SOLO Mining
The name of this mining speaks for itself. In SOLO mining (also known as lottery mining) you are using you miners computing power to try and find/solve a brand new block within the blockchain. Every 10 minutes or so your miner is looking for that new block and if it find/solves one you will get the full reward from that block. At the time of this writing the block reward is 6.25 BTC (~$64,851.87 USD).
However, if the miner does not discover/solve the block there is no reward whatsoever. This is why it's also called 'Lottery Mining' because it's all or nothing.
Pool Mining
Now on the other hand, pool mining works a little differently. Instead of your miner going out and searching on it's own to find/solve a block by itself, it 'pools' its resources with other miners on the network to combine processing power to find/solve a block. When a block is found/solved the rewards are split up among all the miners by how much hashing power they contributed.
This means, the more hashing power you have, the bigger reward you'll get.
This also means there are more consistent payouts with pool mining.
However, the more hashing power you have, the higher the costs are for both the equipment you run, and the amount of energy being used to power those machines.
As you can see, there are pros and cons to both of these mining approaches.
SOLO mining has much less overhead because you don't need a ton of hashing power to find/solve a block. Does increase your chances if you have more hashing power? Of course, just like how buying 1,000 lottery tickets increases your chances of winning the lottery over buying one single ticket. But at the same time, a single lottery ticket COULD win the lottery, just like ONE hash could find/solve a block yielding the block reward.
What this course/guide is going to focus on is SOLO Mining (Lottery Mining) and how to make money selling mining contracts, also called Mining as a Service (MaaS).
The name of this mining speaks for itself. In SOLO mining (also known as lottery mining) you are using you miners computing power to try and find/solve a brand new block within the blockchain. Every 10 minutes or so your miner is looking for that new block and if it find/solves one you will get the full reward from that block. At the time of this writing the block reward is 6.25 BTC (~$64,851.87 USD).
However, if the miner does not discover/solve the block there is no reward whatsoever. This is why it's also called 'Lottery Mining' because it's all or nothing.
Pool Mining
Now on the other hand, pool mining works a little differently. Instead of your miner going out and searching on it's own to find/solve a block by itself, it 'pools' its resources with other miners on the network to combine processing power to find/solve a block. When a block is found/solved the rewards are split up among all the miners by how much hashing power they contributed.
This means, the more hashing power you have, the bigger reward you'll get.
This also means there are more consistent payouts with pool mining.
However, the more hashing power you have, the higher the costs are for both the equipment you run, and the amount of energy being used to power those machines.
As you can see, there are pros and cons to both of these mining approaches.
SOLO mining has much less overhead because you don't need a ton of hashing power to find/solve a block. Does increase your chances if you have more hashing power? Of course, just like how buying 1,000 lottery tickets increases your chances of winning the lottery over buying one single ticket. But at the same time, a single lottery ticket COULD win the lottery, just like ONE hash could find/solve a block yielding the block reward.
What this course/guide is going to focus on is SOLO Mining (Lottery Mining) and how to make money selling mining contracts, also called Mining as a Service (MaaS).