Is it true that mining in a pool gains averagly the same as mining solely?

[zhangweiwu]

Hello. I was told mining in a pool is to let you gain steadily, not to let you gain more. That infers, mining in a pool gains averagly the same as mining solely.

That cannot explain why 90% users mine in pools. If it is in their nature to avoid risk, then they probably wouldn't invest in mining bitcoin in the first place. So is it really true that besides the advantage of stability of gain, there is no advantage of gain itself, in average, by joining a pool?

I am going to mine solely because I prefer the thrill of getting a lot of coins and can stand 4 years of labour without any gain, but only if the gain is averagely the same.

[cp1]

Mining in a pool actually gives you less because the pool charges a fee of 1 - 5%.

[Mike Christ]

It's extremely difficult to find a block all by yourself unless you have insane hashing power under your belt.  Imagine mining for months and not hitting the jackpot.  People use pools because they earn little by little all the time; instead of hoping they eventually hit a block, they'll know they'll hit one as a group and will take a portion of the reward based on how much hashing power they're putting into the pool.

You can attempt to mine solo to claim the reward all on your own.  Just don't get discouraged if you don't find one for a while.

[zeryl]

My (perhaps limited) knowledge is that mining in a pool will give you more consistent payouts, as you've got the power of the pool behind you.  With solo mining, it's a crap shoot.  You could get a block on your own in minutes (so very unlikely) or months, if ever.  I decided to join a pool to build up a coin-base.  If I ever had super high gh/s, perhaps solo, but I just don't think it's worth it to me.

[dennis97519]

It's extremely difficult to find a block all by yourself unless you have insane hashing power under your belt.  Imagine mining for months and not hitting the jackpot.  People use pools because they earn little by little all the time; instead of hoping they eventually hit a block, they'll know they'll hit one as a group and will take a portion of the reward based on how much hashing power they're putting into the pool.

You can attempt to mine solo to claim the reward all on your own.  Just don't get discouraged if you don't find one for a while.

not only a while. A year for most of us, except if you have 7500GH/s

[drakahn]

and can stand 4 years of labour without any gain

4 years is a bit much, you might not find a block until after the reward halves, in which case a pool would actually have payed more

[Mike Christ]

My (perhaps limited) knowledge is that mining in a pool will give you more consistent payouts, as you've got the power of the pool behind you.  With solo mining, it's a crap shoot.  You could get a block on your own in minutes (so very unlikely) or months, if ever.  I decided to join a pool to build up a coin-base.  If I ever had super high gh/s, perhaps solo, but I just don't think it's worth it to me.

You got it.  Mine in the pool and you're guaranteed a payout.

It's extremely difficult to find a block all by yourself unless you have insane hashing power under your belt.  Imagine mining for months and not hitting the jackpot.  People use pools because they earn little by little all the time; instead of hoping they eventually hit a block, they'll know they'll hit one as a group and will take a portion of the reward based on how much hashing power they're putting into the pool.

You can attempt to mine solo to claim the reward all on your own.  Just don't get discouraged if you don't find one for a while.

not only a while. A year for most of us, except if you have 7500GH/s

   Didn't know that!  Now solo mining really is out of the question

[dennis97519]

My (perhaps limited) knowledge is that mining in a pool will give you more consistent payouts, as you've got the power of the pool behind you.  With solo mining, it's a crap shoot.  You could get a block on your own in minutes (so very unlikely) or months, if ever.  I decided to join a pool to build up a coin-base.  If I ever had super high gh/s, perhaps solo, but I just don't think it's worth it to me.

You got it.  Mine in the pool and you're guaranteed a payout.

It's extremely difficult to find a block all by yourself unless you have insane hashing power under your belt.  Imagine mining for months and not hitting the jackpot.  People use pools because they earn little by little all the time; instead of hoping they eventually hit a block, they'll know they'll hit one as a group and will take a portion of the reward based on how much hashing power they're putting into the pool.

You can attempt to mine solo to claim the reward all on your own.  Just don't get discouraged if you don't find one for a while.

not only a while. A year for most of us, except if you have 7500GH/s

   Didn't know that!  Now solo mining really is out of the question

lol not really that high speed, but slow speed really doesn't yield anything.

[mcmoneysack]

the thing is.. if you try solo, you can have a LOT of time without mining anything.
in pool... well, it's just a little better

[kosmonaut]

My (perhaps limited) knowledge is that mining in a pool will give you more consistent payouts, as you've got the power of the pool behind you.  With solo mining, it's a crap shoot.  You could get a block on your own in minutes (so very unlikely) or months, if ever.  I decided to join a pool to build up a coin-base.  If I ever had super high gh/s, perhaps solo, but I just don't think it's worth it to me.

You got it.  Mine in the pool and you're guaranteed a payout.

It's extremely difficult to find a block all by yourself unless you have insane hashing power under your belt.  Imagine mining for months and not hitting the jackpot.  People use pools because they earn little by little all the time; instead of hoping they eventually hit a block, they'll know they'll hit one as a group and will take a portion of the reward based on how much hashing power they're putting into the pool.

You can attempt to mine solo to claim the reward all on your own.  Just don't get discouraged if you don't find one for a while.

not only a while. A year for most of us, except if you have 7500GH/s

   Didn't know that!  Now solo mining really is out of the question

lol not really that high speed, but slow speed really doesn't yield anything.

So as a rough guide, at which speed would you have better luck solo mining vs pooled?
Has anyone compared say 3000khs solo and pool simultaneously for a set time period
to see which is the better choice (in regards to ltc)?

[drakahn]

http://allchains.info/calc.html

enter your hashrate and it will tell you the average time to find a block in hours at the bottom.

[Gorillabiscuits]

http://allchains.info/calc.html

enter your hashrate and it will tell you the average time to find a block in hours at the bottom.

This is very interesting and I've always been curious about it. Thanks.

[zhangweiwu]

and can stand 4 years of labour without any gain

4 years is a bit much, you might not find a block until after the reward halves, in which case a pool would actually have payed more

Is that really so? If you mean, the current bitcoin costs less USD than in the future, that getting something now is better than getting some thing in the future, then, you have to factor in that getting bitcoin solely now is also easier than getting it in the future. It is not sure pool pays more.

[drakahn]

and can stand 4 years of labour without any gain

4 years is a bit much, you might not find a block until after the reward halves, in which case a pool would actually have payed more

Is that really so? If you mean, the current bitcoin costs less USD than in the future, that getting something now is better than getting some thing in the future, then, you have to factor in that getting bitcoin solely now is also easier than getting it in the future. It is not sure pool pays more.

no, once every roughly four years the block reward halves, it used to be 50 BTC now it is 25BTC for the same work, in 4 years it will be 12.5 BTC

[Eaks77]

After reading this thread... I have one question....  If you are mining Solo, do you have to leave your rig running until you find a block in order to be paid out.  Or is it like what the calculators tell you.. that you'll be earning $____/day? 

[drakahn]

After reading this thread... I have one question....  If you are mining Solo, do you have to leave your rig running until you find a block in order to be paid out.  Or is it like what the calculators tell you.. that you'll be earning $____/day? 

if you are mining solo you will only get BTC when you find a block, dollars don't come into it until you sell

[Eaks77]

Ahhh ok, so that makes sense!  The calculators are deceiving, showing that you'll be earning 0.00___ BTC/day. So I could literally be mining for years before seeing a cash out in BTC?  Looks like pool mining is for me.

[beenjammin]

http://allchains.info/calc.html

enter your hashrate and it will tell you the average time to find a block in hours at the bottom.

ok so can someone tell this noob what my hashrate would be with a nvidia geforce gt 520?

[drakahn]

http://allchains.info/calc.html

enter your hashrate and it will tell you the average time to find a block in hours at the bottom.

ok so can someone tell this noob what my hashrate would be with a nvidia geforce gt 520?

nvidia are... well bad for mining... but here you go
https://en.bitcoin.it/wiki/Mining_hardware_comparison

[elliotp]

Hi,

I have a couple of related questions on this as i was wondering the same thing:

1) At what point is it better to go Solo mining? Say you had 50GH/s or 100GH/z - is it still best to stick to a pool?  If so what types / ones for that sort of power?

2) Are those mining calculators quite accurate on the days to find a block and the payout?

Thanks,

Elliot