Do Bitcoin calculators give a realistic figure on pool mining

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Bitcoin calculators give an approximate correct range reward for solo mining, do they include pools, accounting your Hash rate reward share. I have not seen any pool calculators around, nevertheless their incomprehensible reward systems.

user14248

Posted 2014-03-18T18:22:44.583

Reputation: 141

Yep, just subtract a percent or two for the pool fee, and reduce the variance.Tim S. 2014-03-18T19:00:45.807

My experience is that they are quite close.4276 2014-03-18T19:46:42.973

Answers

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Regardless of whether you're solo mining or pool mining, as long as it's the same coin, your expected number of coins per day should be the same (minus a pool fee). However, the benefit of mining in a pool is that you reduce variance greatly. For example, let's say you have enough hashrate to mine 1 LTC per day on average. If you solo mine, the expected time to find a block is 50 days, but that doesn't mean you will find a block in 50 days. In fact, you might not even find a block in 500 days. It's all random. However, if you're using a pool that finds a block every 50 minutes, the probability that it goes for 500 minutes without a block is the same as the probability that you, as a solo miner, go for 500 days without a block. So you can expect more regular payouts with less risk, making the pool fee well worth it in my opinion unless you alone have 1% of the total network hashrate or something.

As for how the estimated number of coins per day is actually computed from your hashrate, see my answer here.

Tony

Posted 2014-03-18T18:22:44.583

Reputation: 1 104