A Bitcoin Miner: The Home Mining Method
from
http://rgsneddon.thescribe.eu/#post114i've posted this in Mining Speculation forum, although it is a form of Prospecting and is yet to be proved by more than just myself.
Thus, I would like feedback on whether this 'speculation' could be a long term method to assist home miners who have more time to monitor their shares submitted, than those who unwittingly run large farms without enough time to mine the full potential from their stacked rigs.
it poses a thought... and I have also added a wee poll to see where our preferences lie. Feel free to also discuss how the percentages may evolve over time.
thank you for reading:
I'll try to explain this for the most inexperienced of home bitcoin miners.
HOW TO EARN MORE THAN THE DAILY CALCULATED AVERAGE
This guide explains how to earn more BTC from home mining than the average that a big mining farm will earn per TH/s.
Firstly you will need some bitcoin.
Plug in your miners and find a DGM (double geometric method) pool to join with other miners and find Bitcoin blocks.
recommended is mmpool.org
you can also use eclipsemc.com
and ozco.in is also a DGM pool
You will find, that depending on the pool hashrate, bitcoin blocks may take a from few days to a few months to find. If you can resist from being put off by the length of time it will take you to earn some BTC, then choose the smallest pool (in hashrate) that you can find.
Mine until you get paid.
reinvest those earnings into extra hashpower from rental websites.
Always rent SHA256 mining rigs
recommended is betarigs.com
alternatively you can use leaserig.net
there may be others...
When you are renting hashes, do not rent from cloud mining operations that you cannot change the pool details - you will also be renting out your own rigs to other miners (keeping the home mining network alive), so sign up to the rental site and set up your pool config and proxy addresses in the rental website graphical user interface.
So, once you have been paid from your first DGM round on the pool of your choice, then activate/make available your own rigs on the rental websites (do not do this before you get paid from your first DGM round) and set a competitive and reasonable price for the rental of your miners.
Keep the failover pool details on your own home rigs set to the DGM pool. At the times when your own rigs are not rented out to other home miners, they will failover to your DGM pool, keeping your earnings somewhat consistent.
REMEMBER, you are not 'pool hopping' you are alternating between helping small home mining pools find Bitcoin blocks, and earning BTC from them and also helping other home miners earn BTC and contribute to their own home mining network. You cannot apply this method to pools which are not DGM pools but it matters not what pool type the renter of your own rigs is mining.
Here is where you will need to use some of your own judgement.
From the earnings you made on your first DGM round, reinvest the entirety into renting other rigs from the rental website of your choice. I would recommend looking at the average block generation time on the pool that you are mining on with your own home miners, and spend your first month earnings over the that time, trying to keep as steady a hashrate from your rented miners as you can.
Here is where you introduce a 2nd DGM pool to your home mining operation.
Split your hashrate between the two DGM pools, and, only if you see a profit after the end of round 2, keep reinvesting until you have a wallet of BTC that you feel happy to distribute via exchanges to people who want Bitcoins but don't or can't mine them for themselves.
It is possible, but if you can't turn a profit from round 2, feel free to email me
rus@rgspix.com and i'll explain my own exact method. The above is a rough guide but I shouldn't expect to hear from anyone that cannot turn a profit.
GREEN DISCLAIMER ON BITCOIN MINING
There will only ever be 21,000,000.00000000 Bitcoins ever mined. At the point when mining ends, the upkeep of The Bitcoin Network will cost nothing more in carbon footprint than running a small app on your computer or mobile device. It is recognised that the massive use of electricity used to produce 21million BTC is a stain on the integrity of the Bitcoin Mining Community, but I feel, insignificant to the value of a community powered banking system; which in itself, puts the cost of running World Banks at NIL, as they will be rendered useless.
whether you believe it or not, this is the future. There is a long way to go, but it happens.
happy mining.
Poll
