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Author Topic: why are there very few solo pools?  (Read 1503 times)
philipma1957
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June 26, 2014, 01:58:19 PM
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 As of today  there are 2 solo pools that I know of . 

I mine alt coins with https://simplemining.net...
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June 26, 2014, 03:28:44 PM
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Because you can solo mine yourself?

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June 26, 2014, 05:25:55 PM
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As of today  there are 2 solo pools that I know of . 

"Solo pool" is an oxymoron.
philipma1957
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June 26, 2014, 09:39:09 PM
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Because you can solo mine yourself?

yes but it is not cost effective to run bitcoin-qt as a server 24/7/365 on a dedicated pc. 


I did a lot of math on this it needs  to promoted.   Not dismissed as play a  lottery ticket instead.


So much complaint of no roi for mining gear. 

  If I run a r-box right now today  it gets 32gh    at best it uses 37 watts. round that to 40 watts  round that to a kwatt a day.

power cost is a constant 15 cents a day.   today it should earn  68 cents in a merged pool     …

So if I point it at a solo pool  my cost is 83 cents. A day  for a chance at  more then 180 blocks.

 granted the chance is 1 out of 21000 for 1 block never mind the odds for   2 or more blocks, but it is a viable option  denied to all small miners.

Why is that  I would need to run more then the 37-40 watts. For the r-box.    I need about 100 watts or more for the server to run the client and not much else.  Plus I need a decent pc to run it.

I pointed a few miners at bitsolo.net  knowing that I can't tell if the pool is a good pool.

 I did this to show I have some commitment to the idea of a solo pool.. 

 I have read a lot of misinformation from really good members  about this it has become quite frustrating.


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June 27, 2014, 03:45:40 AM
 #5

Quote
yes but it is not cost effective to run bitcoin-qt as a server 24/7/365 on a dedicated pc.

Not many people have enough hashpower to effectively solo mine but for those that do running bitcoin-qt is not much of a problem as they've likely got everything set up in a datacenter.  Also they don't have to trust that a third-party "solo pool" is fairly awarding blocks because they're running everything themselves.
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June 27, 2014, 05:51:40 AM
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If you "solo" mine on a pool you're relying on the pool OP to not run away with your BTC (just like with traditional pools).  Not too many traditional pools have popped up in the last 6 months.  Everybody seems content where they are.
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July 19, 2014, 02:14:13 PM
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As of today  there are 2 solo pools that I know of . 

You did not say why you interested in solo mining? Mind to elaborate on your question, for us to give a better answer.

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jonnybravo0311
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July 19, 2014, 04:48:22 PM
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As of today  there are 2 solo pools that I know of . 

You did not say why you interested in solo mining? Mind to elaborate on your question, for us to give a better answer.
He kind of did explain it, but the supporting math is a bit fuzzy.

Let's assume that you have 1TH/s.  Should you point that to a pool, or solo mine? (In solo mining, I'm also going to include the solo mining pools - which I agree is an oxymoron).  For this example, there is no merged mining, no transaction fees, nothing but a straight up 25BTC block reward and we're living in a perfect world where you get exactly your expected earnings every day, blocks take exactly 10 minutes to solve, your rig is 1W/1GH/s and electricity costs $0.10 per kWh, and finally, BTC is $650.

OK.  At current difficulty, that 1TH/s expects to earn 0.029BTC a day, which is $18.85.  Power is going to cost you $2.40.  Therefore, your daily earnings are $16.45.  The same math that tells us our expected daily earnings, also gives us how long that 1TH/s will take to solo mine a block: about 2 years, 131 days.

This is where most people stop and say, "Way better to mine in a pool!  I'm not waiting over 2 years!".  Here's the fuzzy bit: just because you can "expect" to find a block in that time, does not mean that it "will" take that time.  See, each and every single little hash your miners produce has EXACTLY the same chance of solving that block as the hash before it, and the hash after it.  In other words, you can just as easily solve 10 blocks in a row as never solving a single block.

I'll give you a concrete example.  On April 26th, I found a block with one of my S1s that had only been mining for about 3 weeks.  Was I mining solo?  No, I was on p2pool.  Sure would have been nice, though Smiley

Anyway, back to our story.  Remember that I stated each and every hash produced by your miner has the potential to solve that block.  In a day, there are 144 blocks found.  This means I've got 144 chances.  Are you a gambler?  Are you going to risk $16.45 at the chance for $16250?  That $16.45 buys you 144 chances at hitting the jackpot.  You have the possibility of hitting all 144 times, too.  Just because you solved the last block doesn't disqualify you.  So... are you willing to risk that $16.45 at the chance for $2,340,000?

Now, before you all go tearing off and pointing your miners at some solo pool with delusions of becoming millionaires in a day, realize that you have competition.  Everyone other miner on the planet is trying to solve those same blocks.  Your 1TH/s represents a pretty tiny portion of the total network (currently at 147,000TH/s).  Since we have established that every single hash has the same chance to solve the block, this means that 0.000680272109% of the chances belong to you.  Or, to put it another way, you've got about a 1 in 1667 shot of solving a block.

Back to the question: are you a gambler?

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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July 20, 2014, 12:41:13 AM
 #9

As of today  there are 2 solo pools that I know of . 
  Or, to put it another way, you've got about a 1 in 1667 shot of solving a block.



Ok, I was with you until you pulled this number. If network hashing is 154361.742 Thash/s, and you are using 1T, wouldn't a quick and dirty odds be 1:154361.742 since that's what you are competing against?
jonnybravo0311
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July 20, 2014, 01:36:59 AM
 #10

As of today  there are 2 solo pools that I know of .  
 Or, to put it another way, you've got about a 1 in 1667 shot of solving a block.



Ok, I was with you until you pulled this number. If network hashing is 154361.742 Thash/s, and you are using 1T, wouldn't a quick and dirty odds be 1:154361.742 since that's what you are competing against?
Lol... That's what happens when I do math before morning coffee... I looked at the percentage .0006 and in my head that meant 6 in 10000... Or about 1 in 1667.  Using my earlier hash rate of 147PH/a you've got a 1:147000 chance.

Sorry about that Smiley

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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