Video Guide: How to make your own bitcoin mining pool

[noaboa]

I am using BFGminer since I couldnt find any downloads to the cgminer, I think this is the log(I didnt add everything, because it would be so long, but it seems it has stopped up here). Also when I do a change in the folders, does it update automatically or do I have to do it in a way?

#### Loading LTC Scrypt #########################################################
2016-01-29 10:25:39,835 DEBUG halfnode # ########################################### NOT Loading SHA256 Transaction Message Support ######################################################
2016-01-29 10:25:39,836 DEBUG coinbasetx # Logging initialized
2016-01-29 10:25:39,837 DEBUG block_template # Logging initialized
2016-01-29 10:25:39,837 DEBUG block_template # Logging initialized
2016-01-29 10:25:39,837 DEBUG coinbaser # Logging initialized
2016-01-29 10:25:39,837 DEBUG bitcoin_rpc_manager # Got to Bitcoin RPC Manager
2016-01-29 10:25:39,838 DEBUG bitcoin_rpc # Got to Bitcoin RPC
2016-01-29 10:25:39,838 INFO mining # Connecting to litecoind...
2016-01-29 10:25:39,838 INFO bitcoin_rpc # Checking for submitblock

[jonnybravo0311]

Both of those (bfgminer and cgminer) are software that interact with your mining hardware (like Antminer S7 or Avalon 6).  Also, are you trying to mine Litecoin?  You're in the wrong forum... you'd need to head on over to the alt coin area: https://bitcointalk.org/index.php?board=160.0

[noni]

incredible tips

[wolverine5pl]

Im getting in node init.js logs: Database error when authenticating worker
any idea how to fix it?

[James_H]

This tutorial is very helpful for beginners.
Thanks Guys 

[coinplus]

This tutorial is very helpful for beginners.
Thanks Guys  

Yes, this video guides provided me some in depth knowledge on bitcoin mining process. I believe I have learnt many new things from this tutorial. Hoping to start bitcoin mining very soon with some confident.

[sana54210]

This tutorial is very helpful for beginners.
Thanks Guys  

Yes, this video guides provided me some in depth knowledge on bitcoin mining process. I believe I have learnt many new things from this tutorial. Hoping to start bitcoin mining very soon with some confident.

If you're interested to start your own bitcoin mining pool, then there are lot of video that is available on YouTube , most useful to get started with. This video guide is also a very nice, but I believe you need more knowledge for this process.

[pixel375]

Nice tutorial... But I give up 
When I clone the bitcoin github, I can't find the makefile.unix.
I'm too much of a noob, but I really want to get this pool working -.-

[matale0]

what about https://unomp.org/

isnt it way to go nowadays?

And do you need very fast top specs server for running pool ?

I got 12 cores CPU 8GB RAM 180GB HDD, would that do ? Linux server would that do ?

[JackJokasker]

thanks for sharing and thanks for your vidio. your video very helpfull 

[Gifted]

Can you make a mining pool and profit without mining yourself?

[jonnybravo0311]

Can you make a mining pool and profit without mining yourself?

Is it possible?  Yes.  Is it likely?  No.

To make money from running a pool (not including any advertisement or non-mining revenue like donations it might generate), you need to charge fees.  You then need to get a whole lot of miners hashing on your pool.

Here's an example.  Let's say you create a pool and charge 1% fees to your miners.  Let's also assume you manage to get 1PH/s of hashing power pointed to your pool.  Right now, that would expect to earn you about 0.009915BTC per day (or ~$6.50).

Let's use a real-world example.  Kano's pool charges miners 0.9% fee.  His pool has about 28PH/s of hashing power currently.  Expectations are that he'd make 0.24993BTC per day (roughly ~ $164.50).

Sure, it looks like easy money, right?  Good luck!  I've been running my pool for nearly a year and average about 150TH.  That's a drop in the ocean, especially considering about half of that is my own mining hardware.  I have a 0.5% fee.  Therefore, my current expected earnings per day from the pool alone is 0.0007435BTC a day (or roughly ~ $0.49).  That's less than $15 a month, which doesn't even come close to covering the costs of running the pool.

[Gifted]

Can you make a mining pool and profit without mining yourself?

Is it possible?  Yes.  Is it likely?  No.

To make money from running a pool (not including any advertisement or non-mining revenue like donations it might generate), you need to charge fees.  You then need to get a whole lot of miners hashing on your pool.

Here's an example.  Let's say you create a pool and charge 1% fees to your miners.  Let's also assume you manage to get 1PH/s of hashing power pointed to your pool.  Right now, that would expect to earn you about 0.009915BTC per day (or ~$6.50).

Let's use a real-world example.  Kano's pool charges miners 0.9% fee.  His pool has about 28PH/s of hashing power currently.  Expectations are that he'd make 0.24993BTC per day (roughly ~ $164.50).

Sure, it looks like easy money, right?  Good luck!  I've been running my pool for nearly a year and average about 150TH.  That's a drop in the ocean, especially considering about half of that is my own mining hardware.  I have a 0.5% fee.  Therefore, my current expected earnings per day from the pool alone is 0.0007435BTC a day (or roughly ~ $0.49).  That's less than $15 a month, which doesn't even come close to covering the costs of running the pool.

So how do you bring miners to your pool.. is all advertising  strategy and fees?  what about websites that list your pool( like a directory
) is there such a thing and do they charge as well? I am very green in this topic so please excuse my ignorance .  

[jonnybravo0311]

You need some way to attract miners to your pool.  That's what it all boils down to.  The more miners you convince to hash with you, the more coin you can make as a pool operator.  The problem is that the vast majority of the hash rate belongs to China.  Chinese pools represent over 75% of the network.  They continue to grow because that's where so much gear is produced and hosted.  Cheap all around costs mean higher profits from mining operations.

Look at the non-Chinese pools distribution for the past 3 months...

Slush - about 6.16% of the network
Kano - about 2.35% of the network
Eligius - about 0.12%
Bitminter - about 0.12%

Believe me, if I were running a pool for profit, I'd have closed it down a long time ago

[Bitcoingiver]

Thanks for helping.

[Arrakeen]

uNOMP's github says this:

Development stopped and is now unsupported. The node.js version is being deprecated in October 2016.

link

If uNOMP is now unsupported, what is the de-facto software for pool development nowadays?

Props to OP for these video tutorials by the way, excellent step-by-step process

[Namiks]

Pretty interesting.

Who here has actually made their own pool and is using it now?

[philggg]

The tutorial is great what  howesome

[seradj0]

greate work man
so helpfull
reagrds for this

[bapparabi]

this guides are not working any more do you have any latest guide to make mining pool i an trying to make litecoin pool