Is Bitcoin solo mining “staying humble”? Or should BitAxes pool mine instead? \ stacker news ~AskSN

pull down to refresh

Is Bitcoin solo mining “staying humble”? Or should BitAxes pool mine instead?

1324 sats \ 11 comments \ @klk 16 Jul AskSN

I have a BitAxe Gamma 601 running stable at 1.4 TH/s and a NerdWaxe++ ~5 TH/s on the way. So in total that would be like 7 TH/s with some tweaking.

For solo mining that would be:

Chance per block: 1 in 126,460,000
Chance per day: 1 in 878,194
Time estimate: 2,406 years

Are you feeling lucky? Or would you just stay humble and settle for ~300 sats/day on a mining pool?

Is solo mining gambling and thus contrary to “stay humble, stack sats”? How do you weigh the value of some nice extra 300 sats/day guaranteed vs. a low chance of becoming a multicoiner?

view all related items

121 sats \ 0 replies \ @mtk4000 16 Jul

I'd take the 300 sats/day. Keep it up for a few years and you have a nice little stack. Keep solo mining for a few years and you have nothing.

53 sats \ 3 replies \ @office 16 Jul

Ever heard of Parasite Pool? https://parasite.space/

Instead of skimming a fee or paying every worker a tiny slice of each block, it sets aside 1 BTC for the miner who actually finds the block, then divides the rest of the block subsidy + fees among everyone else, all settled instantly over Lightning, and it charges zero pool fees for the privilege

0 sats \ 1 reply \ @klk OP 16 Jul

Hmm... Cringe that I have to use the Xverse wallet and not a cold storage address + self hosted LN.

Do you know why? Any way around it?

21 sats \ 0 replies \ @office 16 Jul

Do you know why? Any way around it?

I don't know. And yes, cringe af.

1 sat \ 0 replies \ @klk OP 16 Jul

That's exactly what I was looking for! Thanks.

29 sats \ 1 reply \ @hasherstacker 16 Jul

Honestly speaking, solo mining is no longer economically viable. But it's an honest Proof of Work.

0 sats \ 0 replies \ @klk OP 16 Jul

Well, you have better odds than with the lottery. And the expected return is net positive unless you have very expensive electricity. The chances are low but compensated by a very big reward.

27 sats \ 0 replies \ @BeeRye 16 Jul

Id point them at Ocean and set up lightning payouts, then use the sats for zaps.

0 sats \ 2 replies \ @OT 17 Jul

I have about 500GH/s from a Nerdaxe. I have a couple of 1.2TH coming my way but I think it's best to solo mine.

Next year I plan to up my hash rate to around 10TH and I think I'd still solo mine. It would just be such an amazing thing to win. It would be life changing and would inspire others to join in the solo mining movement.

However, if onchain fees spike significantly like around the time of the last halving, it's probably better to join a pool like Ocean as the payout's will be much higher.

0 sats \ 1 reply \ @klk OP 21h

But isn't that just gambling with extra steps?

Sure, you can bet 10x in a row in the roulette and get an even higher upside.

But somehow I wouldn't do that with my own money but would spend a considerable amount for hardware and electricity to achieve something similar.

I mean what's the difference with pool mining and then betting those sats in a few years?

0 sats \ 0 replies \ @OT 13h

With a 500GH/s miner you only win about 10-15 sats per block (Ocean). You make more sats posting on SN. The only way to do it is solo mining even though it's likely never going to happen.

Someone paying for expensive equipment and spending a significant amount on their electricity bill should probably just use a pool.