Solo Mining

With help from our Noderunners friends in the Netherlands, we can solo mine with their solo mining pool, which charges 0 in fees. So if you're really lucky and find a block, the entire block reward plus transaction fees is sent to the Bitcoin address you've chosen.

Below is what you need to get started. If you have questions or run into challenges, feel free to ask in the Enogtyve Telegram group, where we of course also talk about mining. Open the group here: Enogtyve Telegram and Mining

What is solo mining?

Solo mining means that a single miner tries to find a block without sharing the block reward and transaction fees with others, as you otherwise would in a regular mining pool. You can of course solo mine with several mining devices to increase the probability of finding a block.

Without using a mining pool, the miner has to run a full node themselves, which involves maintaining a synchronized blockchain, handling network connections, ensuring sufficient bandwidth, and minimizing latency to broadcast newly found blocks quickly.

Many choose a solo mining pool to avoid this technical challenge. The pool provides a node, servers, and optimized infrastructure, which reduces latency and ensures faster block broadcasting. At the same time, the miner keeps their individual competition to find blocks and receive the entire block reward.

Solo mining can be compared to a lottery, where every hash a miner generates acts as a ticket in the draw. The more "tickets" a miner has (higher hash power), the greater the chance of winning — but it's still a matter of luck. A solo mining pool makes it easier to take part in this "lottery" by handling the technical infrastructure, without changing the actual probability of finding a block.

Different miners also have varying efficiency, measured in joules per terahash (J/Th). A more energy-efficient miner uses fewer watts per terahash, which reduces operating costs (electricity consumption). More efficient miners — that is, lower J/Th — typically also mean a higher purchase price.

For hobby miners, small devices like the BitAxe have become very popular, and although these small miners have a very low hash power, they're a good way to learn about mining. They have low power consumption, help secure the Bitcoin network, and although the probability is minimal, they still give you a small chance of winning the lottery.

Setup

*If you have several miners and want to name them, you can add a "." after your Bitcoin address followed by the name you want to give it. E.g. bc1qtyuca2x6twkgcg66tqhmem24386fm6078c9pqv.bitaxe1

Statistics

Alternatively, you can use these:

Get a miner

Remember that you can often get a discount by entering the discount code "enogtyve" at checkout.

Other tools

Services and tools that can be useful in connection with Bitcoin mining.