I like the lottery type concept solo mining brings. There are definitely some gamblers among us, and in Crypto in general. I would like to propose something, I know the odds are against solo mining for BTC in general. But how about doing a GHX Solo type coin .We can see if we can beat the odds. If we could do a batch and just leave it solo mining until it remains unprofitable. Maybe we would get lucky, probably not but I would through a few BTC out there for a GHX Solo batch
Let’s hear from the power that be!
Let’s hear from the math geeks!
Let’s hear from the risk takers!
Let’s hear from everyone!
Is this something you guys and gals might be interested in?
Who is going to buy, set up, and maintain the miners to solo mine?
Gethashing does have a BTC pool I guess. So the number of blocks to be mined for you to find, on average, a block yourself is the network hashrate in Th/s divided by your hashrate in Th/s. Divide that number by 144 blocks per day to find out the number of days expected before finding a block at average luck.
Do it just like we do the GHX through Bitmain or have part of our next batch of GHX dedicated to solo mining.
Quickie math - With 1 Th/s it should take you an average of 6.47 years to find a block. WIth 1 Petahash, you should find a block, on average once every 236 days.
Note the “on average” - it is possible that the first block might take 12 years to find and the second block just a month. Or 24 years for the first and two weeks for the second. Meaning never, since the hashrate and difficulty would be constantly increasing over that period of time, and no one is likely to run a miner for 24 years straight without ever hitting any kind of return.
I know, I am thinking along the lines of “lottery” I realize the math isn’t in favor of this. Just a crazy idea
We would need to own 3 PH/s of power to find a block every 18 hours (in average). However, this might as well turn into a week depending on how lucky you are. Look at the stats for Slush from 2 days ago. That day they found more blocks with 13 PH/s than Antpool did with 55 PH/s. Or, look at Antpool for the last 24 hours and you’ll find that the pool took over 10 hours to solve 3 of the blocks found.
Solo mining is fun but not with 250 TH/s - 1 PH/s which would be an investment of $100.000 - $400,000 to “gamble”
A “part” wouldn’t work. The goal is to own 1-1,5 PH/s by the summer and solo mining isn’t really viable with anything less than 3 PH/s. 2 PH/s perhaps which might find a block every 24-36 hours or maybe 2-3 blocks “once in a while” when the pool luck swings your way.
But with ~1.5-2 PH/s we could start solo mining on the GHpool since it would draw additional miners and power naturally. I’m sure of that. Trying to solo mine with anything less would be a big waste of our power imho.
What about a scaled down version of this for GHX?
250 TH/s. 100 TH/s participate. The 150 TH/s get the normal payout percentage. The remaining 100 TH/s gamble it away. It could be a 1st, 2nd, 3rd (75%, 50%, 25%) of the remaining payout or 1st through 10th or whatever. The number of GHX you have would be the number of lottery tickets you hold. It could just be weekend thing or once a month or one time only. Might be a fun idea to give up your profits for a weekend to buy lottery tickets.
Noticed the solo mining opportunity as well.
You may lose everything…or…You may win everything
I guess I am looking at it differently then @cyberdexter I understand you need PH’s to be GUARANTEED a payout in a set period of time. This is the same reason I don’t spend 25 million on lottery when the chances are 1 in 25 million. I am involved in a buying group and we spend $25 ea and we have almost 1000 members strong like a religious cult. We usually get back less the 22% of what we spend but just this year alone we have hit $150k two times and we are all ahead. For some it’s The Gamble!!!