Bitcoin Solo Mining

Once the blockchain has been downloaded completely, close your wallet and open the wallet configuration file.

For security reasons never ever allow any external IPs. Only allow IPs that are connected to your private network.

Example of private IP: This is the address where your wallet will be listening for network connection and requests.

Download the mining software that supports solo mining and configure it appropriately. Your wallet is not needed actually. To solo mine using your mining rig all we need to do is connect the miner to your PC where the wallet runs.

Your WiFi router will automatically assign a local IP address for your computer and each of your mining rigs. This local IP address can only be accessed within your private network and is normally hidden from the outside world.

So it is completely safe. To know the internal IP; open command prompt. Now in the command window input ipconfig and hit enter.

Fetch this IPv4 address of both your mining rig and your PC. If you have more than a rig then fetch all of its IP address.

Next follow the steps below. Step 1: First close your wallet, then open your wallet config file and allow all those IP.

Once done, save the file and keep the wallet open. Step 2. Now in your mining rig enter the IP address of your wallet machine in the URL field of your batch file.

Save it and then run it. First to ensure if you are on right track check the block height that you are mining currently.

Mining nature is probabilistic. Is it possible to be luckier than others? Why mining is sometimes perceived as a game?

It just happens to be that mining is also a sort of a game or a competition, in its own way. And we will tell you why. The moment fortune smiles at him and one of his devices find the right solution of the block; the miner gets the reward.

They will split the reward in this case. In cases with different cryptocurrencies for each block found you get different amounts of coins. In real life, you can get lucky, and the number 6 will appear a few times in a row if you experiment.

The process of solution searching in mining is equivalent to rolling the dice, even though it sounds strange. You roll each dice once and try to get six.

Take a quick look at the bullet points below, which indicate some of the things that will influence your ability to make a profit:. All of the above factors will determine your solo mining earning potential.

Fortunately, there are now websites that allow you to enter your individual circumstances, subsequently giving you an estimate on profitability.

If you have read our guide from start to finish, you should now have a good idea of the many factors that you need to consider prior to starting your solo mining journey.

The current state of play in the Bitcoin industry is that the vast majority of block rewards are now won by the large mining pools.

As a result, solo mining is now a lot more difficult than it was during the early years of Bitcoin.

Nevertheless, if you are still keen on giving it a go, just make sure that you consider the hashing power capabilities of the ASIC device you are buying.

If it is inferior to other devices on the market, you are reducing your chances of success. Moreover you also need to consider the cost of electricity in the nation you are operating in, as this could be the difference between profit and loss.

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This is one reason why users who are new to Bitcoin or Altcoin mining scene will be advised to join a mining pool. While difficulty is one factor; inconsistency in payments is another factor.

Do not consider solo mining until unless you have a lot of computing power hash power. So research the coin thoroughly and decide for yourself whether mining solo is profitable or not.

There are some advantages and disadvantages to solo mining but in the end it comes to the type of coin you choose and the hardware power you posses.

Pros: In long run the rewards are slightly higher as there is no pool fee or transaction fee involved.

Another advantage of solo mining is that you are not prone to pool downtimes which in such case you can always setup a backup pool to your miner.

Cons: In pool mining you can predict the payouts but that is not the case when you are mining solo. You are paid inconsistently. Also there are chances in which a wrong decision can lead you to a lot of waste in time and resources.

The thumb rule is to not mine solo if your hardware is not capable of finding atleast one block in a day.

If that is possible with your hashpower then you better mine solo. Since most of the Altcoins are basically similar to Bitcoin the procedure to mining solo is same and applies to all the coins out there.