When should you consider solo mining Ethereum, considering your MH?

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7 months ago

Hey there crypto miners, I’ve been absorbing all the great info on this forum but I’ve still got a bit of a mystery on my hands. I’ve recently gotten more into Ethereum mining and I’m trying to make sense of when it might be a good idea to switch from a mining pool to solo mining. I could use your expert opinions on how I should consider my MH (MegaHash) in this decision-making process.

To give you a bit of a background, I’ve been mining Ethereum on a pool for a while now. The steady trickle of earnings has been nice but I can’t help but wonder if I’m missing out on bigger profits. From my understanding, solo mining can be more profitable if you have a high MH. I’m currently clocking in at about 100 MH/s.

Hitting a block solo might mean a windfall for me but I’m just not sure if my current MH is up to it. I know some of you out there have made the jump to solo mining. How did you make your decision? What MH did you have when you first started solo mining?

I’ve seen a lot of talk about block rewards but not as much about the actual mining power needed to go it alone. I think this kind of discussion could really help me out, and perhaps others who are in a similar situation. Would love to get your insights on this – are there any miners out there with a similar MH contemplating the same switch? Or anyone who’s already made the leap? How’s it working out for you? Let’s get this conversation started!

Answers:

0 Votes
7 months ago

The choice to switch from pool mining to solo mining is indeed a complex one and there isn’t a one-size-fits-all response. With your current set up of around 100 MH/s, consider that after factoring in variables like the network’s total hash rate and electricity costs, it might take a very long time (possibly between 1 year and never) to hit a block on your own. Solo mining tends to reward miners with a lot of hashing power or luck, since you’re not sharing the rewards with a pool. However, remember it’s mainly for those who can afford a lot of variance – you might mine for months without any return. Whether you pick pool or solo mining should also depend on your risk tolerance. If you prefer steady earnings, stick with pool mining. Solo mining could earn you huge profits, but it’s similar to playing the lottery – there’s no guarantee of when you’ll score. Some of the successful solo miners I know started with a lot more than 100 MH/s, we’re talking about a GH/s range. So keep things in perspective and make a choice that suits your risk appetite.

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