Bitcoin Forum
December 08, 2016, 08:19:20 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: mhash threshold for solo mining  (Read 4070 times)
Ownski
Full Member
***
Offline Offline

Activity: 180



View Profile
March 01, 2011, 02:07:56 AM
 #1

Is there a a magic number for solo mining? Aka lets say your mining at 2,000 Mhashes. Would it be be more profitable doing it solo than in a pool since you have a higher chance of finding a block?

Money is the oldest magic trick in the book.
1481228360
Hero Member
*
Offline Offline

Posts: 1481228360

View Profile Personal Message (Offline)

Ignore
1481228360
Reply with quote  #2

1481228360
Report to moderator
1481228360
Hero Member
*
Offline Offline

Posts: 1481228360

View Profile Personal Message (Offline)

Ignore
1481228360
Reply with quote  #2

1481228360
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481228360
Hero Member
*
Offline Offline

Posts: 1481228360

View Profile Personal Message (Offline)

Ignore
1481228360
Reply with quote  #2

1481228360
Report to moderator
1481228360
Hero Member
*
Offline Offline

Posts: 1481228360

View Profile Personal Message (Offline)

Ignore
1481228360
Reply with quote  #2

1481228360
Report to moderator
Blitz­
Donator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
March 01, 2011, 02:12:14 AM
 #2

The pool just minimizes the "luck factor", that’s all. Although I think that you shouldn’t mine solo if you can’t expect to get at least a block per difficulty period. Check here.

So no, there’s no magic number. There’s only personal preference.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Dude65535
Full Member
***
Offline Offline

Activity: 126


View Profile
March 01, 2011, 02:14:36 AM
 #3

I think the key factor in solo vs pool mining is your current probability of finding a block before the next difficulty increase. So even with a high hash rate it would be better to do pooled mining when a difficulty increase gets close.

1DCj8ZwGZXQqQhgv6eUEnWgsxo8BTMj3mT
Cryptoman
Hero Member
*****
Offline Offline

Activity: 728



View Profile
March 01, 2011, 03:44:55 AM
 #4

The pool just minimizes the "luck factor", that’s all. Although I think that you shouldn’t mine solo if you can’t expect to get at least a block per difficulty period.

I'd say that's about right.  I use a week as the cutoff, since you will grow really impatient if it takes longer than that to generate a block.  One week at the current difficulty level corresponds roughly to one overclocked 5870.  Definitely try pool mining first so that you can test to see that everything is working correctly.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
darvil
Member
**
Offline Offline

Activity: 73


View Profile
March 01, 2011, 07:44:40 AM
 #5

so after another month or so later from now, solo mining at 5870 is pretty much pointless?  I guess you can still get lucky like winning the lottery.
Cryptoman
Hero Member
*****
Offline Offline

Activity: 728



View Profile
March 01, 2011, 07:53:36 AM
 #6

I wouldn't say it's pointless, but you need to have a lot of patience if you are going to solo mine with only a single GPU.  I think most people would willingly pay the 2-3% to see a steady stream from a pool.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
darvil
Member
**
Offline Offline

Activity: 73


View Profile
March 01, 2011, 09:39:17 AM
 #7

At this point, is it still profitable to solo? mathematically speaking.  I will probably have to join a pool soon, just not exactly sure how it all works yet.
nster
Full Member
***
Offline Offline

Activity: 126



View Profile
March 01, 2011, 11:08:26 AM
 #8

As soon as I get another block I'm joining a pool... I have been mining practically non-stop at 270~275 Mhash/s since 2/22 at 11AM with my OCed 6870, but no luck

167q1CHgVjzLCwQwQvJ3tRMUCrjfqvSznd Donations are welcome Smiley Please be kind if I helped
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile WWW
March 01, 2011, 11:24:01 AM
 #9

At this point, is it still profitable to solo? mathematically speaking.
mathematically speaking it's always better to run solo, no matter what difficulty or hashrate.
on pools you will always lose some hashes due to network-overhead (~2-3%) and probably some due fees to the operator.

but then again on pools you dont need much patience, you will see results (even if those are small) more or less instantly
and you are not depended on your own luck.

khal
Hero Member
*****
Offline Offline

Activity: 538


NamecoinID: id/khal


View Profile WWW
March 01, 2011, 11:26:00 AM
 #10

With a 2'000khash/s (2Mhash/s) you can obtain about 0.05 BTC / day on a pool. So, on solo, it would take an average 1000 days to gain a block of 50 ? Cheesy (the calculator says 957 days). Good luck Cheesy

NMC: N1KHAL5C1CRzy58NdJwp1tbLze3XrkFxx9 | NamecoinID: id/khal | Register .bit domain
BTC: 1KHAL8bUjnkMRMg9yd2dNrYnJgZGH8Nj6T | My bitcoin Identity: send messages to bitcoin users
Free bitcoins: Surf4Bitcoin.com | Charity Ad: Make a good deed without paying a cent
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile WWW
March 01, 2011, 11:31:14 AM
 #11

that's why it says "mathematically speaking".  Wink

ribuck
Donator
Legendary
*
Offline Offline

Activity: 826


View Profile
March 01, 2011, 11:32:25 AM
 #12

As soon as I get another block I'm joining a pool...

If you're going to switch, there's no logical reason to wait until you get another block before switching.

The work your miner has done so far counts for nothing. There's no "partial work" that you would lose by switching to a pool now rather than later.

You have the same chance of generating a block if you have never mined before, or if you have mined for a month (with or without generating blocks). Your past mining history doesn't affect your future chances in any way.
nster
Full Member
***
Offline Offline

Activity: 126



View Profile
March 01, 2011, 11:33:07 AM
 #13

At this point, is it still profitable to solo? mathematically speaking.
mathematically speaking it's always better to run solo, no matter what difficulty or hashrate.
on pools you will always lose some hashes due to network-overhead (~2-3%) and probably some due fees to the operator.

but then again on pools you dont need much patience, you will see results (even if those are small) more or less instantly
and you are not depended on your own luck.

OCing takes care of any overhead and operator fee... After OC, you can at least get the same as stock solo in the long run, plus the security and steady income is nice

^ yea I know it doesn't affect my chances, but I'm feeling that I'll hit it soon :p I've been on a dry so run it bound to end right? XD and having 2 50 BTC blocks would look much sexier. besides, my Mh/s isn't bad so solo mining isn't too bad

167q1CHgVjzLCwQwQvJ3tRMUCrjfqvSznd Donations are welcome Smiley Please be kind if I helped
ribuck
Donator
Legendary
*
Offline Offline

Activity: 826


View Profile
March 01, 2011, 11:46:14 AM
 #14

... I'm feeling that I'll hit it soon :p I've been on a dry so run it bound to end right? ...
If I had a penny for each homeless gambler who had made their decisions based on that "feeling".
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile WWW
March 01, 2011, 11:55:33 AM
 #15


OCing takes care of any overhead and operator fee... After OC, you can ....
...get even more solo.  Grin

don't get me wrong, i'm not saying "don't use pools",
actually i'm using pools myself (with ~1.5Gh/s), to get a steady income that i can count on without the need of much luck,
but "mathematically" it could be more solo.

markm
Legendary
*
Offline Offline

Activity: 1792



View Profile WWW
March 01, 2011, 12:08:37 PM
 #16

So if someone wanted to do some kind of blockchain-based app using modified bitcoin code they could probably attract more and more miners at BTC 0.05 per day of 2MH/s mining {as|if} the difficultly of mining bitcoins increases?

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile WWW
March 01, 2011, 12:17:21 PM
 #17

they could only attract more and more miners if there's some value in whatever they "generate".
they could actually be buying hashpower for bitcoins, if they pay better, than the bitcoin-market, a lot of miners will switch,
but that's kinda unlikely.

markm
Legendary
*
Offline Offline

Activity: 1792



View Profile WWW
March 01, 2011, 12:25:14 PM
 #18

It is not the hired miners' concern what is being mined. They are offered 0.05 bitcoin per day per 2MH/s and that is all they need to know, in fact if they need too much info - more than a secure private blockchain-using network wishes mere miners to know - then either some kind of non-disclosure contract would probably have to be involved or maybe the mining jobs would only be offered to the royal family of the nation hiring the miners or maybe it would be decided mining is too sensitive a job it should take place only on the mint's own supercomputers...

-MarkM- (None of your biz what we mine, you want bitcoins or not? Wink Okay so we mine poker chips and have players, so what? Want bitcoin?)

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile WWW
March 01, 2011, 12:49:03 PM
 #19

i didnt say it's miners' concern, or should be, i just said it has to be something valueable (to someone at least).
i would even search for aliens if it pays better than generating bitcoins.  Grin

ribuck
Donator
Legendary
*
Offline Offline

Activity: 826


View Profile
March 01, 2011, 01:01:33 PM
 #20

i would even search for aliens if it pays better than generating bitcoins.  Grin
But then you will end up finding aliens, which are not as useful as bitcoins.
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!