Topic: Solo mining (Read 801 times)

Thanks again for the answers!
My aim is obviously not to become rich using my low hash power
But maybe (and I say: maybe) when a new coin is launched, the few first blocks, if I'm lucky, could be found by my poor miner.

But if i never tested it and never solo mined I could not be ready when it'll happened, so i wanted to some tests and learn.

At moment my videocard is point to some multicoin pool as you have suggested, or sometimes to some pool dedicate to easy money.
I was lucky to mine some doge at the beginning, but i always did it in pools, if i knew how to do it in solo maybe i could have earned some more (in the beginning)

Our approach to solomining is as follows:
we run a server which holds about 20 coin daemons with coins from cryptsy.com. A cronjob calculates the current mining profitability and switches our GPU miner according to the most profitable coin about once a day. Our hashrate is low, so we aim at coins with difficulties below 3. However, as a solo miner in "established" coin currencies your rewards, or blocks per day, highly fluctuate. You should not solo mine until you understand the basics of coin statistics. It is possible to calculate/estimate your true reward based on the network history, we apply a simple monte carlo integration to get the probability distribution for each coin. This is not necessary, but useful to know. In the end, we benchmark our setup against mining LTC in a pool, which we outperform on most days. Luckycoin turned out to cost us money, because they scam you on the coin reward. It was supposed to be 88coins/block but turned out to be only 44coins/block even though the next level was not reached yet. They changed their repository and code base but did not care to update their website. 

Before you start ask yourself:
"what is difficulty?"
"what is the network hashrate?"
"what is the reward for the next block?"
"given my hashrate, how many blocks will I mine?"

hope this was useful to you.

If you want "guaranteed" payouts then something like middlecoin/hashcows is what you want to use.

I wouldn't suggest solo-mining with such low hashpower though, you'll do a lot better in a pool. If you do expand (get well into the megahashes) then solo-mining can become feasible, but otherwise I would just enjoy yourself in a big profit-switching pool.

Nutcoin currently has quite low hashrate if you are still going to solo, but the dev says he's "known" on the forum and has some good things in the works, so could be a lot bigger in a few weeks. As always though new coins are riskier than established ones.

Thanks for the answers!
I've not much power, just an ATI 7850 (~350Khs for scrypt, and about 450 Mhs for SHA256), but i just wanted to give a try on solo mining because when a new coin pops out i don't know if i'm ready to solo mining... there 's always that goes wrong lol
So i want to do some 'practise'

Thanks!

I'd say noble coin. its got potential. it will rise soon

Easiest is whichever is the most new, doesn't mean it's worth mining though.

you guys know which coin is the easiest to mine right now?

go mine most proffitable alternate cryptocurrency and exchange it on bitcoins.

Try Junnoncoin, really easy to solo mine right now

https://bitcointalksearch.org/topic/giveawaydoge-and-junnoncoin-413045

I heard you can switch the mining software over to testnet for these type of experiments. The coins are the same as bitcoins but have no value whatsoever (and never will). I have not tried it myself but it sounds like a good way to learn about bitcoin mining. The software for most of the alts is pretty much the same and should have versions of testnet for each coin.

Testnet is one good solution to do some tests or
every new coin, that noone mine.  
But for your information a normal personal computer got 0 chance vs let call it "monster rig"
Just try it and experience it! the best way to learn

You can try NobbleCoin, its pretty new and i think it has future potential.

Just choose something new from this forum section: https://bitcointalk.org/index.php?board=159.0

might as well make your own coin if you want to solo mine, or just try jumping on a extremely new script based coin.

You can also use the testnet version of Bitcoin.
Testnet

basically just any new coin, do you know how much hash power you will have? what hardware will you be using?

Can someone suggest a coin (i don't care if it's valuable or not) to do some tests for solo mining.
i just need to set up tools and understand how it works (and see it working! )
Thanks