How To SOLO Mine NIMIQ [NIM]

In this article we are covering how to SOLO Mine NIMIQ (NIM) on Icemining.ca — The Cool Pool

Preamble:
Pool Mining is like a Group Lottery, each Share is a ticket and you will be rewarded proportional to the amount of Tickets you had.
But if you had a Huge number of Tickets — why would you share your potential rewards? This is why you might want to start SOLO-Mining.

SOLO Mining is like mining on your own private Pool.
You receive all rewards (minus poolfees) from the Blocks you found, but you will not receive any Blockrewards of others.
As the name Implies, you are actually Mining on your own, without the help of others so this is only recommended with really Big Hashrate!

Requirements

Make sure your Miner has the abillity to set a Stratum Password as this was not possible in some older Versions, here are some known working Miners:

What mode to Mine should you choose?
This is a common Question, it boils down to the following:

DPPLNS Pool Mining:
Miners with a small Hashrate who want to earn a steady income

SOLO Mining:
Miners with a considerable Amount of Hashpower to ensure you find enough Blocks. This is usually best for Farms or Nicehash Miners.

Start Solo Mining

1. Set the Password in your Batchfile by adding (or editing) -p m=solo
(You need to do this for all workers which should Mine Solo, If you got 3 Rigs and all should be Solo, replace the passwords on all of them)
2. When you connect to the Pool using the password m=soloyou will get most of the rewards if you find a Block, but only if your ticket finds the Block ;) (See FAQ Section on fees)
3. You can Doublecheck if your Miners are in Solo Mode by checking the Workers Page of your Wallet. The Miners should be listed as “[SOLO]”

Switching back to Pool mining
To switch back to pool mining simply choose another password and start mining again!

1. Setting any other Password than m=solo will get you back into DPPLNS Pool Mining

Did I get a Reward?

You will see Rewards on your Wallet Page Listed with a blue “SOLO” in the Status section YAY!

FAQ:

Q: What are the fees?

A: Fees will begin at 2% SOLO 1.25% DPPLNS (unchanged) and will be adjusted periodically to ensure no more then 40% of the pool is using solo. As some farms move to SOLO, the overall number of blocks found will not change, and will be no impact on profits to PPLNS miners. This is because each PPLNS block will be worth more.

Q: Will I earn less as miners move to SOLO?

A: No, as some miners move to SOLO, it will mean larger but less often percentages for PPLNS miners. This will balance out. We will also adjust fees aggressively to maintain a healthy split.

Q: Why did the Pool find Blocks but I didn’t receive a reward?

A: Most likely the Block found was found in another Mining Mode.
So if you were DPPLNS Pool mining it’s likely it was a SOLO or PARTY Block where you don’t receive Rewards.
You can imagine it like multiple pools in one, where you only receive the rewards of your “Pool” (of your Mode/Party)

Q: Why didn’t I receive a reward in a long time?

A: If your Miner is showing up in the GUI and has no Errors it’s quite likely it’s the same reason as above. Your Mode probably just didn’t find any Blocks in this time.

A Work in Progress Guide by MrT with many thanks to InfiniteImp and the whole Icemining Comunity for the constructive Feedback!
Happy 🧊⛏️ Everyone =)