Solo Mining or How to Mine Bitcoins by Yourself
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If you are on this website you probably know something about Bitcoin and how it works. A few years ago, it became such a popular issue on TV channels and on the Internet the people started to use Bitcoin more often and its price has significantly risen since that time. Therefore, many users began to think about mining as a profitable deal which could award him or her thousands of dollars. Well, if you’re thinking about mining, let’s discuss this question: How to mine coins for yourself?
Solo. Do it yourself.
First of all, you need special software for your computer. Go toand download Bitcoin client. It may take quite a long period of time, depending on your Internet connection. During the loading, your computer will download all the ‘blocks’ of all transactions, purchases, and transfers since Bitcoin was invented. There are more than 20 Gb of blocks, so you have to keep some peace of mind and wait some time. Okay, a lot of time. This is the first obstacle you face on the way to mine coins for yourself, but not the last.
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Finally you’ve got Bitcoin client and then you should start the program. After that, your computer begins to use its own processor or graphical processing unit for solving complex problems. If you are lucky your computer can solve a whole block of tasks and it gives you lots of bitcoins. That’s mining. It sounds easy, but in fact it is not, and this is the second obstacle you face.
Try your luck!
When you start mining solo, it turns out to be like a lottery. Even with GPU, your speed is probably too slow to get some return for your time and electricity bills rise while your computer tries to solve a block and get coins. Moreover, difficulty increases week by week. So, you will perhaps never see a single coin from your solo mining even if you keep your computer running for decades. PC will be just overheated, time will be wasted, and money will be thrown away for bills. You try so hard to mine but get nothing in return. Is it really so negative? Probably, yes.
Working in a pool and using fast GPU doesn’t matter, in fact. It stays unprofitable nowadays like working solo. You’re going to spend years to pay back your GPU’s cost and that period may be longer than the period of the GPU’s life. It’ll simply break down before you get your money back.
Even using a powerful, efficient, and productive ASIC doesn’t give you a high chance to win the race while working solo. You need to have a different programs for ASIC and the usual processor’s software won’t work. Moreover, there is no software for ASIC that is made for Microsoft OS. That’s why you can use only Linux to mine with ASIC.
So, why solo mining so hard?
Why is solo mining so unprofitable and hard to do? There is an explanation. There are a strictly limited amount of coins that released for mining each time. Therefore, the more people who are striving to solve a block in a pool, the less number of bitcoins becomes a pool members’ profit. The more miners in a pool, the less a member’s share is as they solve the problem together, complete it much faster, and split the bitcoins. This method works to solve the block quickly but gives a tiny profit. On the other hand, when you try to mine coins by yourself, you may be working for years without any result.
If you start mining solo and win you will get a lot of money, but the probability of that is so low that you’d be better to spend this time and money buying a lottery-ticket with much more chance to win a larger sum.
You may download the software, set it up, and start mining just for fun. You may do it to discover and understand how it works in practice. It is possible to look into and not hard to begin, but don’t think that you have any real chances to get any substantial amount of money. The time of the bitcoin rush is over.
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