Solo mining question | Bitcointalksearch.org

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legendary

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Ruu \o/

Quote from: notlist3d on January 04, 2016, 12:30:29 AM

Quote from: BTCBinary on January 03, 2016, 11:33:20 PM

Don't worry, if you have free electricity then you'll be fine and eventually find a block. I for myself am running an Antminer U3 solo and I know a have little chances but still, I prefer to take them!

Not necessarily I think miners have a lifespan of a few year's.

Even years is hopeful. In my experience of the short time that mining hardware has existed, 9 months is more likely as an average. Might be longer in a nice clean cool datacentre but most of us don't have that luxury.

RastoMan

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Quote from: BTCBinary on January 03, 2016, 11:33:20 PM

Don't worry, if you have free electricity then you'll be fine and eventually find a block. I for myself am running an Antminer U3 solo and I know a have little chances but still, I prefer to take them!

Using U3 might take decades to find a block. With the increase of difficulty, there is almost no chance to find a block.

notlist3d

legendary

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Quote from: BTCBinary on January 03, 2016, 11:33:20 PM

Don't worry, if you have free electricity then you'll be fine and eventually find a block. I for myself am running an Antminer U3 solo and I know a have little chances but still, I prefer to take them!

Not necessarily I think miners have a lifespan of a few year's. So plugging in a miner even if free electricity unless you have a lot of hash, just is not guarenteed you will hit a block.

The more hash added to network the less likely. So if anything the longer it takes the less chance of you hitting it as network growth.

BTCBinary

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Don't worry, if you have free electricity then you'll be fine and eventually find a block. I for myself am running an Antminer U3 solo and I know a have little chances but still, I prefer to take them!

Amph

legendary

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Quote from: j1pvt on January 02, 2016, 09:36:26 AM

Quote from: Amph on December 14, 2015, 04:01:07 AM

Quote from: samasas on December 13, 2015, 02:26:10 PM

The next difficulty is estimated to rise about 20%. That is a lot. I wonder if the S5 is still profitable for the next month.

a single s5 can earn you $90 per month, with a 0.05 per hour for electricity cost, you have only a consumption of $21

so it's still profitable, because when we were at 0.011 earning the price was only 230, now it's double that, but the earning is not half of it...

But what happens when all the halving has taken place and we hit the proposed 21 000 000 total bitcoins.
The difficulty is already knocking out the small individuals who are presumably the life and blood of the whole system...
Does the whole currency then get sold back to highest bidder ie: illuminati banksters and we are back to square one again..??
How does mining carry on after that if there are no rewards coming from the blockchain ... ??
How does the whole currency perpetuate into the future ... ??

ah the infamous fee era, simply miner will live from the fee made from each transaction, which will have a far greater value(supposedly, otherwise bitcoin is most likely died by that time)

j1pvt

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Quote from: Amph on December 14, 2015, 04:01:07 AM

Quote from: samasas on December 13, 2015, 02:26:10 PM

The next difficulty is estimated to rise about 20%. That is a lot. I wonder if the S5 is still profitable for the next month.

a single s5 can earn you $90 per month, with a 0.05 per hour for electricity cost, you have only a consumption of $21

so it's still profitable, because when we were at 0.011 earning the price was only 230, now it's double that, but the earning is not half of it...

But what happens when all the halving has taken place and we hit the proposed 21 000 000 total bitcoins.
The difficulty is already knocking out the small individuals who are presumably the life and blood of the whole system...
Does the whole currency then get sold back to highest bidder ie: illuminati banksters and we are back to square one again..??
How does mining carry on after that if there are no rewards coming from the blockchain ... ??
How does the whole currency perpetuate into the future ... ??

coinhelper

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Quote from: papadrams on December 14, 2015, 04:31:34 AM

Guys, i see your posts from all around the world about the price of KW. In Greece for bills with more than 3000kw per 4 months we pay 0,10252/KW. And then we have 3 different "taxes" for a final bill which gives us about 0.2 euro per KW. Thats insane!!!!!

I assume that instead of KW, you mean KWh?
You may wish to calculate the profits from different leading devices such as: an Antminer s7 and the new Bitfury device that will be released later this year.

papadrams

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Guys, i see your posts from all around the world about the price of KW. In Greece for bills with more than 3000kw per 4 months we pay 0,10252/KW. And then we have 3 different "taxes" for a final bill which gives us about 0.2 euro per KW. Thats insane!!!!!

Amph

legendary

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Quote from: samasas on December 13, 2015, 02:26:10 PM

The next difficulty is estimated to rise about 20%. That is a lot. I wonder if the S5 is still profitable for the next month.

a single s5 can earn you $90 per month, with a 0.05 per hour for electricity cost, you have only a consumption of $21

so it's still profitable, because when we were at 0.011 earning the price was only 230, now it's double that, but the earning is not half of it...

samasas

newbie

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The next difficulty is estimated to rise about 20%. That is a lot. I wonder if the S5 is still profitable for the next month.

notlist3d

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Quote from: BTCBinary on December 11, 2015, 02:37:40 PM

You will have more profits if you mine with a pool. Unless you have a big mining farm, and when I mean big I'm talking about BIG. If you have a few machines its best for you to run them in a pool, or else you will be playing kinda like a lottery

Even with big mining equipment the risk is still there of not hitting a block. Granted it's less with so much equipment. But you would have to have millions in equipment to even think about solo mining as a good idea.

And you would have a LOT of expenses that would make solo mining hard, as you need to pay things such as electricity.

BTCBinary

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You will have more profits if you mine with a pool. Unless you have a big mining farm, and when I mean big I'm talking about BIG. If you have a few machines its best for you to run them in a pool, or else you will be playing kinda like a lottery

RastoMan

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The difficult is rising fast. If you solo mine and do not mine a block soon, it will not be easy to mine one block in a few month. With pool mining, you can use some fractions of block now before the difficulty rise further.

notlist3d

legendary

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Quote from: coinhelper on December 09, 2015, 02:51:57 PM

Quote from: facade55 on November 17, 2015, 03:29:15 PM

Everything that I have read recently has pointed me to the fact that solo mining is not profitable. I have a unique situation where my electricity is included and I pay nothing for it. It does not matter how much I do or do not use. Would it still be profitable or would I still be unable to reach ROI on one or two ASIC miners?

I was just thinking before, if you purchase two ASIC miners: both the same and at the same value. If you connect one to a pool such as antpool and one to your own pool (which can be generated from an "always on" computer that you can leave running with bitcoin core running on it and create your own pool of it! See Youtube and Google for information on how to do this) . The always-on computer can be something as rubbish at CPU as a Raspberry Pi for around £30, and if you have a spare hard drive that you could use, then this will sped up the raspberry pi and mean it is less likely to have a corrupt micro SD and wake you up beecause the miner makes rediculous noises as it fails (bitmain's products are said to make loud beeping noises when the connection goes down to them!

Honestly I would use solo ckpool instead - https://bitcointalksearch.org/topic/yh-solockpoolorg-1-fee-solo-mining-usade-251-blocks-solved-763510 . It is a already set up solo pool that has been tested and proven to work. Also you pay a very small percent and no need of extra gear.

I would use it as stability is something you can count on. It's as easy as pointing miner there so very easy.

coinhelper

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Quote from: facade55 on November 17, 2015, 03:29:15 PM

Everything that I have read recently has pointed me to the fact that solo mining is not profitable. I have a unique situation where my electricity is included and I pay nothing for it. It does not matter how much I do or do not use. Would it still be profitable or would I still be unable to reach ROI on one or two ASIC miners?

I was just thinking before, if you purchase two ASIC miners: both the same and at the same value. If you connect one to a pool such as antpool and one to your own pool (which can be generated from an "always on" computer that you can leave running with bitcoin core running on it and create your own pool of it! See Youtube and Google for information on how to do this) . The always-on computer can be something as rubbish at CPU as a Raspberry Pi for around £30, and if you have a spare hard drive that you could use, then this will sped up the raspberry pi and mean it is less likely to have a corrupt micro SD and wake you up beecause the miner makes rediculous noises as it fails (bitmain's products are said to make loud beeping noises when the connection goes down to them!

lovenlifelarge

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If u get 2 x S7's why not solo mine on one & pool mine on the other??

That way u earn either way!

philipma1957

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'The right to privacy matters'

Quote from: facade55 on November 17, 2015, 03:29:15 PM

Everything that I have read recently has pointed me to the fact that solo mining is not profitable. I have a unique situation where my electricity is included and I pay nothing for it. It does not matter how much I do or do not use. Would it still be profitable or would I still be unable to reach ROI on one or two ASIC miners?

it is all or nothing.

I don't know where you live.

But 2 S-7's would earn about 20 usd a day for you. on a safe pool like f2pool they would pay you every day.

Solo mining 2 s-7's would earn you 0 if you don't hit a block and it could be over a year before you hit the block (more then likely over a year.)

If I were you I would try to get an s-3 and mine it solo and maybe a few avalon 6's and mine them in a safe pool.

Newcoins2020

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Yes only do this when you have cheap to no electricy cost. Else it will be a failing venture most likely.

I did it with an S3, 1 year ago. Then after 1 month i gave up and went back to slush.

fr4nkthetank

legendary

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Now the money is free, and so the people will be

I have a 336mhs block erupter solo mining...hahahahaha its only on when i'm using my computer. I calculate I have a change every 12 seconds to be 1 in over 150 billion or something.

So is it useless ? yes. Why do I do it ? no idea. But it costs me nothing to do it, and the reward is marginally 0.0000000000000001% more than zero, so I've got that going for me.

Amph

legendary

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i would try with 1 s3 or s5 if you have cheap electricity and a low budget, but the waiting can really kill you, we are talking about 32 months of waiting for the s5 for example if the diff do not increase

it must be said that with the halving it will be easy to do solo, unless the diff does not double

Topic: Solo mining question (Read 2521 times)