Topic: Solo Miner vs Mining Pool (Read 232 times)
i dont know about the mining process, as i know that when we want to mine bitcoin and another cryptocurrency we need mining pool as the pool to buy be the 3rd party to distribute into our wallet
Solo mining pool only mines for particular cryptocurrency whereas the multi-mining pool allows its members to freely switch which currency to mine depending on the profitability at the moment.
The advantages of entering a mining pool include lower costs of mining, smoother income distribution and generation of higher income.
The advantages of entering a mining pool include lower costs of mining, smoother income distribution and generation of higher income.
Pool mining is akin to solo mining before fees. The chances of a pool finding a block or a solo laborer finding a block at constant problem area unit identical. Hence pool mining is usually less profitable within the long-term, severally from the issue. The pool fee is what you get Associate in Nursing ensured steady financial gain, rather than having an oversized financial gain one month then going months with none financial gain.
Does anyone know, how does the bitcoin network know who is a solo miner and who is mining pool? Or it does not matter at all? I’m just thinking about the rewarding process.
A pool is like a solo miner. The pool just happens to have a huge hashrate advantage, so its chances to finding the next block are n times larger. The pool operator decides how the reward is awarded to the pool participants, vs a real solo miner where all the reward goes to that specific miner.
n is a number so ridiculously high that i won't bother calculating.
A "solo pool" sound like a contradiction, but its mean't for lazy miners who don't bother to set up their own nodes. Of course those pools take a fee for their service...
In an ideal world, everyone would pick a 0 fee PPLNS pool (such as ckpool.org) and get the maximum possible reward. But people are too lazy to do math, or to save for the future and need a kind of bank accountant to ensure a steady flow which is the typical PPS pool, for a much higher fee of course...
When people use PPS, they are literally paying someone to manage their money for them so that they are unable to spend it all when the luck is good. Its the miner's private accountant because that miner just can't resist the urge to control themselves. Its also a sort of loaning, in case they start with bad luck, they'll pay as if luck was nearly 100% but in exchange when the luck is good they keep the bonus for themselves... Thats in addition to paying much higher fees, because, they have to handle your money you just can't by yourself.
There is no such thing as a
As my perception pool mining is better instead solo mining. In pool mining you will be little bit satisfied. Logically, if you are doing investment single you have to be updated and it could be complicated but on the other side you are doing investment in pool mining you can be get updates by platform which you choose. And you prefer rewarding process then you should be need more suggestions from expert miners and then you can take a better decision to get advantages. Cheer Up !! 
technically. from a network data view. everyone with an asic is solo mining.
there can only be one asic with the ultimate block solution to a block at any one time.
..
its later when the reward gets spent by the winner(human decision), how they decide to spend it. EG if they had help from multiple people in a syndicate(pool) or if they had thousands of asics themselves.. is up to them how they spend/split the reward.
but as i said from the network view there can only be one correct block solution for a particular block that gets accepted into the networks chain. thus only one ASIC ultimately won it.
there can only be one asic with the ultimate block solution to a block at any one time.
..
its later when the reward gets spent by the winner(human decision), how they decide to spend it. EG if they had help from multiple people in a syndicate(pool) or if they had thousands of asics themselves.. is up to them how they spend/split the reward.
but as i said from the network view there can only be one correct block solution for a particular block that gets accepted into the networks chain. thus only one ASIC ultimately won it.
Being a solo miner or a pool miner doesn't matter on the network, nor the network knows who is solo mining or not. The rewards don't change and is the same between solo and pool miners, although the latter is subject to further sharing of an honest day's work (hash rate) proportional to the total amount of work done by the whole pool. Right now, the reward for solving/finding a block is 12.5 BTC plus all the tx fees included in the block and does not change for solo or pool miners until the halving which is set on 2020.
For further reading, refer to: https://en.bitcoin.it/wiki/Mining
For further reading, refer to: https://en.bitcoin.it/wiki/Mining
Does anyone know, how does the bitcoin network know who is a solo miner and who is mining pool? Or it does not matter at all? I’m just thinking about the rewarding process.
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