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Grin Solo Mining Vs. Pool Mining with the iPollo G1 Mini – Which is More Profitable?
In today’s video, we’re going to discuss the profitability of Grin solo mining versus pool mining with the iPollo G1 Mini miner. This analysis is based on my personal experience, as well as data shared by community members who have been mining Grin for an extended period.
The iPollo G1 Mini miner is a popular device for mining the Grin cryptocurrency, which has recently gained attention after some users in the community reported that solo mining is more profitable than pool mining. This sparked my interest, as we are always looking for ways to increase profits in the bear market. For this experiment, I used data from users who have been mining Grin for at least several weeks up to several months.
Grin miner profitability
To compare the profitability of pool mining and solo mining, we first need to analyze the mining income. We’ll use two websites to estimate the mining income for pool mining: Asic Miner Value and Mine the ASIC. Based on their data, the daily mining income (without considering electricity costs) is 48 cents and 56 cents, respectively.
The total hash rate for Grin mining on the TwoMiners platform fluctuates significantly. As more miners join the network, the chances of hitting a profitable block diminish.
Comparing Profits: Pool Mining vs. Solo Mining
Using information provided by demining and New England Crypto, two experienced Grin miners, we can compare their profits with my own. Demining has three workers and hit 11 blocks in the last 30 days. New England Crypto, with four workers, hit 16 blocks in the same period.
For the iPollo G1 Mini, I hit two blocks in just over two weeks, which puts me at an average of one block every 8.5 days. Extrapolating this to a month, I would hit approximately 3.5 blocks per month. Comparing this with my fellow miners, I am not as fortunate, considering their block rates.
Now let’s analyze the profits made by pool mining versus solo mining. We will base our calculations on an average Grin per day of 7.614 with a value of 52 cents per day. During my testing period with the iPollo G1 Mini, I earned a total of 137 Grin, worth $9.36.
Comparing this with solo mining, hitting two blocks with a value of $4.07 each, I earned a total of 118 Grin, worth $8.15 during the same period. The difference in profit is $1.21 in favor of pool mining.
Conclusion: Luck Plays a Significant Role
Based on the results of this analysis, pool mining appears to be slightly more profitable than solo mining, at least for myself. However, this could change if I were to hit another block today or sometime in the future, as my luck factor is currently over 160%. This would change the overall profits considerably.
It’s worth noting that luck plays a considerable role in the profitability of solo mining. While my experience has been less fortunate, other miners have found success with solo mining. Therefore, conducting your own tests and gathering your data may be necessary to get a more definitive answer as to which method will be more profitable for you.
Considering the close profits margin between the two mining methods, an additional test with a longer testing period and more mining devices could help to generate a clearer conclusion.
Where to purchase the iPollo G1 Mini?
If you are interested in purchasing an iPollo G1 Mini, it can be found on Coin Mining Central and ASIC Marketplace. Remember to use the “The Hobbyist Miner” discount code at checkout for savings.
In summary, while pool mining seems to have a slight advantage in profitability, your personal luck and mining setup could lead to different results. Always conduct your own tests and gather data specific to your mining setup before deciding on one method over another.
What are your experiences with Grin mining?
Have you had similar experiences mining Grin, or perhaps different results? Leave a comment down below to share your thoughts and experiences with Grin mining, and let us know whether you prefer solo mining or pool mining.