Many commercial miners visit our website, post their publications, and share their knowledge, for which our website is very grateful to them. After all, the experience of a pro helps beginners make profit from crypto coins faster, with a minimum of pitfalls, of which there are many in the crypto space. This article is related to Solo-pool, and the famous miner Mikhail Korolev shared his knowledge with us.
Solo mining is the extraction of crypto coins using exclusively your computing equipment or rented one. If you find a solution to a block, you get the coveted coins; if you don’t find it, you don’t get it—is it really that bad? We have previously published an article about the operation of a mining pool. If you haven’t read it, we recommend that you do so, the article is on our website. And today’s blog is devoted to examining the work of solo mining using the example of the popular Ethash algorithm. We emphasize that all the information from this publication is applicable to all crypts. New digital crypto coins also work absolutely identically.
What is meant by Solo mining pool?
It is possible to mine solo through special solo nodes. Or open your SOLO pool. It's more difficult, but worth it. If you are inexperienced in setting up pools for cryptocurrency mining, it is better to pay a commission (±1.5%) to a working pool project and get a one hundred percent functioning, promoted option. As a bonus, you will be rewarded with advanced statistics that you can use to analyze your own mining. Remember that in Solo mining, high node speed is important. And if the node is located on a low-power server, or it has poor connectivity and ping with other pools of the crypto network that you are mining, the income will be weak, and this is to put it mildly. 2CryptoCalc.com. We also recommend looking at the network results.
What is Solo mining pool
SOLO can be mined through special SOLO pools or you can deploy your own SOLO pool, which, of course, is more complicated. If you do not have experience in setting up mining pools, it is more profitable to pay a commission (±1.5%) to a ready-made pool and get an exactly working solution. A bonus for you will be advanced statistics that you can use to analyze your mining activities. Also, do not forget that in solo mining the speed of the pool (node) is very important. That is, if the node is located on a weak server or has poor connectivity and ping with other network nodes of the coin you are mining, the results may be weak, to put it mildly.
Before starting solo mining, you need to calculate the probability of finding blocks with your power. To do this, we recommend using 2CryptoCalc.com and looking at network statistics. For example, here are the statistics of Ethereum Classic (ETC)
Source: 2Miners.com
SOLO mining calculator
We propose to consider the feasibility of mining in Solo Mining Pools for a power of 3000 MH/s (3GH/s) - the number of 12-13 farms of 8 powerful cards. To do this, you need to go to 2CryptoCalc.com, turn off every extra algorithm that is not needed and enter 3000 in the Ethash field.
If you want to mine classic Ethereum, in this case the calculation turns out that the mining equipment will bring 9 ETS coins per day. If the system finds a bonus on the Ethereum Classic network, it will be as much as 4 coins. And there is no need to analyze transactions and commission percentages now. There are other articles that talk about these points. Let's conclude: in all likelihood, we will find a couple of blocks in 12 hours and get 8 coins. There are not very good days, without blocks at all. In successful cases - 3 or even more.
If the power of the equipment is less than 3000 MH/s, we recommend choosing the Metaverse ETP or MOAC coin. Sometimes even with 10,000 MH/s it is more expedient to mine MOAC. After all, a good result depends on the high power of computer technology, the network load and its unit of measurement. So, by the way: experienced “coin hunters” choose one cryptocurrency every day for mining, and mine for a variety of indicators. We propose to consider an example with the MOAC crypt. Let's take 3GH/S as an example, with which you can get up to 80 digits per day. More precisely, 1 MOAC block – 2 crypts. What is the result? The conclusion is this: per day we find 40 blocks and get 80 coins.
In your opinion, which option is more reliable: 2 ETC blocks or 40 MOAC blocks per day? If you chose the second option, that's correct. MOAC mining in Solo with a capacity of 3GH/S is much more reliable. But if you are a risky miner, believe in luck, you can try your luck. Moreover, ETS can bring a lot of money. If you find 3 blocks a day, you will be in big trouble.
Based on practice, solo mining of a light crypto coin with a powerful rig increases profits. We write based on experience on Ethereum Classic, MOAC, Metaverse ETP crypts. If you look at the indicators of the difficulty graphs of these coins, you will understand that mining ETS is easier than ETH.
There are many more unpopular crypto coins based on the Ethash algorithm, mined in Solo. Dubaicoin is the most common. You need to be careful with such crypts, since their rate tends to change sharply, and the complexity of their networks changes spontaneously. But the income from them is good. Unfortunately, due to the lack of popularity of these coins, exchanges may cease to operate. Think Cryptopia.
We have deviated a little from the topic, let's return to Solo Mining Pools. The video cards of your equipment monitor the network and look for blocks and send them to the pool. Each correct decision received by the pool is a reward in the form of a coin. In a SOLO pool, this bonus is fully received by the miner whose card found the correct option. If it so happens that a joint pool occurs, the reward will be divided in half among the entire list of miners accordingly. Based on the power, everyone will receive their share.
If you are inquisitive and like to learn new things, you probably looked at which miner found the solution to the block on large Solo Mining Pools. As a rule, these are miners who operate on a large scale. But such miners on joint pools share rewards. And even with digital currency hunters who have low-power video cards installed on a gaming computer device.
Reward for finding cryptocurrency blocks
For example: in the Zcash network the reward for a found block is 10 coins or $700, in the Ethereum network — 2 coins or $420, Ethereum Classic — 4 coins or $24, MOAC — 2 coins or $1. Information on block rewards for various cryptocurrencies is available on 2Cryptocalc.com
Source: 2CryptoCalc.com
You need to understand that finding blocks in these networks requires different powers. Let's say 3000 MH/s can find solutions to 2-3 blocks per day on the Ethereum Classic network or 40 blocks on the MOAC network. In Ethereum, you most likely will not be able to find a block in a week.
Time intervals for searching for a block and crypto coins on the network
It is worth discussing not only the complexity and measurement of units, but also the average time to search for a block that determines the correct calculation of income. We have already found out that you can view block times in the cryptocurrency network statistics or blockchain explorer. Many newbies wonder about the importance of knowing this time. If you read our publication about difficulty and hashrate, then you know why. If not, we repeat: when cryptocurrency miners take a long time to find a block, honor reduces the difficulty, which makes it possible to find less difficult blocks.
If you want to start mining Solo, you don’t have to have your own power for this; you can rent it on Miningrigrentals.com or Nicehash.com. Rest assured, practice shows that SOLO miners are lucky. We advise you to register and mine on 2Miners. Interesting and important information, instructions, and updates are regularly published here.
How to view cryptocurrency network statistics
If you open the cryptocurrency of interest on the 2Miners pool and click the Network button, then you will be taken to a page that shows in real time all the data of the selected cryptocurrency network. Here you can see how and by whom the blocks are located, what time is between the last ones, how much gas is in the blocks, and so on.
Source: 2Miners.com
A little information about the author of this publication – Mikhail Korolev
Mikhail became a miner two years ago, in 2022. One of the co-founders of 2Miners. I first became acquainted with crypto coins during the formation of the final bullrun and purchased my first video cards. I collected several mining farms, set them up, and then began writing articles, sharing my own knowledge. Thus, an informative web resource 2Bitcoin was created.
Mikhail helps beginners and already experienced crypto miners. I shared my experience of ordering ASIC miners and video cards from China. Wrote mining results with readers. There are a lot of publications about anti-miner MC9, anti-miner D4, Ethereum, overclocking Nvidia, etc.
How does Solo Mining work?
As the name suggests, this is a type of mining where 1 miner solves the blocks independently. With solo mining, users mine cryptocurrency without relying on third-party systems such as mining pools. That is, instead of connecting to a pool, solo miners point their mining hardware to their local wallet client, such as Bitcoin, and begin searching for blocks.
Solo miners are people who own a large amount of mining equipment and do not require the help of other miners to solve a block.
Alone, users connect to their own software (wallet), which contacts the coin network to request work. This work is a continuous process, and after the work is completed successfully, the newly found block will be published to other nodes.
The miner will be rewarded for completing this task. This type of mining is profitable and more reliable than pool mining because the block rewards are credited entirely to the miner. But how efficient is solo mining compared to pool mining?
Pros and cons of solo mining
Solo mining has its advantages and disadvantages, but in the end it depends on the type of coin you choose and the power of your hardware.
Pros: The rewards will be slightly higher in the long run as there are no pool or transaction fees. Another advantage of solo mining is that you are not associated with pool downtime, in which case you can always set up a backup pool for your miner.
Cons: In pool mining you can predict payouts, but this is not the case when you mine alone. Since solo mining is based on luck and since the network is dynamic, you cannot predict your mining rewards. You are paid inconsistently. There is also a possibility that a wrong decision could lead to a lot of wasted time and resources.
The main rule of solo mining is to not do it unless your hardware is capable of finding at least one block per day. If this is possible with your hashrate, then you are better off mining cryptocurrency solo.
Which coins to choose for solo mining
Today, in order to make a profit in solo mining, it is necessary to mine only cryptocurrencies with low capitalization or new, still little-known ones. A single miner cannot cope with the extraction of popular cryptocurrencies (for example, Bitcoin or Ethereum) - the equipment does not have enough power.
Experienced solo miners often (sometimes even daily) switch from mining one coin to another, taking into account a lot of indicators and choosing the most profitable cryptocurrency at the moment.
An increase in profit comes from solo mining of simple coins using large computing power. Little-known coins (for example, Dubaicoin, BottleCaps, etc.) are suitable for this purpose.
But you need to be careful, because coins with low popularity are characterized by sharp price fluctuations and frequent occurrence of problems on the network. But if you are lucky, you can get very high profits from such coins.
