Ycash Mining : Big, Small & Solo Pools
You probably already know about mining crypto, if you have a mining rig then you certainly do, this is about ‘where to mine’ rather than ‘how to do it’.
Mining pools collect hash-power from individual miners and share block rewards between them, it sounds simple but there are some subtle things to consider.
The main obvious difference between big & small pools is the amount you can mine in a short time, but if you’re mining 24×7 it doesn’t matter very much , $0.04 per hour = $0.96 per day
Big Pools (ie: The Pacific)
These work well for ‘part-time miners’. They have a large portion of the network so find blocks quickly, but with so many miners your share of each block is a very tiny slice.
From a network viewpoint a massive pool can be a problem. Things break, downtime happens and suddenly losing a lot of miners makes transactions slow until the network adjusts. Obviously pools work hard to stay up all 24×7 and they’re good at it, but its a risk.
There’s also a chance of more sinister ‘bad things’ happening when one pool controls so much. Its obviously not in their interests to do that & those mining Ycash have a long history of behaving properly, but as the network grows its best avoided — which is why small pools are so important.
Small Pools (ie: Lake Tahoe)
Mining on a small pool is different, they have a small fraction of the network (lets say 5% or less) and find blocks a few times a day, sometimes slower.
Fewer miners on the pool means you get a bigger share of blocks found, just not as often, but when you average their payouts over several days it works out to be the same.
Small pools want to be big pools, which makes them keen to help new miners connect & encourage other miners to join. Expect them to be active on Discord, have tutorials, useful information and always adding new features.
There are plenty of small pools to choose from with different dashboards, payout schemes, apps etc. Its a tough business and they work hard to be different.
This was the first pool I tried with Ycash. I’d not heard of them before but they were very active on Ycash Discord before and during the launch — they also mined the first block.
They’ve contributed a lot, not just by mining but also helping build the network. The most visible part was setting up a download torrent for the blockchain which got so many new nodes built in time for the fork.
Luxor have a slick dashboard that auto-updates, a bit like those large displays at airports, so its easy to keep an eye on what’s happening with your rigs.
New things they’re working on include an alert system (mobile app, push notifications) and there’s an auto-exchange feature called Catalyst that I haven’t tried.
They operate a ‘PPS’ payout scheme which you don’t see very often. It means ‘paid per share’ and the pool takes the risk when its a long time between blocks, worth looking at. At the moment their pool fee is 0% so they’re obviously keen to recruit new miners.
The second pool I’ve tried — it was built from scratch which made it interesting as most pools use snomp/yiimp and develop their own front-end.
Their dashboard is clean & tidy, it doesn’t auto-update but makes up for that with more detail.
There are a few hidden gems, like how many blocks your miners has found for the pool, unlikely to happen with my puny hash-rate (‘so sad’), but maybe one day that’ll change 🙂
You can find MinerMore on Ycash Discord, they also have their own channel which is very active — lots of help for new people and development work going on. Right now they’re working on payouts to private ‘ys1’ addresses so expect that soon.
Their payout scheme is PPLNS, which means ‘paid per last N shares’. This calculates your payout based on the number of shares your miner sent in the last few hours. Its a very standard way of doing things and well understood.
As with the other small pools it takes time for them to find a block. They have around 1% of the network hash-power which makes payouts ‘lumpy’.
Sometimes it can take a more than a day to find a block, yesterday they found six in five hours.
In the long run it averages out but it can be annoying for the impatient.
Solo Mining (ie: A puddle, in your yard)
This is another way of doing it but its not for the faint-of-heart — its your mining rig versus the combined might of everyone else.
Good luck, you’re going to need it, lets do the math :-
(50sols ChileBobs Rig / 1.1Msols Network) x 100 = 0.045% chance
or put another way, 1-in-22000
Comparing that to other things that might happen :- (https://www.ranker.com) :-
Finding a pearl in an oyster 1–12000
Dating a supermodel 1–88000 (probably a lot less)
Struck by lightning 1–12000
Getting struck by lightning while finding pearls doesn’t sound likely (or fun), but if Halle Berry ever calls me back I’ll give solo-mining a try.