Bitcoin Forum
December 03, 2016, 02:45:08 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: I'm torn between Solo mining and Pool Mining  (Read 4267 times)
BlackLung
Newbie
*
Offline Offline

Activity: 15


View Profile
August 04, 2011, 03:55:09 PM
 #1

So here is the story. I've been mining since mid June and by July I had 3GHash/s. Since I've been mining on deepbit I have found 3 blocks; two in the last difficulty and 1 in the current difficulty. Also I've only mined about 67 bitcoins in the pools. So I'm missing out on many many bitcoins...
So does anyone have a compelling argument for either solo mining or pooled mining??

Cough... I've been down in these mines for too long... Cough...
1480733108
Hero Member
*
Offline Offline

Posts: 1480733108

View Profile Personal Message (Offline)

Ignore
1480733108
Reply with quote  #2

1480733108
Report to moderator
1480733108
Hero Member
*
Offline Offline

Posts: 1480733108

View Profile Personal Message (Offline)

Ignore
1480733108
Reply with quote  #2

1480733108
Report to moderator
1480733108
Hero Member
*
Offline Offline

Posts: 1480733108

View Profile Personal Message (Offline)

Ignore
1480733108
Reply with quote  #2

1480733108
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
jamesg
VIP
Legendary
*
Offline Offline

Activity: 1330


AKA: gigavps


View Profile
August 04, 2011, 04:52:36 PM
 #2

You are in a lucky streak at the moment but luck is a fickle lady. Also, you past performance has no bearing on your future performance.

You will definitely wish you were mining on a pool after a 2 month dry spell of solo mining as you will be running at a net loss for those two months.

Ultimately, it is up to your tolerance of risk.
secularflesh
Newbie
*
Offline Offline

Activity: 18


View Profile
August 04, 2011, 04:57:28 PM
 #3

Solo mining is highly dependent on luck.  You found 3 blocks in 2 months but in many alternative universes you found 0.
bcpokey
Sr. Member
****
Offline Offline

Activity: 462


View Profile
August 05, 2011, 12:15:14 AM
 #4

I was behind for a long time, and lately I've caught up to myself (in that the payouts from pools I've been mining is nearly equal with the number of blocks I have found for the pools). So, I'm actually a little ambivalent these days, more so than I used to be. I'd say one advantage to pools is the ability to react to market volatility. Bitcoin prices surge to 1000 USD per coin? You better believe I'm going to be really happy about the 3BTC/day I get from pools, and really really unhappy if I mine for a few weeks and find nothing solo (and prices plummet back to $3 / coin).

If you're in it for the long haul, I'd say solo mine, you pay no fees, have no stale shares, and so should theoretically come out slightly ahead in the long run. If you're looking to cash out of the magical money fountain at any moment, I suggest pools.
fcmatt
Legendary
*
Offline Offline

Activity: 1106


View Profile
August 05, 2011, 02:00:23 AM
 #5

i am almost positive that solo mining for people with smaller amounts of mh/s are over for the most part if you want to pay
off your hardware. and by smaller i mean under 10 gh/s.

personally? i have found two blocks but also have taken about 80+ BTC from pools.. it just averages out over time.
the joint
Legendary
*
Online Online

Activity: 1792



View Profile
August 05, 2011, 02:04:30 AM
 #6

I've been having the same psychological dilemma.  So, I'm doing a test.  I stuck a piece of tape to my computer and wrote things on it like "000000000000000000000000000000000000000" and "50 BTC" and "Solo Solo Solo Solo" to try to kick it's ass in gear  Cheesy

BlackLung
Newbie
*
Offline Offline

Activity: 15


View Profile
August 05, 2011, 06:47:30 AM
 #7

I think that it'll be less disheartening to solo mine once the rigs have been paid for since the main fear for most people is not being able to pay for their rigs.

Cough... I've been down in these mines for too long... Cough...
HideousBeastManGuy
Jr. Member
*
Offline Offline

Activity: 56


View Profile
August 05, 2011, 06:10:16 PM
 #8

You are running like God in terms of finding blocks.

Going from memory, 1GH/sec in mid-June was expected to find 1 block every 90 days running 24/7.  And obviously, with every difficulty increase the expected number of days should increase. 

There's really no compelling argument not to join a zero-fee pool, aside from not wanting to participate in a pool that is nearing the 50% mark.

 Just make sure you have a backup pool to deal with the annoying DDoS attacks.
gnaget
Member
**
Offline Offline

Activity: 112


View Profile
August 05, 2011, 07:37:30 PM
 #9

It is important to remember that you would not have found those 3 blocks if you were mining solo.  The header you were hashing for the pool would have been different than the header you would have hashed for yourself.  Thus, you can't make the comparison.  If you had mined solo, you might have found 10 blocks, you might have found 0 blocks.  Likely, you would have found 1 block.
BlackLung
Newbie
*
Offline Offline

Activity: 15


View Profile
September 07, 2011, 08:23:13 PM
 #10

So it is a month later now and I've found 5 blocks in total for deepbit... THATS 2 MORE BLOCKS IN ONE MONTH!

Cough... I've been down in these mines for too long... Cough...
mike678
Full Member
***
Offline Offline

Activity: 168


View Profile
September 07, 2011, 09:31:16 PM
 #11

So it is a month later now and I've found 5 blocks in total for deepbit... THATS 2 MORE BLOCKS IN ONE MONTH!
I found my first block the other day through btcguild. It took me over two months to find it and I'm currently running at 2.6 gigahash.
deslok
Sr. Member
****
Offline Offline

Activity: 448


It's all about the game, and how you play it


View Profile
September 08, 2011, 01:23:53 AM
 #12

I would not solo mine unless you have enough gh to statisically solve a block in a 2 week period currently 6.5 gh for this difficulty probably closer to 6 next change

"If we don't hang together, by Heavens we shall hang separately." - Benjamin Franklin

If you found that funny or something i said useful i always appreciate spare change
1PczDQHfEj3dJgp6wN3CXPft1bGB23TzTM
Tim the Magician
Member
**
Offline Offline

Activity: 96


View Profile
September 11, 2011, 04:49:13 PM
 #13

It is important to remember that you would not have found those 3 blocks if you were mining solo.  The header you were hashing for the pool would have been different than the header you would have hashed for yourself.  Thus, you can't make the comparison.  If you had mined solo, you might have found 10 blocks, you might have found 0 blocks.  Likely, you would have found 1 block.

^^ This.  The work assignment your miners completed was from the pool’s starting point.  I think of mining like a giant game of battleship.  Unlike battleship you are assigned a random starting point and you have to proceed across the grid square by square in order.  Each other Bitcoin client and pool has a different starting point on the grid.  Pools assign blocks of work to their members based on their starting point.  It is nearly impossible that you would receive the same work assignment from a pool and a solo client so you would not have solved those same blocks while solo mining.

I would not solo mine unless you have enough gh to statisically solve a block in a 2 week period currently 6.5 gh for this difficulty probably closer to 6 next change
This too.  If you do not have enough capacity to hit a block in each difficulty you could end up chasing your tail forever.  The expected return of pool mining in a 0% fee pool is about the same (excluding stale shares) as your solo expected return except you will be able to able to participate in block awards in each difficulty.
Desolator
Sr. Member
****
Offline Offline

Activity: 392



View Profile
September 11, 2011, 10:15:49 PM
 #14

even with that kind of speed, at this point you risk not finding a coin while solo mining until after the point at which blocks change to only giving 25 BTC instead of 50.  You should leave that crappy pool and mine at a better one with better features and better security though.  They need to be stopped before they cross over 50% of all processing or they'll probably start mining forged coins and verifying them themselves.  BTCGuild is pretty awesome and FREE (and the 2.5% fee features are nice too)
Meatball
Sr. Member
****
Offline Offline

Activity: 322



View Profile
September 12, 2011, 11:32:30 AM
 #15

Unless you have 20-25 GH/sec, don't bother solo mining.  Unless the difficulty drops pretty significantly, you stand a good chance of never finding a block solo mining with 3 GH.
btcbaby
Member
**
Offline Offline

Activity: 87



View Profile WWW
September 16, 2011, 11:55:48 PM
 #16

So here is the story. I've been mining since mid June and by July I had 3GHash/s. Since I've been mining on deepbit I have found 3 blocks; two in the last difficulty and 1 in the current difficulty. Also I've only mined about 67 bitcoins in the pools. So I'm missing out on many many bitcoins...
So does anyone have a compelling argument for either solo mining or pooled mining??

If you have to use some percentage of the the profits to cover costs (like any real business at scale) pool mining is the way to go.

http://www.btclog.com/uploads/FileUpload/e6/9cc97eb4c91db1ec5fb30ca35f0da8.png
Write an excellent post on btc::log and you just might win 1BTC in our daily giveaway.
btc::log is the professionally managed and community moderated Bitcoin Forum
wknight
Legendary
*
Offline Offline

Activity: 889


Bitcoin calls me an Orphan


View Profile WWW
September 21, 2011, 12:08:14 AM
 #17

Unless you have 20g hs i wouldnt bother myself

Mining Both Bitcoin and Litecoin.
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
September 22, 2011, 12:35:11 AM
 #18

So what would you recommend as a good rule to decide if it is worth going solo? 1 block per day, week, month? Some of you recommended ~20GH, which falls in the week category...
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
September 22, 2011, 01:13:45 AM
 #19

Depends on your appetite for pain - if you are happy with the possibility you will never find a block, go solo.  Reading around the forum you might find the outside limit is probably at the three month mark, but that's just my impression of what I've seen other people suggest.

For contrast, I did some I0Coin mining for fun last week when the difficulty was around 400 and I was contributing about 1/4 of the hash power - made for a lot of blocks, but I pushed it through a pool because I was having rpc resolution issues that I haven't bothered to sort out yet.
jjiimm_64
Legendary
*
Offline Offline

Activity: 1680


View Profile
September 22, 2011, 03:22:20 AM
 #20

So what would you recommend as a good rule to decide if it is worth going solo? 1 block per day, week, month? Some of you recommended ~20GH, which falls in the week category...

this is a popular topic, with many posts to read.

When I got to 16G i went completely solo thinking I could get a block a week and bla, bla, bla....  I lasted about 8 hours and went to ars.  now I get about 9btc a day solid. I get paid for every share I submit.

I have since found 3 blocks with 4732612 shares at ars. in 2 days I will have about 150btc's at ars.

I have seen large pools go over 10-13 million shares without finding a block.  In that case I would only be halfway there after 12 days of mining....  I am so glad I am in a pool.

1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!