It's not being done and I hope pools will stay spread thinly enough to make it ineffective. You can safely ignore this. It also doesn't likely matter when you're "lottery mining" you're still betting just on your own luck!
Unless you own an ASIC, of course. The beauty of Bitcoin is that it provides anyone with a chance to earn free bitcoins. No matter what statistics are used to calculate the odds of hitting the jackpot, they can never be used to predict the outcome. As we all can read in the numerous variaties and complications when it comes to calculating probabilities in the above mentioned posts, it's obvious that there will never be a mathematical model able to predict the possibilities.
There are too many variables that change continously overtime diffuclty rate, amount of miners, growing blockchain etc. Instead of focussing on mining itself you better try and find a way to reduce the cost.
In that case it's cheaper then taking part in a lottery and your chances to hit the pot will be no more or less the same either way. That's why we call it luck ;. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group.
Create a free Team What is Teams? Learn more. Solo mining just for luck, realistic? Ask Question. Asked 7 years, 11 months ago. Active 5 years, 5 months ago. Viewed k times. What are the odds? Improve this question. Isac Isac 1 1 gold badge 4 4 silver badges 8 8 bronze badges. Add a comment.
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However, in actual implementations, parallel threads and queuing are used to keep ASIC hashers working at maximum capacity. The simplest and earliest method was the now-deprecated Bitcoin Core getwork RPC , which constructs a header for the miner directly. Since a header only contains a single 4-byte nonce good for about 4 gigahashes, many modern miners need to make dozens or hundreds of getwork requests a second.
Solo miners may still use getwork on v0. This provides the mining software with much more information:. A complete dump of the transactions bitcoind or the mining pool suggests including in the block, allowing the mining software to inspect the transactions, optionally add additional transactions, and optionally remove non-required transactions.
Other information necessary to construct a block header for the next block: the block version, previous block hash, and bits target. For solo miners, this is the network target.
Using the transactions received, the mining software adds a nonce to the coinbase extra nonce field and then converts all the transactions into a merkle tree to derive a merkle root it can use in a block header. Whenever the extra nonce field needs to be changed, the mining software rebuilds the necessary parts of the merkle tree and updates the time and merkle root fields in the block header.
You could either mine a block or you could never solve a block even after mining for a long time. However technically there is a chance of mining a block if you maintain proper communication with the network and keep submitting shares constantly.
A suitable comparison would be lottery. Apply this solo mining guide only on coins in which you could expect results. The most suitable ones are the newly launched altcoins where the network difficulty will be too low. There are tons of new coins that you can choose from if you head over to Bitcoin Talk announcement thread. Not all of them have attained its popularity and not all of them have mining pools setup initially.
Once you found one, do your research before you get in to the mining scene. If you feel the coin is worth your time then quickly setup the mining environment and start solo mining.
The process to solo mine is very simple:. Solo mining Ravencoin is not possible due to high network difficulty but anyways we are just showing the method and this applies to every proof of work cryptocurrencies.
So to solo mine other altcoins all you have to do is apply the same procedure. Also in this guide there are two methods involved 1. Solo mining using same computer where the wallet runs 2. For pool mining no client is needed. Just the pool address, username and password is enough. However to solo mine you need to setup local environment and enable RPC port. Follow the steps below to setup a solo mining environment.
Once done let the wallet to synchronize completely. Once the blockchain has been downloaded completely, close your wallet and open the wallet configuration file.
For security reasons never ever allow any external IPs. Only allow IPs that are connected to your private network. Example of private IP: This is the address where your wallet will be listening for network connection and requests.
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