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bmoscato (OP)
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July 23, 2014, 12:05:22 PM |
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I understand that everyone is going to say not to mine and blah, blah, blah… Anyway…
Is there a magic number regarding hash speed where you can try solo mining? As a new person on a budget that’s just trying my hands at this, it seems like the earning are low when you join a pool. I’ve been mining around 15gh/s for 1 day and 12 hours and I’ve earned .32USD or .000509 bitcoin (current bitcoin pricing is 620.13).
Without breaking the bank, is it even possible to make a profit once you factor in kw cost?
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Baitty
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July 23, 2014, 12:07:40 PM |
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It's not really possible to earn much from solo mining unless you are extremely lucky it will be like winning the lottery so no there is no magic number that will guarantee results.
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Currently held as collateral by monbux
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FeelTheBeat
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July 23, 2014, 12:52:49 PM |
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By mining in pool you sure get small amount of BTC but at least you get something. By going solo you may mine for years (with 15gh/s) and still getting zero.
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SquallLeonhart
Legendary
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Activity: 2310
Merit: 1101
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July 23, 2014, 01:05:55 PM |
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I understand that everyone is going to say not to mine and blah, blah, blah… Anyway…
Is there a magic number regarding hash speed where you can try solo mining? As a new person on a budget that’s just trying my hands at this, it seems like the earning are low when you join a pool. I’ve been mining around 15gh/s for 1 day and 12 hours and I’ve earned .32USD or .000509 bitcoin (current bitcoin pricing is 620.13).
Without breaking the bank, is it even possible to make a profit once you factor in kw cost?
Anyone can solo mine even if you have 1 gh/s. But it is like gambling trying to hit the jackpot. You will need to have at least 100Th/s to consider yourself not gambling.. |
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byt411
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July 23, 2014, 03:04:44 PM |
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I understand that everyone is going to say not to mine and blah, blah, blah… Anyway…
Is there a magic number regarding hash speed where you can try solo mining? As a new person on a budget that’s just trying my hands at this, it seems like the earning are low when you join a pool. I’ve been mining around 15gh/s for 1 day and 12 hours and I’ve earned .32USD or .000509 bitcoin (current bitcoin pricing is 620.13).
Without breaking the bank, is it even possible to make a profit once you factor in kw cost?
Anyone can solo mine even if you have 1 gh/s. But it is like gambling trying to hit the jackpot. You will need to have at least 100Th/s to consider yourself not gambling.. Wrong. If something doesn't have a 100% chance of doing what it's supposed to, aka succeed, it's gambling. It's simply probability, but he's right, if you don't have a few Terahashes, don't even bother, it isn't worth it. |
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lynn_402
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July 23, 2014, 03:35:37 PM |
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Imho, you should do it. Your miner will never get you more than a few dollars, while if you solo-mine, there's a very small chance you might get 25 BTC.
Since losing these few dollars are not a huge risk, it would be worth the try.
Or you could try solo-mining Peercoin; the reward would be less big, but you're 100 times more likely to find a block, if I remember correctly.
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Testing123
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July 23, 2014, 03:36:21 PM |
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Assuming difficulty stays at the current level 17,336,316,979 and with your 15 GH/s, you should expect to get a block in 157.4 years.  If you have double the hashrate, the time would be halved (again, assuming difficulty stays at the same level, which is extremely unlikely). |
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lynn_402
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July 23, 2014, 04:09:47 PM |
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Assuming difficulty stays at the current level 17,336,316,979 and with your 15 GH/s, you should expect to get a block in 157.4 years. If you have double the hashrate, the time would be halved (again, assuming difficulty stays at the same level, which is extremely unlikely). The blocks will yield virtually no coins quite earlier than that! However, a block could also potentially be found in one minute, which makes it a good option for someone who wants to gamgle at very low risk (the only risk being losing the few mBTC OP would have made by mining in a pool). |
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williamj2543
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July 23, 2014, 04:11:17 PM |
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It's always a gamble, but I would say about 1% of the hash at least, because every 1000 minutes you should find a block (in bitcoin) which in theory is good, but there is a 1/100 chance each block, so you could never win in your entire life, or you could find every single time. It is all about luck.
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lynn_402
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July 23, 2014, 04:17:33 PM |
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It's always a gamble, but I would say about 1% of the hash at least, because every 1000 minutes you should find a block (in bitcoin) which in theory is good, but there is a 1/100 chance each block, so you could never win in your entire life, or you could find every single time. It is all about luck.
a 1% chance would be really good, considering that 144 blocks are mined every day. Even 1/1000 would still give acceptable chance of finding a block (ie. at least one per difficulty readjustment) |
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Testing123
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July 23, 2014, 04:26:37 PM |
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It's always a gamble, but I would say about 1% of the hash at least, because every 1000 minutes you should find a block (in bitcoin) which in theory is good, but there is a 1/100 chance each block, so you could never win in your entire life, or you could find every single time. It is all about luck.
a 1% chance would be really good, considering that 144 blocks are mined every day. Even 1/1000 would still give acceptable chance of finding a block (ie. at least one per difficulty readjustment) The total network hashrate at this moment is about 127,500 TH/s, according to blockchain.info stat https://blockchain.info/stats. So, you would need to have 127 TH/s to have just 0.1% of network hashrate.  |
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lynn_402
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July 23, 2014, 04:29:31 PM |
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It's always a gamble, but I would say about 1% of the hash at least, because every 1000 minutes you should find a block (in bitcoin) which in theory is good, but there is a 1/100 chance each block, so you could never win in your entire life, or you could find every single time. It is all about luck.
a 1% chance would be really good, considering that 144 blocks are mined every day. Even 1/1000 would still give acceptable chance of finding a block (ie. at least one per difficulty readjustment) The total network hashrate at this moment is about 127,500 TH/s, according to blockchain.info stat https://blockchain.info/stats. So, you would need to have 127 TH/s to have just 0.1% of network hashrate. Haha, OP would need an insane amount of luck! Still, it's more likely than winning the lottery  |
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TwinWinNerD
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CEO Bitpanda.com
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July 23, 2014, 06:39:58 PM |
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With bitcoin difficulties exponentially growth, if you don't hit a block within a few months, the chance to hit one in the years after those window is non-existent. So pools do provide a very valuable service, they decrease the variance and therefore increase the expected value (due to rising difficulty). Without exponential growth solo mining would always be the best expected value, but that is not the case with bitcoin.
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sciack
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Activity: 115
Merit: 10
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July 26, 2014, 04:19:11 PM |
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I also thought it was extremely rare to find a block... but.. I found 4 blocks since 18th July on polmine.pl (sciack) so now I decided to go solo mining on bitsolo... I hope to find at least 1 block soon...
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Chemistry1988
Legendary
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Activity: 1120
Merit: 1000
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July 26, 2014, 04:34:59 PM |
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I also thought it was extremely rare to find a block... but.. I found 4 blocks since 18th July on polmine.pl (sciack) so now I decided to go solo mining on bitsolo... I hope to find at least 1 block soon...
You have found 4 blocks in the past 10 days? How much hashrate do you have now?  |
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sciack
Member
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Activity: 115
Merit: 10
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July 26, 2014, 04:37:28 PM |
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I also thought it was extremely rare to find a block... but.. I found 4 blocks since 18th July on polmine.pl (sciack) so now I decided to go solo mining on bitsolo... I hope to find at least 1 block soon...
You have found 4 blocks in the past 10 days? How much hashrate do you have now? Yes, exactly I am shocked, I lost 100BTC!! I had 10TH/s on polmine, now I dedicated more than 4TH/s on bitsolo.net, wish me good luck! |
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michaelwang33
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July 26, 2014, 04:44:44 PM |
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I would say that you should have a hashrate equal to at least ~0.7% of the overall network if you wanted to try solo mining. This works out so that you would be expected to mine 1 block per day.
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ashe
Newbie
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Activity: 56
Merit: 0
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July 26, 2014, 06:12:44 PM |
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damn, how much hash do you need to solo/mine these days? Penta?
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Soappa
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July 27, 2014, 04:23:55 PM |
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damn, how much hash do you need to solo/mine these days? Penta?
Nah, you just need some TH/s to get a reasonable chance (not high, but it is doable) to get a block. sciack (in post 16) got 4 blocks in 10 days with just 10TH/s, but unfortunately he wasn't solo-mining. |
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kingama
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July 27, 2014, 06:16:41 PM |
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You can actually see mining as a sort of lottery. You can solo mine with any amount, you just have to be ok with the resulting odds. The other factor however is that the price of BTC and difficulty both change to likely make your odds less and less over time. Mining pools help you follow the "bird in the hand" quote. If I were solo mining, I'd want to make sure I had a chance at getting a few blocks each difficulty period so once every 500 blocks or 0.2% or 294 TH (for 147,000 TH average hashrate today).
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