Group Mining

[PaddyTabby]

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  

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

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[vnvizow]

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]

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]

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  

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]

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]

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.