Is it wrong to try your luck with Solo

[Outhue]

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..

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[LoyceMobile]

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.

[NeuroticFish]

Imho the math will always tell you it's not worth it. It's up to you, if you have another hash rate on pools and want to gamble some TH. Because it's gambling. Some, few, get lucky. The rest.. are not in the news.

[Daltonik]

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..

Well, in fact, taking into account the growth of the hashrate of the bitcoin network, which has already reached 314.6 EH/s, your Asic has 1/2860000 of the total hashrate of the bitcoin network, therefore your miner has a chance the miner has a 0.000035% chance of finding a block that he will statistically catch one block out of every 2860000 blocks or 19,861 days, which is 54.4 years, this is without taking into account your luck, of course.

[kano]

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.

Alas the 2% comment is wrong.

At the moment, with the current difficulty, a 110TH/s miner has 1 in 16987.8 chance of finding a block in a day.
http://tradebtc.net/bitcalc.php

However you can't convert that to "days to find a block" since the difficulty change over any time frame more than until the next difficulty change (usually less than 2 weeks) is not constant.

A simple factual calculation:
1-Jan-2022 network difficulty was 24.2T
1-Jan-2023 network difficulty was 35.4T

That's a 45.7% increase so any estimate of just 12 months was far from correct.
(and no one can estimate what the difficulty will be in 12 months)

[m2017]

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.

Hypothetical thoughts.
If OP has free electricity (we will neglect the fact that someone pays anyway), then you can take a chance with a 2% chance. With luck, it will bring a good bonus.

If you don’t want trouble from the electricity supplier (who will sooner or later discover a 3000W leak), then why not connect your mining power to a common pool. This will bring even a smaller, but guaranteed income and without unnecessary problems.


If you are ready to try-your-luck journey, then what are you waiting for? Just do it.

[LoyceMobile]

Hypothetical thoughts.
If OP has free electricity (we will neglect the fact that someone pays anyway), then you can take a chance with a 2% chance. With luck, it will bring a good bonus.

You'll still pay for the miner, and chances are you'll never earn it back if you go solo.

[gunhell16]

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..

If you have a business and the given amount is good, it is of course good and in your favor, dude. Then the ASIC miner is fine and okay, according to what I see in the various branches of the social media platform.

But there's just one thing I can't believe, and that's "Free electricity" How did that happen? that doesn't seem possible. Unless you are an electrical Engr. what is said may be true but if not. I don't know. Anyway, 110TH, that's high in my opinion. and the profit would be nice too, so I think ROI for this will not for long I think in my opinion.

[citb0in]

It may be that he is involved in wind farms and / or has relationships with such persons or institutions. This is not uncommon and some even know one personally and could put a device there that is likely to operate up to several kilowatts. It does not have to be criminal, as the OP is accused here to heap.

@OP: If you can really operate a 110 TH miner for free in a legal way and the investment costs of a miner based on your description with the "other well-functioning and money-earning business concept" does not matter --> then definitely GO FOR IT!

[mikeywith]

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.

If you walk into a coffee shop and they don't charge you for the cup of coffee you drink then it's free as far as you are concerned, just because someone else pays for it doesn't change the fact, the same thing is true if you are forced by the law to walk into that coffee shop and pay 1$ per entry whether or not you drink the coffee or not.

In many places around the world,  essentials like electricity are subsidized by the government, yes the government is using your money to subsidize the electricity, but you can't ask them to give you that money in cash or give you apples instead.

Even in some "modernized" countries where power is not subsidized, some people pay for fixed contracts, say the minimum is 1000kWh and your house uses only half of that, you can't just buy 500kWh, so you are forced to get 1000kWh, the otherwise wasted 500kWh falls safely under the term "free".


OP, no hashrate is ever enough for solo mining, just like no amount of money is enough to buy you enough lottery tickets to guarantee a win ( unless you buy all the tickets which don't make you win anything anyway).

With 110Th and assuming both price and difficulty will not change, you can easily earn $250 a month mining to a PPS/PPLNS pool, in 10-12 months you will ROI the mining gear and enjoy a stable almost guaranteed income of $250, makes a lot more sense than solo mining, if you insist on trying your luck, go ahead, you might as well just hit a block, but you need to be aware of the fact that it's extremely unlikely for that to happen, you need to be freaking lucky to hit a block with that hashrate.

[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? 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..

No.

9 days at viabtc.com pps+
1 day at solo.ckpool.org


_________________________________-
After 100 days with free power

you have 110 x .0767 = 843.70 usd

and maybe you hit a solo block.
________________________________________




__________________________________________
all solo after 100 days maybe you hit a solo block
____________________________________________-


the math says 110th will take more then 15000 days to hit a solo block.

block is 6.25 x 24000 = 150,000 usd

150,000/ 8.4370 = 17778 days


so in 100 day time frame.  you have a 1 in 177 shot at a block


but the other way. 90-10

you have a 1777.8 shot at a block

and 100 percent  shot at 837.



I assume no gear breaks
and earnings stay at 7.67 cents a th

to me

I want the certain 837.


I have 2.5 ph pointed at viabtc.

I have 20-200th pointed at this pool

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


if anyone hits my guy gets 2.14 btc

my guy is 146U...1gx3




the pool does 200 to 400th so it may take 8500 days to hit a block.

which is why I do not point a ton at it.

[Z390]

It won't matter anymore when the next Bitcoin halving is here, that 6BTC per block will be reduced and a 110TH will have only 1% chance of solving a block compare to when it was 2%, the difficulty will rise more and the block will bring only 3BTC. There are many people doing solo and they don't have any luck while someone with less TH will solve a block in few months, It's a game of lucky.

[NotFuzzyWarm]

It won't matter anymore when the next Bitcoin halving is here, that 6BTC per block will be reduced and a 110TH will have only 1% chance of solving a block compare to when it was 2%, the difficulty will rise more and the block will bring only 3BTC. There are many people doing solo and they don't have any luck while someone with less TH will solve a block in few months, It's a game of lucky.

Er?
Regarding the highlighted part, try moving the decimal point many many times to the left....  for any single piece of hardware regardless of its speed we're looking at ballpark of 0.00000000000000000001% chance (not a real calculation but you get the point...)

[stompix]

It won't matter anymore when the next Bitcoin halving is here, that 6BTC per block will be reduced and a 110TH will have only 1% chance of solving a block compare to when it was 2%, the difficulty will rise more and the block will bring only 3BTC.

When the halving will happen only one thing is for sure, the reward will drop from 6.25 to 3.125.

Nobody knows what the difficulty will be and how it will react, but normally you would expect the difficulty to actually drop since there is less reward in mining, the revue drops also by half so some miners won't be that happy to mine anymore if instead of 10$ revenue with 6$ costs, you have 5$ revenue with $6 costs. It will depend a lot on what the prices are at that time and if even halving the profit margins would be enough to keep miners running.
But! for sure it won't mean the difficulty will double overnight!

As for the other free electricity issue, I knew I saw OP on another topic, so this is the "free" electricity some of you were curious about

@Charles-Tim 50% of my electricity fee per day is free because I have solar panels installed, mining from 9am to 6pm is 100 percent guaranteed, the rest will be on grid power.
I have good power bank too but with the power consumption of an s19 pro the bank up will only last me up to 4 hours.

[philipma1957]

If he has 1 unit and zero  power cost to mine the correct choice is

 90% to  mine safe 10% to mine solo

 or 80% to mine safe 20% to mine solo

not 100% to mine  solo.

Not much debate here pretty much cut and dried.

Hell I mine high risk at this pool

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

we should hit a block in more than 10 years time

I am miner 146U...1gx3

I point 20th and rent 500th every once in a while.


but I point 1.8ph to a safe pool and take 1800 x 0.00000314 = 0.005652 btc a day or  2 coins a year.

[kekeck33]

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..

No.

9 days at viabtc.com pps+
1 day at solo.ckpool.org

What do you mean with 9 days and 1 day.
What is the diferent betwen solo pools viabtc vs. ckpool vs. solomining ?

[BitMaxz]

What do you mean with 9 days and 1 day.
What is the diferent betwen solo pools viabtc vs. ckpool vs. solomining ?

I don't think there's a difference between them are you talking about solo mining with your node? Then it's not worth it if you only have one unit and unstable internet because the block you found might become an orphan.
Mining solo on both mining pools only takes 2% of the block reward that you mine plus transaction fees.

[kano]

Or only 0.5% solo on kano.is

[kekeck33]

I mean solo mining with asic, stable internet connection, without node.

[Skot]

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