With that been said, then we can say that solo mining is better than group mining then, right, and is this applied just in the case of using solar or generally?
The problem with solo mining is that you can mine for a long time and earn zero dollars in profit. If the odds were high, many mining companies would devote a small portion of their hashpower to solo mining. They don't do this because the calculator shows that mining in a shared pool is more profitable.
Hmmm, this is a serious point made, so what are the major differences between pool mining and group mining, where group of individuals pull their resources together to start up mining. Honestly I feel like group mining should be more profitable but from the points made by Philipma, it seems like group mining is less profitable.
Unless you're talking about mining pool which I really haven't done a deep research on it so as to understand how it works exactly and how it is different from group mining, but I'll do that research.
But can you tell me like the major difference between group mining and pool mining or are the the same thing, like pool mining is basically a group of people coming together to mine and then share the profit based on their shares or contributions to the pool.
Classic solo mining is when I mine exclusively on my own equipment and receive the full reward. Hashrates are very high these days, so it's very difficult to make money solo mining with weak equipment. You're right that there's no difference in the mining process. However, on a regular pool, the reward is divided among everyone based on the shares each user solves, while in a solo pool, only the one miner who finds the correct solution receives the reward.
In the first case, a team of treasure hunters arrived on the island, found a treasure, and everyone received a reward, depending on their share of participation in the process, and in the second case (solo mining), only the one who found the treasure received a reward, and the others received nothing.
