Back in the day, I learned to calculate the Weighted Average Cost of Capital (WACC) to aid a decision like this.
Formula:
Primer:
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Just plug in a couple of S9's and use them as heaters, reduce the wattage by half, solo mine with one, and pool with the other.
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To be honest, I don't know much about the mining side of things. If you run a few miners, would it be possible to include your own on-chain transactions at a lower than average fee among the other transactions?
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Its possible, but good luck mining your own block. Lightning , Liquid, and good coin control are probably the best ways to reduce fees. Use lightning vs onchain whenever possible, open channels and consolidate utxo's when fees are low, swap from lightning to liquid to onchain and vice versa.
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It’s always wise to further decentralize the mining network
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Choose a PPLNS pool if you're interested in capturing current high fees, but note that payouts only happen when that pool actually finds a block. If you choose a FPPS pool, then payouts are more consistent, but estimated and may be lower than they should be during this spike in fees.
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Its something I've been thinking about recently.
High fee spikes I'd join a pool, low fees just solo mine & see if I get lucky.
I would be losing money on electricity though. So its probably best to just keep buying.
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Yes, but try mining out with rigly.io before you go buy gear . Use a pplns pool and not an fpps pool.
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just calculate...