Bitcoin Forum

First off, I apologize for starting a new thread.

I find myself absolutely astounded at the amount of ignorance about how Bitcoin actually works. I will admit to not understanding it fully in all of its glory, but some of it isn't really that hard.

Totally ignoring any other claims about network security, here is why every miner on Deepbit should switch to another pool.


Tycho charges a 3% fee for Proportional work and a 10% fee for his Pay-Per-Share model. If any miner were to switch to a 0% fee pool,  of which there are a few, that miner would earn 3-10% more BTC.

People have the misconception that being in a larger pool guarantees you will make more BTC. This isn't the case. Having more hashing power just means that the variability of what you earn for each block will be more stable. On a smaller pool, the amount an individual earns for each block will vary more, sometimes by several bitcents. Averaged out over time, usually 7 days is all it takes, the total amount earned from each pool, if you discounted the fees they take out, would be the same.

Use the calculator at http://www.alloscomp.com/bitcoin/calculator.php (http://www.alloscomp.com/bitcoin/calculator.php).

The numbers it provides are by no means a guarantee of what you will earn forever, but they are statistically correct for the current snapshot of the network. Over a long enough period of time, if the difficulty and your MHash rate stay constant, that is the number of BTC you will earn in a given day, week, month, even year. The size of the pool you mine in has absolutely no effect on it. The only thing you're doing is giving away a percentage of your earnings for whatever services the pool provides you that you can't get elsewhere.

With the exception of Tycho's instant payout button, there is NO advantage to mining on Deepbit that can't be found elsewhere. Consider that when you decide to go shopping around for a new pool.

Even if you want stability, you should switch to some other pool. Deepbit isn't the only one supporting pay per share.

If you want a nice web site, while having a 2.2% higher payout than deepbit, go to swepool.
If you don't care about the website and want a 5.6% higher payout than deepbit, go to continuumpool.

And if you don't care that much about stability, go to one of the smaller proportional/score pools.
BTC guild is only 4 times smaller than deepbit, so you will still get rather steady payouts, and charges no fee.

People want to see their account ticker steadily growing. I can understand it. I should be soloing by all reason, but I can't really sit there and wait for a week without any report of progress, just psychologically it doesn't work for me. Now, pay-per-share is without a doubt the absolute worst thing you can do if you want to make the most money, so I'm not saying that it is a good idea, but I can understand it.

Good to know all those other pools have PPS model though, I've been telling people that deepbit was the only with that. Just another reason to consider deepbit not as necessary for newbies.

Even if you were intent on using the Pay-Per-Share model, other pools offer it for a lower fee.

Some people believe statistics are a lie apparently.

we mine their for the server stability, if ANYTHING happens he starts to fix it within 30 mins

There are people mining at ~40GH/s for http://www.compute4cash.com/ even though their fees are effectively over 50%!

All this just for payouts in USD, which is a trivial thing to do...

I find myself absolutely astounded that you think that the majority of people on deepbit have logged into the forums and read this as well as the many other posts like it and have a clue what it means.

There are instructions all over the net by now that tell people how to download a client and connect it. The ones who are smart enough to figure it out do so, the ones who aren't fail and forget about it. Many of them will probably never find their way to the forums.


And this is bordering on criminal in most western nations.

This is a wrong way to go about it to promote the usage of other smaller pools.

I agree 100%... that isn't cool.

BTC is meant to be free. People are choosing to mine in deepbit of their own free will. While it puts the currency at risk... it is much less at risk than knowing that there are whacko's BREAKING THE LAW and DESTROYING a pool that has been fairly built using the system.

I would prefer not having people like you taking part in this project.

You mean compute4cash has a total mining power of 40GH/s or that an individual provides 40GH/s to compute4cash?

One of the biggest downsides to working for compute 4 cash is that if you make > $600 / yr they have to 1099 you to the government. Income taxes! (and if you're pulling 40GH/s might find that to be a fairly steep amount to boot).

I mine for deepbit, and I'll tell you exactly why I do.

After deepbit was DDOS'd, I decided to try some other pools.

I tried BTCMine, and had issues.  7% stale shares, consistently.

I tried BTCGuild, and had issues.  Loads of idle miner times that cost me hours of mining.  Definitely more than a few percent, I would guess around 10%, but could have been way more.

I went back to deepbit.  Everything was fine, my generation was consistent, always under 1% stale shares (which are paid for anyway), it's extremely reliable now that Tycho has gone through a full DDOS attack and knows how to fight against it properly.

It is well worth it to mine at deepbit for the reliability and attentiveness of Tycho to any problems that arise.  It is worth paying an extra 0.5% to 1.5% effective fee rate in order to have 100% uptime, instead of 95%.  It just makes sense.

If you have multiple miners running on each video card at all times the idle times are meaningless. I mine two pools concurrently so I don't have these issues, while not endangering the relevance of the currency that I am attempting to acquire.

To each his own.  I'd just as soon have one reliable pool and be done with it.

REALLY REALLY close to 50%...

bitcoinwatch.com

I concur... same exact situation I faced.

I don't think they pay for stale shares though.

Stop trolling.

Links removed.

Correct.

I like BTC Guild, but the stats showed I was losing money to the idle problems versus deepbit. That's the way it goes. But things change all the time.

Just mine on two pools at the same time. Idle time then means nothing.

Bump because there's not enough deepbit threads on the main page.