Solo mining group, currently closed

[PublicP2poolNode]

Group is currently closed. There doesnt seem to be anyone wanting to join, so im closing the openings now and am going to solo mine, SOLO

Hi there, so I received my tax return and purchased some bitcoins to solo mine with.

I'm looking for anyone who would like to join me in this venture. ( open to anyone in the world except residents of N.Y., sorry but I live in the U.S.A. and don't want to open a can of worms, nothing personal )

I will be renting 777TH from nicehash and mining on solo.ckpool.org (with that being said, the next adjustment should happen during this run, and if the difficulty increases by 10% for example then I will increase the hashrate accordingly. Unless the difficulty drops, in which case it will remain at 777TH until we find a block and stop hashing or run out of coin.)

**hashing may or may not stop, and/or be reduced periodically depending on asshats that like to outbid everyone paying upwards of 200% to 300% expected return, and those decisions will be left up to me as far as what I'm willing to bid to keep the hashrate as close to the target as possible, and may or may not also include adjusting hashrate below the target of 777TH or to a complete halt periocially depending on when and if the asshats arrive, but will resume to target hashrate levels once the asshats run out of coins**

I will be contributing 29.5 BTC towards the group.

Minimum amount to join will be 0.1 BTC

I will be running this group a little different than other groups that have joined together in the past, in that if/when a block is found mining will be stopped and remaining coins plus generated coins from the block found will be paid out according to your percentage based on how much you contributed. Assuming a block is found and it is not orphaned of course, and after it has matured.
ORPHANS Will NOT be paid out.

For example:
My contribution: 29.5btc
User a: 0.25btc
User b: 1btc
User c: 0.75 BTC
For a total of 31.5btc

Now in this example, let's say we get lucky and after spending 10btc we find a block worth 25 btc, I then cancel the rental leaving 21.5btc left over from contributions plus 25btc from the block we found for a total of 46.5btc that I would pay out to each user according to their percentage based upon their contribution.

Share percentage from example above:
My share:  93.66%
User a: 0.79%
User b: 3.17%
User c: 2.38%

Payout according to example above:

46.5btc minus 0.1 donation to ckpool= 46.4btc to be paid out

My reward:43.46btc
User a: .367btc
User b: 1.47btc
User c: 1.1btc

With that said, I am human and do work, so during the day hours, if a block is found the hashing may run until I have a break and see that a block was found, and I also sleep at night so if a block is found while I'm sleeping then the mining will continue until I wake up, see a block was found and cancel the rental.

At any rate, the mining will commence no later than Friday, february 27th at 7 pm PST, regardless of how many coins are raised, if any.

And I do reserve the right to start it anytime between now and then if I feel enough coins have been raised.

29.5BTC should be enough to find a block although it's obviously not a guarantee which is why I'm looking for people to join with me and increase the odds of at least getting a return on our investment and hopefully a great return.

To join, the minimum amount is 0.1and there is no maximum entry fee.

Last but not least, I will be donating 0.1btc to solo.ckpool which will be taken out before calculating payouts.
Thanks

[PublicP2poolNode]

Reserved for future posts

[jonnybravo0311]

Nice tax return .  Good luck with your solo mining adventure!

[PublicP2poolNode]

Nice tax return .  Good luck with your solo mining adventure!

Yes it was a nice return. I found 12 solo blocks in 2015 but still had a loss in the thousands due to making poor choices on how I went about the solo mining... Thus the large tax return

I'd like to think that I learned alot from the mistakes I made last year.

Obviously luck has alot to do with it but so does how you go about it.

For example: it's a very bad idea to try and rent the majority of the hashpower from nice/west hash all at once unless you get extremely lucky, then it may work out for you, but in the long run its a very very bad decision.  The reason being is that while renting all of the hashpower might be costing you $600 or more per hour to rent, when you try and take all of the hashpower, it makes people angry, and there's a ton of people spending $10 or $20 dollars a day that don't mind paying 300% over expected return for a day just to make you increase your offer and run out of funds so that your no longer a nuisance to them.

It may only cost them an extra $20 and when enough people are willing to do that, and your attempting to rent all of the hashpower, suddenly your paying $1800 per hour and the coins go extremely fast and your odds drop tremendously of recovering your funds.

That is just one example of poor choices I made last year that I don't plan on making again, hopefully with a little luck and knowledge learned from last year, this year will be a successful one

[jonnybravo0311]

That's actually the biggest pitfall to renting with NH/WH - the fact that you can be outbid.  As you saw, it can cost you a ton of coin to maintain your expected hash rate.  Sure, it may cost the small renter an extra few bucks, but if you've got a significantly sized rental, any increase corresponds to a pretty big expenditure.

If you try to wait it out you'll end up going for long stretches of not hashing at all.  Of course statistically you'll still end up with the same number of hashes whether it takes you 24 hours or 168 hours to get there; however, if there happens to be a difficulty increase during that timeframe, your hash has that much less of a chance of hitting the block.

I try not to get caught up in the bidding wars.  Most of the time it means my hash rentals are sporadically connected.  I also never try to take over the entire hash rate, either.  That leads to exactly what you posted about - everyone wanting their own rentals to be hashing and the bidding wars start .

[PublicP2poolNode]

What you said about the difficulty adjusting made me realize I should state that if the next adjustment is an increase in difficulty that the hashrate will adjust accordingly. Although, from the looks of it the next difficulty might actually be a decrease.

[jonnybravo0311]

So far it does, and it will certainly be welcomed .

[PublicP2poolNode]

Indeed it will

[PublicP2poolNode]

That's actually the biggest pitfall to renting with NH/WH - the fact that you can be outbid.  As you saw, it can cost you a ton of coin to maintain your expected hash rate.  Sure, it may cost the small renter an extra few bucks, but if you've got a significantly sized rental, any increase corresponds to a pretty big expenditure.

If you try to wait it out you'll end up going for long stretches of not hashing at all.  Of course statistically you'll still end up with the same number of hashes whether it takes you 24 hours or 168 hours to get there; however, if there happens to be a difficulty increase during that timeframe, your hash has that much less of a chance of hitting the block.

I try not to get caught up in the bidding wars.  Most of the time it means my hash rentals are sporadically connected.  I also never try to take over the entire hash rate, either.  That leads to exactly what you posted about - everyone wanting their own rentals to be hashing and the bidding wars start .

One other thing I want to add to my response to this post is that at 777TH that is just a little over 4% of nice and westhash combined, so if someone really stupid comes along their going to lose their ass trying to take all the hashpower away for an extended period of time.

[welshy82]

whats the lowest i can put in the pool ?

[PublicP2poolNode]

whats the lowest i can put in the pool ?

0.25BTC
Edit: l dropped minimum entry fee to 0.1btc since I probably should build my trust before asking for a .25btc minimum entry fee.

[welshy82]

no probs only got 0.05 but good luck with the pool

[PublicP2poolNode]

Thank you

[citronick]

do you run the whole period of rental? ie. possibility finding more than a block in the 24 hours?

[PublicP2poolNode]

do you run the whole period of rental? ie. possibility finding more than a block in the 24 hours?

My plan is to end the rental as soon as a block is found. Please read topic discussion as to how it will work.

With 29.5btc and hashing with 777TH the rental will last considerably longer than 24 hours, unless we find a block before then.

The only way it will be possible to find more than one block will be if I'm asleep while a block is found and we hit another one before I wake up to see if we found one.

Or if we hit a block in between my breaks and lunches at work and hit another one before I'm able to see that we found one and cancel the rental.

My reasoning for this, is that although it is possible to hit several blocks with just a few coins, like the group I joined a few weeks ago from Germany where we hit 3 blocks with only 5 coins, it is a rare occurrence and the odds are against it happening again to say the least.

My thoughts are to end the rental, pay everyone their share of remaining coins plus block reward, then possibly after everyone has been paid, I may offer another solo group run but using a different coinbase address.

[ScRp2D2]

Am I the only one who thinks this doesn't make any sense at all? 

You're going to put in 93% of the amount invested, and that amount is 29 BTC .. in hopes to win 24 BTC, using less than 1 PHs of hashing power ..


.. wha huh?  I am def missing some key info.

[PublicP2poolNode]

Am I the only one who thinks this doesn't make any sense at all?  

You're going to put in 93% of the amount invested, and that amount is 29 BTC .. in hopes to win 24 BTC, using less than 1 PHs of hashing power ..


.. wha huh?  I am def missing some key info.

The hopes are to find a block with far less than the amount of coins deposited, then you'd receive the majority of your deposit back along with your share of the rewards from the block found. Also as far as myself putting in 93%, that is just an example. If noone else joins me in this venture then I am contributing 100%, but if another 29.5 coins are deposited in addition to the 29.5 that I'm depositing, then I would be contributing 50% of the 59 coins.

The reason for wanting more than 25 coins to start with is what if it takes 26 coins to find the block? If you only had 25 deposited then you would have run out before a block was found, whereas if you had one more coin, then you would have a loss of 1btc rather than 25.

Another example, let's say you had 25 and it took 49 cause you had a very bad streak of luck. Your out 25, but if you had 50 deposited and it took 49, then everyone would lose approximately half of what they invested, which is far better than all of it.

Hope it makes more sense now

Another example... Watching another group recently, I believe they started with deposits around 18 or so coins, I kept an eye on it constantly. It was literally less than a half hour or so that they ran out of coins that they found a block. Imagine if it had taken just a little longer and an extra 0.5 BTC would have made the difference between losing all of your investment rather than making a return on it.

One more thing... When you refer to less than 1PH  as if it's not worth trying, I would like to say that I've joined willies solo mining group from Germany twice now hashing with 500TH, the first time we found 3 blocks with 5 coins, and currently we have already found one block with 500 TH and have a few days left from combined deposits of 16.4BTC

So it is possible

[iglasses]

For example:
My contribution: 29.5btc
User a: 0.25btc
User b: 1btc
User c: 0.75 BTC
For a total of 31.5btc

 

[welshy82]

All should put the same in say 1btc then split all equal seems to make more sense that way

[PublicP2poolNode]

That's one way to do it. But I couldn't convince anyone to risk 0.1btc so I doubt I'd find anyone to put in 1btc with me.

At any rate, I decided to close the openings and go about it solo