Topic: Solo mining group, currently closed (Read 920 times)

If anyone is interested in a public run, there is a new one in the German section:

--> https://bitcointalksearch.org/topic/gruppenkauf-solo-mining-the-next-generation-250-ths-run-1412180


We (12 participants) have collected about 6BTC. There are some seats left, but hurry up 


Feel free to join. This will be a "lower speed but longer duration" Run (~250TH/s).

Just post your desired gambling amount and your tx in the other thread.


See you there!

That's one way to do it. But I couldn't convince anyone to risk 0.1btc so I doubt I'd find anyone to put in 1btc with me.

At any rate, I decided to close the openings and go about it solo

All should put the same in say 1btc then split all equal seems to make more sense that way

For example:
My contribution: 29.5btc
User a: 0.25btc
User b: 1btc
User c: 0.75 BTC
For a total of 31.5btc

 

The hopes are to find a block with far less than the amount of coins deposited, then you'd receive the majority of your deposit back along with your share of the rewards from the block found. Also as far as myself putting in 93%, that is just an example. If noone else joins me in this venture then I am contributing 100%, but if another 29.5 coins are deposited in addition to the 29.5 that I'm depositing, then I would be contributing 50% of the 59 coins.

The reason for wanting more than 25 coins to start with is what if it takes 26 coins to find the block? If you only had 25 deposited then you would have run out before a block was found, whereas if you had one more coin, then you would have a loss of 1btc rather than 25.

Another example, let's say you had 25 and it took 49 cause you had a very bad streak of luck. Your out 25, but if you had 50 deposited and it took 49, then everyone would lose approximately half of what they invested, which is far better than all of it.

Hope it makes more sense now

Another example... Watching another group recently, I believe they started with deposits around 18 or so coins, I kept an eye on it constantly. It was literally less than a half hour or so that they ran out of coins that they found a block. Imagine if it had taken just a little longer and an extra 0.5 BTC would have made the difference between losing all of your investment rather than making a return on it.

One more thing... When you refer to less than 1PH  as if it's not worth trying, I would like to say that I've joined willies solo mining group from Germany twice now hashing with 500TH, the first time we found 3 blocks with 5 coins, and currently we have already found one block with 500 TH and have a few days left from combined deposits of 16.4BTC

So it is possible

Am I the only one who thinks this doesn't make any sense at all? 

You're going to put in 93% of the amount invested, and that amount is 29 BTC .. in hopes to win 24 BTC, using less than 1 PHs of hashing power ..


.. wha huh?  I am def missing some key info.

My plan is to end the rental as soon as a block is found. Please read topic discussion as to how it will work.

With 29.5btc and hashing with 777TH the rental will last considerably longer than 24 hours, unless we find a block before then.

The only way it will be possible to find more than one block will be if I'm asleep while a block is found and we hit another one before I wake up to see if we found one.

Or if we hit a block in between my breaks and lunches at work and hit another one before I'm able to see that we found one and cancel the rental.

My reasoning for this, is that although it is possible to hit several blocks with just a few coins, like the group I joined a few weeks ago from Germany where we hit 3 blocks with only 5 coins, it is a rare occurrence and the odds are against it happening again to say the least.

My thoughts are to end the rental, pay everyone their share of remaining coins plus block reward, then possibly after everyone has been paid, I may offer another solo group run but using a different coinbase address.

do you run the whole period of rental? ie. possibility finding more than a block in the 24 hours?

Thank you

no probs only got 0.05 but good luck with the pool

0.25BTC
Edit: l dropped minimum entry fee to 0.1btc since I probably should build my trust before asking for a .25btc minimum entry fee.

whats the lowest i can put in the pool ?

One other thing I want to add to my response to this post is that at 777TH that is just a little over 4% of nice and westhash combined, so if someone really stupid comes along their going to lose their ass trying to take all the hashpower away for an extended period of time.

Indeed it will

So far it does, and it will certainly be welcomed .

What you said about the difficulty adjusting made me realize I should state that if the next adjustment is an increase in difficulty that the hashrate will adjust accordingly. Although, from the looks of it the next difficulty might actually be a decrease.

That's actually the biggest pitfall to renting with NH/WH - the fact that you can be outbid.  As you saw, it can cost you a ton of coin to maintain your expected hash rate.  Sure, it may cost the small renter an extra few bucks, but if you've got a significantly sized rental, any increase corresponds to a pretty big expenditure.

If you try to wait it out you'll end up going for long stretches of not hashing at all.  Of course statistically you'll still end up with the same number of hashes whether it takes you 24 hours or 168 hours to get there; however, if there happens to be a difficulty increase during that timeframe, your hash has that much less of a chance of hitting the block.

I try not to get caught up in the bidding wars.  Most of the time it means my hash rentals are sporadically connected.  I also never try to take over the entire hash rate, either.  That leads to exactly what you posted about - everyone wanting their own rentals to be hashing and the bidding wars start .

Yes it was a nice return. I found 12 solo blocks in 2015 but still had a loss in the thousands due to making poor choices on how I went about the solo mining... Thus the large tax return

I'd like to think that I learned alot from the mistakes I made last year.

Obviously luck has alot to do with it but so does how you go about it.

For example: it's a very bad idea to try and rent the majority of the hashpower from nice/west hash all at once unless you get extremely lucky, then it may work out for you, but in the long run its a very very bad decision.  The reason being is that while renting all of the hashpower might be costing you $600 or more per hour to rent, when you try and take all of the hashpower, it makes people angry, and there's a ton of people spending $10 or $20 dollars a day that don't mind paying 300% over expected return for a day just to make you increase your offer and run out of funds so that your no longer a nuisance to them.

It may only cost them an extra $20 and when enough people are willing to do that, and your attempting to rent all of the hashpower, suddenly your paying $1800 per hour and the coins go extremely fast and your odds drop tremendously of recovering your funds.

That is just one example of poor choices I made last year that I don't plan on making again, hopefully with a little luck and knowledge learned from last year, this year will be a successful one

Nice tax return .  Good luck with your solo mining adventure!

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