I'd really like to set up my own mining pool, can someone please tell me what i'll need and the simplest way to go about doing this?
First you get a server, then install apache, mysql, and all of the libraries required for compiling the wallet. Then compile the wallet and let it download the blockchain. Then install stratum-mining protocol and configure it for your database, stratum port, and the particular coin you are mining. Then you will need a front end like mpos or you could write something custom. Then setup cron jobs to run scripts for payouts, calculate user shares, run maintenance etc...
If you don't have a basic understanding of linux, mysql syntax, and using error logs for troubleshooting issues you shouldn't bother. Just about anyone can get one setup using existing software but things will go wrong and you need to be able to fix them. Using pre-written software like mpos and stratum makes things a lot easier to get a pool going but if you don't understand the code behind them you will find yourself in a situation where a lot of people are upset. Sometime problems come up like payments stop processing, or the stats in the front end stop updating, or stratum stops working.
Once you are up and running, try to get in on new coin launches. It is pretty tough to get people to switch to a new pool when there are already several established ones for any given coin. Like Doge for example, there is probably no chance in hell of starting up a new pool for it. You need so much hashing power to find any blocks and people know that if they are the first to join your pool they won't be earning any coins at all.
I have been asked this question a lot and most of the people I have talked to had tried it out and then gave up. I have been pondering the idea of offering pool setup as a service but I am not sure what people would be willing to pay for something like that and if it would be worth my time.
Good luck.
