Chapter One (Introduction)
This is what I was doing a few years ago (2015), but this method still relevant to applying nowadays. And I try to explain it as simple as possible.
If you aren't familiar with Solo Mining, follow the link below to know it.
https://www.hashgains.com/wiki/s/what-is-solo-mining
Chapter Two (Preparation and Action)
It can be called as Pooled Mining, Just because the pool is own private pool, the pool wallet is our own, and miner who mine on this pool are only (us), then let's call this is as
Solo Mining.
NEXT***Step by Step Guide:1. Build a Mining Poolethermine.org, supernova.cc, ckpool.org, etc. That is a mining pool examples (just in case you don't know it-
)
You can find here, a full explanation of a Mining pool:
https://en.wikipedia.org/wiki/Mining_poolWe can use MPOS, NOMP, UNOMP, CK Pool code, etc. (as an example)
MPOS---------- https://github.com/MPOS/php-mposNOMP---------- https://github.com/zone117x/node-open-mining-portalUNOMP--------- https://github.com/UNOMP/unified-node-open-mining-portalCK Pool code- https://bitbucket.org/ckolivas/ckpooletc....
Please find your own reference to a Mining Pool Software that supports Multi Algo nor that
suits your needs.
2. Profitability Calculating After successfully built a Mining Pool, the next step is to find the coin that we want to mine, and of course, not just any coin, but must be a coin that profits for us for solo mining. Then how to calculate the profitability of the coin itself.
Here are a few things that you need to know as counting variable:
- Coin Prices
- Block Reward
- Network Hashrate (Global Hashrate)
- Block Time
Where do we find the coins with all counting variable that we need?
https://www.coinwarz.com/cryptocurrency http://whattomine.com/calculatorsCoins announcement section on this forum.
ORWherever, you can Google it, somehow (
it's your way)
Next, look at coin technical data that chosen. Clue: find a good logo, or maybe a good coin name, like
Bitch-Coin, maybe. (Just kidding
)
The CalculationLet's say you have determined that the coin will be mined is
Bitch-Coin with technical data as follows:
Coin Prices: $10
Block Reward: 10 Bitch
Network Hashrate (Global Hashrate): 50 MH / s
Block Time: 1 MinuteLet's ignore its algorithm.With 1 minute Block Time, the
estimated solved block per hour is 60 blocks or 60 (number of a solved block) X 10 (Block Reward) =
600 BitchThen, make sure that the block time is suitable !. Check on block explorer (according to the coin), whether the distance of each block matches. Just estimated it, cause, in fact, block time will affect by a few factors.
Network Hashrate shows the total hashrate from all over the world doing the mining process on the coin. Therefore we must have at least 10-50% Hashrate. So, that our mining pool solves at least 10% -50% block (again, this is only
rough calculation and
estimation). And
Coin prices in the market become the last determinant, whether we will profit or not.
Ignore 51% AttackFrom the above data, let's assume that we have 50% Global Hashrate, and we were solving 50% block (in 1 hour). Means, 30 blocks (considering 60 blocks solved in 1 hour) X 10 Coin (block reward) X $10 (coin price) = $3000 (one hours mining)
3. Renting HashrateThen where we get the above Hashrate to do the mining process ?. We can rent the hashrate from several Hashrate rental service websites like Nicehash, miningrigrentals, etc. Hashrate renting price must be
lower than the calculations we do above.
Chapter Three (Closing)
What I wrote above is just a
general illustration, in fact, it would be
not that easy. But I can say for sure that
I'm doing that and my (50-100% sometimes more) profit, comes around 2-3 hours (exclude coins research). If you didn't have physical miners, it could be your option to mine.
Good luck everyone, and Happy Mining!
