Solo Mining Group Buy?

[SIRacer09]

So I've got an idea, don't know if it's a good one or not.  What would stop someone from getting together a group buy to purchase hash on NiceHash to solo mine on ck's solo pool?  You could potentially, and I use that word loosely, get a pretty good payout if you could get a lot of hash together.

1.  Is anyone interested? We would have to use an escrow since no one would trust me as a noob..

2.  Would it be smarter to buy a LOT of hash power for a little time or moderate hash for longer time?

[notlist3d]

So I've got an idea, don't know if it's a good one or not.  What would stop someone from getting together a group buy to purchase hash on NiceHash to solo mine on ck's solo pool?  You could potentially, and I use that word loosely, get a pretty good payout if you could get a lot of hash together.

1.  Is anyone interested? We would have to use an escrow since no one would trust me as a noob..

2.  Would it be smarter to buy a LOT of hash power for a little time or moderate hash for longer time?

It has been done before I know Phil has done a few times.  Most likely you will need someone like him if you want to do this.  So you would need to talk them into running it as trust is so high.

Also you need to know you have a decent enough group of people to do it I would say at least 10 or so most likely.  But it would need to be more then just one is a big thing.

But it has been done before by him.  I have no idea if he is interested in more or if not interested.  But I would start with him if you do find enough for a group: https://bitcointalk.org/index.php?action=profile;u=64507

[SIRacer09]

Thanks notlist3d!  I'll get in touch with Phil. Anyone interested if we can get Phil on board?  I'm willing to put up .5 BTC on the venture.

[philipma1957]

Thanks notlist3d!  I'll get in touch with Phil. Anyone interested if we can get Phil on board?  I'm willing to put up .5 BTC on the venture.

I may do it.

10 people max 0.5 btc a piece = 5 btc.  

I would want a 1% fee to run it. Not of winnings.

Ie 1% of .5 btc=  .005 btc

so to enter you would send   .505 btc

If ten join  we would have 5.045 btc  why not 5.05 btc well one of the ten would be me and I would not pay myself a 1 % fee.

I would take the 5 btc  buy 2.5 btc at nicehash and 2.5 btc at west hash

We would get about 425 to 450 th at each site  total of 850 - 900 th for about a day.

If you have an interest post here.

[SIRacer09]

That would be 425-450 TH/s for 24 hours or so correct?

[philipma1957]

That would be 425-450 TH/s for 24 hours or so correct?

duh  my bad   425 to 450 th at each site for a total of 850 to 900 th


here is a screen shot of what an order on nice hash would look like

 right now price is floating from .0051 to .0054

below would be if we get  .0053  we would get 460th for around 24 ½ hours.

I would point nicehash at ck's de / german server

I would point westhash at ck's USA server

we would have about 5/25 chance or 20%  to hit  a block  and about a 5/625 chance  or 4% chance to hit  2 blocks.

The closer we pay to .0051 or .0052   the odds are fair.

l

If you put up .505 btc you get   and there are 10 of us  you get 1/10 of the block.

the block would be 25 btc + transaction fees - ck's fee of .125  and minus a .125 tip to ck.     so the worst would be a 2.45 btc payout for your .505 btc

most likely you get 2.5 for the  play since transaction fees are around .25 a block.

  Since I am getting my fee of 1% up front I would not take anything extra from the block or blocks we hit.

[SIRacer09]

Sounds great! What's the best way to round up some folks?

[USB-S]

However this would be a lottery nevertheless. I mean if we'd all chip in and we wouldn't hit a block, we would all be out of money. Also a trusted person would need to run this, else there's a slim chance that we would lose our money. Would someone please organize this?

[SIRacer09]

We already have our trusted person in Phil.  See above.   

[Rubberduckie]

I would potentially be interested in a group if there is a spot and
we know its well managed and money is safe etc.

[EnJoyThis]

I don't mind a gample either.

When will we do it? You might want to choose fixed rate as it would be bad if someone outbids us in the middle of our block solving.

One question though, what latency are we looking at? if it's greater than 90ms than I'm not joining the party because it will reduce our chances.

[SIRacer09]

Is there anyway to tell latency on NiceHash? I also vote for fixed rate. I rented 100TH the other day and got outbid about halfway through my contract, not good. 

I'm game to start whenever we can get more people onboard.

[Chef Ramsay]

I'll keep an eye on this one and if more are interested I might jump in.

[EnJoyThis]

Currently someone is doing "The Thing".

600th rented at nicehash @0.0057
500th rented at westhash @0.0055

both fixed rates and therefor fixed speeds.

[SIRacer09]

Hope they find a block!  So far we only have 5, maybe 6 interested...

philipma1957
SIRacer09
Chef Ramsay
EnJoyThis
Rubberduckie
ncsupanda
Kipper01

USB-S?  

Edit:  Added ncsupanda, Kipper01

[EnJoyThis]

I guess there is not enough interest in this kind of gamble.

Sad because would love to see a block.

If this is going to continue anyway just sent me a pm and I'll jump on board. But I won't leave this thread open on my browser anymore.

Cheers guys

[ncsupanda]

I would be interested - add me to this list.

[SIRacer09]

Anyone else interested?  Only need a couple more!

[kipper01]

Add me to the list

Kipper01

[SIRacer09]

Added.  Thanks!