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Author Topic: Mining within a pool or solo?  (Read 4330 times)

Forgeit

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Mining within a pool or solo?
« on: June 14, 2014, 11:02:46 AM »
I've heard that it is better to mine with a group of people in a pool as opposed to trying to mine solo.  There is  a quicker return for your work when you are in a pool sharing the rewards.  Where mining on your own could take months to see a healthy reward.  Anyone familiar with mining in pools.

Monee2

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Re: Mining within a pool or solo?
« Reply #1 on: June 15, 2014, 02:14:04 AM »
Mining in a pool instead of solo does mean you stand the chance of making bitcoins sooner, since what is mined by the collective group is shared.  In the long run you could stand to make more money solo.  I guess it depends on your patience.

Tinybit

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Re: Mining within a pool or solo?
« Reply #2 on: July 03, 2014, 02:49:46 AM »
If I join a pool of miners, is the mined bitcoin allocated evenly to all members?  How do I know if the person running the pool is going to distribute the bitcoins or keep them him/herself?  There is nothing regulating the bitcoin market and no recourse if someone rips you off, so it seems to be a bit of a risk.

Overbit

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Re: Mining within a pool or solo?
« Reply #3 on: July 30, 2014, 04:23:25 AM »
How does the pool sharing work?  Is everyone doing their bit mining then it's put in a collective pot and distributed between the miners in the pool?  Who does the distribution, is it the organization or a selected miner?

Doza

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Re: Mining within a pool or solo?
« Reply #4 on: July 30, 2014, 04:44:09 AM »
I believe it can vary.  Some pools divide the payouts based on the amount of 'shares' you have submitted, i.e. how much of the work you can prove you have contributed.  I guess you'd have to look at a few different ones and decide based on their conditions.  My brother dabbled in this a while back and was trying to get me on board as well but I didn't have enough time back then.  I might re-look at it now, as even though you share the reward you still tend to make more profit than by mining solo. 

Jason

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Re: Mining within a pool or solo?
« Reply #5 on: October 06, 2014, 03:51:28 PM »
I didn't realize that there were different types of mining.  The pool one sounds the quickest way to make bitcoins, although mining by yourself means you get all the bitcoins without having to share with other workers.  I wonder if you need to be extra careful what pool you decide to work in?

 


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