Solo Mining Pools - How to Catch Your Luck - Crypto Mining ...
Lottery Mining? - Bitcoin Stack Exchange
Solo Mine Bitcoin - Bitcoin-en.com
Bitcoin Mining Pool Bitcoin.com
For a bit of fun I've created 2 anonymous solo mining pools for anyone who wants to try the bitcoin lottery without having to download the blockchain.
If you have any mining devices (ie not CPU's or GPU's) then you are welcome to point them to my experimental solo mining pools. I have one for BTC and one for BCH and am considering a 3rd that tracks the most profitable chain. I use these myself so they're pretty basic and should a block be solved the payout will be performed manually after coin maturation, but if there is enough interest I'll write up a frontend and automate this stuff later. The one who solves the block gets 99% of the block award and transaction fee's. Bitcoin Solo Pool
Host: stratum+tcp://126.96.36.199:3333#xnsub Username: . Password: x
Bitcoin Cash Solo Pool
Host: stratum+tcp://188.8.131.52:4433#xnsub Username: . Password: x
Both pools are configured to create as large a block as possible (Max weight of 4MB for BTC, and Max Size of 8MB for BCH).
Solo mining with Avalon 60G - Yes, I want to play at the bitcoin lottery ;-) Need setup support.
Hello Miners, As stated in the topic I have a 60G Avalon miner and would like to setup solo mining for it. And yes I know that it very probably will be a waste of time end electricity. But I see it as a hobby and want to learn more about the setup behind the scenes. Can anybody give me an easy to follow howto for setting up this scenario? I should have my own pool as far as I know. I can use a spare T61 Lenovo to run a Linux or (preferred) Windows to be used as pool server. Any help is greatly appreciated. Happy mining for all ou you :-)
DigiByte Mining Pool - Official Launch - 50,000 DGB Giveaway!
https://preview.redd.it/1hlax7cksas51.png?width=2000&format=png&auto=webp&s=6893e01650cfdd3a778df5705a0382ad8b382488 I have been working hard on the front-end of my pool for the past couple of months. Anyone who saw v1.0 will be shocked to see the progress it's made. It now has a fantastic front-end with detailed charts, graphs, and user stats, all in a sleek Bootstrap 4.0 layout. Miners....come join us at https://Luckyblocks.ninja I wanted to offer support for all Algo's, and initially, I did. But after talking with DigiByte developers, and taking their advice this was changed to support only Scrypt and SHA256D. Until ProgPOW is implemented GPU mining is pointless, so this ultimately is why I chose Scrypt and SHA256D. Another feature of the pool is BTC and LTC Solo Mining for any of you guys out there that have some gear that's not profitable to mine with anymore and just want to play the blockchain lottery. Wouldn't it be nice to wake up with 6.25 Bitcoin in your wallet one morning? General Pool Features are:
I have a Gekko NewPac USB miner that I bought for fun while getting started. Overclocked, I average around 50 Gh/s. The machine it’s connected to has a full Bitcoin Node on it. I’ve enabled the wallet, and would like to point my Gekko miner at the node via cgminer for solo mining, just as a lottery. I know the odds. I’ve tried following several guides, but they are all fairly old. Is this still possible? And if so, can anybody help me with the bitcoin.conf file?
Hello, I have only a limited amount of bitcoin mining knowledge, so I apologize if I sound stupid. I'd like to have a low wattage (less than 500) bitcoin miner for solo mining. I understand that using a machine like this to get a block of bitcoin is similar to winning the lottery, but I'd rather do that then make a few cents a day pool mining. Any advice on a unit that I can purchase that isn't very difficult to set up? Thank you.
Hello everyone, As some of you have probably noticed I have been taking the time to try my best to help some of you answer some questions.
However there has been a lot of repeat questions lately so hopefully this will help. I will continue to update this as we go, please check back if you have any questions as I will try to update this frequently
If you have a question you do not see covered please feel free to comment and I'll add it and try to answer it. I have added a unresolved to the beginning of this FAQ. I will number them below. Please comment below with the answer, to help me identify which question you are answering please add. UR#(x) to your comment as well, with x being the number of the unresolved question.
Before we start I will get my disclaimer out of the way. I do not work with/for any of the developers of these programs. I do not have all the answers. Some of these are my best guess, others may be wrong or may have a better solution than the one I give. Please feel free to correct me if this is the case and I will edit as we go.
Set-up We have two text guides here by waffleflops one for awesome miner and one for multi mining pool. We also have a YouTube video guide by razorseal
So which one should I use? It seems like it depends on what you want from the program, Awesome Miner is more like Nicehash in the way it looks but can be a little more complicated. MPM is pretty simple but it has less customization for those not familiar with programming.
NX18: "I find MPM to be better. No stability issues, no funky windows service always running in the background, and it checks MPH for best coin to mine whereas AM checks whattomine.com and they differ significantly sometimes."
MPM also has a minimum dev fee of 10 minutes per day (even if you set donate to 0) whereas AM does not seem to have dev fees. Both I believe have fees included that go to the devs of the miner programs themselves. However these fees for the miner devs will be attached whether you use MPM/AM or solo miner with the miner dev programs anyway.
1. Anyone have solutions on crashing or very low Hashrates in sgminers with AMD GPU's in Awesome Miner? 2. Why is Lyra2Z using only 40% power from my GPU (GTX980ti)? Where/how can it tweak the settings? I believe this is having to do with Awesome Miner 3.I did not see it asked or posted but I am curious if there's a way to bench all gpus. Instead of selecting gpu 0 and benching, waiting until its done and moving on to gpu 1 and so on. I have 8 nvidia gpus, just wondering if there's a way to auto bench all of them in a row so I can walk away and go to bed, be done I'm the middle of the night.
General MPH Questions
1.Hashrate is not the same on my miner as it is on the dashboard? From MPH: "Hashrate showing on site is just an estimated value. Pool doesn't know about miner very much. It just collects certain "shares" which is some piece of hash that satisfies certain conditions. So don't worry, it's all about probability thing. Your hashrate on site can go up and down time to time." There is some luck involved when mining in pools it is like playing the lottery. NiceHash paid at a certain rate because you were not mining coins and getting paid you were getting paid for the hash you are providing.
2. Balances on MPH what are the brackets? The brackets are coins that have not yet been confirmed enough times on the blockchain. Any coins not in brackets have been confirmed.
3. How long will it take for my coins to show up, transfer to and from the exchange, be credited to my auto exchange coin?
I have been seeing a lot of questions about this so I made a flowchart which you can view Here
Short Answer: It depends could be minutes could be days Long Answer: It has to be exchanged first and then placed in auto-exchange balance balance. So you mine coin Coin credited but unconfirmed (this can take time depending on coin) Coin is confirmed and credited for auto exchange. Coin is then placed on exchange. So again has to be transferred and again has to be confirmed but on exchange side. Coin is most likely converted into btc then into auto-exchange coin at exchange. Then auto-exchange coin is sent back to your balance on mph. So again has to be confirmed before appearing. Depending on how fast a coin is confirmed will depend on how fast it appears in your balance. If you stopped mining today it your balance most likely continue to grow over time. However if you continue to mine it should in theory catch up and you will see you balance grow at a semi if not expected rate.
Supplemental:Forgive me if I'm misunderstanding, but this should mean it changes column, not disappears from balance entirely, no? You will not know exact balance until it is sent back over from the exchange. This is because of the fact that you are exchanging the coins against one another. If one coin is up and one is down you could be losing or gaining value depending on the situation. This is why it seems that coins on the exchange disappear without your auto-exchange coins balance going up right away. Reference question 8 for more info
4. What is the best coin to auto-exchange? This depends, just remember BTC has high transaction fees and can take some time to confirm. You will want to have a good amount of BTC before moving to your wallet to minimize the amount you lose to transaction fees. I personally use LTC, it is quick and transaction fees are low compared to BTC but can still be exchanged for fiat on coinbase. At the time of writing this, if you move BTC from MPH you will be charged a $4.96 fee, if you move LTC the fee to move to your wallet is $0.19
5. Can I hold on to certain coins instead of auto-exchanging them? Yes, just go to auto exchange on MPH and switch off the coin you do not want to auto exchange.
6. This dashboard sucks! Why do they not have a one page dashboard? Good news it is in the works, improvements are on the way so no need to keep posting about it!
7. Why is my coin not being exchanged? Two possible reasons A)On balances page it says "coins that don't have enough volume on exchange for a certain amount of time will not be auto exchanged to desired coin. These coins may be sent back as original coin or btc." B)On auto-exchange page. Mph accumulates coins so that they can be efficiently converted at the exchange. If a coins pool has not mined a certain amount it will not be sent over until it reaches the set number. It seems like it is transferred over to the exchange as one large amount instead of small amounts.
8. AwesomeMiner said I was going to make $X.XX dollars and when auto-exchange coins came in I made less than it said! Couple things, do not take to heart the exact number it gives you. It is not exact remember it is like a lottery. Remember your coins at first will trickle in over time but the longer you mine it will begin to average out. Remember you are exchanging coins for you auto-exchange coin this means if there is a decrease or increase between them you could gain more or less. Example if you mine VTC and auto-exchange into LTC. You send VTC to auto-exchange it will most likely be converted into BTC first. If BTC is having a good day that day and has increased in price by 30% and VTC has not grown well that day you will be trading your VTC at a loss. Then this same situation will happen again when converting the BTC to LTC. So again a bit of a lottery you may gain or lose some of your mined coins value depending on the exchange rate between the coins at the time.
9. Add more Cryptonight coins please. They are apparently working on adding new coins like Electroneum.
10. Why can't I auto-exchange BTC? My theory is that it is because BTC is not mined on MPH, remember the coins are sent to the exchange when they hit a certain amount in order to make it efficient. Because BTC is not mined on MPH it would not be efficient to exchange BTC to other coins once it has been credited to your account.
11. Do I need a wallet for each coin I mine? How do I set-up a wallet? No, only the coin(s) you want to get paid in. Click on coins pool on MPH and you will see a wallet option Add the correct address for each coin you want to be paid in, note you cannot use another coins address or you risk losing your coins. For example you should not put your Bitcoin address into your Litecoin wallet address section.
12. My wallet address keeps on changing, do I need to keep updating my wallet address? Take from Coinbase: This is done to protect your privacy, so that a third-party can not view all other transactions associated with your account simply by using a blockchain explorer to look-up an address they know to be yours. All addresses that have been generated for your account will remain associated with your account forever. They are safe to re-use to receive future payments, but for the prior stated reasons, we recommend using a unique address for all transactions.
13.Is there a easy way I can track my Profits/Hashrate/Workers? Yes credit to JaymZZZ Click Here
14. I click on manage wallet from the balances menu and enter my account number, I get the error saying Failed to update your account: Invalid coin address. Make sure you are adding the address to the correct coin. A bitcoin address for example should only be added to the bitcoin wallet, it should not be added to any other wallet. (Reference question 11)
15. Is there a fee for auto-exchange? Yes 0.2%
1. I do not want to mine that algo, I turn it off but it still mines it! Go to online services, edit, change profit switching from yes to no
2. Why is it mining something less profitable? Make sure you go to tools and then benchmark Make sure you right click and save hashrate occasionally it will improve your profit switching over time.
3. I can't get the miner to run? Did you exclude it from anti-virus? You may need to reinstall. Uninstall then in search bar type in %localappdata%\awesomeminer (delete this folder) Type in %appdata% go to awesome miner folder and delete this one as well Reinstall awesomeminer Do not run aweseomminer Go to anti-virus and exclude all folders with awesomeminer (including the ones in the local and appdata folders)
5. Can I do anything to make improvements? puch0021:You can use VertMiner (which is what is used by OCM) to increase your hash rate compared to AwesomeMiner's default CCminer. You have to choose it for Lyra instead of CC miner. See: http://www.awesomeminer.com/help/managedsoftware.aspx Download Vertminer and extract software. Go to awesomeminer's options -> managed software -> add new user defined mining software: Type in VertMiner for description, full compatibility mode, and compatible software as CCminer. Everything in the algorithm should be disabled expect Lyra2ReV2 which should be enabled. Double click in under defined command line argument and add lyra2v2 as text. Click ok. Go to profit profiles in awesome miner. Select nvidia GPU and edit. In the mining software list there should be a new VertMiner entry. Check this box to enable it. Then click configure and then under path click browse. Click local. Select the Vertminer folder you previously made. Now whenever lyra is called for, vertminer should be used. If you try to bench mark with this enabled, it will fail but it works for mining. You can then use your mining results to manually edit your profit profile value for Lyra2REv2 (that was otherwise has the old value for ccminer.) On my 1060 it went from 21 to 22.8. Keep in mind vertminer takes 2% dev fees but it still works out to be faster than cc miner. let me know if this was any help! I used one click miners vertminer since it was already installed.
6. Whenever Awesome Miner starts on a new algo and opens new instances of the CLI miner application/s, the window steal the focus from whatever you're doing. Anyone else super annoyed by this? Anyone know of a way to prevent this? Stop mining, click more, properties, environment, console window mode, hide window, start mining again.
1. I see a yellow stripe wich says multipoolminer is between 7% and 17% more profitable, which is nice. under this strip I see 2 lines with miner, BTC and Euro. (in my case) which of those btc values end up on your miningpoolhub balance? or both? NX18:" Neither. Those values are best guesses by that script, hence why beside the dollar figure it shows the +/- variance which sometimes is really high like 25%, meaning that scripts best guess could be wrong by that much" It is showing the 2nd best, If it is not the best at the time it will not show that text and just give you the comparison.
2. It keeps say NiceHash API failed what should I do? You can ignore it or as chillfisch points out that you can just delete the nicehash folder to get rid of this warning.
If you are holding a shovel, that doesn't necessarily mean you are digging gold ;)
Ok, you may still call it "mining" but technically it's only hashing (mind the name: NiceHash). (and it may or may not be used to mine Cryptos, but in the end, it's not you who decides).
What the hell am I doing then?!?
You offer your hashing power; e.g. your GPU(s) and/or CPU(s) computing power - you are a Seller
NiceHash is a marketplace where others buy access to your hashing power - these are Buyers
Others aka Buyers are then mining Cryptocurrencies to their wallets, by using your hashing power
Deals are sold and therefore paid in BTC - from the Buyers pockets directly to your pocket
Prices are solely set by best bids from the Buyers - neither you nor NiceHash can directly affect them.
Who makes Profit, and how?
NiceHash collects fees from buyers and sellers to pay their costs and make their income.
Buyers mine Coins... on other pools to hodl (hoping for future profits), solo to win the “block lottery”, to capitalize short-term rate changes, or by applying other, more complex strategies. tl;dr: Buyers spend their BTC on NiceHash to make a profit for themselves.
Sellers (you) earn these BTC, and after covering your costs - investments in hardware, electricity, maintenance (i.e. your precious time to keep rigs running) - you hopefully made some profit also.
How is it possible everyone is making a profit?
The Cryptocurrency ecosystem attracts people; even the average Joe these days; There is lots of hype, and also lots of belief - more or less reasonable - that Cryptos are the Next Big Thing. So they put their so-called Fiat money (USD/EU…) into buying Coins and thus generate new value within them.
As long public interest rises, thus enough fresh (Fiat) money is floating in - to at least cover more than all the running costs are (hardware, electricity, wages, etc.; usually still to be paid in Fiat) - everyone within this ecosystem can make some profit over time.
Why do profits skyrocket, and will it last (and will this happen again)?
When even Fox News tells people to have some Bitcoin, because everyone can double his money within a few months only, a heavy influx of fresh (Fiat) money begins, and shortly after everyone gets completely crazy, the pie that feeds us grows - to the moon, at least ;)
But nothing is going to last forever (or even for long), nor does this; a minor nucular incident with NK, news from China about potentially disruptive regulation, less trust in the future of Crypto investments because of whatever good or bad reasons, or people just need their Fiat money back for medical bills… you name it.
The good news: If you still believe in Cryptos and hodl you can probably make more out of your past earnings - and what you earn today is going to be a past earning anytime soon ;)
The bad news: Yes, the current raw numbers (for payments per work unit) are decreasing and will continue to decrease, unfortunately; unless there is a new hype. But in the long term that is the only trend you will ever see - so better make up your numbers and act wisely.
The bottom line: Even when your profit steadily declines, it's still a profit (given you have done the math right). And there is not much you - or any other individual - can do about that anyway.
But why?!? I’m supposed to make lotsa money out of this!!!
Since Fox News told everyone about Bitcoins, there were many people having the obvious idea to make big money by mining Cryptos; at first this seems to work since it makes more slices, but from a bigger pie also, but as soon the hype train stutters, the pie stops growing or even starts to shrink again - and so do the slices for everyone who still keeps mining:
Interest hype -> Influx of Fiat money -> Coins quotes skyrocket -> Influx of miners -> Difficulty skyrockets -> Most of the price uptrend is choked within weeks, since it’s now harder to mine new blocks.
Interest hype drains out -> Fiat money influx declines -> Coins quotes halt or even fall -> Miners still hold on to their dream -> Difficulty stays up high, even rises -> Earnings decrease, maybe even sharply, as it's still harder to mine new blocks, that may be even paid less.
Earnings are hit by... a) Planned difficulty increases (like for Ethereum) b) Difficulty increase because of an ever-growing number of miners c) Lower prices of Bitcoin (the NiceHash market trade currency in which you are paid) d) Lower prices of Alt Coins (what buyers are acquiring while using your hashing power) e) And last but not least, when using NiceHash, a possibly declining number of Buyers of hashing power
Also NiceHash earnings/trends are additionally complicated by the fact, that these mechanisms affect tons of Alt Coins, in slightly different ways, and since Buyers "trade" Bitcoins against Alt Coins by using your hashing power, it may, at times, look like someone is cheating; but usually it's just convoluted market mechanics - and the plain truth that you only feel cheated on if you lose, but never when you win ;)
Be warned that this process(es) may happen slowly over several months, in just a couple of weeks, and sometimes within a few days only, and ups & downs of 10,20,30 percent (and more) are nothing unusual!
So, how to judge what’s going on with my profits?
Check the crypto economy - and don’t forget (I might now repeat myself): NiceHash is just a marketplace which runs on BTC; read below how this basically works out.
Check the mid/long term hashrate on NiceHash for your favorite algo(s) - the higher it gets, the smaller is the slice of the (payout) pie you will be able to acquire with the same equipment!
Check the news! Cryptocurrencies are a hot topic nowadays, and many people act on what is in the news; and whatever is going on will probably affect prices in either way and thus your profit.
Simple breakdown of the relationship of BTC payouts by NiceHash, BTC/ALT Coins rates, and Fiat value:
BTC quote | ALTs quotes | BTC payout | Fiat value ----------------------------------------------------- UP | UP | stable*) | UP stable | UP | UP | UP UP | stable | DOWN | stable*) stable | stable | stable | stable DOWN | stable | UP | stable*) stable | DOWN | DOWN | DOWN DOWN | DOWN | stable*) | DOWN
*) If the BTC payouts or Fiat values are really going to stay the same in these cases, or drop, or even rise, of course, depends on the exact delta of the changes between BTC and ALT.
Note: Since BTC is by far the leading Cryptocurrency, you will most probably watch ALTs drop when BTC drops quite often, but not necessarily see ALTs rise as soon BTC rises; all the Fiat (money) value they all together represent simply needs to come from somewhere, and it’s much more likely that new investments aka “fresh money” is pulled into BTC first, and trickles down to ALTs.
Some rather obvious remarks:
Many points are intentionally oversimplified - as otherwise this post would need to be at least ten times as long; the best you can do to stay ahead of the pack is to do your own research and learn about what you are doing here - ideally before doing it!
Even if NiceHash is often jokingly (more or less) called NoobHash, because it's that easy to start with, staying a Noob will pull you back, rather sooner than later, in an ultra-fast paced economy like this.
Don’t expect strangers here or elsewhere to hold your hand all the time, no matter how helpful some people still are. In the end, we all (also) compete against each other ;)
Keep yourself well informed to avoid nasty surprises!
Disclaimer: I'm a user - Seller like you - not in any way associated with NiceHash; this is my personal view & conclusion about some more or less obvious basics in Crypto mining and particularly using NiceHash. Comments & critics welcome...
I've been struggling with the idea of gridcoin since learning about it, which I did when I had the bright idea that someone might have looked for a way to do useful work with mining computation. It wasn't that I thought bitcoin wasn't going to go anywhere when I sold 3.5 BTC for $16 each (like most of you have) - it was that I didn't want to contribute to the waste. Apart from the wasteful mining, speculation in BTC is not much different than playing the lottery economically - a bunch of people throw their money in a pile, each thinking they will grab more than their share back. But psychologically there is a big difference, because cryptocurrency seems to do to people's minds the same thing it does to their computers - keep them busy, at the expense of worthwhile tasks. And that's where I have a problem with gridcoin. Setting up projects to optimize magnitude, the wallet, and even the hurdle of trying to buy BTC to get GTC to go solo, have all taken many times more attention than just setting up BOINC on all my devices has. And maintaining it looks like the same deal. The time I spent was worth thousands of dollars that I would never hope to recover mining GRC. It's not the money that is the problem though. The problem is that if I want to spend my time helping people (like I use BOINC for) then I can help people a lot more if my time is not spent studying gridcoin. Thanks for putting up with my post. To make the read worthwhile for the first person, I offer to send the ~50 GRC I've mined to the first one to post a wallet address. And the SPARC can go too for anyone who set up to receive that. Edit 6/17/18: While reading the thread (https://www.reddit.com/gridcoin/comments/8rkea5/how_can_gridcoin_still_be_under_the_radar) I had another thought. I like the idea of cryptocurrency as an alternative to centrally controlled currency, and would like to support technological and marketing development. And if some form of crunching is necessary to secure the blockchain of a cryptocurrency (?) then gridcoin seems to do this in the most high-minded way. So if I have this right then I could support GRC, neither as a way to earn GRC for crunching BOINC nor as a way to strike it rich by speculation, but to promote the cryptocurrency which will bring the most benefit due to its necessary maintenance. Edit 7/3/18: Based on further reading, apparently investing in gridcoins doesn't contribute to security of the blockchain simply because if I didn't own them, someone else would. Nevertheless, I decided to buy $100 worth of gridcoin, set my BOINC projects to the Gridcoin team and stake my coins for one last reason - to participate in the gridcoin community in hopes of promoting the use of gridcoin relative to other crytocurrencies which lack its idealistic basis. May the highest-minded cryptocurrency win. BTW, is there any way to edit a title?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you! Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined! So, what is Dogecoin mining? You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you! So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started. A (Very) Short History of Dogecoin In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own. Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved. They decided to use a popular meme as their mascot — a Shiba Inu dog. https://preview.redd.it/rymnyyz1iil31.png?width=303&format=png&auto=webp&s=f138e3fe56eef9c6b0e7f49b84fefc41fb83e5aa Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot! Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome! Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content. Dogecoin has the 27th largest market cap of any cryptocurrency. Note: A market cap (or market capitalization) is the total value of all coins on the market. So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you? Next, I want to talk about how mining works… What is Mining? To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank. Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks. Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!). Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive. Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”! https://preview.redd.it/rcut2jx3iil31.png?width=598&format=png&auto=webp&s=8d78d41c764f4fe4e6386da4f40a66556a873b87 It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins! Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered. So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see… What is Dogecoin Mining? Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is! Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section. Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations. The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain. Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin… Mining Comparison Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them. Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium! Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too! Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars! However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin. Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try? Let’s see what you need to do to become a Dogecoin miner… How to Mine Dogecoin There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool. Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally. Dogecoin Mining: Solo vs Pool When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin. If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees. As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about! What You Need To Start Mining Dogecoin Before you start Dogecoin mining, you’ll need a few basics. They are;
A PC with either Windows, OS X or Linux operating system.
An internet connection
A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet. Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure. There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core. Now that you’ve got a wallet, you need some software and hardware. Dogecoin Mining Hardware You can mine Dogecoin with;
Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool. If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option… Dogecoin Cloud Mining Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you. All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee. There are pros and cons to Dogecoin cloud mining; The Pros
It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
As a beginner, there isn’t a lot of technical stuff to think about.
You get a steady supply of new currency every month.
Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin? So, Is Dogecoin Mining Profitable? The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small. However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin! But why? Seriously… Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved. Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that! Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
I've had this idea in my head that it might be possible to create a lottery app for the blockchain that pays out 100% to the winner. Or maybe 99% to winner and 1% to the miners somehow? Is there any chance this could work? I like imagining the size of payouts for a global daily or weekly lottery. I imagine this would be attractive to a lot of gambling types.
Hey /r/bitcoin, Looking to Start Mining in the future.
Hi, ive read up alot on bitcoin and bitcoin mining and I look to start some recreational solo mining in my twenties. Ive heard small miners work well for nonserious mining, but I want feedback on a good, very cheap way to occasionally earn that 25 bitcoin profit. Again, this will be a hobby, I don't plan on surviving off of bitcoins. I want something cheap. Itd be nice to have insight on how exactly to start mining, too. Another question, what is a good way to store coins? I like the idea of written private and public keys inaccessible on my computer, but ive heard coinbase is nice. What is the best?
Mega FAQ (Or: Please come here for your questions first)
Qbundle Guide (Step by step setup & Bootstrap) https://burstwiki.org/wiki/QBundle 1( I want to mine or activate My account. Where do find the multiple coins? You only need 1, an outgoing transaction or reward reassignment will set the public key. Get them from: https://www.reddit.com/burstcoinmining/comments/7q8zve/initial_burstcoin_requests/ Or (Faucet list) https://faucet.burstpay.net/ (if this is empty, come back later) http://faucet.burst-coin.es Or https://forums.getburst.net/c/new-members-introductions/getting-started-initial-burstcoin-requests 2( I bought coins on Bittrex and want to move to my new wallet, but can't. Why? Bittrex will only send to accounts with a public key (not a Burst requirement) so see number 1 and either set the name on the account (IF you will not mine) or set the reward recipient to the pool. Either action will enable the account and allow for transfers from Bittrex. 3( I sent coins from Poloniex/anywhere to Bittrex and they don’t show up after a considerable time. Why? You need to set an unencrypted message on the transaction, informing Bittrex which account to send the funds to (this is in the directions on Bittrex). Did you do this? Contact Bittrex support with all the details and eventually you will get your funds. 4( How much can I make on Burst? https://explore.burst.cryptoguru.org/tool/calculate Gives you an average over time assuming a few things like: Average luck/100% uptime/no overlapping/fees on pool/good plot scan time (<20 seconds) if you do not have all of these, you may not see that number. 5( If I use SSD’s would I make more money? No, it’s 95% capacity and 5% scan time that determine success. More plot area = better deadlines = better chance of forging a block, or better rates from a pool. 6( What is ‘solo’ and ‘pool’ (wasn’t his name Chewbacca?) Solo is where you attempt to ‘forge’ (mine) a block by yourself; you get 100% of the block reward and fees. But you only receive funds if you forge, no burst for coming in second place. Pools allow a group of miners to ‘pool’ together their resources and when a miner wins, they give the pool the winnings (this is done by the reward assignment you completed earlier), it is then divided according to different percentages and methods and burst is sent out according to pool rules (minimum pay-out, time, etc.) 7( I have been mining for 2 days and my wallet doesn’t show any Burst WHY? Mining solo: it is win-or-lose, nothing in between, and wining is luck and plot size. Pool mining: because it costs 1 burst to send burst, the pools have either a time requirement (every X days) or a minimum amount (100 burst +) so you need to research your pool. Some pools allow for you to set the limit (cryptoGuru and similar) to be met before sending 8( How do I see what I have pending? On CryptoGuru, based pools, it’s the ‘Pending (burst)’ column, other pools, look for the numbers next to your burst ID. One is Paid and the other pending. 9( I’m part of a pool and I forged a block, but I didn’t recieve the total value of the block, why? A pool has 2 basic numbers that denote the pay-out method, in the format ‘XX-XX’ (i.e. 50-50) The first number is the % paid to the block forger (miner) and the second is the retained value, which is paid to historic ‘shares’ (or, past blocks that the pool didn’t win, but had a miner that was ‘close’ to winning with a good submitted deadline) Examples of pools: 0-100 (good for <40TB) 20-80 (30-80TB) 50-50 (60-200TB) 80-20 (150-250) 100-0 (solo mine, 150+ TB) Please note that there is an overlap as this is personal preference and just guidance; a higher historical share value means a smoother pay-out regime, which some people prefer. If fees are not factored in, or are the same on different pools, the pay-out value will be the same over a long enough period. 10( Is XXX model of hard drive good? Which one do you recommend? CHEAP is best. If you have 2 new hard drives, both covered by warranty, get the one with the lowest cost per TB (expressed as $/TB , calculated by dividing the cost by the number of terabytes) because plot size is KING, 11( How many drives can I have on my machine? For best performance, you can have up to 2 drives per thread (3 on a new fast AVX2 CPU). So that quad-core core-2-quad can have up to 8 drives, but a more modern i7 with 4 cores + hyper threading can squeeze 8 * 3 or 24 drives. (Performance while scanning will suffer) 12( Can I game while I mine? Some people have done so, but you cannot have the ‘maximum’ number of drives and play games generally. 13( Can I mine Burst and GPU mine other coins? Yes, if you CPU Mine Burst. 14( I’m GPU plotting Burst and GPU mining another coin, my plots are being corrupted, why? My advice is dedicating a GPU to either mining or plotting, don’t try to do both. 15( What is a ‘plot’? A plot is a file that contains Hashes, these hashes are used to mine burst. A plot is tied to an account, but they can be created (with the same account ID) on other machines and connected back to your miner(s). 16( Where can I trade/buy/sell Burst? A list of exchanges is maintained on https://www.reddit.com/burstcoin/ (on the right, ‘Exchanges’ tab) the biggest at the moment are Bittrex and Poloniex, some offer direct Fiat-to-Burst purchase (https://indacoin.com for example) 17( Do I have to store my Burst off the exchange? No, but it’s safer from hackers who target exchanges, if you cannot guarantee the safety or security of your home computer from Trojans etc, then it might be best to leave on an exchange (but enable 2FA security on your account PLEASE!) 18( What security measures can I take to keep my coin safe? When you create an account, sign out and back in to your wallet (to make sure you have copied the pass phrase correctly) and keep multiple copies of the key (at least one physically printed or written down and in a safe place, better in 2 places) do not disclose the passphrase to anyone. Finally use either a local wallet or a trusted web wallet (please research before using any web wallet) 19( How can I help Burst? Run a wallet, which will act as a node (or if you’re a programmer, contact the Dev team Bring attention to burst (without ‘shilling’ or trying to get people to buy) And help translate into your local language Be a productive member of the community and contribute experience and knowledge if you can, or help others get into Burst. 20( Will I get coins on the fork(s) and where will they be? There will be no new coin, and no new coins to be given/air dropped etc, the forks are upgrades to burst and there will not be a ‘classic’ or ‘new’ burst. 21( Will I need to move my Burst off of the exchange for the fork? No, your transactions are on the block chain, which will be used on the fork, they will be visible after the move; nothing will need to be done on your side. 22( Where can I read about the progress of Burst and news in general on the community? There is no finer place than https://www.burstcoin.ist/ 23( What are the communities for Burst and the central website? Main website: https://www.burst-coin.org/ Reddit: https://www.reddit.com/burstcoin and https://www.reddit.com/burstcoinmining/ Burstforum.net: https://www.burstforum.net/ Getburst forum: https://forums.getburst.net/ Official Facebook channel: https://m.facebook.com/groups/398967360565392 (these are the forums that are known to be supporting the current Dev Team) Other ways to talk to the community: Discord: https://discordapp.com/invite/RPhpjVv Telegram (General): https://t.me/burstcoin Telegram (Mining): https://t.me/BurstCoinMining 24( When will Burst partner up with a company? Burst is a currency, the USD does not ‘partner up’ with a company, the DEV team will not partner up and give over to special interests. 25( Why is the DEV team anonymous? They prefer anonymity, as it allows them to work without constant scrutiny and questions unless they wish to engage, plus the aim is for Burst to become a major contender, and this brings issues with security. They will work and produce results, they owe you nothing and if you cannot see the vision they provide then please do not ‘invest’ for short term gain. 26( When moon/Lambo/$100/make me rich? My crystal ball is still broken, come back to the FAQ later for answer (seriously, this is a coin to hold, if you want to day-trade, good luck to you) 27( How can I better educate myself and learn about Dymaxion? Read about the Dymaxion here: https://www.reddit.com/burstcoin/wiki/dymaxion 28( My reads are slow, why? There are many reasons for this, if your computer has a decent spec it’s likely due to USB3 hub issues, or plugging into a USB2 hub, but other reasons can be multiple plots in the same folder, but it’s best to visit the mining subreddit. They can help more than an simple FAQ https://www.reddit.com/burstcoinmining/ 29( I have a great idea for Burst (not proof of stake related)? Awesome! Please discuss with the DEV team on discord https://discordapp.com/invite/RPhpjVv (Please be aware that this is a public forum, you need to find who to ask/tell) 30( I have a great idea for Burst (Proof of stake related)? No. if you want a POS, find a POS coin. On the tangle which is being implemented a POS/POW/POC coin can be created, but BURST will always be POC mined. You are welcome to implement a proof of stake coin on this! 31( Will the Dev team burn any coins? Burst is not an ICO, so any coins will need to be bought to be burnt. You are welcome to donate, but the DEV team have no intention of burning any coins, or increasing the coin cap. 32( When will there be an IOS wallet? IOS wallet is completed; we are waiting for it to go on the app store. Apple is the delaying factor. 33( Why do overlapping plots matter? Plots are like collections of lottery tickets (and if only one ticket could win). Having 2 copies is not useful, and it means that you have less coverage of ‘all’ the possible numbers. It’s not good, avoid. 34( My local wallet used to run, I synchronised it before and now it says ‘stopped’. when I start it, it stops after a few seconds, what should I do? I suggest that you change the database type to portable MariaDB (on Qbundle, at the top, ‘Database’ select, ‘change database’) and then re-import the database from scratch (see 35) 35( Synchronising the block chain is slow and I have the patience of a goldfish. What can I do? On Qbundle , ‘Database’ select ‘Bootstrap chain’ and make sure the CryptoGuru repository is selected, then ‘start Import’ this will download and quickly stuff the local database (I suggest Portable MariaDB, see 34) (lol, loop) 36( What will the block reward be next month/will the block rewards run out in 6 months? https://www.ecomine.earth/burstblockreward/ Rewards will carry on into 2026, but transaction fees will be a bigger % by then, and so profitable mining will continue. 37( How can I get started with Burst (wallet/mining/everything) and I need it in a video https://www.youtube.com/watch?v=LJLhw37Lh_8 Watch and be enlightened. 38( Can I mine on multiple machines with the same account? Yes, if you want to pool mine this can be done (but be prepared for small issues like reported size being incorrect. Just be sure to keep question 33 in mind.) 39( Why do some of my drives take forever to plot? Most likely they are SMR drives, it’s best to plot onto another SSD and then move the finished plot/part of a plot across to the SMR drive as this is much quicker. SMR drives are fine on the read, just random writes that are terrible. So plot an SMR drive quickly, plot to a non SMR or better still SSD drive, in as big a chunk as possible (fewer files better) and move. a version of Xplotter, called Splotter, can do this easily. https://github.com/NoParamedic/SPlotter 40( I have a great idea; why not get listed on more exchanges!! Exchanges list coins because of 2 reasons:
The coin pays (often A LOT, seriously we’ve been asked for 50 BTC)
I suggest you speak with your exchange and ask ‘when will they offer Burst?’ 41( Do you have a roadmap? https://www.burst-coin.org/roadmap 42( Why is the price of Burst going up/down/sideways/looping through time? The price of burst is still quite dependent upon Bitcoin, meaning that if Bitcoin gains, the value of Burst gains, if Bitcoin drops then Burst also drops. If there is news for Burst then we will see something independent of Bitcoin moving. Variations can be because of people buying in bulk or selling in bulk. There are also ‘pump and dump’ schemes that we detest, that can cause spikes in price that have nothing to do with news or Bitcoin, just sad people taking advantage of others. 43( Where is the best place to go with my mining questions? https://www.reddit.com/burstcoinmining/ or https://t.me/BurstCoinMining 44( What hardware do you advise me to buy, is this computer good? See question 43 for specific questions on hardware, it depends on so many variables. The ‘best’ in my opinion is a 36 bay Supermicro storage server, usually they have dual 6-core CPU’s and space for 36 drives. No USB cables, plotting and mining monster, anything else, DYOR. 45( Where do you buy your hard drives? I have bought most from EBay in job lots, and some refurbished drives with short warranties. Everything else I have bought, from Amazon. 46( Can I mine on my Google drive/cloud based storage? In short: no. If you want to try, and get to maybe 1 TB and then find that your local connection isn’t fast enough, or that shortly after, your account is blocked for various reasons. Please be my guest. 47( Can I mine on my NAS? Some you can mine with the NAS (if it can run the miner, it can scan locally) but generally they’re not very fast. good for maybe 16 TB? Having a plot on a NAS and mining from another computer depends on the network speed between the NAS and scanning computer. I believe you can scan about 8 TB (maybe a bit more) and keep the scan times to within acceptable, but YMMV. 48( How can I set up a node? No need to set up a node, just set up a wallet (version 2.0.4) or Qbundle (2.2) and it will do the rest 49( Are the passphrases secured? I’ll leave the effort to a few people to show how secure a 12-word passphrase is: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system Key point: brute forcing it will be around 13,537,856,339,904,134,474,012,675,034 years. 50( I logged into my account (maybe with a different burst ID) and see no balance!! I have dealt with this very issue multiple times, and there are only 3 options:
You have typed in the password incorrectly
You have copy-pasted the password incorrectly
You are trying to log into a ‘local wallet’ which the block chain has not finished updating
Calculated probability of solo mining October 31, 2017 (spoiler: my math is likely wrong, but it's close enough)
I was attempting to explain mining to my girlfriend, and I came up with these numbers. Probably wrong, but meh, sounds good enough. TL;DR Most accurate results are toward end of post Current network hashrate last night at midnight (12:00am, October 31st, 2017) is a whopping 11,600~ PH/s. Think about that. I had to look up what word that translates to. If TH/s is a trillion, then PH/s is a quadrillion. Alright, then 11,600 quadrillions would be 11.6 quintillions. There are roughly 11.6 quintillion hashes a second of mining power on the Bitcoin Blockchain. The hashing power of a single Antminer S9 (if you get a good batch) is about 14 TH/s. Math it out: 14,000,000,000,000 (fourteen trillion) / 11,600,000,000,000,000,000 = ~0.0000012% chance that a single Antminer S9 of successfully solo mining a block on the Bitcoin Blockchain. Math it out some more, move the zeros over and come up with a ratio, that comes out to being roughly 1:1 million chance. One in a million? Well shit that doesn't sound so bad, right? Wrong. (This is where I know my math is a bit off, but I'm too lazy to do better from here because it's at least close enough. Maybe somebody can correct me if they want to do the math better after here.) Quite literally one in a million odds, per individual hash, that it will be the one to crack a block. Think about that in terms of days. 1 in 1mil days odds. 1 million days = 2739.72603 years. So using super ridiculously rough math here, I estimate that with a single Antminer S9, if you started mining from last night at midnight, then at some unknown point in time during the next ~2740 years you would solo mine a block on the Bitcoin Blockchain (and that's IF the network hashrate didn't change at all). Even with my lazy math, hopefully this estimation will help to minimize the amount of bothersome noobery these days. Also I encourage somebody to correct my math, because after going through all of this I'm actually curious to know the definitive numbers, if nothing else at least just for shits n gigs. [EDIT] Thanks to @Raider1284 and @sos755 for coming up with more accurate results. Odds of winning the Powerball lottery are 1:292,201,338, or a ~0.0000000034% chance. Odds of hitting a block with a single S9 in a day are 1:5160, or a ~0.00019% chance. Happy mining fellas ;)
I've had the blockchain on my computer for a while (Bitcoin core) and I'm in the process of transfering the blockchain from a Windows box to a Raspberry pi running Linux (in order to solo mine with my usb lottery stick). My question is, can I save my blockchain on Windows and restore it on Linux? It might seem like a weird question but I don't want to download it again...
In my opinion the bigger issue of Bitcoin in the long term will be the mining centralization (centralized by geography - china). Which are in your opinion the best solutions proposed until now in order to resolve it? What are your ideas? An interesting article by the creator of http://statoshi.info, Jameson Lopp: https://medium.com/@lopp/the-future-of-bitcoin-mining-ac9c3dc39c60#.81zo1vxsc An idea from Theymos (below in the comments): More speculatively: Assuming that someone can design a PoW algorithm that won't give ASICs any advantage over desktop machines (despite what you may have heard, it is not at all clear whether this is actually possible), I think that it might be an improvement to change the PoW so that: If the block height mod 3 = 0, the current PoW is used. If the block height mod 3 = 1, the ASIC-resistant PoW is used. If the block height mod 3 = 2, some sort of proof-of-stake is used. (Maybe using the method in Meni Rosenfeld's Proof of Activity proposal.) Within each group, there would probably be some degree of centralization, but it seems unlikely that there'd be enough cooperation between the three groups to do evil. Meni Rosenfeld's Proof of Activity proposal: https://eprint.iacr.org/2014/452.pdf https://21.co/ : Did you ever thinked to add a real lottery for all who mining with modems, usb, phones.. in order to incentivize the mining for "poor" people that wants to mine in solo or maybe in "lottery" pool too? See comments below.
So, the probability to win the jackpot is currently as likely as solo-mining a block with 3GHash/s. Of course, the lottery has a bunch of smaller prices for getting it partially right, and the jackpot would be worth millions of Euros, not 25 BTC. But then, it is cheaper to play "Bitcoin lottery" and the draws are more frequent. Das Mining kann beispielsweise mit eigener Hardware („Solo-Mining“), geteilter Hardware („Pool-Mining“), oder ohne eigene Hardware, aber mit Hilfe eines Remote-Datacenters („Cloud-Mining“) erfolgen. Nach Ansicht des Finanzministeriums stellt Mining in der Regel eine betriebliche Tätigkeit dar. Alle durch das Mining entstehenden Kosten (Betriebsausgaben, wie Abschreibungen der ... Solo mining is the process of mining alone as we told earlier. We are aware that when you connect yourself to a pool, the process that mainly happens is that all miners get connected to the same bitcoin-client to confirm transactions. This helps to increase the probability of “finding” a block directly. Further, the block provides incentives from the shares from all miners. If you do the ... Finally, launch Bitcoin Miner software with localhost (127.0.0.1), the rpcport (Y=8332), the username (X), and password (Q) you set in bitcoin.conf. These are the values you chose as the credentials to connect to Bitcoin Core to start solo mining Bitcoin. Lottery ROI is consant. Bitcoin difficulty is not. That 80% ROI of Bitcoin ASIC mining will be 8% in the next 6 months. – Maciej Mączko May 10 '14 at 14:12. 1 @TimS, but surely there's a minimum amount of computational power you need before you can even "take part in the bitcoin mining lottery" right? – Pacerier May 22 '14 at 16:36. 1 @Pacerier There is a minimum. E.g. you can't do it ...
Beginner's guide to solo bitcoin and litecoin mining ...
*****UPDATE***** Solo mining has been removed from client. I'll keep the video up for how it used to work, it might still work for some alt coins (unsure) yo... Hallo zusammen, in dieser Episode von "Frag den Trainer" geht es um bessere Coins als Bitcoin, solo Mining vs. Lotto Spielen und ob dein Geld der Bank gehört. Viel Spaß! Blogs, News und Forum ... Donate for a sick miner: 1EEA3jsLMnSd1HUHVeCZCRsci9mZQPbXcT. Live Bitcoin Trading With DeriBot on Deribit DeriBot Backup 272 watching. Live now; Solo Mining Dogecoin - Step by Step Guide for Beginners - Duration: 6:38. Scratchy Cards 55,722 views. 6:38 ... We discuss how mining in bitcoin works and the differences between SOLO MINING VS MINING POOLS. Hope this video brings you a lot of value! Let´s keep on learning!