Topic: Mining with node (Read 613 times)

What can I say brother? Thank you so much for giving such a nice advice. But want to do some crypto currency work besides home work.

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Do realise that mining is not equal to free money printing. In order to start mining you need an (expensive, latest gen) ASIC, internet connection, a basic knowledge of the mining process, a mining room (where the noise and the heat doesn't bother you, but has decent internet connectivity and power) and dirt cheap power.

I recon a lot of newbies start mining at a loss without realizing this. Do your homework before falling in this "trap".

I am new to this forum and have been looking for trusted mining sites for quite some time.  But no one helped me in this regard.  Please if anyone can find a trusted mining site it would be very helpful.  Because I never saw the face of cryptocurrency income.  I only heard that many people have earned a lot of money from here and earned their livelihood.

Thanks for all the great info. I am so glad I found this forum. Filled with a ton of knowledge without all the social media crap.

Thanks,
Ron

You may want to either setup a more powerful node (see Cheap Node Self Hosting: Just because you CAN does not mean you SHOULD), or use a mining pool - solo or not - (you won't pay for the initial setup, you'll pay while getting rewards).


Yep, we hope so; maybe initiatives like this will help.

Thanks for the great reply, you answered my questions and then some! I'm leaning towards pool mining with a VPN into a wallet on my node. On the side note I must confess that it was my humorous take on the outrageous prices they're getting for a Raspberry PI 4 due to the world's inability to function anymore. ( A $ 50 PI is now around $ 150 and scarce. )  I do find comfort in the S19's coming down in price but it is somewhat of a gamble and big expense in today's dysfunctional climate. I am "banking" on BTC increasing in value as the supply dwindles and the fiat system collapses. Proof of stake will destroy most crypto currencies as Circle will do Black Rock's bidding and the will control ALL meaningful blockchains via majority staking.

Let's pray BTC and POW withstands the assualts from the decrepit central bankers and governments who have destroyed our financial system.

Thanks again,
Ron

1. Yes, if you setup your own node, and you get a complete solo mining operation up and running, you would increase your privacy... Nobody would know you were the one that solved the block. Other nodes would just receive the block you relay to them, but they would have no way of really knowing you were the one that solved it in the first place. If you mine in a pool, the pool operator will always know how much he has payed out, to which address, which username, which ip,... this is not the case if you do a completely solo mining operation.

2. I doubt it... Depending on the VPN... But i don't think it'll do you much harm. There might be some latency, maybe even some package loss (in extreme cases), but in a pool mining setup i don't think this will really influence your income.

3. If you setup your own solo mining operation, you might want to have decent connectivity to other nodes... You'll have to download a new block and verify it before you can start mining, if this process takes to long, you'll lose some valuable seconds each time a new block is found by someone else. In a pool mining setup you get your work from the pool, and you don't need to download the complete block (you're not running your own node, at least not for mining purposes) so this is less of an issue.

Now, just as a sidenote... I don't know if you were kidding about the loan for an rPi4... You do know an ASIC is expensive to buy AND to operate, right? If you pay to much for you electricity, you might always mine at a loss even if you have a "perfect" setup.

Also, setting up a solo mining operation isn't plug and play... It requires some knowledge and preferably reliable (redundant) hardware.

And last but not least: you know that it's all about odds and averages if you solo mine, right? You might mine forever and never get *any* income... If you mine in a bigger pool, it'll cost you some privacy and a % of your income, but you'll have a steady income and you'll know you're not in charge of setting up and maintaining your complete operation (just your network connectivity, your home power and your ASIC)

Getting ready to setup up a Bitcoin node once I can find a highly coveted Raspberry Pi 4 without taking a loan for one . 

1. Would setting up mining rewards on a wallet on my own node afford me more privacy from snooping eyes ?
2. If I set up my S19 XP ASIC miner with a pool through a VPN, would that hinder my chances with block rewards ?
3. How important is internet speed and/or bandwidth in relation to block rewards and if so what are suggested upload/download speeds ? 

Thanks,
Ron