Bitcoin Forum
August 19, 2017, 07:57:45 AM *
News: Latest stable version of Bitcoin Core: 0.14.2  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What should I expect if I'm solo mining?  (Read 4783 times)
trumpetx
Member
**
Offline Offline

Activity: 100


View Profile
May 03, 2011, 10:12:48 PM
#1

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 Smiley

MinerStatus Android Application Author
Donate: 1Eyr5mN54UyprUHAw1zXLvkvtDNeG9erD7 to support this project. (Total Received) or sign up for Tradehill
1503129465
Hero Member
*
Offline Offline

Posts: 1503129465

View Profile Personal Message (Offline)

Ignore
1503129465
Reply with quote  #2

1503129465
Report to moderator
1503129465
Hero Member
*
Offline Offline

Posts: 1503129465

View Profile Personal Message (Offline)

Ignore
1503129465
Reply with quote  #2

1503129465
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
NghtRppr
Sr. Member
****
Offline Offline

Activity: 476


View Profile
May 03, 2011, 10:20:01 PM
#2

Quote
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.
trumpetx
Member
**
Offline Offline

Activity: 100


View Profile
May 03, 2011, 10:21:11 PM
#3

I mine for about 22 hours a day sans for the 2hrs I'm playing WoW.

MinerStatus Android Application Author
Donate: 1Eyr5mN54UyprUHAw1zXLvkvtDNeG9erD7 to support this project. (Total Received) or sign up for Tradehill
[Tycho]
Hero Member
*****
Offline Offline

Activity: 742



View Profile WWW
May 03, 2011, 10:38:59 PM
#4

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.
IlbiStarz
Full Member
***
Offline Offline

Activity: 224


View Profile
May 04, 2011, 01:18:32 AM
#5

Quote
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?

It's better to be pissed off, than to be pissed on.
BTC : 1UgM1rqL9mFtH4PHF8TgvAaceymaKmhmP         LTC : LgCGw2WrRphr94RYS1qXHj2PUuYrTap4vk
FC : 6jc9PEmqxpMSxydfepHtshE4f2jMom1dAJ
BitLex
Hero Member
*****
Offline Offline

Activity: 588


View Profile
May 04, 2011, 01:24:07 AM
#6

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.

grue
Global Moderator
Legendary
*
Offline Offline

Activity: 1988



View Profile
May 04, 2011, 01:24:45 AM
#7

probablity of you finding a block:
Code:
Probability Time
Average 33 days, 15 hours, 40 minutes
50% 23 days, 7 hours, 50 minutes
95% 100 days, 19 hours, 34 minutes
Quote
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 Cool . Since the money i make via mining is minimal, i go solo mining. nothing to lose...

It is pitch black. You are likely to be eaten by a grue.

Tired of annoying signature ads? Ad block for signatures
NghtRppr
Sr. Member
****
Offline Offline

Activity: 476


View Profile
May 04, 2011, 01:37:28 AM
#8

Quote
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.  Cheesy
Xian01
Legendary
*
Offline Offline

Activity: 1302


󮀓1刎


View Profile
July 03, 2013, 04:57:17 PM
#9

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.
pliznau
Full Member
***
Offline Offline

Activity: 182


View Profile
July 10, 2013, 04:35:34 PM
#10

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
greenbtc
Full Member
***
Offline Offline

Activity: 210


View Profile
July 10, 2013, 05:46:07 PM
#11

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
Rannasha
Hero Member
*****
Offline Offline

Activity: 728


View Profile
July 11, 2013, 06:44:51 AM
#12

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.
driksson
Sr. Member
****
Offline Offline

Activity: 294



View Profile
September 13, 2013, 11:43:18 AM
#13

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?
dbbit
Full Member
***
Offline Offline

Activity: 224


View Profile
September 18, 2013, 11:33:14 AM
#14

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.
marcotheminer
Legendary
*
Offline Offline

Activity: 1232



View Profile
September 18, 2013, 12:05:38 PM
#15

Depends on your mining speed and how long you can mine each day!
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!