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Should I setup a new mining pool for litecoin, or join another one ? It seems like creating a pool with p2pool, I can keep fee's in my wallet... But is it effective ? Or staying in a crowded pool will be more profitable ?
should I setup a pool or join one?
Answers
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It depends on your mining rate. If you think that you have a hight enough mining rate you could create your own pool. And by a high enough mining rate, I am talking about something like 200 Thash/s so you can get Bitcoins fast enough.
If you have, lets say, a mining rate of 1 Ghash/s, it will take your months, even years to mine a complete block.
So if you are alone and do not have a high mining rate, you should join a pool.
P2Pool does not exactly allow you to create a pool, its more like a normal pool than anything else. But I havent tried it so you should still take a look at it. What looks the closest to a real pool (that is in fact not a pool that you will create) is TripleMining. They work with a refference system, which mean that you have to give your personnal link for someone to join your pool. You will get 1% of their profit.
The only downside to TripleMining is that their mining rate is low, it takes them around 200 hours to mine a single block. You will get a lot per blocks, but it will take a lot of time to get your Bitcoins.
EDIT: Someone made me notice that you are talking about Litecoins. The mining work the same way as Bitcoins, just the way calculations are done is different.
OP is asking about Litecoin not Bitcoin. – Mark S. – 2013-11-28T00:13:21.290
Its the same thing for both of them, except that there are different pools. – TheBird956 – 2013-11-28T01:24:45.790
The numbers are significantly different when mining scrypt most GPU devices only output Khs rather than Mhs let alone Ghs or Ths. – Mark S. – 2013-11-28T01:30:08.463
Of course the hardware and the way calculations are done are different, but that is not the point, if someone is alone and dont have a high mining rate, its better to join a pool than to mine alone – TheBird956 – 2013-11-28T03:19:15.897
I think there is something about question that couldn't understand well... I won't mine with my pool, I'll try to promote people in my country to join me... – tanaydin – 2013-11-28T14:15:36.590
I mean I won't mine alone. – tanaydin – 2013-11-28T14:40:20.467