Mining altcoins is fun. You get to play around with fantastic hardware like GPUs, FPGAs, and ASICs. And more importantly, you stand a chance to win a block reward!
If you have looked at enough “bitcoin literature” you’ll understand that bitcoin mining is discouraged among solo-miners.
Of course, there’s sense in that, considering that the block rewards are cut in half every 200K blocks. But simply because it is “risky” or “non-rewarding” doesn’t mean it is undoable.
But if we are talking about altcoins like Dash and Monero, then, by all means, you may go ahead and mine the altcoins from the comfort of your home.
Most of the altcoins have a high throughput, and since they are at the developmental stage, you’d easily make a profit.
Advantages of solo-mining
- It is fun. You can make your own decisions when it comes to hardware usage, unlike if you’d been part of a mining pool. Mining altcoins at home will surely make your “geekism” appear cool.
If you’re an indoors type of person, and people tease you about being a shy wanker, just invite them over show ‘em your rigs.
- Low maintenance fee. The administrative cost of mining pools are quite high, but solo-mining allows you to use a CPU or GPU, which you can manage yourself, and the only serious bill you’d cater to is the electricity.
- Sharpens your technical skills. Firsthand experience would boost up your understanding of the system, and so, solo-mining would give you the chance to “learn” the network more.
Perhaps there might be a loophole in the protocol that no one knows about, and if you come into that, you should be able to exploit it until you become a dot-com billionaire.
- You can sell your hardware. In the event that your “business” tumbles down, you can always sell off your hardware devices and move on, but the same cannot be said about mining pools because thousands of people have invested in a few “powerful” devices.
- You stand a winning chance nevertheless. Was just looking at the chances of the bitcoin network to pick a CPU miner to estimate the next block, and unsurprisingly, the chances are near zero! But think of what could be! What if you were picked and awarded the entire block share?