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 ?

  • 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 Nov 28 '13 at 14:15
  • I mean I won't mine alone. – tanaydin Nov 28 '13 at 14:40

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. Nov 28 '13 at 0:13
  • Its the same thing for both of them, except that there are different pools. – TheBird956 Nov 28 '13 at 1:24
  • The numbers are significantly different when mining scrypt most GPU devices only output Khs rather than Mhs let alone Ghs or Ths. – Mark S. Nov 28 '13 at 1:30
  • 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 Nov 28 '13 at 3:19

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