Lottery Mining

[philipma1957]

Hey, here is the thing. Nobody ever said that getting rich is easy. There is no way to get rich without hard work, commitment and sacrifice. Yes, you can do lottery mining but buying bitcoin would be reliable, even though it will take too much time to make the profits you desire.

he could do both.

buy 0.01 btc which is around $400

rent 0.001 btc at nice hash point it to cksolo pool

if it loses he has 0.009btc

a month later

buy 0.01 btc
rent 0.001 btc at nice hash coin it to cksolo pool

if it loses he has 0.009+0.009= 0.018 btc

if he does this for a year he has

12 x 0.009 = 0.108 btc if all the rentals lose. Which they likely would

[1714223281]

1714223281

[1714223281]

1714223281

[kano]

Renting miners to solo mine is an "expected" loss.

Think of it like going to a casino with a 1% house edge.
Sometimes you win, sometimes you lose, but the more you do it the closer to the 1% loss of everything you spent, you expect to get.

If you keep doing it you will either end up with a loss (more likely) or ahead (less likely)
But if you do get ahead, prove you're not addicted to losing money gambling and quit while your ahead.

With blocks there's issues:
1) The "expected" rental cost per block is well over 6.25BTC - usually 5% to 10% more.
So you can be losing a lot of money.

2) That 5% to 10% more renting is the 'house edge' i.e. you "expect" to lose long term. Gambling with a 5% to 10% house edge i.e. worse!
i.e. if you keep going over and over again finding blocks, you'll "expect" to end up 5% to 10% down on ALL your BTC you send to rentals.
Of course you could be ahead, but more likely to end up behind.
There is no magical fairy that's going to help you win, it's simple maths and statistics of random numbers.
Luck is an historical calculation of performance. There's so such thing as expecting luck in the future when Bitcoin mining.

3) If you say "I'm only risking 0.6 BTC with 9 others" well you get the same result.
You don't expect to win more, you expect to win 1/10th each if you all find a block.
You all finding a block is still the same "expected" loss, you just happen to only lose 10% of that hundreds of thousands of dosh.

In general renting miners is a bad idea since it's a negative net sum "expected" result.
Worse, the rental sites wont even supply statistics about the miners, so you have no idea if they are withholding some blocks.
Block withholding has a positive financial effect for the owners of the miners on a rental site.

[NotATether]

I'm lotto mining at solo.ckpool with AvalonMiner 841 ( low power firmware, 8 Th/s hash rate).

It has been warming my summer cottage in the winter time.
So the actual cost for mining has been little less, because I have benefitted from the heat.

Now that it is starting to be summer, I think I will shut it down for summer.

And that appears to be the only practical use case for lotto mining.

Because unlike in a traditional lottery, the "tickets" - actually USB stick miners and the like - are *much more expensive* than their paper counterparts. Considering that their prices can enter the "several dozen dollars" category, lotto-mining for its namesake only is not worth it - especially when you consider the odds of hitting a block are much lower than winning an actual lottery, owing to the enormous global hashrate.

[Sledge0001]

Is it even possible to lotto mine BTC on something like a newpac USB miner?  Just doing some rough math, it looks like it's more likely the Sun will explode before it finds a block.  So if not BTC, what other SHA-256 (that the newpac would be able to mine) would be worth lotto mining?

Simply put the answer is yes. You can indeed hit the BTC Lottery with a USB miner. I did it on CK's solo pool with a small USB miner farm running several GekkoScience Compaq F's and still can't believe it happened.

When I hit the odds based on my hashrate of 8.4TH/s they were like 1 block in every 423 years or something crazy. It was truly nothing short of miraculous. But as the saying goes if you don't play you can't win.

I'm still solo mining on both CK's and Kano's solo pools currently hoping that lightning can somehow strike twice.

I would recommend don't over investing into solo mining. Expect no return on your investment but keep hope alive that it can happen.

[Morguk]

Is it even possible to lotto mine BTC on something like a newpac USB miner?  Just doing some rough math, it looks like it's more likely the Sun will explode before it finds a block.  So if not BTC, what other SHA-256 (that the newpac would be able to mine) would be worth lotto mining?

Simply put the answer is yes. You can indeed hit the BTC Lottery with a USB miner. I did it on CK's solo pool with a small USB miner farm running several GekkoScience Compaq F's and still can't believe it happened.

When I hit the odds based on my hashrate of 8.4TH/s they were like 1 block in every 423 years or something crazy. It was truly nothing short of miraculous. But as the saying goes if you don't play you can't win.

I'm still solo mining on both CK's and Kano's solo pools currently hoping that lightning can somehow strike twice.

I would recommend don't over investing into solo mining. Expect no return on your investment but keep hope alive that it can happen.

I didn't realise you was the one that hit the block. Congrats! Big BTCBTCBTC

[Sledge0001]

I didn't realise you was the one that hit the block. Congrats! Big BTCBTCBTC

Yeah even a blind squirrel gets a nut once in a while! 

[jack3rror]

Just a reply to let you know that https://soloblocks.io has integrated a luck simulator (indicates odds of finding a block on the next 24 hours, 3 hours and 15 minutes)

More to come, but yet you can gamble via nicehash on port 3334

[hZti]

All those calculations only work if you look at it large scale. Lottery mining is however done on the very small scale so it is not about the calculated luck, but the actual luck of the individual person. You buy a small stick miner, that costs you next to nothing (or maybe even nothing) to run and if you are lucky you get a whole block of BTC.
If you look at all solo miners as a whole of course it looks stupid, but for the individual it can make sense.

[gunhell16]

In my research, at this time solo mining or lottery mining is no longer profitable. Because I remembered 2 years ago I joined a lottery mining website platform, I also waited about a month for mining. Then, when I made a withdrawal, it was placed on the history platform and it was successful, but nothing came to the address I put.

But what is found in the withdrawal history of the platforms is all paid, but everything is just a lie, everything is just released from the platform to say that someone is playing, Is there, is it still legitimate in this era that can generate profit in lottery mining?

[philipma1957]

In my research, at this time solo mining or lottery mining is no longer profitable. Because I remembered 2 years ago I joined a lottery mining website platform, I also waited about a month for mining. Then, when I made a withdrawal, it was placed on the history platform and it was successful, but nothing came to the address I put.

But what is found in the withdrawal history of the platforms is all paid, but everything is just a lie, everything is just released from the platform to say that someone is playing, Is there, is it still legitimate in this era that can generate profit in lottery mining?

ckpool will pay if you hit the block. nuff said.

[Sledge0001]

In my research, at this time solo mining or lottery mining is no longer profitable. Because I remembered 2 years ago I joined a lottery mining website platform, I also waited about a month for mining. Then, when I made a withdrawal, it was placed on the history platform and it was successful, but nothing came to the address I put.

But what is found in the withdrawal history of the platforms is all paid, but everything is just a lie, everything is just released from the platform to say that someone is playing, Is there, is it still legitimate in this era that can generate profit in lottery mining?

ckpool will pay if you hit the block. nuff said.

Yeah I agree with Philip, based on my personal experience CKpool does indeed payout when you find a block on that solo pool.

Here's undeniable proof https://explorer.btc.com/btc/block/720175

[NotFuzzyWarm]

Ja. Main point here is that the solo pool should automatically payout. No 'withdrawal' initiated by you needed. In the case of -ck solo pool it is automatically sent as part of the coinbase, in the case of Kano's solo pool payout is to the pool wallet and from there immediately sent to your address that you setup when you joined the pool.

[mikeywith]

Ja. Main point here is that the solo pool should automatically payout. No 'withdrawal' initiated by you needed. In the case of -ck solo pool it is automatically sent as part of the coinbase, in the case of Kano's solo pool payout is to the pool wallet and from there immediately sent to your address that you setup when you joined the pool.

The main point here is "trust", the post above talks about a straightforward scam, some scammers will tell you that you did manage to hit a block but you need to send some BTC for the fees because the block is stuck on the pool's wallet, that's just one out of the so many lies they can come up with it, the payment method is some irrelevant, a direct payout written in the coinbase or an automation process at the pool side after the block reward has been sent to the pool's address both should be safe as long as the pool operator is honest.

So far, the two good pools we know off are Ckpool and Kano.

[Mr. Magkaisa]

Is it even possible to lotto mine BTC on something like a newpac USB miner? 

In the first place, based on my knowledge mining Bitcoin using a USB miner such as the new PAC is a nonprofit mate.
Why? It is because mining bitcoin difficulty is very high so that it can generate enough hash power to solve the block and gain a reward.

Aside from that, even though you can mine a block, obviously the rewards will not be enough to cover the electricity cost
that could be used by the miner. So in the end, it is still better to buy bitcoin than to mine using a USB miner.

what other SHA-256 (that the newpac would be able to mine) would be worth lotto mining?

SHA-256 cryptocurrency would only be profitable to mine if you use a USB miner such as the Newpac.
Moreover, the difficulty mining of these coins increases. Then in the long run, it becomes hard for the small miner like a USB
device to find a block and gain a reward.

However, other SHA256 coins are still being mined with a low difficulty such as Bitcoin cash, Peercoin, and Namecoin, etc. But these coins would not be profitable to mine using a USB miner. So, I highly recommend joining a mining pool for these coins.

[Lida93]

Yes, you can do lottery mining but buying bitcoin would be reliable, even though it will take too much time to make the profits you desire.

In few occasions it may not take so much time as some may be thinking in making the profits from buying and holding bitcoin as you could be fortunate to buy at a time very close to when a bull run may take place hitting an ATH that beats the previous one. I am certainly no fan of lotto mining, I don't know maybe cause it doesn't seem probable to me at all.

[willi9974]

Hello lucky miner,

we have startet a small solo group on ckpool

for all small USB Miner / Bitaxe Miner or all other, please have a look at our short solo groupe here --> https://bitcointalk.org/index.php?topic=5478927.0 or the englisch and german mixed master topic here https://bitcointalk.org/index.php?topic=5477020.0

At the moment we have a lot miner working

Live Statistik Tabelle --> https://solorun.lima.zone/


Unsere Teilnehmer Statistik: / Our member statistics:

Place

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User

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Device Type

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Speed 5 Min.

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Number Shares

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Best Share

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Solo Pool Status

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#1

|

brun0

|

Bitaxe ULTRA 202

|

467 GH/s

|

173.082.618

|

69.147.539.512

|

Click...

#2

|

Gholly_2-S19_96T

|

Antminer S19

|

101000 GH/s

|

2.296.458.333

|

4.959.256.578

|

Click...

#3

|

cygan

|

5x Compac F, 2x R909

|

7680 GH/s

|

1.813.983.242

|

4.687.139.781

|

Click...

#4

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lutz_k_S9

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Antminer S9

|

7140 GH/s

|

295.025.940

|

2.033.651.629

|

Click...

#5

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tux1975_1

|

FutureBit Apollo

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1380 GH/s

|

54.828.824

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1.314.397.985

|

Click...

#6

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Elef_90_Axe1

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Bitaxe ULTRA 202

|

553 GH/s

|

55.772.046

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1.078.815.833

|

Click...

#7

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5tift_1

|

Bitaxe ULTRA 202

|

375 GH/s

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95.123.299

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417.765.854

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Click...

#8

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Gholly_1-T15_1Hashboard

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Antminer T15

|

6290 GH/s

|

138.338.959

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315.837.176

|

Click...

#9

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rent_a_ray

|

Bitaxe BM1397

|

380 GH/s

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144.362.681

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305.887.690

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Click...

#10

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tux1975

|

Bitaxe ULTRA 202

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376 GH/s

|

192.633.443

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271.539.722

|

Click...

#11

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fishhot_1

|

Compac F

|

251 GH/s

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139.200.386

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255.155.161

|

Click...

#12

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fishhot_2

|

Compac F

|

299 GH/s

|

134.666.626

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168.655.576

|

Click...

#13

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willi9974_2

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Bitaxe ULTRA 202

|

431 GH/s

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179.810.338

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160.918.431

|

Click...

#14

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willi9974_1

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Bitaxe ULTRA 202

|

467 GH/s

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207.546.940

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123.419.668

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Click...

#15

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paid2_bitaxe01

|

Bitaxe ULTRA 202

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508 GH/s

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66.428.704

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94.157.064

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Click...

#16

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lutz_k_2

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Bitaxe ULTRA 202

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482 GH/s

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39.168.031

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67.562.778

|

Click...

#17

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brun0_2

|

Bitaxe ULTRA 202

|

359 GH/s

|

115.049.643

|

37.475.903

|

Click...

#18

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real_duke

|

Bitaxe ULTRA 202

|

427 GH/s

|

138.867.021

|

36.461.301

|

Click...

#19

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lutz_k_1

|

Bitaxe ULTRA 202

|

450 GH/s

|

40.034.967

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31.818.175

|

Click...

#20

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brun0_3

|

Bitaxe ULTRA 202

|

497 GH/s

|

21.113.467

|

28.569.427

|

Click...

#21

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Elef_90_Axe3

|

Bitaxe ULTRA 202

|

449 GH/s

|

46.437.128

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26.049.196

|

Click...

#22

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lutz_k_3

|

Bitaxe ULTRA 202

|

523 GH/s

|

39.766.458

|

23.714.664

|

Click...

#23

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lutz_k_4

|

Bitaxe BM1397

|

321 GH/s

|

24.392.634

|

20.497.401

|

Click...

#24

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Elef_90_Axe2

|

Bitaxe ULTRA 202

|

477 GH/s

|

55.296.942

|

15.136.911

|

Click...

#25

|

kkmonte

|

Compac F

|

477 GH/s

|

25.919.648

|

6.845.884

|

Click...

#26

|

Sledge0001_PI1

|

Compac F

|

1090 GH/s

|

4.844.418

|

6.227.850

|

Click...

#27

|

Elef_90_Axe4

|

Bitaxe ULTRA 202

|

462 GH/s

|

4.275.001

|

5.365.539

|

Click...

#28

|

lutz_k_5

|

Bitaxe BM1397

|

317 GH/s

|

2.684.511

|

3.876.685

|

Click...

[FP91G]

Has anyone in your community already solo mined a block of Bitcoin on a USB miner? The cost of electricity in taco mining is very low, but what stops me is the expensive price of such devices and the almost zero mathematical probability of mining a block of Bitcoin on such a device.

[paid2]

Has anyone in your community already solo mined a block of Bitcoin on a USB miner? The cost of electricity in taco mining is very low, but what stops me is the expensive price of such devices and the almost zero mathematical probability of mining a block of Bitcoin on such a device.

Yeap someone found a block with a Gekko Compac F in early 2023 IIRC.

Anyway, Bitaxe can be cheap if you want to build a solo lottery ASIC

[Uhwuchukwu53]

I'm lotto mining at solo.ckpool with AvalonMiner 841 ( low power firmware, 8 Th/s hash rate).

It has been warming my summer cottage in the winter time.
So the actual cost for mining has been little less, because I have benefitted from the heat.

Now that it is starting to be summer, I think I will shut it down for summer.

Solo mining is one among the best though I am new in the process but from what I read it will dominate and make outstanding improvement in the ecosystem
Please vi would have love to receive more guide on how to mine faster if there are means? Though stand to be corrected

[Uhwuchukwu53]

Hey, here is the thing. Nobody ever said that getting rich is easy. There is no way to get rich without hard work, commitment and sacrifice. Yes, you can do lottery mining but buying bitcoin would be reliable, even though it will take too much time to make the profits you desire.

That sound inevitable as it speak volume in my heart, no matter how the sacrifice is as much it involves money making you must make the sacrifice huge to receive huge in your money, this could be in respect to time and effort as regards to man power. Investing in btc can easily actualize your dreams though it may not come so easily depending on the method of investment but if you make use of the DCA and allow your holding for long term the results may be hundred fold than that of the lotto though I have not try that of lotto mining but I don't think if anything is more of value rewarding than that of BTC. Especially using the DCA method or strategy that give you more freedom to hold for Long term as well give you Chance to run other investment without centering your focus on monitoring the movement of the investment as much you keep to the terms of the investment strategy.