currently?
It depends - that is what everyone says. Ok, if we look at pool mining, the pool usually takes a commission from each block mined. This can be anything from 0-3% or so, in order to cover the cost of running the pool servers and other things like internet etc. Then you can choose to donate a part of your earnings to supplement the pool - typically 1% or fraction thereof. If the pool you have chosen is a significant fraction of the network hash rate, your pool has a higher chance of solving the blocks. Assume your pool has 50% of the network hash rate. This means that your pool is likely to solve 1 out of every 2 blocks, ok? Now the pool will usually have a number of miners, each miner can have multiple workers, so adding up all of the hashing power in the pool - you look at your hash rate relative to the pool. If you have 25% of the pool hash rate, you are likely to get about 25% or less of each block after commissions. This is what PPS (pay per share) is about - I know this is a simplistic view, but is a good approximation. Most pools now at PPLNS, or pay per last N shares. Your mining software will generate shares, which are partial solutions to the puzzle - the pool counts how many shares you produce, so it will work our what your earnings will be from each block or number of blocks. Sorry for being long-winded, basically pool mining allows smaller miners to pool there mining power together to get a better chance of solving blocks.
Now, for solo mining - if your pool is a good fraction of the network hash rate, and you have a good fraction of your pool hash rate, you might be interested in solo mining. I.e. my hash rate is about 2.5MH/s and with Peoplecoin, most nights the network hash rate goes down to about 4MH/s - so I set up my mining rigs to solo mine, then switch back to pool mining when the network hash rate goes up. With solo mining, I get the entire proceeds of each block I solve, so it works out a bit better.
Now what am I mining right now? I won't quite spell it out, but remember the bird in Harry Potter, that goes up in flames, but then comes back to life? This coin has a network hash rate that a couple of days ago, was ranging from 2-7MH/s, right now it is 20MH/s but I expect that to go down in a little while, then I can make more coins - the pool I am in is about 33% of the network hash rate, so a good percentage means a reasonable return. I suspect that the hash rate went up because this coin now gives 50 coins per block instead of 25 coins per block a few days ago.
