What is SOLO Mining?

09/02/2024

SOLO mining is a method where a miner operates independently, searching for and adding new blocks to the blockchain without the assistance of other pool participants.

When solo miners find a block, they receive the entire block reward without sharing it with other miners. The reward for the block goes solely to the miner who found it.

Difference Between SOLO Mining and Other Mining Types

When you mine in SOLO and find a block, you get the entire block reward for yourself without sharing it with other miners, as with PPS (Pay Per Share) or PROP (Proportional).

If you think of mining as a lottery, SOLO mining is like buying a lottery ticket with your own money and keeping all the winnings for yourself if you get lucky. Team mining (PPS, PROP, PPLNS) is like pooling resources to buy one ticket with friends and sharing the winnings among everyone.

Advantages of SOLO Mining

The main advantage of SOLO mining is that the entire reward goes to you if you are lucky enough to find a block. It's like finding a treasure in your backyard without sharing it with anyone else.

Found a cryptocurrency block? All reward is yours; there is no need to share with anyone!

Disadvantages of SOLO Mining

Drawbacks of SOLO mining include the need for significant equipment investments and high volatility due to the unpredictability of block founding.

Imagine you want to find a treasure alone. You would need to buy all the necessary equipment for the search; there's no guarantee you will find anything. And if you do find something, it might take a long time.

  • Need a lot of "shovels": SOLO mining requires a lot of powerful equipment.
  • SOLO = Casino: You may not find blocks for a long time and not receive rewards. Or you might get rich quickly.

How to Mine in SOLO?

If you want to try your luck or have substantial computing power, you can mine SOLO on Kryptex Pool!

  • Choose a coin on the Pool that supports SOLO mining.

  • Add the prefix solo: to your wallet address, making it solo:wallet_address.

  • Start mining on the Pool. Your worker on the Pool will receive a label with solo.

  • If you find a block, you receive the entire block reward to your balance.

IMPORTANT! If you mine SOLO, the pool doesn't guarantee you will find a block and receive a reward. It all depends on you, your equipment, and your luck. The Pool only pays you your coins if you find a block.

Questions and Answers

What is EFFORT?

Effort is the computational power or time you contribute to the blockchain network in an attempt to find a new block. This value is measured in percentages.

In SOLO mining, the EFFORT value represents your luck and is independent of the pool or other mining participants.

The average operating time for finding a block is 100% Effort.
If you spent less time searching for a block, you were lucky, EFFORT is below 100%.
If you spent more time searching for a block, you were not lucky, EFFORT is above 100%.
Only when a block is found the EFFORT value could be definitively determined.

Is SOLO Mining More Profitable Than Pool Mining?

SOLO mining can be profitable for those with a lot of computing power, multiple mining rigs or ASICs, a high hash rate, and a willingness to take on a high level of risk. It's crucial to carefully analyze the current market situation and the potential profitability of mining a specific cryptocurrency.

It's similar to deep-sea fishing, where a large catch is not guaranteed but possible. The more fishing rods you have, the higher the chance one of them will catch a fish.

Can You Find a Block with a Single GPU, CPU, or ASIC...?

Yes, you can. Any share you send to the pool could be the solution to a block. Any mining equipment can potentially find a block.

A block solution is a share that meets all the requirements set by the network protocol (for example, the block must have a specific hash, or the share must have a certain difficulty). Once such a share is found, the pool sends it to the network. If the share meets all the network requirements, it becomes a block added to the blockchain. The miner who found this block receives a reward for their work.

The more shares you send, the higher the probability that your share will be the solution to a block. That is why having a high hash rate is crucial for SOLO mining.

The higher your hash rate, the higher the chance you will find a block, but the chance will never be 100%, just as it will not be 0%.

Is It Worth Trying SOLO Mining?

The choice between SOLO mining and mining on PPS/PROP/PPLNS pool depends on the miner's individual preferences, resources, and risk tolerance. It's essential to weigh all the pros and cons before deciding.

  • If you have a single GPU, CPU, or ASIC, we recommend mining on regular PPS or PROP Pool. This way, you are guaranteed to receive a reward for your work.
  • If you are an experienced miner with multiple mining farms or ASICs, know the risks of SOLO mining, and want to hit the jackpot, why not? Everything is in your hands!

Is SOLO Mining on Your Node Better?

There's an opinion that solo mining on your node is better, more profitable, or increases the chance of finding a block.

Indeed, you can independently set up a node on your server and create your private mining pool exclusively for yourself. In this case, you'll receive the block reward and avoid paying a 1% fee to the pool.

However, you will need to assemble a powerful PC that must run 24/7 (it doesn't have to be your mining farm), update the node, and ensure its operational status. If anything goes wrong, no one will be able to assist you. You'll be on your own.

As for luck, your node doesn't increase the chances of success. The blockchain remains the same, and all network participants' chances of success are equal. So when you hear, "I find blocks more often on my node," it's nothing more than the luck at a specific moment.

Need Help?

Do you still have questions regarding SOLO mining?
Are you unsure if SOLO mining is the right choice for you?
Experiencing difficulty connecting to mine SOLO?

Contact support — we're happy to assist!

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