Solo mining

[povlhp]

I have a question about solo mining, or mining in general.

As I understand it, we are trying to find some sha-256 hash. We are all working on the same block, from hopefully different starting positions, and the one to find the right hash first wins the block. Is this more or less correct understood ?

If yes, then solo mining would always be considered as a valid lottery ticket ? No matter what difficulty we have ?

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[Evil-Knievel]

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[povlhp]

I have another question.

My bfgminer connected to bitcoind seems to keep working on old blocks.
I have disabled longpoll, scan-time 1 sec, queue = 0.

Would I need to set up pool software to get my solo miner to mine the current block without too much delay ?
Some startum proxy ?

[-ck]

Current cgminer solo mines extremely efficiently and goes to great lengths to make sure it's working on the current block.

[gdrake]

You seriously want to solo mine instead of pool mining? Do you have some amazing mining rig or what?

[Evil-Knievel]

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[pakerybie]

You seriously want to solo mine instead of pool mining? Do you have some amazing mining rig or what?

I for instance solo mine with a 300 MH USB Block Erupter, because "Pool Mining" is not profitable in my case 

Solo mining with 300 mh/s? That doesn't really seem like much when you compare it to the +100 gh/s ASICs.

[-ck]

You seriously want to solo mine instead of pool mining? Do you have some amazing mining rig or what?

I for instance solo mine with a 300 MH USB Block Erupter, because "Pool Mining" is not profitable in my case 

Solo mining with 300 mh/s? That doesn't really seem like much when you compare it to the +100 gh/s ASICs.

It won't earn anything mining regular, so he uses it like a lottery.

[publicminer]

I think to you it is necessary simple to look for good pool , try , test pool
Posted from Bitcointa.lk - #it4cimxwrpeG1qBd

[go4nature]

solo mining btc at this point is worthless. You should be extreme lucky if you got one block.

[iamreddy44]

solo mining btc at this point is worthless. You should be extreme lucky if you got one block.

"extremely lucky" = lottery ticket

[nikolaz]

You seriously want to solo mine instead of pool mining? Do you have some amazing mining rig or what?

I for instance solo mine with a 300 MH USB Block Erupter, because "Pool Mining" is not profitable in my case 

Solo mining with 300 mh/s? That doesn't really seem like much when you compare it to the +100 gh/s ASICs.

It won't earn anything mining regular, so he uses it like a lottery.

Considering even if you were to start mining with 1 TH/s machine you just bought (May delivery) it is highly doubtful that you will get your initial investment...

Example: if you were to get a 1TH/s for $3,500 pay no electricity, and assume diff goes up by 20% per increment and price of BTC $600... You will lose $1,300 by end of 2014. Your loses can add up to $2,000 if you include electricity...

Argument is that most people are mining to support the network, that is true however the 1% of the people the likes of big farm owners with Peta hashes are in it for the profit. They adding more hashing power each day, and thus increasing the diff and by November network diff could be 100G (100,000,000,000)

Forecast for amateur miners not looking good at all, at the moment ASIC manufacturers are rolling in money as they pre-mine with the machines and delivery it to you few days / weeks / months later, big farms are benefiting from creating their custom boards and bulk buying the chips.

Just for FYI, I am not saying Bitcoin won't survive but Bitcoin mining is not sustainable anymore, it is no longer Zero sums game any more...

[Evil-Knievel]

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[nikolaz]

I think it is just a matter of time until someone will file some kind of law suit against those mining hardware manufacturers.
People are buying "new" machines, but all they get are used ones which were pre-mining for several weeks in the manufacturers mining farms.

I am not sure if you can sue them for that but you should be able to sue them for not refunding you if the product has not been dispatched and has been delayed from the original release date.

People need avoid dealing business with these guys... It seems at the moment Spondoolies-Tech does not pre-mine but they do a 24 hour burn test... Bitmain pre-mines but I think they are mining with the machines sitting in their warehouse rather than mining with the pre-ordered miners.

Anyways... In terms of investment, it is better to purchase Bitcoin and hold onto it rather than mine. If you want to support the network and do help out then do purchase a cost effective miner and use some of your earnings to pay for electricity.

[blackvoice]

If you have powerful rig

you can try solo mining

If not, mining with pool is more efficient

[Trongersoll]

If you have powerful rig

you can try solo mining

If not, mining with pool is more efficient

Unless your rig is so small that it gets lost in the pool's rounding error. then the solo/lottery ticket is the way to go. you have nothing to lose.