When to Pool mine and Solo mine

[RamboVital]

I will be hopefully getting a rig that will give me about 2GH/s its going to cost a lot but it should give me a lot back in the long run, I hope.
Currently I have a piece of trash for mining, so been pool mining for a month now.  Only a awesome 0.022 BTCs.  LOL!


I got a question about mining in general.

The question I got right now is,
If I get a 2GH/s mining rig should I continue pool mining or would it be better to Solo mine at that point?


Thank you for your help!

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[truckythin]

definitely pool, with that hashrate, you never can ks with the other pools that always have about 500-1000MH/s 

[hoangocanh]

low speed can not solo mined.

[RamboVital]

Ok, how about these questions.

What speed would have have to have in-order to solo mine?  I am going to throw around some numbers.  Maybe. 20GH/s  50GH/s?   LOL!  I don't know.

So, I guess almost everyone pool mines. 

At 2GH/s how much will I make a month pool mining and in what pool?



Thank you for the help guys!

[AzureEngineer]

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

Pool or solo mining is irrelevant. You'll get the same amount over a large time frame.

[RamboVital]

Thank you for the Awesome "Bitcoin mining profitability calculator"

I jumped up and down with this calculator.  But its going to take me 200 days to brake even with a 2GH/s machine.  Wow that kind of sucks.
Then I look around the website you give me and saw those mining rigs that are going a crazy speed of 25GH/s and 50GH/s.  It is cost almost the same as building a 2GH/s PC.   I think I will buy one of those mining rigs instead.  The amount of power and mining I can do with it will make me a ton of money.
Almost to go to be true.  Which makes me question the "Bitcoin mining profitability calculator" also.  Is this website for real?

I mean a 50 GH/s Bitcoin Miner will cost almost the same as me building a 2GH/s PC.  Why does everyone on Youtube have a PC mining rig?  I don't understand.

Also, what is ks?  I am lost yet again.  I thought for a moment I understood.

[Nightlander]

I'm under impression, that those asic beasts aren't yet exactly things you can buy out of store shelf, have to order them. And for that it takes time. Can still dig out coins by gpu miners out of this business.

[AzureEngineer]

The profitability calculator assumes difficulty stays the same for the entire time period, so be careful getting too excited about a short return on investment timeframe. When it comes to Bitcoin it is safest to assume the worst. I personally multiply the difficulty by 10 or 100, even 1000, so I get a worst-case scenario. Remember this is investing, anything you put into Bitcoin should be assumed to be lost funds.

I would also like to touch on mining like you mentioned. A lot of newcomers get caught up in mining and want to buy a lot of expensive mining equipment. This is generally the worst way to profit from Bitcoin and its altcoin counterparts. Bitcoin is designed to make mining marginally profitable given a hash rate that most people have. Most people have your hash rate, and thus it is marginally profitable to mine. I'm not saying that mining is bad, I'm saying that if you really want to make money investing, I would suggest buying the coin directly, rather than mining it.

The 50 GH/s mining rigs you mentioned are known as ASICs (Application-Specific Integrated Computers). They are extremely efficient and fast at mining, however they can only mine, nothing else can be done with them. The ad you saw for an ASIC miner was more than likely Butterfly Labs, commonly just called BFL. They started taking ASIC orders in June 2012 and have still not delivered any ASICs to actual customers (they have supposedly shipped ASICs to media outlets). I personally would never purchase an ASIC from BFL. The only company that has ever shipped ASICs is called Avalon. Avalon only takes orders in batches and currently you can not order from Avalon. ASICs seem like a good deal, but the problem isn't buying them, it is physically receiving the item as described.

 The Bitcoin Wiki can give you a lot of information about Bitcoin itself (https://en.bitcoin.it/wiki/Main_Page) I suggest reading as much about the coin itself as possible, it takes some time to fully understand just what Bitcoin is, which is unfortunately a massive barrier to its adoption.

[BitJohn]

I do think with mining investment you can recoup most of your mining costs be reselling the hardware if you decide its not for you. Additionally you can trade the coin once you have mined it and use those profits to essentially do the same trading you would have done with the money.....