Pooled mining effectively is solo mining, at least to the network, it is just a way for several miners to work together to mine a whole block.
Unfortunately Bitcoin mining itself is fast becoming a rich man's game, unless you have a lot of hashpower it may not be worth it to run your own Bitcoin pool specifically, even with a few terrahash.
However, there are many more kinds of coin to mine these days, setting up a pool for a smaller but popular coin(s) may be a way to go and a much easier entry point if you really desire you operate your own.
Topic: Group Mining (Read 795 times)
Not even... you don't need high hundreds...
If you have 25 tera, and start solo mining, the average block generation time is 7-8 days. Thats quick enough I think, a block a week?
If you have 1000 tera, you're bigger then most pools...
If you have 25 tera, and start solo mining, the average block generation time is 7-8 days. Thats quick enough I think, a block a week?
If you have 1000 tera, you're bigger then most pools...
Hey everyone its my first time posting here! I thought i would mention im from the uk as i have seen a few people asking if there's any other miners from the uk! I am still a noob when it comes to mining compared to some people so please don't shoot me down for asking the question 
I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?
Thanks Paddy
I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?
Thanks Paddy
You're best bet is just to keep mining with a mining pool. There's no point in trying to solo mine, you'd need much more hashing power than that to have a chance at finding a block. Check out this graph of the mining pools that compete to find blocks with the hashing power they have: https://blockchain.info/pools
The basis of your idea is correct, but the hashing power you would need to realistically mine a block in your own pool would not be profitable at this point in time. You would need in the high hundreds or low thousands of terrahashes.
Hey thanks for the advice, I just assumed that if i was to mine myself in a private pool with another 5 or so people running the same as me we might have a better chance at finding blocks and we could just share out the rewards equally.
I would recommend you to mine with an existing large pool but with that much power try you're luck with solo-mining. If you want tutorials on solo-mining I can possibly post one here. Another option is to play it safe and dangerous at the same time, I've tried this before: Join a newer pool with mining power close to what you can provide and when a block is mined you'll get most of the reward.
Hey everyone its my first time posting here! I thought i would mention im from the uk as i have seen a few people asking if there's any other miners from the uk! I am still a noob when it comes to mining compared to some people so please don't shoot me down for asking the question
I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?
Thanks Paddy
I have around 1.5TH of mining power. If i was to find say another 5 people also running similar set ups would it be possible to set up our own pool and mine for btc ourselves? What is the chances of making anything with say 6-7TH? And if its possible and worth it would anyone be interested in doing it?
Thanks Paddy
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