Topic: Altcoin Solo Mining without mining Hardware! (how to) (Read 529 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

What makes this way more (more & more) profitable is we were doing solo mining (it mean we got full block reward) but we need to find which coin meet our criteria (as I was explaining a bit above). nc50lc has answered the technical side.


I'm not  . But I started this method with LuckyCoin, HAMRadioCoin, Peercoin, and some other coin a long time ago.


So let's develop it together. 


Have you tried to check block explorer (just to make sure) It may some glitch happened, I'm not sure.

This makes sense since solo mining is only available when you have a full node (non existing~ Bitch-coin node for example) and have the hardware to solo mine. Hashrate Renting services can only point to pools, not to a specific node.
This is kinda silly but old, I would like to mention that there are couple of newer threads here in the forum that "teaches" the same method.

I guess that the reason you're bringing this up is to say: "I did it first"  

P.S: I would like to see a new Altcoin: Bitch-coin, name sounds promising.

Not sure if this is covered in depth with the article you linked as i only skimmed it. But i'm curious for a short answer on WHY and HOW doing this (setting up your own pool) is more profitable than simply renting hashrate from Nicehash and pointing it to an existing pool.

Is this more profitable because you get to skip paying the "pool fee" which is only 1-2% depending on the commerically available big pools (like Nanopool for example)?

Got a huge problem, basically I had setup my own private pool in an attempt to Solo mine both Ravencoin and Pigeoncoin (albeit not at the same time), sgminer indicated I found a block MANY times over many hours, but in each instance the pool software would indicate 0 blocks found! Basically I'm going out of my mind here because I thought maybe it was a bug in said pool stratum software, can't be because I've tried this with 2 others. Stratum software I've tried this with are: CoiniumServ, MiningCore and NOMP.

Any clue as to why sgminer indicates a GPU block has been found and the pool software indicates otherwise would be GREATLY appreciated.

Thank you  
I'm just trying to remembering all of the miners, that mining still exists. Come on Punch the FUD, guys!

it's really cool~~

[BUMP] 
Today I found my old post, with a little bit edited, maybe can be one of alternative in this current situation.

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Chapter One (Introduction)

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This is what I was doing a few years ago (2015), but this method still relevant to applying nowadays. And I try to explain it as simple as possible.
If you aren't familiar with Solo Mining, follow the link below to know it.

https://www.hashgains.com/wiki/s/what-is-solo-mining

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Chapter Two (Preparation and Action)

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It can be called as Pooled Mining, Just because the pool is own private pool, the pool wallet is our own, and miner who mine on this pool are only (us), then let's call this is as Solo Mining.

NEXT***

Step by Step Guide:

1. Build a Mining Pool
ethermine.org, supernova.cc, ckpool.org, etc. That is a mining pool examples (just in case you don't know it- )
You can find here, a full explanation of a Mining pool: https://en.wikipedia.org/wiki/Mining_pool

We can use MPOS, NOMP, UNOMP, CK Pool code, etc. (as an example)

MPOS----------  https://github.com/MPOS/php-mpos
NOMP----------  https://github.com/zone117x/node-open-mining-portal
UNOMP--------- https://github.com/UNOMP/unified-node-open-mining-portal
CK Pool code-    https://bitbucket.org/ckolivas/ckpool
etc....

Please find your own reference to a Mining Pool Software that supports Multi Algo nor that suits your needs.

2. Profitability Calculating
After successfully built a Mining Pool, the next step is to find the coin that we want to mine, and of course, not just any coin, but must be a coin that profits for us for solo mining. Then how to calculate the profitability of the coin itself.

Here are a few things that you need to know as counting variable:

• Coin Prices
• Block Reward
• Network Hashrate (Global Hashrate)
• Block Time

Where do we find the coins with all counting variable that we need?

https://www.coinwarz.com/cryptocurrency
http://whattomine.com/calculators
Coins announcement section on this forum.
OR
Wherever, you can Google it, somehow (it's your way)

Next, look at coin technical data that chosen. Clue: find a good logo, or maybe a good coin name, like Bitch-Coin, maybe. (Just kidding  )

The Calculation
Let's say you have determined that the coin will be mined is Bitch-Coin with technical data as follows:

Coin Prices: $10
Block Reward: 10 Bitch
Network Hashrate (Global Hashrate): 50 MH / s
Block Time: 1 Minute

Let's ignore its algorithm.

With 1 minute Block Time, the estimated solved block per hour is 60 blocks or 60 (number of a solved block) X 10 (Block Reward) = 600 Bitch
Then, make sure that the block time is suitable !. Check on block explorer (according to the coin), whether the distance of each block matches. Just estimated it, cause, in fact, block time will affect by a few factors.
Network Hashrate shows the total hashrate from all over the world doing the mining process on the coin. Therefore we must have at least 10-50% Hashrate. So, that our mining pool solves at least 10% -50% block (again, this is only rough calculation and estimation). And Coin prices in the market become the last determinant, whether we will profit or not.

Ignore 51% Attack

From the above data, let's assume that we have 50% Global Hashrate, and we were solving 50% block (in 1 hour). Means, 30 blocks (considering 60 blocks solved in 1 hour) X 10 Coin (block reward) X $10 (coin price) = $3000 (one hours mining)

3. Renting Hashrate
Then where we get the above Hashrate to do the mining process ?. We can rent the hashrate from several Hashrate rental service websites like Nicehash, miningrigrentals, etc. Hashrate renting price must be lower than the calculations we do above.

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Chapter Three (Closing)

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What I wrote above is just a general illustration, in fact, it would be not that easy.  But I can say for sure that I'm doing that and my (50-100% sometimes more) profit, comes around 2-3 hours (exclude coins research). If you didn't have physical miners, it could be your option to mine.

Good luck everyone, and Happy Mining!