We will see the pros and cons of solo mining in this article. This is indeed a question that often arises, namely whether it is possible to mine tranquillou alone at home.
Well, if you only want to mine, you certainly have questions, I imagine. Do you want to mine without going through mine pools? Well, first of all know that it is very possible.
To understand solo mining, you first have to know what cryptocurrency-mining is, huh. So here is a little theory for you before I come to the heart of the matter about the benefits of mining alone.
Reminder of what cryptocurrency mining is:
Simply put: miners are the ones who solve difficult mathematical calculations to “block” the blockchain. By solving these comparisons using their machines, blockchain transactions are validated. It is therefore thanks to minors that the blockchain can register and validate the various transactions. These transactions of the type ‘Jacques sends x bitcoin to Paul’ are therefore forever recorded in a kind of digital ledger (which therefore forms a blockchain – the blockchain).
To make a little theory, the Blockchain is just a set of blocks that each contain information about the transaction data. Each block contains a comparison and is solved by miners. To solve this mathematical problem, a miner must use a lot of computing power (graphic cards or ASIC).
If the minced meat that is available for a miner is sufficient, he works alone or joins a mine pool and receives a part of his contribution (depending on the computing power he has, therefore).
I know that I have just summarized the miner’s work to the limit, but I hope it will be sufficient and clear enough.
So let’s see what solo mining is and how it works.
Cryptocurrencies only mining: how does solo mining work?
Cryptocurrencies only mines: As the name suggests, this only means that you will only mine. In other words, you are going to mine without going through mine pools.
A mining pool is a group of miners who, so to speak, work together in the same collective mine. In other words, they combine all their computing power to have a better chance of easily solving a block. Because again, by solving the mathematical problem, “we are extracting a block”. When the math problem is solved with the help of a ‘pool’, the profit is thus shared with all members of the pool. This is of course shared in proportion to the computing power of minors.
If you want to mine cryptocurrencies yourself, you don’t have to join a mining pool with other miners. In fact, and in theory, a solo miner restores all winnings without having to share the winnings with the miners in the pool.
😎 Of course, those are only mines than people who have large mining equipment and do not need help from other miners to solve a block.
Mining alone is therefore absolutely very beneficial, because if the miner succeeds in solving a comparison, he does not have to share his profits. It is much more profitable because the miner then receives the full reward from the block, the equivalent of 12.5 bitcoins! Yes !! I have 16 bitcoins.
– >> Also note that the mining rewards are halved (this is called a halving) every 4 years. So in 2020 the reward for cryptocurrency mining will be 6 bitcoins. This is also the reason why the price of bitcoin is expected to rise. Read More...