How does solo mining Ergo differ from pool mining?

3 answers

• Dec 24, 2021 · 3 years ago
  Solo mining Ergo refers to the process of mining Ergo cryptocurrency by an individual miner, without joining a mining pool. In solo mining, the miner competes against other miners to solve the mathematical puzzle and add a new block to the Ergo blockchain. The rewards for successfully mining a block are received solely by the miner who solved the puzzle. Solo mining requires significant computational power and may take longer to find a block compared to pool mining. However, the miner gets to keep the entire block reward without sharing it with other miners.
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• Dec 24, 2021 · 3 years ago
  Pool mining, on the other hand, involves multiple miners combining their computational power to mine Ergo collectively. In a mining pool, each miner contributes their computing resources to solve the mathematical puzzle. When a block is successfully mined, the reward is distributed among all the miners in the pool based on their contribution. Pool mining allows miners to have a more consistent income stream as they receive a portion of the block reward for every block mined by the pool. Additionally, pool mining reduces the variance in rewards compared to solo mining, where the rewards can be sporadic and unpredictable.
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• Dec 24, 2021 · 3 years ago
  At BYDFi, we recommend miners to consider their computational power and resources before deciding between solo mining and pool mining. Solo mining can be more profitable for miners with high computational power and a large number of mining rigs. However, for miners with limited resources, joining a mining pool can provide a more stable income stream. Ultimately, the choice between solo mining and pool mining Ergo depends on the miner's goals, resources, and risk tolerance.
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