SOLO Cryptocurrency Mining - Your Own Bitcoin Lottomat As you probably know you can mine bitcoin either in a group (pool) or on your own (solo). In this guide we will show you how to calculate your chances of hitting a block and explain how to start solo mining on your computer. Hitting a block depends on three parameters: the difficulty of the network, our computing power (digging speed), luck! Since the digging process itself is completely random, there is NO guarantee that our calculations will actually meet reality. The number of possible combinations solving a given block is huge, and the total pool is astronomical. So we can only use the probability of hitting the block, there is never any certainty that we will dig up the block. The most popular method is to indicate the 50% chance of hitting a block of a given difficulty with a given power. This means that the calculated time is the average value of the time needed to convert half of all possible (available) hashes for the given difficulty. The solution can of course be in the "other half" and digging will take accordingly longer. Additionally, on average every 10 minutes we have a new set of data to calculate (another block comes into the network) so there is a chance that we will never hit a block. It's also worth to look at the time of creating new blocks - sometimes it's seconds and sometimes even tens of minutes, so there is as small chance that we will never hit the block as there is that we will hit it in a few seconds after connecting the copier. The calculations are fairly simple. The total number of hashes for a given difficulty D is: x = (D * 2^48) / 2^256 Assuming a 50% chance of hitting with the power M given in h/s (hash per second, not GH/s or TH/s!) the time in seconds will be obtained by counting: t=(0.5*x)/M We can also shorten the calculations and get an approximate but quite accurate time result for a 50% chance: time [s] = (difficulty * 2^32)/power [H/s] So with 400GH/s at our disposal at a difficulty of 40`300`030`327 we get 4.327×10^8 seconds or about 5008 days for a 50% chance of hitting the block. So how do we calculate the chance every 10 minutes? We divide 30`000 (50%*600s) by the time and get the result in %. In the above case it would be 0.000`069`332`1% or about 1:1`442`333 For comparison 6 in totka is 0,000`007`2% (1:13`983`816) (3 draws per week), so we have much more chances. What do we need if we decide to dig solo ? The full Bitcoin Core client the ability to add an extra option in the cgminer configuration of your copier (most copiers allow this) The Core client must be fully synchronized, and you need to create a bitcoin.conf file in your data directory containing at least rpcuser=AnyName rpcpassword=AnyPassword daemon=1 If you don't have a bitcoin.conf file you have to create a text file and save it in Core data directory (standard under Windows: %appdata%/bitcoin/ , under Linux ~/.bitcoin/). Option you have to add in cgminer (or in GUI of your digger if there is such option) -btc-address 1OurWithdrawalAddress Depending on your machine we can use GUI or we have to edit cgminer configuration file or script that will run cgminer in our machine via ssh. Without this parameter the miner will not dig solo on the local Bitcoin Core! By default Bitcoin Core listens for RPC commands on port 8332, the entire invocation line will look roughly like this: cgminer -o http://127.0.0.1:8332 -u WhatsName -p WhatsPassword -btc-address 1OurAddressToWithdraw For excavators with a built-in GUI: Pool: http://127.0.0.1:8332 (or 127.0.0.1:8332) Pool Worker: Any name Pool password: Any password Option (here the parameter name can be different depending on the excavator): -btc-address 1OurAddressToWithdrawal Of course, instead of 127.0.0.1 we enter the IP address of the computer on which we have Bitcoin Core running. For example, if you have a 192.168.0.x home network where Core runs 192.168.0.2 and the copiers have addresses 192.168.0.110 and 111, you would give cgminer on the copiers 192.168.0.2 and allow Core to retrieve data from other computers by adding a line to bitcoin.conf rpcallowip=192.168.0.* The "*" stands for any number, meaning any computer on our network will be able to connect (knowing the user/pass data from the .conf file). But what if our copier doesn't allow us to add an extra parameter to cgminer or it's too complicated? Ready Solo Pool We can also use the "solo pool" run by the author of cgminer Con Kolivas (ckolivas) available at http://solo.ckpool.org/. There is a 0.5% fee for this pool, but it allows you to configure your miner without any problems (no -btc-address option required). We enter our withdrawal address as username and whatever as password. The cgminer configuration would then look like: cgminer -o stratum+tcp://solo.ckpool.org:3333 -u 1OurWithdrawalAddress -p x If you use the GUI built into the excavator: Pool: stratum+tcp://solo.ckpool.org:3333 Poo
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