Topic: Why does everyone think Solo Mining is a waste of time? - page 2. (Read 6447 times)
I solo mined CNC for a bit against everyones advice. Found 2 blocks in 3 days with 1.4 Mh/s but then the price crashed
The not guaranteed part is why its a waste of time. With a pool you may be paying 2% but will (currently) get somewhere between 10-30 payouts A DAY typical for a big pool.
With ASIC coming online especially you want to get as much work done as fast as possible.
With ASIC coming online especially you want to get as much work done as fast as possible.
It's simply a matter of math. Unless you have an absurd amount of computing power (way more than a few GPU's) you're just never going to find a block in a reasonable amount of time, even if the difficulty were to never change. But it is changing, and going up rapidly. It's entirely possible you would never find a block at all by solo mining when you factor in the difficulty increases. On the other hand, with a pool you're pretty much guaranteed to get something for even a modest amount of effort.
I'm pool mining with a mere 500 MH/sec and I'm getting about 0.18 BTC per week. That's not much, granted, and a lot of people will tell me how I'm wasting my time because I should just buy BTC, but I'm not mining for quick profits. I'm doing so because I like the idea of mining, I wanted to learn more about it, and I thought that it was a better way of acquiring BTC than dealing with the exchanges. I'll probably hold onto my meager earnings long-term and see where this whole Bitcoin thing goes. And I'll probably switch my GPU's to some alternate cryptocurrency when and if my BFL order ever arrives.
I'm pool mining with a mere 500 MH/sec and I'm getting about 0.18 BTC per week. That's not much, granted, and a lot of people will tell me how I'm wasting my time because I should just buy BTC, but I'm not mining for quick profits. I'm doing so because I like the idea of mining, I wanted to learn more about it, and I thought that it was a better way of acquiring BTC than dealing with the exchanges. I'll probably hold onto my meager earnings long-term and see where this whole Bitcoin thing goes. And I'll probably switch my GPU's to some alternate cryptocurrency when and if my BFL order ever arrives.
We had an 11 hour block in the pool less than a week ago. I was 1/4684 of pool has power. By my calculates at a steady rate IF nothing happened it would had taken nearly 6 years. Difficulty likely increased to a point that the block would never get submitted. Even an extremely lucky block would take 1-2 months. Thats with 1.9GH. Even with 100GH that 11 hour block would have taken 40+ days.
solo mining was good back than, but it can still be profitable if you have the righ hash power
Everyone focuses on the negative side, but you've got just as much chance of beating the curve. You have to know the odds though - most ppl wouldn't solo if they're expecting 1 block per year.
As long as you understand the risk and potential variance-- it is your choice.
I solo mined most of last year. I managed to solve blocks as close together as 28 hours, and as [censored]ing painfully far apart as 7 weeks.
I solo mined most of last year. I managed to solve blocks as close together as 28 hours, and as [censored]ing painfully far apart as 7 weeks.
The expected value of solo mining versus mining in a pool that takes a cut (or can in theory steal your BTC) is actually higher than that of pool mining. However, with pool mining, the variance in results is smoothed out. You are very likely to get paid steadily.
However, with solo mining, anything you mine is your own, and no dishonest pool or third party can simply steal your BTC. You might make nothing for a long period of time, or you might get way more than your "fair" share of blocks.
So it all comes down to your tolerance for risk. If you need steady income from mining to keep your lights on and your rigs running, pool mining is the way to go. If you just like certainty, pool mining is the way to go. If you would rather maximize expected value and it doesn't matter terribly to you if you quite possibly don't get any blocks at all for a period of time (and if the difficulty increases during a bad spell you might miss out entirely on a profit opportunity), then solo mining is no more a waste of time than pooled mining.
However, with solo mining, anything you mine is your own, and no dishonest pool or third party can simply steal your BTC. You might make nothing for a long period of time, or you might get way more than your "fair" share of blocks.
So it all comes down to your tolerance for risk. If you need steady income from mining to keep your lights on and your rigs running, pool mining is the way to go. If you just like certainty, pool mining is the way to go. If you would rather maximize expected value and it doesn't matter terribly to you if you quite possibly don't get any blocks at all for a period of time (and if the difficulty increases during a bad spell you might miss out entirely on a profit opportunity), then solo mining is no more a waste of time than pooled mining.
It depends on how often you want to see coins generated by your rig(s). If you want to see them on a daily basis, then you are stuck mining the lower difficulty coins, like BBQCoin, MinCoin, CHNCoin. All of these are under 100 diff. If you are fine with coins generated weekly, then you can move up to the slightly harder coins like FeatherCoin or LiteCoin.
with a normal pc or a few gpus you will never get any bitcoins, other coins maybe.
i'm not sure if the lotery analogy is exact. it looks like faster computers have advantage and they compete between them.
i'm not sure if the lotery analogy is exact. it looks like faster computers have advantage and they compete between them.
Would you prefer a constant pay packet every week or the possibility of getting a years pay one day throughout the year.
Every week? If you are comparing mining to a normal job's salary then I'd actually prefer a years pay immediately. Throughout the year money loses value due to monetary inflation and goods' price inflation. Not to mention the opportunity cost of receiving the money at a later time when they could be invested into something immediately and some of the profits on that investment would be to pay off the living costs and the rest would be reinvested.
The years pay would be on a randomly allocated day to uphold the analogy
You don't get to choose when you receive it. It could be the last day of the year 
Would you prefer a constant pay packet every week or the possibility of getting a years pay one day throughout the year.
Every week? If you are comparing mining to a normal job's salary then I'd actually prefer a years pay immediately. Throughout the year money loses value due to monetary inflation and goods' price inflation. Not to mention the opportunity cost of receiving the money at a later time when they could be invested into something immediately and some of the profits on that investment would be to pay off the living costs and the rest would be reinvested.
Would you prefer a constant pay packet every week or the possibility of getting a years pay one day throughout the year.
Technically speaking the payouts before fees should be exactly the same between solo mining and pool mining - you just have to wait a long time (years) before it evens out.
Many people are willing to accept a small fee (0-2%) for the sake of reducing that variance.
Technically speaking the payouts before fees should be exactly the same between solo mining and pool mining - you just have to wait a long time (years) before it evens out.
Many people are willing to accept a small fee (0-2%) for the sake of reducing that variance.
Your expectation will be a few percentage points higher (no pool fees) but your deviation will go up several orders of magnitude.
Do you like gambling?
Just curious what people's opinions are that have actually tried Solo mining. Most websites do not recommend Solo mining calling it a waste of time. Are there any successful Solo miners out there that believe in it?
I ran into this attitude over 2 years ago and it irritates me too. Once you start mining in a pool then they'll complain about what pool you use.
It is true that solo mining is a big gamble and probably won't pay off. But if you like that go for it. If not then pool mine and setup failovers. I guess you could set your local bitcoind as your primary pool and failover to regular pools if you like.
No matter what you do someone will complain so just do whatever you want and have fun with it.
Good Luck,
Sam
It's not worth to solo mine without having at least 50-100 GH/s unless you like huge variance in payouts, when there are 0% fee pools and P2P pools. By using a pool you also don't have to rely on your Internet connection if it failed you while solo mining you risk losing the opportunity to solve a block, if you are on a pool, you'll just miss a share.
Pooled mining = steady job
Solo mining = playing the lottery for jackpots of 1000 dollars
See the difference now?
Solo mining = playing the lottery for jackpots of 1000 dollars
See the difference now?
but playing the lottery with 0% house edge. Important difference from normal lottery.
Pooled mining = steady job
Solo mining = playing the lottery for jackpots of 1000 dollars
See the difference now?
Solo mining = playing the lottery for jackpots of 1000 dollars
See the difference now?
Just curious what people's opinions are that have actually tried Solo mining. Most websites do not recommend Solo mining calling it a waste of time. Are there any successful Solo miners out there that believe in it?
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