Well if you do pool mining, you get more work offered since the pool finds more blocks in general.
Unless you have a matched performance of hashes, but why waste money on just to find blocks? so most people just opt in a pool.
Larger the pool, the more chances of more work. +/- the rejected work
Topic: Solo Mining vs Pool Mining ? (Read 33570 times)
bump for OP block find curiosity, especially these days 
Does it matter what op tells you?
We have solo mining service right here
https://bitcointalksearch.org/topic/yh-solockpoolorg-1-fee-solo-mining-usade-251-blocks-solved-763510
run by ck the writer of cgminer a huge mining program.
fee is small he has paid 30 plus people off
math to figure odds is easy
2.5th is about 1000 to 1 shot at todays rates for 1 day of mining
so 2 s-5's = 1000 to 1 each day
bump for OP block find curiosity, especially these days
Who cares? As long as you understand the likelihood, and potential cost of pursuing it-- do what you want.
It doesn't hurt anyone else if you never find a block again
It doesn't hurt anyone else if you never find a block again
I'm curious if the OP has found a block ever since...
Have been investigating the issue (pool vs solo mining) and came around this thread...
Who cares? As long as you understand the likelihood, and potential cost of pursuing it-- do what you want.
It doesn't hurt anyone else if you never find a block again
It doesn't hurt anyone else if you never find a block again
I've been mining 24x7 since June 2013 and I have never found a block.
Since getting a KnCMiner Jupiter in October 2013 I've been running pretty decent hashrate too. I'm currently at 1.7 TH/s.
Think about that for a moment.
Since getting a KnCMiner Jupiter in October 2013 I've been running pretty decent hashrate too. I'm currently at 1.7 TH/s.
Think about that for a moment.
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...BUT, in solo mining I dont have a way to know the rigs are hashing fine, on the pool, I see if there is problem, reboot machines, fix setup issue..
Why not set up your own pool, with statistics ?You'll see shares being found and when really lucky find a block.
It's a doable challenge, I've done it.
So my 4 module, Batch #3 unit I have had since August 7th.
It has found 4 blocks on Slush's pool in less than 3 months. Thats 100BTC vs 47 BTC earned on Slush pool.
I am considering using my Avalon (110 gh/s) to solo mine and my Bitfury (170gh/s) to Pool mine.
What are you guys thoughts?
It has found 4 blocks on Slush's pool in less than 3 months. Thats 100BTC vs 47 BTC earned on Slush pool.
I am considering using my Avalon (110 gh/s) to solo mine and my Bitfury (170gh/s) to Pool mine.
What are you guys thoughts?
You are crazy if you are solo mining today with anything less than 25 TH/s.
The variance is going to kill you. You have a very significant chance of losing it all.
yeah well i just found 2 blocks yesterday on a 110gh/s machine.
The calculators are not very accurate for solo block generation as they cannot predict chance of luck, etc. My idea is dedicate some hash power to solo mining and some to pool mining. When solo mining becomes luckier than pool mining i switch to all pool mining and maximize my return.
that is an extreme luck. Look at total amount of shares mined on your pool for those blocks, and HOW MANY shares you were participating in..then you can easily calculate your amount of luck.. Extreme!
On this date: 2013-10-20
It took eligius 5 hours 35 minutes and 56 seconds to find a block, using a total of: 1,540,824,552 shares. This was mining at 328.33 Th.
The amount of shares your avalon had, was a fraction of that.
The fastest mined shares on eligius are based on shares in the millions..
You finding 4 shares, just proves luck within the share space.
It took eligius 5 hours 35 minutes and 56 seconds to find a block, using a total of: 1,540,824,552 shares. This was mining at 328.33 Th.
The amount of shares your avalon had, was a fraction of that.
The fastest mined shares on eligius are based on shares in the millions..
You finding 4 shares, just proves luck within the share space.
the problem with this is you have no idea if it is due to bad luck or a setup issue.
This.
Unless you are confident in your software setup, and have monitoring in place to ensure that everything is working correctly, and that you will know if it's not, the risk of mining for days/weeks/longer on a broken or underperforming setup outweighs any disadvantages you may encounter mining on a pool.
Exactly why I prefer to mine on a pool rather than solo, since a while now. I'd found lots of block in the pool, that would have rewarded me much more if I had found them solo mining, BUT, in solo mining I dont have a way to know the rigs are hashing fine, on the pool, I see if there is problem, reboot machines, fix setup issue..
It's clear that I would have found half of those block if I were solo mining..
At current difficulty, and the rise comming, I would'nt feel comfortable to solo mine under 10 Th/s, even at that level of hashing power, I would still use a pool.
That's why my suggestion was the OP should at least expect a block every 6 months on average before trying this, and if it was me I'd prefer on the order of 1-2 months. This way if you go a period with no blocks you can understand that statictically odds are you have something wrong that needs to be fixed.
I also think you should only solo mine in a stable difficulty environment. Right now the full "bet payoff" for ASIC mining is over the next 3 months, just pool mine and get that value, then go for high variance if you want.
the problem with this is you have no idea if it is due to bad luck or a setup issue.
This.
Unless you are confident in your software setup, and have monitoring in place to ensure that everything is working correctly, and that you will know if it's not, the risk of mining for days/weeks/longer on a broken or underperforming setup outweighs any disadvantages you may encounter mining on a pool.
Exactly why I prefer to mine on a pool rather than solo, since a while now. I'd found lots of block in the pool, that would have rewarded me much more if I had found them solo mining, BUT, in solo mining I dont have a way to know the rigs are hashing fine, on the pool, I see if there is problem, reboot machines, fix setup issue..
It's clear that I would have found half of those block if I were solo mining..
At current difficulty, and the rise comming, I would'nt feel comfortable to solo mine under 10 Th/s, even at that level of hashing power, I would still use a pool.
the problem with this is you have no idea if it is due to bad luck or a setup issue.
This.
Unless you are confident in your software setup, and have monitoring in place to ensure that everything is working correctly, and that you will know if it's not, the risk of mining for days/weeks/longer on a broken or underperforming setup outweighs any disadvantages you may encounter mining on a pool.
Set up your own pool (https://bitcointalksearch.org/topic/avalon-users-bitcoind-eloipool-configuration-158105) and mine on the testnet first to debug your setup.
Old topic is old.
Ppl have been having this same discussion since pools first came into existence.
Ppl have been having this same discussion since pools first came into existence.
The problem with something like mining that follows a poisson distribution is that it has an infinitely long tail.
There is no point where you have a greater chance to find a block. The chance is always the same.
Let's say you expect to find a block after an hour on average (50/50 chance). After an hour you haven't found a block. What is your chance you'll find a block the next hour? Still 50/50.
Now let's say it's been 24 hours and you were really unlucky and haven't found a block. What's the chance you'll find a block in the 25th hour? Still 50/50.
It's like flipping a coin. Very long strings of heads (and tails) WILL occur and in fact occur quite frequently. If you are solo-mining and your average block mine rate is greater than a couple days, you run a great risk of losing as it is very common for you to have long periods that last many times longer than your average mine rate where you get nothing. And with difficulty rising fast you have no chance of making that back.
There is no point where you have a greater chance to find a block. The chance is always the same.
Let's say you expect to find a block after an hour on average (50/50 chance). After an hour you haven't found a block. What is your chance you'll find a block the next hour? Still 50/50.
Now let's say it's been 24 hours and you were really unlucky and haven't found a block. What's the chance you'll find a block in the 25th hour? Still 50/50.
It's like flipping a coin. Very long strings of heads (and tails) WILL occur and in fact occur quite frequently. If you are solo-mining and your average block mine rate is greater than a couple days, you run a great risk of losing as it is very common for you to have long periods that last many times longer than your average mine rate where you get nothing. And with difficulty rising fast you have no chance of making that back.
My idea is dedicate some hash power to solo mining and some to pool mining. When solo mining becomes luckier than pool mining i switch to all pool mining and maximize my return.
Luck does not have memory. When solo mining becomes luckier, it doesnt mean your more likely to be unlucky in future
Luck doesn't have memory but it sure follows statistical average. Lucky rounds will be followed by unlucky ones to bring the earnings back to normal, average level. We are playing with average numbers here, observing only a day or two of data is not enough to make any conclusions.
So not true at all!!
My idea is dedicate some hash power to solo mining and some to pool mining. When solo mining becomes luckier than pool mining i switch to all pool mining and maximize my return.
Luck does not have memory. When solo mining becomes luckier, it doesnt mean your more likely to be unlucky in future
Luck doesn't have memory but it sure follows statistical average. Lucky rounds will be followed by unlucky ones to bring the earnings back to normal, average level. We are playing with average numbers here, observing only a day or two of data is not enough to make any conclusions.
the problem with this is you have no idea if it is due to bad luck or a setup issue.
This.
Unless you are confident in your software setup, and have monitoring in place to ensure that everything is working correctly, and that you will know if it's not, the risk of mining for days/weeks/longer on a broken or underperforming setup outweighs any disadvantages you may encounter mining on a pool.
In a month or two, solo mining/gambling will be way better than the .0001 BTC/day that 280GH/s will earn, lol.
I agree with this assessment as well. It will be better to roll the dice on some or all assets in a few months from now unless one has free electricity to run mining equipment. Right now I think its better to diversify the risk (hashrate).
That's EXACTLY what I was saying!
In a month or two, solo mining/gambling will be way better than the .0001 BTC/day that 280GH/s will earn, lol.
I agree with this assessment as well. It will be better to roll the dice on some or all assets in a few months from now unless one has free electricity to run mining equipment. Right now I think its better to diversify the risk (hashrate).
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