Feasible hashrate for solo mining? | Bitcointalksearch.org

NoahWL1

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Quote from: Quickseller on February 10, 2015, 03:14:03 PM

You would want at least ~440 ths to even consider solo mining. That would result in finding one block over 10 days with 50% luck (which is not unheard of). Anything less then that could result in potentially finding less then one block every difficulty period which is not a good thing when solo mining.

Well I'm mining with 40gh/s, so I guess I'm REALLY trying my luck here. But it doesn't matter if I find one or not solo mining, as I'm also mining in pools and it takes little to no power to run the equipment I'm using to solo mine.

Quickseller

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You would want at least ~440 ths to even consider solo mining. That would result in finding one block over 10 days with 50% luck (which is not unheard of). Anything less then that could result in potentially finding less then one block every difficulty period which is not a good thing when solo mining.

cazkooo

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Quote from: NoahWL1 on February 09, 2015, 06:27:32 PM

Quote from: TheRealSteve on February 09, 2015, 05:58:43 PM

'consistently' is difficult, given variability, but a basic calculation would be this...
The aim of the Bitcoin network is to find 1 block every 10 minutes.
If you wanted to find 1 block per month, on average, that means you'd have to find roughly one in (30.5 * 24 * 60 / 10), or 4,392 blocks. Which, simplisticly speaking, means you'd need 1/4392nd of the network hash rate.
At the time of this writing, the network hash rate is around 300,000,000 Ghash/s.
300,000,000 / 4,392 ~= 68,306 Ghash/s, or 68Thash/s.

But, yes, you could get lucky

Just checking my math, it would require about 2.2 petahashes to solve one block every day? Thanks

there is what we call as luck factor
but there isnt really anything to calculate this since difficulty could be rising or dropping hence the price is dropping atm

ranochigo

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There is no accurate numbers so do take these for reference only. Since difficulty changes every two weeks, you would have to buy more hardware every now and then to ensure that you have more chance of actually finding a block. Varience would most likely affect your payouts, at times, the payout may be zero and at other times the payout may be more than expected. It will even out on the long run however.

TheRealSteve

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Quote from: NoahWL1 on February 09, 2015, 08:30:22 PM

I saw that as well, but there doesn't seem to be a whole lot of evidence backing the fact that they are legitimate. I'll do some more research on them though and check it out. I'm fine running it on my own though because it also gives me a reason to keep a Bitcoin Node going, which of course helps the network since there are so few now Sad

Fair enough - and yeah, could use some more full nodes. Hopefully some future improvements will present less of a barrier to adoption of the network back-end

NoahWL1

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Quote from: TheRealSteve on February 09, 2015, 08:12:45 PM

Yeah, that's probably a question for the bfgminer thread

As an aside (and only slightly less off-topic), have you considered a solo mining pool, like bitsolo? still get the full reward (or thus they promise), but they take any transaction fees and they're merge mining namecoin. I think. Haven't looked at them in a while. Might be easier to work with than running it all local anyway.

I saw that as well, but there doesn't seem to be a whole lot of evidence backing the fact that they are legitimate. I'll do some more research on them though and check it out. I'm fine running it on my own though because it also gives me a reason to keep a Bitcoin Node going, which of course helps the network since there are so few now Sad

TheRealSteve

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FUN > ROI

Yeah, that's probably a question for the bfgminer thread

As an aside (and only slightly less off-topic), have you considered a solo mining pool, like bitsolo? still get the full reward (or thus they promise), but they take any transaction fees and they're merge mining namecoin. I think. Haven't looked at them in a while. Might be easier to work with than running it all local anyway.

NoahWL1

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Yes, yes it is an oxymoron. Thanks for the equations

And sorry to get off-topic of the thread, but in BFGMiner when I start it, the says "No suitable long-poll found for http://localhost:8332. I've read that this will result in a higher amount of stale shares. Is there a way to fix this? Also, when I use the command "getmininginfo" in Bitcoin-QT, the hashrate is 0. Is this also normal, since I'm using BFGMiner connected to Bitcoin-QT? Thanks

TheRealSteve

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Quote from: NoahWL1 on February 09, 2015, 06:15:27 PM

hopefully I'll get lucky enough with my 6gh/s haha.

Doing the calculation in reverse, you should - on average - find one block every... 950 years or so? Closer to 1010 years, actually. Presuming difficulty stays the same. Which it won't. But, absolutely, if you don't mind expending the energy, might as well play that lottery

Yep, 2.2Ph/s to solve a block per day.

You can do a more accurate approximate (is that an oxymoron?) calculation using:

Code:

time(s) = (difficulty * 2^32) / hash/s

Or in your case for calculating required hash rate:

Code:

hash/s = (difficulty * 2^32) / time

The current network difficulty can be found in tons of places, try: https://bitcoinwisdom.com/bitcoin/difficulty

NoahWL1

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Quote from: TheRealSteve on February 09, 2015, 05:58:43 PM

'consistently' is difficult, given variability, but a basic calculation would be this...
The aim of the Bitcoin network is to find 1 block every 10 minutes.
If you wanted to find 1 block per month, on average, that means you'd have to find roughly one in (30.5 * 24 * 60 / 10), or 4,392 blocks. Which, simplisticly speaking, means you'd need 1/4392nd of the network hash rate.
At the time of this writing, the network hash rate is around 300,000,000 Ghash/s.
300,000,000 / 4,392 ~= 68,306 Ghash/s, or 68Thash/s.

But, yes, you could get lucky

Just checking my math, it would require about 2.2 petahashes to solve one block every day? Thanks

NoahWL1

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Activity: 173

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Oh, my estimate was way off! I was also judging off the network hashrate, but I wasn't really sure what the math behind it would be. Thanks for your help, hopefully I'll get lucky enough with my 6gh/s haha.

TheRealSteve

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Activity: 686

Merit: 500

FUN > ROI

'consistently' is difficult, given variability, but a basic calculation would be this...
The aim of the Bitcoin network is to find 1 block every 10 minutes.
If you wanted to find 1 block per month, on average, that means you'd have to find roughly one in (30.5 * 24 * 60 / 10), or 4,392 blocks. Which, simplisticly speaking, means you'd need 1/4392nd of the network hash rate.
At the time of this writing, the network hash rate is around 300,000,000 Ghash/s.
300,000,000 / 4,392 ~= 68,306 Ghash/s, or 68Thash/s.

But, yes, you could get lucky

NoahWL1

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Activity: 173

Merit: 101

Hi everyone! I'm still fairly new to Bitcoin, only been with it for about a year now. Currently, I have the original Rockminer R-Box, Antminer S1, and Antminer S3 all pool mining right now. But, while looking through some of my things yesterday I came across my 3 old Antminer U2s from when I first started mining. Just for fun at the chance of "winning the lottery" I set them up to solo mine. Quite obviously, odds are against me. What I'm wondering, though, what hashrate would one need to actually find blocks consistently solo mining? Even as "little" as one every month? Probably something like 20 petahashes right? Lol. There's not a chance I'd be able to afford anywhere near that much, but I'm curious so I thought I'd ask. And please, don't chastise me about how I'm wasting my time. I know I probably am, but it's still fun to know that I just might find a block with a LOT of luck.

Topic: Feasible hashrate for solo mining? (Read 2452 times)