newbie question about solo mining

[menoiazei]

 Hi i am new to this,
would like to know where is best to start from and what is the best way to do it,

also compared to pools...

many thanks!

 

[jonnybravo0311]

Since you're completely new, I'm going to give you the easiest answer: point your miner to solo.ckpool.org.  It's easy to setup.

URL: stratum+tcp://solo.ckpool.org:3333
User name: your bitcoin address
Password: x

So, if you're running cgminer on the command line, you just start it like this:

Code:

./cgminer -o stratum+tcp://solo.ckpool.org:3333 -u YOUR_BTC_ADDRESS -p x

Replace "YOUR_BTC_ADDRESS" with a  valid BTC address that you control.

[menoiazei]

 will try this

thank you jonnybravo!!!

 what about solo vs pool

[cjambox]

you have not chance against pools when you are making solo mining.
you need a big factory thats full of asic miners may be that is too not enough

[menoiazei]

thanks for the reply cj

maybe this been analysed over and over but 
what i am trying to be enlightened about is
what is the difference in performance between solo vs pool using same power,
 when you do solo mining from what i understand is like playing lottery,
is there a system or way to do that effectively like the pools other than big power?? is it worth the hassle to go solo?

[philipma1957]

cjambox's reply is not very helpful not enough info

here is the deal.

there is about 375 ph mining as I type

or 375,000 th   since 1 ph is 1000 th


so if you are mining with 1th  for every block  your shot is1 out of 375,000  since 1 th is about 2 antminer s-3's or 1 antminer s-5  and you get a 1 out of 375,000 shot cj has told you it is hard you need a lot of gear.


ck's solo pool   does some work for you and charges a tiny fee.  you only need run a miner not a miner and a server.

if you run 1 th 24/7 your chance of a block is 144/375,000 each day.  thus people call it like a lotto.

since it is about 2600 to 1 in a day to hit  with 1 th

but if you mine 4th at f2pool  with its daily payout and 1 th at ck solo pool with its all or nothing block concept  you get the best of both worlds.

[unholycactus]

I strongly advise against solo mining.

You can set up your miner to Eligius (pool I recommend) the same way jonnybravo0311 described in his post.

Use

Code:

stratum+tcp://stratum.mining.eligius.st:3334

instead.

[menoiazei]

thanks for the info! will set this and start experiments!!

[altcoinhosting]

I strongly advise against solo mining.

You can set up your miner to Eligius (pool I recommend) the same way jonnybravo0311 described in his post.

Use

Code:

stratum+tcp://stratum.mining.eligius.st:3334

instead.

Is there a reason you're using eligius, or just personal preference? I'm searching for the pool that gives me the most dust and has the lowest possible withdrawal fee (currently only mining with 2 Antminer U2's + 1 gridseed GC3355).
The reason i ask is because my hashrate is only around 10G, so when i use the wrong pool, it might take months before i can even withdraw my tiny earnings... I knew i would never ROI with these toys, but i wanted to learn about mining...

[unholycactus]

I strongly advise against solo mining.

You can set up your miner to Eligius (pool I recommend) the same way jonnybravo0311 described in his post.

Use

Code:

stratum+tcp://stratum.mining.eligius.st:3334

instead.

Is there a reason you're using eligius, or just personal preference? I'm searching for the pool that gives me the most dust and has the lowest possible withdrawal fee (currently only mining with 2 Antminer U2's + 1 gridseed GC3355).
The reason i ask is because my hashrate is only around 10G, so when i use the wrong pool, it might take months before i can even withdraw my tiny earnings... I knew i would never ROI with these toys, but i wanted to learn about mining...

I see, Eligius might now be for you then because I don't think you can withdraw without the minimum balance which is something around 10mBTC.

I posted Eligius because you don't have to make an account which makes it simpler for you. But now you'll have to find a site and create an account.
Not much more complicated but it's an extra step.

[QuintLeo]

Bitcoin difficulty has gotten so high it's really not practical at ALL to try to solo mine. Even with that S5+ (biggest single miner to date), your chance of finding a block is tiny - many many YEARS for a 50% chance to find ONE block even if difficulty stays FLAT that entire time (it won't).


 Might be different on some altcoins, though.

[Kingno.1]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

[altcoinhosting]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

No, it won't be sufficient to mine....
There is a very very very very very small chance you'll hit a block, but it's almost not existent...

If you do want to solo mine, i guess your best chance would be to use a solo mining pool like this one: https://solo.nicehash.com/
It will save you the hassle of running a node, setting up bfgminer, cpuminer,.... (you'll still have to setup this software, but usually the pool has an easy how-to made for you)

[QuintLeo]

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

 Don't even bother trying to MINE Bitcoin (or any SHA256 altcoin or any Scrypt altcoin or even any X11 based altcoin) with that setup.

 You will get VERY VERY TINY amount of coin mined, for a LOT MORE ELECTRIC COST spent. You'll lose money.

 That setup would probably never find a Bitcoin block if you ran it 'till it died - it's extremely unlikely if it would find a Bitcoin block before the last Bitcoin was mined even if the rig NEVER died.

[jonnybravo0311]

thanks for the reply cj

maybe this been analysed over and over but 
what i am trying to be enlightened about is
what is the difference in performance between solo vs pool using same power,
 when you do solo mining from what i understand is like playing lottery,
is there a system or way to do that effectively like the pools other than big power?? is it worth the hassle to go solo?

Mining solo means you are taking your chances and hoping to solve a block on your own.  The result is that you get the full block reward (currently 25BTC).  Either you hit, or you don't.  Mining in a pool means you, along with everyone else, are attempting to find the block solution.  If and when a block is indeed found, the 25BTC is distributed to the miners according to some known payout scheme (like PPS, PPLNS, etc).  In other words, you get lots of little payments.

The pool I described in my first post is run by -ck.  He, along with kano, are the guys who wrote the cgminer software.  This "solo pool" works just like any other pool, except that when a block is found, only the person who found the block gets the reward.  It's not about combined hashing power like in a traditional pool.  Basically, you're solo mining without needing to run your own full Bitcoin node.  The pool does that bit for you (and so far they've found 88 blocks).

[Kingno.1]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

No, it won't be sufficient to mine....
There is a very very very very very small chance you'll hit a block, but it's almost not existent...

If you do want to solo mine, i guess your best chance would be to use a solo mining pool like this one: https://solo.nicehash.com/
It will save you the hassle of running a node, setting up bfgminer, cpuminer,.... (you'll still have to setup this software, but usually the pool has an easy how-to made for you)

But for this should i have to buy a Graphics card to mine in bfgminer, cgminer or what ever software, the system which i am using dont have graphics card . I have tried to setup the cgminer software but it is searching gpu but i want to try with cpu.

 I just want to experiece what will happen if i setup cpu minning.

[aakashsangwan]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

No, it won't be sufficient to mine....
There is a very very very very very small chance you'll hit a block, but it's almost not existent...

If you do want to solo mine, i guess your best chance would be to use a solo mining pool like this one: https://solo.nicehash.com/
It will save you the hassle of running a node, setting up bfgminer, cpuminer,.... (you'll still have to setup this software, but usually the pool has an easy how-to made for you)

But for this should i have to buy a Graphics card to mine in bfgminer, cgminer or what ever software, the system which i am using dont have graphics card . I have tried to setup the cgminer software but it is searching gpu but i want to try with cpu.

 I just want to experiece what will happen if i setup cpu minning.

Yes you can do cpu mining, but the hashing speed will be very less. There is a software called cpuminer and search on youtube on how to setup cpuminer and those videos can guide you better.

[altcoinhosting]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

No, it won't be sufficient to mine....
There is a very very very very very small chance you'll hit a block, but it's almost not existent...

If you do want to solo mine, i guess your best chance would be to use a solo mining pool like this one: https://solo.nicehash.com/
It will save you the hassle of running a node, setting up bfgminer, cpuminer,.... (you'll still have to setup this software, but usually the pool has an easy how-to made for you)

But for this should i have to buy a Graphics card to mine in bfgminer, cgminer or what ever software, the system which i am using dont have graphics card . I have tried to setup the cgminer software but it is searching gpu but i want to try with cpu.

 I just want to experiece what will happen if i setup cpu minning.

Yes you can do cpu mining, but the hashing speed will be very less. There is a software called cpuminer and search on youtube on how to setup cpuminer and those videos can guide you better.

Very good point...

But just to elaborate... I do not recommand using a CPU OR a graphics card to mine bitcoin!!!

A long time ago, people started to produce ASIC's . These are basically, small devices made for the sole purpose of hashing one specific kind of algorithm... These devices can deliver extremely high hashing speeds for extremely low power usage. They exist for sha-256 (bitcoin, namecoin,...) and scrypt (litecoin, doge,...).
You CAN NOT compete against these ASIC's with your CPU or your graphics card... Period...

The only way to actually have a chance in mining a block, is buying an ASIC... If you buy a small ASIC (like an antminer U3), chances are still almost not existent you hit a block... If you join a pool, payouts will still be low, but at least you'll have something to show for your efforts...

IF you buy an asic, i strongly suggest reading up on the technology, rewards and odds... There is a very big calculation you have to make, including power costs, risks, investments, ROI,...

[aakashsangwan]

can you please explain me how are you going to do your solo mining, as i also wanted to try

I have a Core2duo 2gb ram 500gb hdd / intel motherboard with in built graphics, will be sufficient to mine and how can i do this

please help me with this detail.

No, it won't be sufficient to mine....
There is a very very very very very small chance you'll hit a block, but it's almost not existent...

If you do want to solo mine, i guess your best chance would be to use a solo mining pool like this one: https://solo.nicehash.com/
It will save you the hassle of running a node, setting up bfgminer, cpuminer,.... (you'll still have to setup this software, but usually the pool has an easy how-to made for you)

But for this should i have to buy a Graphics card to mine in bfgminer, cgminer or what ever software, the system which i am using dont have graphics card . I have tried to setup the cgminer software but it is searching gpu but i want to try with cpu.

 I just want to experiece what will happen if i setup cpu minning.

Yes you can do cpu mining, but the hashing speed will be very less. There is a software called cpuminer and search on youtube on how to setup cpuminer and those videos can guide you better.

Very good point...

But just to elaborate... I do not recommand using a CPU OR a graphics card to mine bitcoin!!!

A long time ago, people started to produce ASIC's . These are basically, small devices made for the sole purpose of hashing one specific kind of algorithm... These devices can deliver extremely high hashing speeds for extremely low power usage. They exist for sha-256 (bitcoin, namecoin,...) and scrypt (litecoin, doge,...).
You CAN NOT compete against these ASIC's with your CPU or your graphics card... Period...

The only way to actually have a chance in mining a block, is buying an ASIC... If you buy a small ASIC (like an antminer U3), chances are still almost not existent you hit a block... If you join a pool, payouts will still be low, but at least you'll have something to show for your efforts...

IF you buy an asic, i strongly suggest reading up on the technology, rewards and odds... There is a very big calculation you have to make, including power costs, risks, investments, ROI,...

And up all lies luck.
Even if you mine with best asic on web then also there are very less chances that you hit a block.
And with reward halving in july,2016 i don't think that any new miner will come into mining.
Then i think people start using the solar energy, in my country(India) there is availability of around 10 to 11 hours of sunlight a day. But still in buying solar panels and batteries it will cost too much and with no assurity of return over investment.

[QuintLeo]

And with reward halving in july,2016 i don't think that any new miner will come into mining.

 There have already been 2 new miners announced - Antminer S7, probably in September, and an lktec unit likely in December.
 This is NOT counting anything Bitfury, KnC, and "the company formerlly known as Spondoolies" are doing since they don't sell to the public any more.
 This is also not counting folks that haven't announced ANYTHING about what they might be working on for the next generation (like Avalon).

Then i think people start using the solar energy

 Too expensive, the initial investement is VERY HIGH and only if you're in a very isolated area will it ever pay off at all.
 The technology needs to come down more in price before solar gets to be usefull, many companies have been working on that but even at COMMERCIAL scale solar is still a lot more expensive than any other widely used technology for power generation.