Solo mining lottery

[squall1066]

As everyone story is different, we all pay differently for out power usage.

I have decided to turn my smaller miners that will never make more than a few satoshies over to solo mining.

I have had a few units over the years on pools hit a block so I thought I would just get some low units on the case, you never know

I'm talking about KNC mercury's and under, These units are not worth seling as the price to ship them is more than the unit is worth.

So I was just wondering what you guys are doing with your units that are not profitable?

One thing I will make clear, I am not solo mining with power hungry 1st gen asics like BFL's, those are off possibly for good  

anyone else soloing? Are you on a solo pool (one that just takes the mining profits from block and passes the rest to you)

Maybe you are still mining at a loss believing the BTC price will go up again (I also believe this, but it's been months now and I cant wait)

 

[alh]

Yes, there are numerous folks that are now "solo mining". I've even seen folks that will rent hash from Westhash/Nice hash to throw at a solo mining pool. You might want to look in the "Pools" sub-forum for more additional discussion. My most recent recollection was 727miner hit a block on a solo pool, though he had rented some hash as I recall.

[jonnybravo0311]

I've got 5 Antminer U2 that are pointed to ck.'s solo pool.  Every week, assuming they're not rented out, I point 6 of my S3s there for a day as well.  You never know if they'll hit .

@alh, 727miner has hit 4 blocks in less than 2 weeks on ck.'s solo pool.  Yes, he rents.

[Amph]

isn't better to use those miners to mine low difficult coins, like old sha256 or new sha256, and try to instamine some early block? i think you can do better than just wasting time with the solo mining

[Mapuo]

isn't better to use those miners to mine low difficult coins, like old sha256 or new sha256, and try to instamine some early block? i think you can do better than just wasting time with the solo mining

It takes too much time. If you do not have much free time, a better option is to switch off or solo mining.
My bitfurys are off long time.

[mrhelpful]

You can do that, but I seen people been scooping on ebay still selling it as a premium to make up the difference.

They sacrafice maybe $50 difference but thats about it.

OR you can use it to barter for something else on future trades.

[ThEmporium]

I sold in lots or scrapped. Why? Because to run the solo lottery you have to pay electric, and even if you win it is only $7,000. And the odd's are just not there.

[Amph]

I sold in lots or scrapped. Why? Because to run the solo lottery you have to pay electric, and even if you win it is only $7,000. And the odd's are just not there.

also there is a risky that you won't win anything before the block halving, this mean 3500, if the price stay there, this assuming the worst situation of course

[Mikestang]

I solo mine with an S1, a U3, and 4 nanofuries.

Code:

{"hashrate1m": "291G", "hashrate5m": "255G", "hashrate1hr": "256G", "hashrate1d": "257G", "hashrate7d": "240G", "lastupdate": 1430326431, "workers": 3, "bestshare": 5226248.1194786159}

I have an S3+ that mines for me at a loss because I like minting my own coin.  Some day it will be relegated to soloing as well.

[trendax]

I see lot's of people hashing at public solo pools, are any of you solo mining your own Bitcoin node?

[Scamalert]

Interesting thread. I like the idea to "gamble" with hash power.
What kinda of odds are we up against with current diff ?
I mean if you have 10 GH/s, then must it be possible to calculate the proberbitly to hit a block if you e.g. mine for one day.

[jonnybravo0311]

Interesting thread. I like the idea to "gamble" with hash power.
What kinda of odds are we up against with current diff ?
I mean if you have 10 GH/s, then must it be possible to calculate the proberbitly to hit a block if you e.g. mine for one day.

It's actually pretty easy to do so... you just figure out how many days at current difficulty it would expect for 10GH/s to find a block:

Code:

47610564513 * 2^32 / 10000000000 / 86400 = 236673.39991601060978

So, you've got about a 1 in 236673 chance of hitting a block today with that 10GH/s.

[Electric Money]

If I had rigs I'd play with them just to try.  Those odds seem better than Vegas.  (But I'd rather go there 😀)

[jonnybravo0311]

If I had rigs I'd play with them just to try.  Those odds seem better than Vegas.  (But I'd rather go there 😀)

Look at it this way... you hit the block of BTC and that'll pay for a pretty nice trip to Vegas .

[Mikestang]

I see lot's of people hashing at public solo pools, are any of you solo mining your own Bitcoin node?

I tried for a little while but it wasn't nearly as stable as mining to ck solo pool.

[redhunter]

So, you've got about a 1 in 236673 chance of hitting a block today with that 10GH/s.

Better than spending $2 on a Powerball ticket at 1 in 175M for the jackpot.

[alh]

So, you've got about a 1 in 236673 chance of hitting a block today with that 10GH/s.

Better than spending $2 on a Powerball ticket at 1 in 175M for the jackpot.

Not exactly a fair comparison. Solve a block solo, and you have well under $7500. I don't know about you, but that isn't retirement class money for me or my family. On the other hand $50M even after taxes and taking it as a lump sum, IS retirement class money for me and my family.

No, that doesn't mean I play the lottery, just pointing out the absurdity of the comparison.

[Scamalert]

If I had rigs I'd play with them just to try.  Those odds seem better than Vegas.  (But I'd rather go there 😀)

How did you calculate that? You will need to take the electricity price into consideration as well, if comparing stake and odds.

[philipma1957]

math is easy if your hash cost under current difficulty but is around 1th you are investing in a high risk high yield medium

if your hash cost is over current difficulty  and is around 1th you are gambling ie you are at unfavorable odds.


so this adjustment 1 th earns 0.0105 so renting under that at say 0.101 is investing meaning odds are in your favor.

renting at 0.0106 means you are gambling meaning odds are against you.

if your gear pulls 1th and uses 1000watts  at 10cents a kwatt you are just about break even so why not solo mine some of it.

[squall1066]

On the lower end of the spectrum, 100GHs on solo mining would be estimated at 64.5 years for a block and cost you $2354.25 to run 

obviously those figures are useless as the last block is due to be mined at 2040 (ish?) also assuming difficulty does not go up. LOL

Personally it's a gamble, I see it as that, I do not expect a return, i like to get the lottery ticket and I also from time to time buy a scratch card, I like a little dabble, I never spend more than I am willing to loose!