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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by ComputerGuru on Monday February 15, 2021 @03:46PM (#26147110)
This is somewhat off-topic but I'm going to ask here because it's really hard to find "trusted" information regarding BitCoin and Ethereum mining online - it seems everyone's trying to make a commission or running a scam:

Is it true that one cannot (or should not for their best interest) mine BitCoin/Eth without being part of a pool, unless one has a datacenter or warehouse full of GPUs dedicated to mining? If that's true, is there a legitimate, low-fee pool a fellow HNer can recommend? All the ones I have run into are either on Google's list of "malware domains" or are else blacklisted by my pfSense DNS blacklist because they're on the list of malicious DNS names used by crytojacker plugins and malware. I understand false positives and work around these blacklists all the time, but each of these sites feels scammier and sleazier than the next...

(Edit: It's minus 8 degrees Fahrenheit outside and I'm mainly curious to see if heating my home office with an RTX 2080 that's taking a break from ML while I'm busy with other things can generate enough heat while offsetting my electrical bill to be a more cost-effective alternative to the dirt-cheap but terribly inefficient natural gas furnace.)

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by patriksvensson on Monday February 15, 2021 @03:52PM (#26147203)
Correct, mining in a pool you are guaranteed your fair share of the mining (minus admin fee from the pool operators). Even if you never mine a single block, you get your fair share of the mined blocks by the pool.

If you were to mine by yourself, you'd get zero pay outs unless you actually mined a block. It is possible, but the odds are on par with winning the lottery.

DYOR on pools, but I can recommend f2pool (https://www.f2pool.com/) for Ethereum mining.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by gruez on Monday February 15, 2021 @04:17PM (#26147556)
>If you were to mine by yourself, you'd get zero pay outs unless you actually mined a block. It is possible, but the odds are on par with winning the lottery.

It's slightly better than that. A single 5700 xt mining ethereum can expect a block once every 43 months at current difficulty. That's still insanely high variance, but still far better than the lottery.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by patriksvensson on Monday February 15, 2021 @04:28PM (#26147694)
Interesting, that IS slightly better than I expected, at least for Ethereum. So if we treat each block being found as a lottery "ticket" and that solo miner with a 5700xt on average can expect to mine a block ("win the lottery") once every 43 months....

For Ethereum:

1 block every 15 seconds

5760 blocks in a day

172800 in a month (30day avg)

7430400 blocks in a 43 month period.

So about 1 in 7 430 400 odds when solo mining. Pool highly recommended specially because Ethereum is moving away from the current system of mining long before 43 months from now!

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by wmf on Monday February 15, 2021 @03:58PM (#26147279)
You could solo mine for a long time without finding a block. The math is fairly straightforward: your probability of winning each block is (your hashrate)/(total hashrate). Let's say you have one S19 Pro; that means you have roughly a 1 in 1.6 million chance of winning each block. There are only ~53,000 Bitcoin blocks per year so your chance of getting a block is basically zero.

In theory p2pool is trustless so you don't have to worry about sketchy operators but I don't know if anyone has used it in years.

Slush is the only old-school Bitcoin pool that still seems to be decent sized.

Being used by criminals doesn't mean anything; they want reliable and honest pools just as much as you do.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by chizhik-pyzhik on Monday February 15, 2021 @03:52PM (#26147195)
A quick google search for "biggest bitcoin pools" is helpful- https://btc.com/stats/pool

Most of the pools listed there are easy enough to sign up and start contributing to.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by shawabawa3 on Monday February 15, 2021 @03:51PM (#26147177)
The only point in mining pools is to lower variance

If I have enough hardware to mine $10btc/day it would take on average ~70 years to mine a block (worth $300000), whereas with a pool I'd get my $10/day consistently

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by saberdancer on Tuesday February 16, 2021 @07:59AM (#26153429)
You can mine solo, but you are effectively playing the lottery. If you get lucky, you'll earn much more than in a pool, but if you don't get lucky you get nothing.

And since it's effectively lottery with amount of computer power you can have at home, you're going to need to be extremely lucky.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by undersuit on Monday February 15, 2021 @05:45PM (#26148598)
A few years back I was mining Monero on 4 pieced together computers in my little 400sqft apartment with electric wall heaters. It's a bad investment to do that in my house with a gas furnace.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by MayeulC on Monday February 15, 2021 @04:33PM (#26147738)
> Is it true that one cannot (or should not for their best interest) mine BitCoin/Eth without being part of a pool, unless one has a datacenter or warehouse full of GPUs dedicated to mining?

This is false. But you'd have to be incredibly lucky to find the right hash by yourself, so profit are split, luck is shared when pooling.

Edit:. Already answered, didn't refresh before replying.

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by alisonkisk on Monday February 15, 2021 @03:49PM (#26147166)
I think the Universe is telling you something, and you know what it is.

Why do you want to be in a mining pool, instead of buying bitcoin?

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by ComputerGuru on Monday February 15, 2021 @03:56PM (#26147257)
Hahaha, point taken. Mainly as an experiment to see if heating my home office with an RTX 2080 that's taking a break from ML while I'm busy with other things can generate enough heat while offsetting my electrical bill to be a more cost-effective alternative to the dirt-cheap but terribly inefficient natural gas furnace.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by chris-orgmenta on Monday February 15, 2021 @06:26PM (#26149041)
Interesting thought.

Some calculations that make this sound viable (anyone able to verify?): https://bitcoin.stackexchange.com/a/100684

Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by wmf on Monday February 15, 2021 @04:00PM (#26147314)
For that purpose probably just use NiceHash. Sure, there's a probability that you won't get paid but it's basically free money anyway.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by TameAntelope on Monday February 15, 2021 @04:04PM (#26147367)
Because I've got this 3080 sitting around since I don't game as much as I thought I would, and I feel bad about it.
Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day... by ralph84 on Monday February 15, 2021 @04:00PM (#26147301)
Definitely a case of "if you have to ask, it's not for you"