Is it wrong to try your luck with Solo

[joniboini]

And if you are into stats, your chance of winning a block reward solo mining is infinitely higher than with a pool 

That doesn't sound right, judging from how many users tell you that the chance is only around 2% within a year. Not to mention the difficulty is going to fluctuate, and I bet it will increase and just lower your chance even further. Doesn't really matter whether you have free electricity or not if you will never get it in the first place. Can you show us the math?

Based on my experience, I only saw one post from a lottery miner in this forum, while the rest are just talking about probability, etc. Most of the time they are just doing it for fun, so if profit is your goal, mining with a pool is arguably more profitable & efficient. CMIIW.

[philipma1957]

And if you are into stats, your chance of winning a block reward solo mining is infinitely higher than with a pool 

That doesn't sound right, judging from how many users tell you that the chance is only around 2% within a year. Not to mention the difficulty is going to fluctuate, and I bet it will increase and just lower your chance even further. Doesn't really matter whether you have free electricity or not if you will never get it in the first place. Can you show us the math?

Based on my experience, I only saw one post from a lottery miner in this forum, while the rest are just talking about probability, etc. Most of the time they are just doing it for fun, so if profit is your goal, mining with a pool is arguably more profitable & efficient. CMIIW.

You misunderstand his statement. Here is another way of writing what he said:

If I mine on a shared pool my odds of winning a solo block all to myself are zero.

If I mine on a solo pool my odds of winning a solo block are unlikely  but far far better than zero.


and another way would be.

you can't win a solo block on a shared pool. since you do must share with the other miners.

in a way he was being a bit sarcastic with his statement.


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Shared pool by definition means shared odds of winning a solo block are impossible.

Mining solo means you take it all no sharing. It is unlikely to win a block but you can win one or more every day you point gear to a solo setup.




off topic:

 I mine at a small pool with a password to mine only.

https://pool.laurentiapool.org/#/work

146UJM5kgzLVUV23CXCf33KQKHckoX1gx3  will get 2.19 coins if we hit a block


now the pool has 222th which means $15.55 in earnings a day if it was not solo. a block is $132,000. so the shot of us hitting a block is 8500 to 1

but even at those odds it is not a solo block it would be shared with 4 miners.  Its close to solo for 3 of the miners the rewards are very nice, but it is not solo and at the moment it can not be solo for the next block since 4 miners have shares and will get some of the coins.

[DaveF]

At current hash rate, you'll have a 2% chance of solving a block in a year. Up to you to decide if that's worth it.

I don't really believe in "free electricity": someone pays for it. And if they notice a continuous 3000W going to your place, they may not like it.

I am seeing more and more "free electricity" to mean 'my landlord charges me a fixed amount if I use it or not, so screw them I am going to use all of it'
Just ran into that with a customer that it happened to in the start of the year. They went from metered ($75 to $90 a month) to a fixed amount ($178.00 a month) so now PCs don't get shut off at night, who cares if you leave lights on when you go home and a pair of L3+ are now humming away in a unused space. Because....screw them.

Back to this.
If you don't need the money coming in and want to play the lottery then going solo is fine. Could be a big score one day. Or you could be felling like the people who bet on Philadelphia to win the Super Bowl last weekend.

-Dave

[mikeywith]

And if you are into stats, your chance of winning a block reward solo mining is infinitely higher than with a pool 

That doesn't sound right, judging from how many users tell you that the chance is only around 2% within a year. Not to mention the difficulty is going to fluctuate, and I bet it will increase and just lower your chance even further. Doesn't really matter whether you have free electricity or not if you will never get it in the first place. Can you show us the math?

Based on my experience, I only saw one post from a lottery miner in this forum, while the rest are just talking about probability, etc. Most of the time they are just doing it for fun, so if profit is your goal, mining with a pool is arguably more profitable & efficient. CMIIW.

You misunderstand his statement. Here is another way of writing what he said:

If I mine on a shared pool my odds of winning a solo block all to myself are zero.

If I mine on a solo pool my odds of winning a solo block are unlikely  but far far better than zero.

Agreed, I think he meant it this way, but unfortunately, even with that meaning it's pretty much false, your chances of hitting a block mining solo are exactly the same as your chances of mining the equivalent of a whole block while mining to a pool.


With everything being equal, if your miner with 100% luck is supposed to hit a block in 10 years, if you mine to a pool for 10 years and combine your payouts, you will end up with a whole block reward.

[philipma1957]

And if you are into stats, your chance of winning a block reward solo mining is infinitely higher than with a pool 

That doesn't sound right, judging from how many users tell you that the chance is only around 2% within a year. Not to mention the difficulty is going to fluctuate, and I bet it will increase and just lower your chance even further. Doesn't really matter whether you have free electricity or not if you will never get it in the first place. Can you show us the math?

Based on my experience, I only saw one post from a lottery miner in this forum, while the rest are just talking about probability, etc. Most of the time they are just doing it for fun, so if profit is your goal, mining with a pool is arguably more profitable & efficient. CMIIW.

You misunderstand his statement. Here is another way of writing what he said:

If I mine on a shared pool my odds of winning a solo block all to myself are zero.

If I mine on a solo pool my odds of winning a solo block are unlikely  but far far better than zero.

Agreed, I think he meant it this way, but unfortunately, even with that meaning it's pretty much false, your chances of hitting a block mining solo are exactly the same as your chances of mining the equivalent of a whole block while mining to a pool.


With everything being equal, if your miner with 100% luck is supposed to hit a block in 10 years, if you mine to a pool for 10 years and combine your payouts, you will end up with a whole block reward.

and this is why I point 2.5ph to a ppns pool and only 19th to a solo styled pool

[_oh_no_stop_this_]

Is 110TH enough to gamble with Bitcoin solo mining? If you can solve a Bitcoin block in 4-7 years do you think it's worth the hassle? What can 110TB do to make this possible? I have free electricity I just want to embark on this try-your-luck journey, do you think it's worth it? I am not in haste and I am ready to just plug the ASIC miner and move on, I have other business that fetches me good money so..

IMHO, solo mining is absolutely worth it. You will learn so much about the mining software, hardware and become a better bitcoiner for it. It’s exciting to watch your best share over time and see how close you are to hitting the target difficulty. And if you are into stats, your chance of winning a block reward solo mining is infinitely higher than with a pool 

Please elaborate what stats are you talking about? I am intrigued, I have been thinking about solo for a long time, would love to learn more about this topic.

[NotFuzzyWarm]

Is 110TH enough to gamble with Bitcoin solo mining? If you can solve a Bitcoin block in 4-7 years do you think it's worth the hassle? What can 110TB do to make this possible? I have free electricity I just want to embark on this try-your-luck journey, do you think it's worth it?
...

As long as you are not directly paying for the electricity, of course it's worth it. The only real question is will the 'free electricity' continue after whoever IS paying for it sees how much power you are using 24x7x365?

[philipma1957]

Is 110TH enough to gamble with Bitcoin solo mining? If you can solve a Bitcoin block in 4-7 years do you think it's worth the hassle? What can 110TB do to make this possible? I have free electricity I just want to embark on this try-your-luck journey, do you think it's worth it?
...

As long as you are not directly paying for the electricity, of course it's worth it. The only real question is will the 'free electricity' continue after whoever IS paying for it sees how much power you are using 24x72365?

I would say if you can mine a 110 th miner at zero cost it makes $8.80 a day for sure on a pool like viabtc.

8.80 x 365 = $3212 a year for sure.


solo is all or nothing

so after a year it most likely will not hit a block

 so 3212 or 0 is the most likely out come if he mines all viabtc or all solo.


If you let me mine 1 s19 pro and no power cost I would mine it for 300 days on viabtc and 65 days on solo

getting a certain 300 x 8.80 = 2640. and many shots at a block  during those 65 days of solo mining.

[nioctib_100]

Money today is worth more than money later. Imagine a mining pool that takes a 5% fee (which is rather high, but just an example). If you'll eventually get a full block mining solo, or you'll get 95% of that payout over the same period of time from a mining pool, you should still choose the mining pool. If you get 10% of your funds in the first year but can then invest it, you can beat the fees over the time period it'd take to find a block solo.

[Mymuna]

Bitcoin Mining Sites available now?

[NotFuzzyWarm]

Bitcoin Mining Sites available now?

The 2 best that come to mind are:
kano.is Registration required, many nodes around the planet, lowest fee
solo.ckpool.org only need a wallet address for payout, only 1 node so ping times could be an issue