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Author Topic: Will having my own miner rig help mysel accelerate unconfirmed transactions  (Read 85 times)
Anarc Senior
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January 06, 2018, 06:09:52 AM
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The amount of unconfirmed transactions have gotten really ridiculous !  With the price of bitcoin bouncing back and the increase in traffic will not going to reduce the amount of stuck tx...

I myself has gotten My bitcoins held hostage on the blockchain currently due to the scam from CEX.IO exchange.  I'm so sick of this and seriously considering buying my own miner and push my own transaction through -  is it something that can be possibly done ??

I have been toying with this idea for a long time now...i don't necessarily want to have a career in doing mining, but if something simple enough for me to turn it on let it run on its own and requires minimum amount of time on my part, I'd like to do it...

1). I consider buying one Avalon 741 setup and let it run by itself.   Even if I don't make any profit and just breaking it even (with my expenses) - so long as I don't end up loosing money I should be ok with it...

2). When the  people making the calculation for the profit of mining bitcoins, I assume that they are basing it on the current value of bitcoin.  I don't see enough of the discussion about the future price increase in bitcoin- isn't it another way to invest in bitcoin ?  Just keep any bitcoin that I mined and HODL and consider it as an investment for the value increase.

3). I live in northern CA, what about the energy consumsion in the residential home, any registration or complications ?

[adding texts]. I think each serious bitcoin holder should own at least one mining rigg ?

Any information provided will be greatly appreciated.
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January 06, 2018, 06:25:22 AM
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having your own miner (solo mining) won't really help you
unless you control big enough hash power to solve a block
even if you join a big mining pool, you have no control on choosing txs included in a block
unless something like antpool giving privilege to his member
based on certain criteria or requirement to include their txs

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January 06, 2018, 06:29:44 AM
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I myself has gotten My bitcoins held hostage on the blockchain currently due to the scam from CEX.IO exchange.  I'm so sick of this and seriously considering buying my own miner and push my own transaction through -  is it something that can be possibly done ??
Of course. You can operate a mining farm and try to mine a block to include your transaction in. The issue is that you have to mine a block which means that you have to have an exahash worth of ASICs.

If you have a significant amount of hardware, you can help everyone by bringing them online. They will only help everyone for 2016 blocks though.

2). When the  people making the calculation for the profit of mining bitcoins, I assume that they are basing it on the current value of bitcoin.  I don't see enough of the discussion about the future price increase in bitcoin- isn't it another way to invest in bitcoin ?  Just keep any bitcoin that I mined and HODL and consider it as an investment for the value increase.
It doesn't make sense for anyone to consider future increases in Bitcoin prices. If it makes a profit and its worthwhile, they will go for it. In the end, if you were to have a loss from the start when you mine, you aren't going to be gaining much by the "potential" increase in price. Even if it does, you're better off just buying Bitcoins directly.

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January 06, 2018, 06:58:33 AM
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Of course. You can operate a mining farm and try to mine a block to include your transaction in. The issue is that you have to mine a block which means that you have to have an exahash worth of ASICs.

If you have a significant amount of hardware, you can help everyone by bringing them online. They will only help everyone for 2016 blocks though.


What is the "significant amount of hardware"?  What is 2016 blocks ?

2). When the  people making the calculation for the profit of mining bitcoins, I assume that they are basing it on the current value of bitcoin.  I don't see enough of the discussion about the future price increase in bitcoin- isn't it another way to invest in bitcoin ?  Just keep any bitcoin that I mined and HODL and consider it as an investment for the value increase.

Why not ? If you mined some bitcoins one year ago and still keeping it, it would worth two or three times now isn't it ??

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January 06, 2018, 07:05:36 AM
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having your own miner (solo mining) won't really help you
unless you control big enough hash power to solve a block
even if you join a big mining pool, you have no control on choosing txs included in a block
unless something like antpool giving privilege to his member
based on certain criteria or requirement to include their txs

If I understand correctly, you cannot just start a tx, but you'd have win the block ?

1). What if I only fill my transaction on a single block and confirm it with my own 2,3, 4, 5 of my own miner.  Doesn't it only take no more than three confirmations for a tx to be validated ?  I know it's an extremely simplistic question, but I just want to be and advocate this practice
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January 06, 2018, 08:41:10 AM
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If I understand correctly, you cannot just start a tx, but you'd have win the block ?
Yes. That is correct.

Quote
1). What if I only fill my transaction on a single block and confirm it with my own 2,3, 4, 5 of my own miner.
That is possible also, but the probability of you winning a block is very low.
Unless you have a large hashrate.
You can fill only your transaction in the block, you can choose not to include any transaction except the Coinbase transaction if you wish (like Antpool does)

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 Doesn't it only take no more than three confirmations for a tx to be validated ?  I know it's an extremely simplistic question, but I just want to be and advocate this practice
If, by a stroke of luck, you actually solve the block with your transaction included the transaction will have 1 confirmation (yours).
Any other block any miner mines will build ON TOP of YOUR confirmed block and the number of confirmations will increase with every valid block mined on top of it.
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January 06, 2018, 08:47:56 AM
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If I understand correctly, you cannot just start a tx, but you'd have win the block ?

1). What if I only fill my transaction on a single block and confirm it with my own 2,3, 4, 5 of my own miner.  Doesn't it only take no more than three confirmations for a tx to be validated ?  I know it's an extremely simplistic question, but I just want to be and advocate this practice
yes exactly, you have to win the block

sure.. it will be confirmed by your miners... but the # of confirmation != number of miners confirming it
number confirmations is the age of your tx has been confirmed/verified
and once your winning block seen by other nodes, it will be rejected by the rest of network
because for them your block is not valid and treated just like a fork,
as the main network has created more blockchain and consensusly agreed on that main chain... not yours

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January 06, 2018, 09:31:30 AM
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What is the "significant amount of hardware"?  What is 2016 blocks ?
Significant amount of ASICs under your control. What I meant that, is if you were to bring in a large amount of hashpower, you can benefit everyone for 2016 blocks or until the difficulty adjusts. The sudden increase would result in the block intervals being shorter.

Why not ? If you mined some bitcoins one year ago and still keeping it, it would worth two or three times now isn't it ??
Of course. That's not how it works, unfortunately. By mining and holding them, you are betting that the cost of Bitcoin would be more than the money you spent on your hardware and the electrical cost. What if it suddenly crashed?

My point is, it is way easier and potentially cheaper to buy coins directly, from an exchange,

Anarc Senior
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January 06, 2018, 03:44:50 PM
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What is the "significant amount of hardware"?  What is 2016 blocks ?
Significant amount of ASICs under your control. What I meant that, is if you were to bring in a large amount of hashpower, you can benefit everyone for 2016 blocks or until the difficulty adjusts. The sudden increase would result in the block intervals being shorter.

Why not ? If you mined some bitcoins one year ago and still keeping it, it would worth two or three times now isn't it ??
Of course. That's not how it works, unfortunately. By mining and holding them, you are betting that the cost of Bitcoin would be more than the money you spent on your hardware and the electrical cost. What if it suddenly crashed?

My point is, it is way easier and potentially cheaper to buy coins directly, from an exchange,

But based on the history of the bitcoin price up to now, if you mined and HODL you are for sure gaining- right ?
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January 07, 2018, 09:29:41 AM
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But based on the history of the bitcoin price up to now, if you mined and HODL you are for sure gaining- right ?
Yes. Let's consider what you need to get BTC;
1. Buy a miner
2. At least breakeven on the miner.
3. Make a profit.

If you were to buy a miner, the possibility of you breaking even is next to zero and you still have to account for electrical fees, time spent, space etc. At the end of the day, it would be much better getting BTC directly. Even if it crashes, you wouldn't have wasted all that effort.


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