Confused with Solo mining.

DerickBitcoinsDerickBitcoins Member Posts: 4
I was solo mining today (I just began mining) and it said 5 blocks mined all the time. I thought that that is not possible. Forgive me because I know nothing but when I checked my wallet balance it said this:

> eth.getBalance(eth.coinbase)
'2772000000000000000000'
> web3.fromWei(eth.getBalance(eth.coinbase), "ether")
'2772'

I do not know how much that is worth, but if I continue to solo mine, it goes up a lot. I tried to transfer funds but I dont think anything went through since my numbers never went down. Please explain what these things mean to me?

Comments

  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    @DerickBitcoins Sounds like you're mining a private chain. How are you staring your client?
  • DerickBitcoinsDerickBitcoins Member Posts: 4

    @DerickBitcoins Sounds like you're mining a private chain. How are you staring your client?

    I just opened ethminer program. I'm mining on a pool now but I'd still like to know how to solo.

  • retherrether Member Posts: 258 ✭✭
    There's no point in solo mining at this point unless you have massive hashing power...it can take weeks to see any ETH and there's no guarantee you'll get anything at all. I recommend staying on a pool.
  • DerickBitcoinsDerickBitcoins Member Posts: 4
    rether said:

    There's no point in solo mining at this point unless you have massive hashing power...it can take weeks to see any ETH and there's no guarantee you'll get anything at all. I recommend staying on a pool.

    I think I'm just going to mine XMR. I did the math and it shows that between my 2 computers I'll make a bout 50 cents a day mining XMR as oppose to 19 cents a day mining ETH. Unless you have any other suggestions.
  • retherrether Member Posts: 258 ✭✭

    rether said:

    There's no point in solo mining at this point unless you have massive hashing power...it can take weeks to see any ETH and there's no guarantee you'll get anything at all. I recommend staying on a pool.

    I think I'm just going to mine XMR. I did the math and it shows that between my 2 computers I'll make a bout 50 cents a day mining XMR as oppose to 19 cents a day mining ETH. Unless you have any other suggestions.
    What GPU do you have?
  • DerickBitcoinsDerickBitcoins Member Posts: 4
    rether said:

    rether said:

    There's no point in solo mining at this point unless you have massive hashing power...it can take weeks to see any ETH and there's no guarantee you'll get anything at all. I recommend staying on a pool.

    I think I'm just going to mine XMR. I did the math and it shows that between my 2 computers I'll make a bout 50 cents a day mining XMR as oppose to 19 cents a day mining ETH. Unless you have any other suggestions.
    What GPU do you have?
    GTX 960 4gb
  • otoxotox Member Posts: 41
    uhhh I gotta be honest mining with 1 card almost seems like a fools errand. But if your doing it out of just sheer learning experience I would use a pool until you get more familiar with it. I solo mine, but I have nearly 1 GHS, the problem with solo mining is you don't get anything until you find an entire block which is worth 5 ETH/ETC. BUT, and its a big but....Variance will kill you, with your hashrate with 1 card you could go days and days without finding a block due to variance. Even at my hashrate I have gone an entire day finding only 1 or 2 blocks...Pools level this out by paying you for shares committed, as the entire pool finds blocks they divvy up the earnings so you get paid more often. Ultimately the law of big numbers says you will get more by solo mining, not to mention most pools have a fee.

    I personally use Parity, and I setup my own personal open-ethereum-pool that is only for me to mine with so I can have stats and all that goodness, but that's pretty complicated.
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