trumpetx (OP)
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Activity: 99
Merit: 10
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May 03, 2011, 10:12:48 PM |
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I'm using the Phoenix miner @ ~ 162Mhash/sec Up until now I've been mining with bitcoinpool.com. But after some hack attempts and some connectivity issues with the pool, I've decided to give solo mining a whirl. I'll probably do something like mine for a month and then rejoin the pool regardless of if I find a block(s) or not. I've set up my bitcoin.exe -server with a fancy dancy username and password and I have phoenix crunching away with my personal wallet as the (hopefully) lucky recipient. 1) I realize my chances of finding a block are pretty small, but lets just assume I do. What happens? Does my wallet just go up by 50 btc one day and I'm like WTF I R rich!?2) I saw a btc video shortly after the /. story about some guy running a mining rig and he said something like "transaction fees are almost more profitable these days." How do I get paid these transaction fees? Again, do they just randomly show up in my balance? What's up with that?3) Phoenix miner shows my Mhash/sec, but shows 0 accepted/rejected. I assume that's there cause I'm not mining with a pool and there's no one to accept or reject my stuff. I just crunch numbers and hope I hit the jackpot. Do I have this configured correctly?PS- The bitcoinpool.com folks are REALLY cool. They've even taken care of the "Issues" I mentioned earlier... I don't want this post to somehow construe them in a negative light. PPS- Thanks for your helpful responses in advance  |
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NghtRppr
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May 03, 2011, 10:20:01 PM |
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What should I expect if I'm solo mining? I think that pool mining is more psychologically gratifying, especially if you can't mine 24/7/365. It really sucks to mine for a few days straight, get nothing, and then have to stop for whatever reason, to play a game, etc. |
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trumpetx (OP)
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Activity: 99
Merit: 10
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May 03, 2011, 10:21:11 PM |
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I mine for about 22 hours a day sans for the 2hrs I'm playing WoW.
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[Tycho]
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May 03, 2011, 10:38:59 PM |
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I'm using the Phoenix miner @ ~ 162Mhash/sec With current difficulty it may take about 4 weeks, 5 days, 15 hours, 39 minutes, and 50 seconds to find a block if mining solo. It's not guaranted, may be less and may be much longer. (Difficulty will jump ~40% up in less than a week). 1) I realize my chances of finding a block are pretty small, but lets just assume I do. What happens? Does my wallet just go up by 50 btc one day and I'm like WTF I R rich!? Yes, you will see a generation transaction in your wallet. Then you'll have to wait ~20 hours for 120 confirmations and if it's not failed then your balance will go 50 (+fees) BTC up. 2) I saw a btc video shortly after the /. story about some guy running a mining rig and he said something like "transaction fees are almost more profitable these days." How do I get paid these transaction fees? Again, do they just randomly show up in my balance? What's up with that? He is wrong, transaction fees are about 0-0.05 BTC per block, rarely up to 0.1. They will be added to your +50 at the time when block is found. 3) Phoenix miner shows my Mhash/sec, but shows 0 accepted/rejected. I assume that's there cause I'm not mining with a pool and there's no one to accept or reject my stuff. I just crunch numbers and hope I hit the jackpot. Do I have this configured correctly? You will see "1 accepted" if you hit the block. PPS- Thanks for your helpful responses in advance :)
Welcome to my pool :) |
Welcome to my bitcoin mining pool: https://deepbit.net - Both payment schemes (including PPS), instant payout, no invalid blocks ! ICBIT Trading platform : USD/BTC futures trading, Bitcoin difficulty futures ( NEW!). Third year in bitcoin business. |
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IlbiStarz
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May 04, 2011, 01:18:32 AM |
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What should I expect if I'm solo mining? I think that pool mining is more psychologically gratifying, especially if you can't mine 24/7/365. It really sucks to mine for a few days straight, get nothing, and then have to stop for whatever reason, to play a game, etc. Are you saying that if you stop, your progress gets lost or something? I've been stopping a lot because I can't mine 24/7... WHATTT? |
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BitLex
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May 04, 2011, 01:24:07 AM |
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there is no progress to get lost.
you can only try one hash at a time and it's either a winner or not, makes no sense to save it.
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grue
Legendary
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Activity: 2058
Merit: 1431
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May 04, 2011, 01:24:45 AM |
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probablity of you finding a block: Probability Time
Average 33 days, 15 hours, 40 minutes
50% 23 days, 7 hours, 50 minutes
95% 100 days, 19 hours, 34 minutes What should I expect if I'm solo mining? I think that pool mining is more psychologically gratifying, especially if you can't mine 24/7/365. It really sucks to mine for a few days straight, get nothing, and then have to stop for whatever reason, to play a game, etc. on the other hand, you could get 2 blocks on the same day  . Since the money i make via mining is minimal, i go solo mining. nothing to lose... |
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NghtRppr
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May 04, 2011, 01:37:28 AM |
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What should I expect if I'm solo mining? I think that pool mining is more psychologically gratifying, especially if you can't mine 24/7/365. It really sucks to mine for a few days straight, get nothing, and then have to stop for whatever reason, to play a game, etc. Are you saying that if you stop, your progress gets lost or something? I've been stopping a lot because I can't mine 24/7... WHATTT? Your progress doesn't get lost. I was just referring to the psychological aspects. If you mine with a pool, you get something sooner rather than later. I think most people prefer instant gratification.  |
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Xian01
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Activity: 1652
Merit: 1067
Christian Antkow
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July 03, 2013, 04:57:17 PM |
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is there any uptodate thread regarding solo mining?
particularly on the avalon asics.
Holy thread necro ! It's not worth it to solo mine unless you have several TH at your disposal. Stick with a pool. |
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pliznau
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July 10, 2013, 04:35:34 PM |
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use this http://www.bitcoinx.com/profit/ . according to it if you had like 2 milion mh/s you get a block in 12 hours approx. but bitcoin at this stage it`s a big NO! for solo mining. if you had that kind of hash speed it`s still beter to stick to a pool. |
void
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greenbtc
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July 10, 2013, 05:46:07 PM |
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is there any uptodate thread regarding solo mining?
particularly on the avalon asics.
Holy thread necro ! It's not worth it to solo mine unless you have several TH at your disposal. Stick with a pool. I like my threads like my women, cold and rigamortised.... several TH you say??? i was hoping 140GH would be sufficient!! Definitely want to at least get into the TH range |
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Rannasha
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July 11, 2013, 06:44:51 AM |
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is there any uptodate thread regarding solo mining?
particularly on the avalon asics.
Holy thread necro ! It's not worth it to solo mine unless you have several TH at your disposal. Stick with a pool. I like my threads like my women, cold and rigamortised.... several TH you say??? i was hoping 140GH would be sufficient!! There are 144 blocks generated per day (at target speeds). You currently have 0.08% of the network hashrate approximately, that means you can expect 0.1152 blocks per day or 1 block roughly every 9 days. The process is subject to extreme variability though, you may have a month-long dry spell or find 2 blocks the same day. In any case, for consistent payoffs, a pool is much better. And pool fees are rarely significant. |
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driksson
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September 13, 2013, 11:43:18 AM |
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how do i calculate based on GH what are the probabilities of finding a block? i realised i found one on eligius actually, but ofcourse only got my share of the block.
i wouldn't mind solo mining for 3-4 months if i at least find one block worth 25btc. or even try a week or two.
As written before here, any info on avalon solo mining setups?
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dbbit
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September 18, 2013, 11:33:14 AM |
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how do i calculate based on GH what are the probabilities of finding a block? i realised i found one on eligius actually, but ofcourse only got my share of the block.
i wouldn't mind solo mining for 3-4 months if i at least find one block worth 25btc. or even try a week or two.
As written before here, any info on avalon solo mining setups?
Enter the GH in http://mining.thegenesisblock.com/a/965a7370fc and look at 'Time per Block (days)'. You will be better off in a pool unless your 'Time per Block (days)' is smaller than the period between difficulty adjustments (about 10 days). If you're going for a 25 BTC "lottery", mine in a pool, then use the BTC you get to play Satoshi's dice or equivalent with a BTC 25 payout - your overall odds are better that way. |
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marcotheminer
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Merit: 1049
┴puoʎǝq ʞool┴
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September 18, 2013, 12:05:38 PM |
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Depends on your mining speed and how long you can mine each day!
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