Bitcoin Forum
April 26, 2018, 12:42:34 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Group Mining  (Read 693 times)
PaddyTabby
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
March 01, 2014, 09:22:24 AM
 #1

Hey everyone its my first time posting here! I thought i would mention im from the uk as i have seen a few people asking if there's any other miners from the uk! I am still a noob when it comes to mining compared to some people so please don't shoot me down for asking the question  Grin

I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?

Thanks Paddy
1524746554
Hero Member
*
Offline Offline

Posts: 1524746554

View Profile Personal Message (Offline)

Ignore
1524746554
Reply with quote  #2

1524746554
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1524746554
Hero Member
*
Offline Offline

Posts: 1524746554

View Profile Personal Message (Offline)

Ignore
1524746554
Reply with quote  #2

1524746554
Report to moderator
1524746554
Hero Member
*
Offline Offline

Posts: 1524746554

View Profile Personal Message (Offline)

Ignore
1524746554
Reply with quote  #2

1524746554
Report to moderator
vnvizow
Sr. Member
****
Offline Offline

Activity: 266
Merit: 250



View Profile
March 01, 2014, 10:23:13 AM
 #2

I would recommend you to mine with an existing large pool but with that much power try you're luck with solo-mining. If you want tutorials on solo-mining I can possibly post one here. Another option is to play it safe and dangerous at the same time, I've tried this before: Join a newer pool with mining power close to what you can provide and when a block is mined you'll get most of the reward.
PaddyTabby
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
March 01, 2014, 12:19:59 PM
 #3

Hey thanks for the advice, I just assumed that if i was to mine myself in a private pool with another 5 or so people running the same as me we might have a better chance at finding blocks and we could just share out the rewards equally.
cloverme
Legendary
*
Offline Offline

Activity: 1358
Merit: 1040


SpacePirate.io


View Profile WWW
March 01, 2014, 03:24:21 PM
 #4

Hey everyone its my first time posting here! I thought i would mention im from the uk as i have seen a few people asking if there's any other miners from the uk! I am still a noob when it comes to mining compared to some people so please don't shoot me down for asking the question  Grin

I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?

Thanks Paddy

You're best bet is just to keep mining with a mining pool. There's no point in trying to solo mine, you'd need much more hashing power than that to have a chance at finding a block. Check out this graph of the mining pools that compete to find blocks with the hashing power they have: https://blockchain.info/pools

The basis of your idea is correct, but the hashing power you would need to realistically mine a block in your own pool would not be profitable at this point in time.  You would need in the high hundreds or low thousands of terrahashes.
 



         ▄▄▄████████▄▄▄
      ▄██████████████████▄
    ▄██████████████████████▄
  ▄██████████████████████████▄
 ▄████████████████████████████▌
▄██████████████████████████████▌
████████████████████████████████
██████▀     ▀██████▀     ▀██████
█████        ▐████▌        █████
█████        ▐████▌        █████
██████▄    ▄████████▄    ▄██████
▀█████████████▀  ▀█████████████▀
  ▀▀██████████▄▄▄▄██████████▀▀
     ▀▀██████████████████▀▀
       ████▀███▀▀███▀████
       ▀██▀ ▀█▀  ▀█▀ ▀██▀
║█║
║░║
║░║
║█║
Xyver
Full Member
***
Offline Offline

Activity: 251
Merit: 100


View Profile
March 03, 2014, 07:36:02 PM
 #5

Not even... you don't need high hundreds...

If you have 25 tera, and start solo mining, the average block generation time is 7-8 days. Thats quick enough I think, a block a week?

If you have 1000 tera, you're bigger then most pools...
Operatr
Hero Member
*****
Offline Offline

Activity: 798
Merit: 1000


www.DonateMedia.org


View Profile WWW
March 03, 2014, 07:52:15 PM
 #6

Pooled mining effectively is solo mining, at least to the network, it is just a way for several miners to work together to mine a whole block.

Unfortunately Bitcoin mining itself is fast becoming a rich man's game, unless you have a lot of hashpower it may not be worth it to run your own Bitcoin pool specifically, even with a few terrahash.

However, there are many more kinds of coin to mine these days, setting up a pool for a smaller but popular coin(s) may be a way to go and a much easier entry point if you really desire you operate your own.


Pages: [1]
  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!