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Author Topic: Took the plunge  (Read 933 times)
NCDiesel
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October 02, 2017, 07:22:48 PM
 #1

Decided to set-up a single ASIC proof of concept mine.   After looking at the calculators it was clear I was either going to make a little bit of money or lose a little - in either case I would learn a lot so not too terribly concerned.

So I ordered an Avalon 741 and controller today for Oct 16, 2017 shipment.  Have the power supplies, the network, and the electrical all ready and in place.  My question is:   What is your recommendation for the "soft" part of the mining set-up?  wallet recommendation?  Pool or not to pool?

I did look/search but did not see any other older threads or stickys that asked this question so directly.

Thanks in advance!

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4 Avalon 841s
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fanatic26
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October 02, 2017, 09:26:07 PM
 #2

I dont personally make wallet recommendations but there is more than enough information available that will help you decide.

As far as the pool goes you basically have to run it on a pool or you are throwing away money at a lottery ticket. The network is so big and it is dominated by large pools. The chance of hitting a solo block is pretty negligible.

Stop buying industrial miners, running them at home, and then complaining about the noise.
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October 02, 2017, 10:15:25 PM
 #3

I dont personally make wallet recommendations but there is more than enough information available that will help you decide.

As far as the pool goes you basically have to run it on a pool or you are throwing away money at a lottery ticket. The network is so big and it is dominated by large pools. The chance of hitting a solo block is pretty negligible.

That being said it does happen and you can improve your chance of this by joining a pool that supports solo mining.

On the other hand, if you need to make sure you generate income steady over time then selecting a pool can be a bit of a minefield with many types of payouts depending on what pool you select.

Most pools use PPS, PPS+, PPLNS,

Kano.is pool use
PPLNS Stratum BTC mining pool - N currently set as 5 x the network difficulty when the block is found.
0.9% fee paid to kano to run and work on the development of the pool.
Miner payout includes transaction fees.


Code:

CPPSRB - Capped Pay Per Share with Recent Backpay.
 
DGM - Double Geometric Method. A hybrid between PPLNS and Geometric reward types that enables to operator to absorb some of the variance risk. The operator receives a portion of payout on short rounds and returns it on longer rounds to normalize payments.

ESMPPS - Equalized Shared Maximum Pay Per Share. Like SMPPS, but equalizes payments fairly among all those who are owed.

POT - Pay On Target. A high variance PPS variant that pays on the difficulty of work returned to pool rather than the difficulty of work served by pool.

PPLNS - Pay Per Last N Shares. Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries.

PPLNSG - Pay Per Last N Groups (or shifts). Similar to PPLNS, but shares are grouped into "shifts" which are paid as a whole.

PPS - Pay Per Share. Each submitted share is worth certain amount of BC. Since finding a block requires <current difficulty> shares on average, a PPS method with 0% fee would be 12.5 BTC divided by <current difficulty>. It is risky for pool operators, hence the fee is highest.

Prop. - Proportional. When block is found, the reward is distributed among all workers proportionally to how much shares each of them has found.

RSMPPS - Recent Shared Maximum Pay Per Share. Like SMPPS, but system aims to prioritize the most recent miners first.

Score - Score based system: a proportional reward, but weighed by time submitted. Each submitted share is worth more in the function of time t since start of the current round. For each share score is updated by: score += exp(t/C). This makes later shares worth much more than earlier shares, thus the miner's score quickly diminishes when they stop mining on the pool. Rewards are calculated proportionally to scores (and not to shares)

SMPPS - Shared Maximum Pay Per Share. Like Pay Per Share, but never pays more than the pool earns.

FPPS - Full Pay Per Share. Similar to PPS,but not only divide regular block reward (12.5 BTC for now) but also some of the transaction fees. Calculate a standard transaction fee within a certain period and distribute it to miners according to their hash power contributions in the pool. It will increase the miners' earnings by sharing some of the transaction.


■ BLOCKHUNT ■ «  COMMUNITY BLOCKHUNTING - »  https://bitcointalk.org/index.php?topic=2207363.0
TryNinja
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October 02, 2017, 10:20:24 PM
 #4

wallet recommendation?
The best ones are for sure Electrum for PC and Mycelium for Android/IOS;

Pool or not to pool?
You need to mine in a pool if you want to make money. It's simple just impossible to mine a block solo without a HUGE amount of hash power, like 150 PH/s which is totally not feasible for a regular user. You would be wasting your eletricity for nothing.

QuintLeo
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October 04, 2017, 08:07:39 PM
 #5

Decided to set-up a single ASIC proof of concept mine.   After looking at the calculators it was clear I was either going to make a little bit of money or lose a little - in either case I would learn a lot so not too terribly concerned.

So I ordered an Avalon 741 and controller today for Oct 16, 2017 shipment.  Have the power supplies, the network, and the electrical all ready and in place.  My question is:   What is your recommendation for the "soft" part of the mining set-up?  wallet recommendation?  Pool or not to pool?


 I like the Electrum wallet. Core also works but takes a while to sync even if you do so on a daily basis.
 Definitely pool - your chance of ever hitting a block with a single 741 is not a lot better than hitting a BIG Lottery win, while pool keeps getting you some steady income.
 My preference back when I WAS mining Bitcoin was the "slash" pool, but it's not the only one that has a good reputation.




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NCDiesel
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October 19, 2017, 05:18:23 AM
 #6

Thanks for everyone replies.   The unit came in today and set-up was simple.   I had a question on power supply connectors but got that straightened up.   So I am mining!   


Thanks again,

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4 Avalon 841s
Steamtyme
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October 22, 2017, 09:39:34 AM
 #7

Thanks for everyone replies.   The unit came in today and set-up was simple.   I had a question on power supply connectors but got that straightened up.   So I am mining!   


Thanks again,


Glad to hear it, they are nice units. I have 2 set up that have been consistently hitting 16 TH/S combined. Did you ever settle on a pool? have you thought about what exchange you are going to use?

NCDiesel
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October 24, 2017, 03:12:53 PM
 #8

Thanks for everyone replies.   The unit came in today and set-up was simple.   I had a question on power supply connectors but got that straightened up.   So I am mining!   


Thanks again,


Glad to hear it, they are nice units. I have 2 set up that have been consistently hitting 16 TH/S combined. Did you ever settle on a pool? have you thought about what exchange you are going to use?

Went with Kano pool - haven't decided on an exchange.   With such small dollars I think we are just going to buy Christmas present gift cards at egifter.com with half the coins and not bother with an exchange.   Will hang on to the other half and see where the ride takes us  Grin

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4 Avalon 841s
1acid
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October 27, 2017, 03:03:35 AM
 #9

Good luck, I'm interested in getting started like yourself. Can you guys let me know what kind of returns you are seeing with this device in your various pools?
NCDiesel
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October 29, 2017, 09:50:35 PM
 #10

Good luck, I'm interested in getting started like yourself. Can you guys let me know what kind of returns you are seeing with this device in your various pools?

6 days after I start mining difficulty is increased 21%  My timing always stinks   Grin

This recent increase in difficulty will affect my payments over time because of my pool's payout method (PPLNS) so I haven't seen it yet but will clearly hurt.   Without the difficulty increase my calculations were 10-12 month ROI.  But I have solar adjunct to my power and basically pay right at .05799KWH for electricity.  Most folks need to use 5000-1000KWH and be on a general or industrial rate card before they get that kind of rate.  So factor that in. 

One thing I have noticed watching my energy meter.   At 7.1THS reward average for the last 9 days the Avalon 741 has only been using 1000 watts(ie average 24KWH per day).  So power consumption is about 13% less than advertised; which is a nice surprise.


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4 Avalon 841s
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