Posts Tagged ‘solo mining

ethereum-solo-mining

AS requested here comes a simple guide on how to solo mine Ethereum Ether coins on a local system or within a network with multiple mining rigs. Note that at this point it is already pointless to try local solo mining with CPU only, and if you do not have enough GPU power available and you end up with some bad luck you may not be able to solve a block in a long time. Also our experience shows that geth may lockup at times when solo mining not sending new work from the current block, so do monitor your mining rigs carefully should you decide to try it. If you want to mine in a pool, then you might want to check out our other Quick Guide on How to Mine Ethereum on Windows. Before you get started you need to download the geth and ethminer Windows binaries from the link below, then just follow the instructions below:

Generating wallet address:
– Open the geth folder and run geth-console.bat to start Ethereum in console mode
– The software will need to download the blockchain data, it can take some time
– In the console type: personal.newAccount("password")
– Instead of password in the quotes above write your own password and remember it well
– In the console type: eth.accounts
– This will list your Ethereum wallet address
– To check your account balance you can type: web3.fromWei(eth.getBalance(eth.coinbase), "ether")

Sending Ether to another wallet:
– First you need to unlock your account by typing in the console the following (replace password with your password): personal.unlockAccount(eth.accounts[0], "password")
– In the console type: eth.sendTransaction({from: 'your_address', to: 'recipient_address', value: web3.toWei(1, "ether")})
– In the above code replace your_address and recipient_address with the respective addresses, the example is for sending 1 Ether, but you can change the value depending on your needs

Starting geth for solo mining:
– To listen for connections only on the local system type: geth --rpc --rpcaddr "localhost" --rpcport 8545
– To be accessible on the local network type: geth --rpc --rpcaddr "192.168.0.123" --rpcport 8545
– Make sure that for local LAN accessibility you replace the rpcaddr IP address to the one that of the machine geth is running on, the 192.168.0.123 is just an example
– To be accessible on the Internet type: geth --rpc --rpcaddr "x.x.x.x" --rpcport 8545
– Make sure that for Internet accessibility you replace the rpcaddr IP address to the one that of the machine geth is running on, the x.x.x.x in the example will not work, also make sure that the 8545 port (or another one you decide to use) is forwarded

Starting ethminer for solo mining:
– For local system mining with ethminer on the same PC that geth is running on use: ethminer -G
– For mining on a system in the Local LAN where geth is installed and running use: ethminer -G -F http://192.168.0.123:8545
– Make sure that for local LAN mining the IP address of the system geth is running on is set correctly on the miner, the 192.168.0.123 is just an example, also make sure that there is no Firewall blocking connections
– For using mining rig to mine over the Internet on a PC with geth running in your local LAN use: ethminer -G -F http://x.x.x.x:8545
– For Internet access make sure that instead of the x.x.x.x in the example you set your external IP address and that the 8545 port is properly forwarded between the external IP and the system running geth

It seems that ethpool has just stopped accepting new users due to high load on their server, they have posted the following message: “Due too the high hashrate the pool currently does not accept new miners!”. So if you still haven’t started mining there, existing users can continue using the service, so now may just be the right time to try out solo mining.

Download geth and ethminer compiled for Windows and ready to be used…

nicehash-solo-mining-functionality

The service for renting and leasing hashrate NiceHash has just announced that it has turned 1 year old and has launched a new functionality for people interested in solo mining for a specific crypto currency and testing their luck in a so called blockchain lottery. This is a great option for people that do not have a lot of hashrate to test their luck for solving a block of either Bitcoin, Litecoin or Dash (the former Darkcoin) and thus playing a sort of Blockchain Lottery. If you are lucky enough you may be able to hit a block for far less time than what your available hashrate should normally do and get much higher profit from the BTC, LTC or Dash block than for the same time spent mining in a pool sharing the profit. Do note that there is always the chance that you may end up needing more time than expected and that is why it is called a lottery, because the results depend on your luck.

You can start solo mining and trying your luck very easily as there is no need to make registration to start using the new service. You just need to point your mining software to the right stratum server, depending on the coin you want to try – Bitcoin, Litecoin or Dash and use a wallet address for the chosen coin for username along with any password. You can also add workers if you want to monitor separate status for different miners for example, all f the workers will be solo mining with combined hashrate for you. If you find a block, 99.5% of the block reward + transaction fees get generated directly at your address. The only drawback is that if you stop mining before hitting a block then you are not going to get anything and all of your time mining will be for nothing, so if you decide to give it a try make sure you either give up soon after you start or wait for a block before stopping.

To check out the new Nicehash Multi-Algorithm Solo Mining functionality…

tbdice-solo-mining-pool

If you were early on the whole Bitcoin mining thing and were one of the first adopters of the Bitcoin ASIC miners when they started appearing you may still have some devices lying around that are generally not worth using anymore for mining. Well, maybe you just thought that they are not good for anything anymore, but there could still be some use for them, or at least if you want to test your luck “playing the lottery” for Bitcoin. The concept of Bitcoin lottery device was used along the announcement of the TechnoBit DICE Bitcoin ASIC miner, probably something that the marketing at Spondoolies Tech came up with as they are the actual manufacturer of the ASIC chips used inside the device. But aside from the DICE the concept to solo mine testing your luck to hit a BTC block yourself with a Bitcoin ASIC miner that is unprofitable if you mine at a pool sharing the profit with other miners might actually not be a bad one. It is risky and the chances are not that high thus the lottery reference – you may need a few months or an year and still get no block solved, but if you are lucky and manage to hit one, then you will get 25 BTC as a reward. Depending on the ASIC miner you are going to be using your chances might be better than actually playing the lottery, so you might want to give this idea a go.

The drawback that the use of an older and low hashrate Bitcoin ASIC miner as a “lottery device” is that you need to have a system that is always on and running a Bitcoin node, so that you can point your miner at it. Also setting up solo mining operation at home might not be the easiest thing for everyone, though if you already have and used Bitcoin ASIC miners you most likely should be able to do it. There is an alternative however, you can use a solo mining pool such as TBDice that was apparently prepared for DICE miners, but you can join in with any their miner as well. The idea of this pool is that you get to mine with the added convenience of a mining pool, but if you solve a Bitcoin block you will still get the full reward minus a small fee. Then again you may also decide to run the mining pool software yourself on your own website or a PC, you can get the CKPOOL source and use it – it is freely available. Do note that CKPOOL is designed to be used as a Bitcoin mining pool, but the concept of using your mining hardware as a lottery device applies to pretty much all other crypto coins as well, so you can test it with Litecoin for example or any other altcoin.

To check out the CKPOOL code if you are interested in running your own Bitcoin mining pool…


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