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Try ‘Catch the Block’ and validate a block of cryptocurrency rewards worth over $119,578!*
Simply purchase a package on our mining marketplace, sit back, and wait for the mining round to finish. If you’re lucky, you will mine a reward of up to 6.25 Bitcoins or Bitcoin Cash, or 10,000 Dogecoins!
*Bitcoin price valued at $19,133, October 2022
Solo mining is the ‘original’ concept of mining. You validate blocks of cryptocurrency transactions with your own computing power and get a reward for your ‘work’. But mining has evolved so much that now very large ‘pools’ (groups of computing power) make it much harder for a solo miner to find a block on their own, since you are competing against much larger operations, and they split the rewards among all their miners.
This is exactly what NiceHash does. We provide the hashpower of other miners so that you can use it to try and mine a block yourself, meaning you potentially get the whole block reward, and do not have to share it with anyone!
With pool mining, many miners group (‘pool’) together their hashpower in order to increase the overall hashrate and have a higher chance of finding a block. When a reward is confirmed, the amount is split between all the miners, meaning lower rewards.
With Solo mining, you have a lower chance to validate a block, but when you do, you get a BLOCK REWARD, eg. 6.25 Bitcoins (about $119,578). The chances of finding a block are still much higher than winning a Lottery. Why share if you don’t have to?
Here you can see blocks that were recently validated by other solo mining packages. Yours could be next! Buy a package and try to catch a reward.
How to give it a try? Simply purchase a package from your solo-mining dashboard (once signed up to our platform), sit back, and wait for the mining round to finish. If you’re lucky, you will catch a reward!

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What Is Solo Mining & How It Works?

Toshendra Kumar Sharma

October 14, 2022

Cryptocurrency

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If we pay attention to the evolution of cryptocurrency mining, we will find the rapid change in the mining process. From CPU to now, it is ASIC mining. Aside from this, we can also see the variation in methods of mining members use nowadays. There is solo, pool/group, or cloud computing minings.
It is a fact that solo miners have been facing playability issues. This is because of increasing competition to offer the most excellent hash-solving power among the community. This crazy competition makes it difficult for solo miners to keep up and thrive. However, there are still many individuals who prefer solo mining. At the same time, most mid-sized and low-capital holders are participating in pool mining.
After all, maintaining and operating a mining farm takes an enormous amount of capital and resources. However, some individual miners are efficiently running their rigs. Hence, we can deem that there are multiple factors that affect the success of solo mining.
Let us look into the definition of solo mining, how it works and if it is better than pool mining.
The mining process in relation to cryptocurrencies refers to the computation of cryptographic numericals to create or mint crypto coins. The individuals who perform this process are known as miners. Furthermore, miners need high-power computers to resolve complex equations.
In crypto mining, the verification of blocks containing data and the addition of records of transactions on the public ledger occurs. This ledger is known as the blockchain. Moreover, complex encryption techniques secure the data on the ledger.
The system works as a decentralized network where cryptographic algorithms verify the transactions. Hence, there is no need for any centralized authority to oversee the system.
As we know, miners use supercomputers to perform complex numerical equations to verify a crypto coin. But the process gets interesting due to the competitiveness of the field. Here, the earliest miner who cracks the complex codes has the right to authorize the transaction.
Due to their service, the crypto community provides miners with some rewards. Once the verification process by miners finishes, the system adds new data in the form of blocks over the ledger.
Firstly, you would need a high-performing computer that can efficiently solve complex equations for hours. Further, you will need to set up a digital wallet that supports mainstream cryptocurrencies like ETH, BTC, etc. Then you can either join the mining pool to gain profits from trading or start solo mining. In mining pools, a group of miners connects their resources to expand theri mining performance.
This algorithm involves many cryptocurrencies like BTC, ETH, and DOGE. Additionally, the system assures that no central authority gets the sole power to control the blockchain processes. The mining process is important for running the crypto cycle on the blockchain.
Also, the system adds a new block only when a miner displays a new winning POW. Furthermore, this process occurs every ten minutes in the network. POW or proof-of-work works to keep users from double-spending or to mint additional coins they did not earn.
Among the cryptocurrency community, two types of mining are pretty popular: solo mining and pool mining. Let us look into both of them.
As you can guess by the name itself, solo mining implies that a single miner independently conducts and executes the mining process. These solo miners do not depend on any third party in any way. Instead, they link their mining computers to native crypto wallet clients and discover blocks.
If the solo miners complete the whole process of mining within the network, they will get a remarkable incentive. Additionally, solo mining extensively depends on the hardware hash power and the overall hash rate of the network. However, at a time when hash rate complexity was less, solo miners were earning adequate profits. Apart from this, fluctuation in crypto value and high electricity charges affect profitability as well.
The possibility of solo mining and profitability primarily rely on two elements: hardware power and network difficulty. The thing about solo mining is that either a miner
gets the solution to complex block data within a short span, or it might extend to years.
Although in solo mining, it is hard to find blocks, it can offer users the highest returns over time than pool mining can offer. However, the process will depend on multiple factors; hence solo miners must maintain their patience. But, as sometimes it takes longer to find a block, most users are drawn to pool mining to mine altcoin or bitcoin.
Hence we advise you not to go for solo mining unless you acquire enormous amounts of hash power. Another thing to note is that now miners use FPGAs in place of CPU or GPU to leverage maximum power. Hence you must do thorough research on expenses and profits you might make with solo mining.
Pool mining is a group of crypto miners who contribute their computational powers and resources over a network to enhance the chances of finding a block or completing crypto mining. Basically, members of a mining pool combine their processing power and aim to find the block at the fastest speed. In case they successfully find the block, they receive rewards in the form of cryptocurrencies. Further, the system distributes the reward amount among the members as per their percentage of contribution in the pool. Additionally, you must note that a member receives rewards only when they show the proof-of-work of transactions.
When it comes to finances, people prefer reliability and stability. Both of these concepts can be arguable in the field of cryptocurrency . But, it would be much safer to earn and trade new crypto daily than to stay uncertain for over five months or more. Though pool mining is a subject of risk, solo mining also needs a lot of patience without any guarantee of success.
However, it depends on your preference and financial capacity. In case you have millions to invest, then go for solo mining; otherwise, joining a pool would be better.
Furthermore, the hash complexity of all the famous cryptocurrencies is increasing at a rapid pace. In fact, just within a year, ETH and BTC are 30 and 4 times more complex to solve. Additionally, Dash now has 150 times more complex hash codes.
Even at the beginning of the mining industry, the majority of miners were aware that mining solo would be near to impossible. Hence, we see most of them are in pool mining combining their equipment capacities. Together they have been earning more stable and fair rewards.
However, as a pool miner, you will never be able to receive the total reward price; the more the miners in a pool, the lower the rewards you’ll receive.
Furthermore, due to the involvement of a large number of participants, the hash rate complexity is reaching an unreal degree. And, the possibility to find such a unit alone is almost zero. In fact, let us analyze the capital requirements for a solo miner to mine a bitcoin network that has a high hash rate of 1 pth per second. For this, miners will need to maintain a farm capacity of around $200k. Also, remember that this cost does not include supply and electricity bills.
Hence, with a possibility of 95%, you will need to put in consistent work for around 200 days. Then, you can find a block value and earn 12.5 Bitcoin as a reward. Note that this amount is actually very huge, so it is definitely profitable to you.
Furthermore, the complexity of this network will increase in the coming days. Hence, almost 100 times more capacity will be the standard requirement to continue the process of finding new blocks each day. This entire process will need a capital investment of millions of dollars.
In conclusion, users with adequate capital can engage in solo mining or can opt for less famous coins with lower complexity. This way, they can find the block easier and faster. However, we must consider that cryptocurrencies holding values of 100s and thousands of dollars won’t bring you big rewards in a short span. Hence, even with low complex hash rates, you’ll need to wait for years to make a remarkable profit.
However, if those coins get more prominent in the future, you will instantly become a millionaire. But, it is just a possibility, and it is better to be practical. Then again, you need to invest big money to solo mine bitcoins.
Even when you start with solo mining, you can always join big mining pools whenever you want for regular coin movements. There you can make an influential contribution and get fair dividends. To make big profits as a pool miner, make sure to invest a significant amount of money.
If you want to learn more about such topics, then joining a platform that offers a pool of knowledge on the subject would be a perfect decision. Hence, check out the BLOCKCHAIN COUNCIL ; the platform has a wide range of relevant courses and certification programs. Also, only highly qualified blockchain professionals will guide you throughout the course of your choice.
If you want to keep up with the trends of blockchain industry, join our communities on Discord , Reddit and Telegram .
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Ethereum (ETH) mining is over. All balances have already been paid. Please switch your rigs to other coins.
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Firo (FIRO) hard fork today on 12:00:00 UTC. Block reward will be reduced from 6.25 FIRO to 1.5625 FIRO.
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