Topic: any. thoughts on bit solo mining pool (Read 6279 times)

anybody know who is behind bitsolo.net ?

any have any idea what this statement means from cgminer?
New block detected on network before pool notification

Yes it would be gambling and yes it has been determined that some solo mining pools have paid out, but your chances are so small that it is just not realistic to believe that you could "win" (find a block)

New block detected on network before pool notification

Any takers as to what this means in cgminer version 4.0.1?

its called gambling and I'm in on the note that a block was paid out!

the issue isn't so much that the found block was paid it is more that the chances of your miner finding a block are so low that you are essentially wasting money on electricity

They are now at 80,000 gh or 80 th.  One miner is sending 62 th






I am sending 6 r-boxes and some fury sticks at it.

Had 2Ths there from June 5th to the 18th. 
lol

 I did some research and it was paid   to the btc address that supposedly hit the block.

  Gave me enough confidence to point about 210gh at it for the next 2 or 3 days.

They found one the other day:
https://twitter.com/BitSolo1

 

yes you would be playing a 4 digit number and getting around 2000 to one .

 actually worse but you get the idea.

merged pools are like 1000 guys playing a number  000 to 999  and agreeing to split the 1100 payoff.  thus a guarantee of a profit .


right now if your miner does pretty low watts it is okay to toss some hash at a solo pool.

  BTW supposedly someone hit a block at bitsolo.net    


  Right now I felt a bit lucky  and I am running 210gh at bitsolo.net.

  I am spending 250watts to do it.  I will do this until diff adjusts in 4 or 5 days.    my cost will be 6kwatts a day or about 1 dollar a day that is 5 bucks.  I will miss about 4.46 a day in earnings  that is 22 usd plus 5 usd total of 27 dollars spent  for a chance at 1 or more blocks in the next 5 days.  each day I do this for

the next  5 days my chance of 1 block  is about 3200 to 1

 5 days would be 640 to one chance of a block   I pay 27 dollars         so 640 x 27 = 17280  would be exactly even payoff .   right now a block is around 14500


so you say  14500 out of 17280 is not   like 1100 to one for a 1000 to one 3 digit number  so I am wrong.

Well I could hit 2  or 3  or 4   or many more blocks    ………  

640 to 1 for one block   1280 to one for 2 blocks    

 that is what makes the math not so bad to do solo mining.  every once in a while with gear that is better then the power it spends. 


 A   usb stick is okay if it does 1.8gh for 3 watts or so.

 So a fury stick or an antminer u-1 is fine to use.

  a be is like getting bad odds
  a gpu is really bad.

 An undervolted/underclocked  antminer s-1 for all the fall and winter  as long as you want that heat  would most likely be okay on a statistical basis.

That  does not mean you hit a block but the math says it is okay.  Since you get some heat out of the deal it is not such a bad move.

  S-1s would actually not be so bad.  Especially if fiat goes up a bit.

I have 6 r-boxes and 10 usb sticks  hash is 210gh power is 260 watts

good analysis. A lottery ticket would be if you used your gpu.

wrong so very wrong but not completely wrong..  a lottery ticket pays terrible odds.   3 digit number should pay 1000 to 1 most lottery 3 digit numbers pay at 500 to 1.

if you are using any gear at 1.6 watts per gh  it is like getting 1060 to 1   on a 3 digit number  .   pretty accurate estimate for today.

the problem is you use 10 gh or 30 gh and  it is like only having 1 to 3 numbers out of the 1000 numbers so most likely you lose.

most of us can't buy enough tickets and pool with many other ticket holders  and since the overall payout is 1200 to 1 on a 1000 to one shot we all profit.


Any one that says playing 10gh  in solo mining is like playing a lottery ticket is missing the fact  that the solo mining pays at a much higher rate then a lottery ticket.

A truly huge fact  that  is why a good clean easy to use solo pool should be part of every miners pools.  Especially a smaller miner.

 I mine 10gh   at solopool.net  .  I never think it will  hit a block.  but It costs under 16 watts to do this.

  which means every day for 6 cents of power I can hit blocks.  

  Show me where for 6 cents  getting a 15000 prize (600 x 25 = 15000) is possible.   todays odds of 1 block found for me = about 67,000 to one.

I spent 6 cents for that chance      since 67,000 x 6 cents =  about 4000 usd .

  my payoff should be  only 4k if I hit the block  my payoff would be around 15000 usd.  

 so 4000 usd  vs 15000 usd

  seems simple  solo mine is better.  well you have to hit the block for the benefit of the higher payoff.

 I also was a little bit misleading.  

 Since I said I spent 6 cents   to have the chance at the blocks  true,  but if I pool mined the 10gh

 I would have collected about 22 cents  so my real money spent is :

22 cents a day for a shot at 15000 usd.

 that comes to a 68,181 to one payoff for something that should pay about 67,000



No lottery ticket overpays like that.

It is a very bad idea to try to solo mine in any way if you do not have sufficient hashpower to find at least one block every two weeks. This is a absolute minimum and realistically you should not attempt to solo mine if you do not expect to find one block per day based on current difficulty.

Otherwise you are likely simply giving money to your electric company and treating your miner as a lottery ticket.

I've got a few %ages of my hashrate (80 gh) pointint to solomine. 22 years is the average time to find. This every week I have 1 in 1000 shot of making $12500. I'll take it.

I don't know where you got your numbers, but it will take you considerably longer than 14 days to solo-mine a block.  Math proves this:
Could you potentially find a block in 14 days?  Sure... you could also find a block after 10 years.

I think to effectively solo mine you have to have enough hash power to be able to squeeze at least one or two blocks in between difficulty increases (10 days) otherwise you will just be chasing your tail as difficulty increases will just spin out the time you take to find a block faster than you can find them. (e.g. 14 days)

If you have a miner that has 3.1 TH/s of capacity then it will likely generate one block every 14 days. If that miner has less then 100% luck then the difficulty would increase, and further decreasing the average time between blocks, making it take longer, on average to find a block. These are not specific odds but should show why solo mining is not advisable.

what  r the odds?

Solo mining is really nothing more then using your machine as a lottery ticket unless you have a significant portion of the network hashrate.