Mining group idea


#1

so gpu mining is basically unprofitable at this point for low budget miners. then i had the idea that if a bunch of miners worked together to mine on a single account for a pool w/ different workers, we could essentially generate tons of LTC and use it as a group.


#2

thats what pools are…

gpu mining is still profitable with coins like zcash and monero then just trade those for btc and trade that for ltc…thats what the Groupfabric app on windows “bitcoin miner” does…it mines a scrypt coin and paysout in btc…

checkout nicehash…they pay out in btc for multiple algorithms…


#3

thats not actually what i meant. and i mean mining for people who only have one gpu. I meant if hundreds of people with single or dual gpus mine a single coin and send all the mining power to a single wallet. it sounds far fetched and wack i know. but if there was a secure way to do this, that would be great. like group voting system to where to spend the funds. such as using the funds as investment capital. and everyone wins.


#4

still…that is what a pool is…
you can add as many workers(gpus, asics, fpga’s,etc) as you want to any pool and every pool out there mines solo to one single address…then the pool operator pays out the contributing miners…

what your speaking of would be called a “low difficulty pool” and litecoinpool.org has the lowest difficulty out there as far as I know…16

you can connect your 1 gpu to litecoinpool.org and they pay per share…I mine Litecoin with my cellphone sometimes just so I am always earning something when I have my farm turned off…


#5

The only way to get paid from mining is to find the solution to a block hash that has not been found by another miner yet…and it would take a single gpu millions of years to find a block right now…so you’d need millions of people with 1 gpu all mining on the same pool…so everyone gets paid next to nothing once that block is found…if the pool ever finds one…

you need to do a little more research as to how mining works my friend…check out this link and you’ll understand what pools are and how they work and why it make more sense to mine with a pool rather than solo unless you have a lot of hashing power…

litecoinpool.org/beginners-guide

this pools pays per share meaning they pay you every-time your miner makes a correct educated guess…this is not finding a block…when a block is found…the entire pool splits the 25 coins…
a new block is found on litecoin every 2.5 minutes
so if your pool cannot find a block in that amount of time then you have a very very low chance of finding a block
solo is the same just uses a single miner or a person sets up their own personal pool for multiple miners using proxy servers…
most pools out there use a PPLNS system where you have to be mining when the block is found by the pool and then you get paid for your contribution and if you disconnect before they find a block then you just mined all that time for nothing…
which is why I recommend PPS pools unless you have a farm you can run 24/7…