Topic: mining solo and getting profit??? (Read 670 times)

os2sam is right, but just to elaborate on this subject:

A miner can chose up to 1Mb of transactions to fill up the block he's currently working on. This includes the coinbase transaction rewarding 12.5 BTC + sum of the fees of the picked transactions to the miner (the miner could potentially also use somebody else's address for the coinbase reward).

After this, the miner calculates a merkle tree of all transactions in the block. He then generates a block header using the highest element of the tree, the previous block header and some other data and starts hashing this new header. If he finds a block header whose hash is better than the current diff, he can push his block to the network.

If you solo mine with 5Gh, you can pick whatever transactions you'd like, but the odds of you finding a block header whose hash is under the current diff target is astronomically small. So the odds the block you were working on can be broadcasted (and accepted) by/to the other nodes of the network is astronomically small...

As a matter of fact, at current diff:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=5&p=1&pc=0.10&pf=0.00&d=804525194568.13200000&r=12.50000000&er=2591.67940000&hc=0.00

It will take you (ON AVERAGE ), 7998632 days to solo mine a block... So you'll have to wait an average of 7998632 days before your transaction gets included in your own (valid and broadcasted) block... Maybe you're better off paying a decent fee and broadcasting the transaction to the other nodes, so some other miners will also be tempted to put your transaction into the block they're working on

Picking the transactions you want has nothing to do with mining a block.  The odds of a GPU, or a 5Ghs ASIC, finding a hash that meets or exceeds current difficulty is next to impossible.

A block with NO transaction can be mined.  But you still need significant hash power to mine a block.

@os2sam exactly. if that can be done then even the GPU will mine a whole block.
And if that can be done solo it will be most profitable. But the question is how?

Posted From bitcointalk.org Android App

If your solo mining you can set your Bitcoin client to accept whatever transactions you want.  If your mining on a pool then its up to the pool op.

but is there any way to set the miner to pick those really low fee transactions?

Posted From bitcointalk.org Android App

A block currently mints 12.5 new Bitcoins.

Transaction fees are way down now that the blockchain spamming seems to have subsided.

No idea how people will react to this post.

So, 2 days before I sent bitcoins to an address and as I had a shortage of coins I adjusted the fee and did the transaction and my transaction got stuck ( but now it's complete ). The reason all of us know as miners pick the ones with large fee first. It just came to my mind that a 5gh/s miner can also mine properly but the only problem is it does not get the chance as there are many powerful miners working out there. the conclusion is that our small miners can work but don't. So is there any way to fight for those low fee transactions to mine as lesser competition will be there. yes, it will take more number of transactions to get a complete block but we will get a block.

Rough calculations:

current value 2500 USD
if we get a block with 10 coins in it
profit= 25000 USD

Can be invested to buy a better miner and upgrade the mining rig

But now the question is how the hell we are supposed to get our hardware get those low fee transaction.

NOTE: Only one of my weird imaginative ideas after avoiding sleep for too long.