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Author Topic: Bitcoin Solo mining  (Read 4673 times)
shermhead
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March 22, 2013, 05:44:30 PM
 #1

Hi,

Im a noob. I get like 95 mh/s hash rate and solo mining. Am I right in thinking theres a chance that I can get 25 bit coins at once for finding a special block? Thats worth like over 1k USD? How long would it take me to get it? Why do people join pools and make like a 50 cents a day?

-Rod
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debianlinux
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March 22, 2013, 05:47:18 PM
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In a nutshell, your chances of making $1000 at a rate of $0.50/day (assuming a static BTC:USD) are "greater than" your chances of discovering a block for the same reward within the same time period.

Values of "greater than" are indirectly proportional to your hash speed.
Picklee
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March 22, 2013, 05:49:40 PM
 #3

At your rate, by the time you find a block at current difficulty levels, it could be worth only $500 or the reward could've halved by then to 12.5 BTC. In any case, if you're paying for electricity, you're losing money.

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March 22, 2013, 05:52:11 PM
 #4

Am I right in thinking theres a chance that I can get 25 bit coins at once for finding a special block?
Yes!!!!!
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Thats worth like over 1k USD?
Yes!!!!!
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How long would it take me to get it?
Statistically, assuming no other factors change, and they most certainly will, with the current factors as they are, about 7 years. But maybe within 5 seconds or maybe never ever at all.

http://www.bitcoinx.com/profit/

You have much studying ahead of you.

[/quote]
desert_beagle
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March 22, 2013, 05:58:51 PM
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From what I understand ( and this may not be correct) your chances of finding a block which is solving a complex equation is pretty low considering your hashrate.  I would say it would take you YEARS to find a block at that current hashrate.

Or you may get 'LUCKY' and find a block in one day or less.

Think of it this way, what are your chances of finding a briefcase filled with million dollars?  Pretty much nonexistent, but you never know.
shermhead
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March 22, 2013, 06:23:06 PM
 #6

Thanks for feedback. Yea the calculator says about 9 years. I should have gotten into this years ago. I will only buy one of those Asic systems if I get really lucky and find a block haha.
pokahpro
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March 22, 2013, 06:36:06 PM
 #7

The ASIC miners are going to basically make other forms of mining obsolete.

Once there's a ton of those on the market, it'll increase the difficulty so much that only people who have the ASICs will be able to get a reasonable hourly rate.
ufmace
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March 22, 2013, 06:56:25 PM
 #8

Hi,

Im a noob. I get like 95 mh/s hash rate and solo mining. Am I right in thinking theres a chance that I can get 25 bit coins at once for finding a special block? Thats worth like over 1k USD? How long would it take me to get it? Why do people join pools and make like a 50 cents a day?

-Rod

Consistency and predictability. On a pool, you know you'll make whatever amount a day, every day. Mining solo, the average for your hashrate at today's difficulty is supposedly like 9 years or so, but that's just an average. You could solve a block in 10 minutes, or not at all in 30 years. It's tough to justify any sort of investment in mining tech with such unpredictability.
primecutpuddingcup
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March 23, 2013, 03:48:55 PM
 #9

The ASIC miners are going to basically make other forms of mining obsolete.

Once there's a ton of those on the market, it'll increase the difficulty so much that only people who have the ASICs will be able to get a reasonable hourly rate.

Once the ASICs are out, will solo mining itself be obsolete? I know BFL's mini rig can get up to 1.5 T-hash/s... Am I right in assuming that machine will be the only thing worth solo mining with, or does the increase in difficulty have no effect on solo mining?

I've ordered a jalapeno and am considering the BFL single. Would either of those yield any BTC solo mining or should I just stick to pools?
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March 23, 2013, 05:33:36 PM
 #10

You can solo, but it'll take you several years to find a block.
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March 23, 2013, 06:58:18 PM
 #11

You can solo, but it'll take you several years to find a block.

And more likely you will never find one, because as time progresses it seems so does mining power.
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