Crypto Mining- solo vs pool

[bozeman]

Anyone have any experience on this? My son just turned 15 and am thinking about a setup to spend some time together (and we are both somewhat nerds) so it seems to fit the situation. I have read ALOT, but looking for some real world, if any.

thanks.

 

[william schmaltz]

It would be virtually impossible to even get your money back mining BTC. The shared mining reward is too small, equipment is expensive, energy costs are high, and you're up against literally warehouses full of miners. Not to mention, they're loud and HOT. So if you're in Alabama, you would probably need a room in your house insulated with an AC running non stop. I wouldn't recommend ETH mining since by the time you would get it up and running, ETH will be going proof of stake (hopefully by early 2021).

But there are some really good options to get started in mining other projects. Helium is an especially good project to get started. And I think they finally have bobcat miners back in stock. The one I ordered in April looks like it finally shipped a couple weeks ago. I'm also on a waitlist for an Akash miner.

Helium - Own the Air

Helium allows anyone to build and own massive wireless networks.

www.helium.com

Supermini Update

We have an important announcement today, but first, I want to give a brief update on how Akash Network is progressing. We are seeing strong and consistent growth since releasing Akash’s distributed...

akash.network

 

[JRMiller]

Solo can be pretty difficult if a newbie.
If your used to command prompt and coding then you might it might easy.
Pools obviously take a higher percentage (%2, 3, or even higher, vs <1) but are much easier to enter. some just a couple clicks.
Besides that, you need to keep a very close eye on stales as they vary widely among pools, much to do with where their first server is.
Optimal losses are <%1, high is +%4, and i have even had issues in the past with as high as %9+
If a given pools servers are in tbe US your stales will be lower, and the farther outside the US the higher the stales you’ll have.
If you want to dable a bit before going all in try unmineable and see how your hardware does first.

 

[PredatoronthePrairie]

Ahhhhhh, what

 

[JRMiller]

It would be virtually impossible to even get your money back mining BTC. The shared mining reward is too small, equipment is expensive, energy costs are high, and you're up against literally warehouses full of miners. Not to mention, they're loud and HOT. So if you're in Alabama, you would probably need a room in your house insulated with an AC running non stop. I wouldn't recommend ETH mining since by the time you would get it up and running, ETH will be going proof of stake (hopefully by early 2021).

But there are some really good options to get started in mining other projects. Helium is an especially good project to get started. And I think they finally have bobcat miners back in stock. The one I ordered in April looks like it finally shipped a couple weeks ago. I'm also on a waitlist for an Akash miner.

Helium - Own the Air

Helium allows anyone to build and own massive wireless networks.

www.helium.com

Supermini Update

We have an important announcement today, but first, I want to give a brief update on how Akash Network is progressing. We are seeing strong and consistent growth since releasing Akash’s distributed...

akash.network

All true but i would avoid Helium. Its overated. Payouts are not what they and paid shillers claim.
I’ve two now with all sorts of cables, antennas, routers, ethernet, etc and its pitiful. I witness on average to 50-60 others and receive maybe .3-.4 on a good day. Many days almost zero.
If i didnt have first hand experience i wouldnt comment, but i do, and it sucks, even in a urban area. I can only imagine how poor it does in rural areas.

 

[flatlanderhuffandpuff]

I looked into it for a little while and determined it was not worth it. You need cheap cheap electricity to have it be worth your while.

Has it become easier to buy equipment? The past year has been terrible for finding hardware.

 

[william schmaltz]

All true but i would avoid Helium. Its overated. Payouts are not what they and paid shillers claim.
I’ve two now with all sorts of cables, antennas, routers, ethernet, etc and its pitiful. I witness on average to 50-60 others and receive maybe .3-.4 on a good day. Many days almost zero.
If i didnt have first hand experience i wouldnt comment, but i do, and it sucks, even in a urban area. I can only imagine how poor it does in rural areas.

Kinda true, especially the rural part. But even at .3 a day, that's 9 tokens a month. HNT is at $23/token and rising. So ~$200 a month minus expenses.

I will be setting mine up in downtown Anchorage. I would not set one at my house.

 

[Poser]

I would read up heavily on ETH 2.0 going to beacon chain. This will effectively end gpu mining for ethereum.

 

[bozeman]

yep, ETH2.0 isnt an option.........just looking at other options.

 

[JRMiller]

yep, ETH2.0 isnt an option.........just looking at other options.

Currently i wouldn't ignore Eth if your GPU mining. Its still fairly profitable and if your GPU mining you can mine any other coin (except BTC) post 2.0.
Now if your Asic mining, or debating on buying an Asic miner right now, then i would say dont buy it as it limits your coin options.

 

[wildwilderness]

So, if I have "free" electrical it may be worth it? My office lease is a flat rate that already includes the utility bills so running extra won't cost more....

 

[JRMiller]

So, if I have "free" electrical it may be worth it? My office lease is a flat rate that already includes the utility bills so running extra won't cost more....

probably, yes.
my residential rate in Texas is .09c kwh, but I know that some commercial rates are only .05c kwh.
But they may catch on depending on how much mining your doing, the bills can be quite large.

 

[MountainTracker]

All true but i would avoid Helium. Its overated. Payouts are not what they and paid shillers claim.
I’ve two now with all sorts of cables, antennas, routers, ethernet, etc and its pitiful. I witness on average to 50-60 others and receive maybe .3-.4 on a good day. Many days almost zero.
If i didnt have first hand experience i wouldnt comment, but i do, and it sucks, even in a urban area. I can only imagine how poor it does in rural areas.

How close together are they?

I currently pool stake ada, MATIC mostly a set it and forget it thing.


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[JRMiller]

How close together are they?

I currently pool stake ada, MATIC mostly a set it and forget it thing.


Sent from my iPhone using Tapatalk

Not together, I mean that I bought one (a SenseCap M1), it sucked, so then I bought at Rak Wireless, and no better. Then new LMR cables, new 5.8 dbi antenna, then a 8.2 dba, new router, upgraded internet, hard wired to my ethernet. Nothing changed.
I don't run both at the same time, there's no point as they would simply steal each others earnings.
Helium has a 300 meter minimum gap requirement built into the chain, so if you have two, one has to be at least the 300 meters away to actually mine on its own.
This keeps people from just buying a bunch of them and having them all in one location, thinking one is good, more must be better.

 

[MountainTracker]

Not together, I mean that I bought one (a SenseCap M1), it sucked, so then I bought at Rak Wireless, and no better. Then new LMR cables, new 5.8 dbi antenna, then a 8.2 dba, new router, upgraded internet, hard wired to my ethernet. Nothing changed.
I don't run both at the same time, there's no point as they would simply steal each others earnings.
Helium has a 300 meter minimum gap requirement built into the chain, so if you have two, one has to be at least the 300 meters away to actually mine on its own.
This keeps people from just buying a bunch of them and having them all in one location, thinking one is good, more must be better.

Gotcha, with the three month wait time at least to get a miner, and if a guy bought one, and got the same returns you have been ($200 a month) then it would take 6-7 months before you start seeing returns.

I was thinking of getting a couple of helium miners and setting them up in the neighborhood at friends homes and offer to pay their internet, but not so sure now that would be a good idea.

Also, OP another thing to think about with helium is they just had a halving event back in July, so the returns given to miners monthly was cut in half.

Earlier I said I stake MATIC I meant amp.


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[007hunter]

The price of GPUs are insane right now. So prepare to pay if that’s the route you are going. You can see profitability at whattomine.com I started mining raven for awhile and accrued a decent chunk and have recently switched to Ergo. All in pools.

I’ve also got a Chia farm going but can’t recommend it as the network blew up right after I started and it’s pretty much impossible to find one.

Careful it can be addicting. I’ve got way more money wrapped up in computer parts than I ever thought.