I chose a pool and configured my wallet without doing much research. While my taking-forever-to-finish-plot is plotting, I’ve had some time to read and ponder more. I quickly realized that I should have put more time into this, but I figure better to sort it out now rather than after I start mining (and have accrued a “historical” balance?). So, some questions:
- What factors should I consider when choosing a pool? I assume the primary factors are the pool’s costs, historical vs current-block-reward payout split, and possibly website features/usability. Any other factors?
- I’d like to better understand why pools often have a historical payout. Is the motivation to provide more consistent/reliable earnings for miners, to provide a lock-in effect so miners have a disincentive to switch pools, a combination, or something else?
- Where’s an up-to-date list of pools? I’ve searched before asking, but so many of the resources I found have a last update time of over a year ago, it seemed worth asking before I start mining. Many of the pools I’ve come across are also concerningly unprofessional (pictures of girls in bikinis) suggested they’re being run by a 13 year old.
- Any personal recommendations? From my browsing so far, I’m liking https://burst.cryptoguru.org/.
- Can I switch an existing wallet (configured to use one pool) to a different pool? On a related note, when I asked for a couple burst to configure my new wallet, I received three – one to set a name, one to configure a pool, and … what was the third one for? Can I use that to reconfigure my wallet for a different pool or do I need to keep a balance of one in order to receive my first pool payout? (I’d also like to fully understand the “new wallet configuration cost” so I can be sure to send enough burst to new miners once I’m on my feet.)
- Considering solo-mining: To estimate how long it will take to forget a block solo, is the following formula accurate?
Assumptions: (a) one block every 4 minutes = 360 blocks per day, (b) netdiff is reasonable estimate for total network plot size
Let N = your total plot size in TB
expected blocks before plot contains best deadline = (N / netdiff)
expected days = 360 * (N / netdiff)
So, with a 16TB plot and a netdiff of 200,000, you’d get 0.0288 days, or a little over a month (1.16 months).
- How much additional compute power is required for mining solo as opposed to using a pool? My machine isn’t the fastest (1100 nonces/min) and it seems like in addition to checking all my deadlines each block, I’d need to verify that the pending transactions are valid as well as confirm newly forged potential blocks.
Sorry for so many questions! This is what happens when you have nothing else to do while waiting for plotting while the in-laws are visiting