Solo mining: is it Worth it to mine bitcoin alone

Solo mining: is it Worth it to mine bitcoin alone

At the beginning of the birth of hashing to locate the blocks in any cryptocurrency network fit almost any processor or graphics card. Here included the Bitcoin. But with the growth of interest in the cryptocurrency complexity of the tasks increased and computers lone were not able to find many solutions. Increased reward (money growing rate) for each found block. For this reason, the farm owners decided to join forces to create pools of joint mining.

Mining pool receives solutions from all the miners that are attached to it. If one of these many solutions is correct, the pool receives a reward for a found block. The award is divided proportional to the efforts of miners and paid on their wallets.

Now by default, it is considered that mining always works through a collective pool. However, this is not always the case. If you have the necessary mining power (Hasrat) a cryptocurrency is still mine alone.

Solo-mining is a type of mining crypto-currencies, which rely only on themselves. There are no other miners on the pool, which multiply the overall Hasrat. On the other hand, there are those who claim to be part of your reward. Found a solution to the block received the award, not found — continuing to sit on the breadcrumbs. Tells about the details of the work of solo-mining and the feasibility of its use Mikhail Korolev, CEO 2Miners.com

How to mine in Solo

Digging coins in splendid isolation in two ways. The first involves the use of ready-made solo-pools, while in the second case, the pool will have to deploy its own forces.

The last option is difficult — it is suitable for experienced miners with a huge number of farms and knowledge of Linux. The rest will be enough ready-made solutions from mining pools, which provide the possibility of mining in solo mode. Their use will have to pay about one percent of the Commission. But instead we get detailed statistics to analyze their activities and the confidence that the system will not fall at the most inopportune moment.

Who mine in solo mode

To recommend to solo only those miners whose capacity should be sufficient for the theoretical detection of blocks in a reasonable period of time. To estimate your chances will help network statistics. For example, take Ethereum Classic.

For example, our Hasrat equal to 10,000 Mh/s, which is equivalent to approximately 40 farms for 8 cards each (Radeon Rx480/580 or Nvidia GTX-1070). Get all 320 cards. According to the calculator WhatToMine, the day the kit will bring about 19 coins Ethereum Classic. The formula is simple: the projected number of coins per day divided by the rewards for finding a single block. Taking into account the current remuneration 4 ETC for the decided unit get 4 unit with average luck, 2-3 — on the bad days as well as 5 and more good. Profit jumps from 185 to 460 dollars and above.

It is important to understand that even the most simple graphics card able to find a solution to the block. The main issue is the time it will take. In a perfect world 320 GPU in the example above, they find that the blocks 320 times more than 1 video card. It is possible that “short distance” is one graphics card you will find the block before 320. This can happen even in the first few minutes of mining. Do not forget that probability is a tricky thing.

Many believe that the video card in the same farm or even on the same mining pool work together (together). Supposedly, one video card supposedly takes a certain range of initial conditions of the problem, the second another and so on.

This is a misconception. Each card in the mining works independently. Moreover, mining is generally no collaboration. For example, in Ethereum Classic every 15 seconds all the cards in the world get the same problem and trying to find a solution. For clarity, we present 1 person against a group of 1000 people, and they all take turns flipping a coin. Task — to throw out 10 eagles in a row. Most likely, one person will do it later, than one of 1000 people, throw a coin.

If you do not have a capacity by analogy with the examples above, you can try the coins with a smaller complexity of the network. These include Musicoin, Expanse others. In General, the analysis of the market situation and selection of new coins daily ritual experienced miners.

The strategy of solo-mining

Approach to mining alone based on the selection of coins. Conservative users mined cryptocurrency in the prospects for which there is no doubt. For example, Ethereum, ETC or zcash for. Even if the day will end with one or two solved blocks, such owners will be satisfied.

Representatives of another category of risk and experimenting with an unpopular coins by type Dubaicoin, WhaleCoin or YoCoin. They are easier to produce, and courses are often more prone to sudden UPS, which you can make good money. However, in this case, you will have to deal not only with mining but also part of trading.

The prospects of solo mode

A solved block to the network zcash for the miner give 10 coins or 2900 US dollars, in Ethereum 3 coins or 2330 US dollars. The right decision in Musicoin will bring 250 Music price of only 4.55 dollar, while Pirl gives 10 coins valued 5.8 per dollar. In Whalecoin rates less 3,06 coins per unit is 20 cents. But in the Bitcoin network found the unit give as much as 12.5 BTC or as much as 120 000 USD. And Yes, if you are lucky, even 1 Antminer ASIC type S9 can find a solution to the unit and get those big money.

The numbers sound quite different. But there is one “but” — the number of blocks per day. It is much better to solve 20-30 blocks Musicoin than to spend an entire day on a fruitless struggle with the army of miners Ethereum.

Remember

solo mining is suitable for owners of large capacity;

— before mining cryptocurrencies alone should soberly and dispassionately to estimate their strength;

— projected returns may not match the actual;

games with unpopular coins can end up as bad, and very good;

in solo you can go without farms. Help leased facilities.

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