@jimmy24651 said in Solo mining... patience is a virtue? ...or... am I doing something wrong?:
On the give-me-coins web site, when I look at statistics, I show that I have solved 44 blocks, but I have only been paid out 1,200 coins. Ok, my math was a little off, but the point is still made.
Oh my. TMI warning:
“Blocks solved by you” doesn’t mean you get the entire 40 coin block reward when you’re in a pool; this simply means your rig happened to hit the hash that that solved those blocks. You are awarded your share of the work in hashing any given block, just as all the others in the pool are, based on their hashrates.
Some other user with the same hash rate as you may have “solved” more blocks, but got the same number of coins. See my example below (it was when block reward was 80 coins): 9*80 = 720 coins. I received 837.4 coins, but my rig didn’t hit as many “solutions”. Doesn’t matter. That’s the point of being in a pool.
Pools work through a share algorithm, the most common being PPLNS, or “pay per last N shares”, which I think give-me-coins uses.
Solo mining means your rig tries to solve every block before time’s up (1 minute), and submit it before someone else does, in order to get the most coins over time versus pool mining. Luck plays a larger part in solo mining, and is evened out over a much longer period of time/blocks, whereas pool mining evenly distributes the reward based on overall work done on each and every block.