Bitcoin Forum

Okay I mined at only 1 mine www.bitminter.com

 two reasons I like the plug n play java client.  I was unable to set up any other working mine due to time constraints and while I have a lot of skills writing code has always been tough on me.   It also has become a good selling point for my ebay buyers as I cater to Asic miner usb stick buyers and help them set up on bitminer.com

  Bitminter.com has a 1 month contest  


  the winner gets a free knc miner a very nice prize.  I have 32gh out of 230th  or about a 1 in 7000 chance of winning the prize.    our current hash power is over 3tb going to be over 4tb by monday.     if we hash at bitminter  we could win a knc miner  no cost to enter and the pool pays close to the pools we use now.     if we point 4th  at the pool we have a 4 in 230 chance of winning the contest at no cost .



https://bitminter.com/mintrace  


 this is the contest.   I was a top 50 player on site for close to a year.  but I am more into using this coop now.

the contest runs the length of nov.  and more hash power means a better chance of hashing a block.   it would be nice to get a free knc miner.

 we don't have to make a commitment .  I do realize that we have a good pool to mine in now but I like the idea of the shot at winning the miner. 

I am feeling lucky.

Im down.

Free shinies?

I would go with the group...

lemming I guess LOL

Bitminter isn't a bad pool, and they also do merged mining... 

I'd vote no on R5/R6 with my 5 votes however.  Changing horses in the middle of the stream is always hazard prone.  Of course, if the vote goes the other way, then we'll do it - I'm just a normal shareholder in those 2 GBs just like everyone else.

Don't know how many R9-R12 shares I have - maybe 2 (?)  I'd vote them "yes" since the hashing for those Gbs is still just being finalized.

-R-

as

I have 10 shares of R12. I'd be interested in the difference of speeds. Between the pools.. Before making such a rash decision, LOL.
Regards,
Brian

Just checking in as the co-op co-leader that I both approve of this message, yet cannot and will not vote unless my vote is needed as a tiebreaker at the very end.

You can also contact me via PM if you'd like me to vote on your behalf on the matter for your shares, an honor I share for a sizable percentage in R2.

The only thing is that I'd vote at the very end of any voting period, after every available member has been given the opportunity to vote. You can reach out to public members of the rounds involved, in order to ask them to vote, if you'd like.

As always: I know and expect our co-op members to behave as adults. And I support that which helps us all safely and rapidly reach an ROI on our shared investments.

It is a month long contest so we can enter and leave at will during the month.  basically you have to hit a block to win and the block has to have the lowest number. 

 it is strictly a numbers game more hash = better chance.  contest runs until nov 30th


Verifiability: Hopefully your mining software will show if you have created a block (BitMinter client does). Your block will show with your user name in the block list. Click the height number for details. There is a link there to blockchain.info where you can see the hash value of the block both on the page and in the URL. The lowest hash value wins. Hash values are shown in hexadecimal. 0-9 is lower than A-F. A is lower than B. Pretty simple.



Current standings

Place   Name   Hash
1   bitmeme   
00000000000000005451a0d7bada8789d075077477166a33b2ddac454daf3d1f
2   mralbi   
000000000000000094d4610e3a7fc18637fdab6e1711bfb8e24e4c0c62215e8a
3   bibene   
00000000000000014f2c8f4441ad96b5e87f22ae743a7befa20c24225671c744
4   EnderX   
00000000000000018d20c1cad65b54aa535eaecf3da86d25b847a997b1ccd9f7
5   jassem   
0000000000000001a6372a6b1324b9506c38e9feced83de46d12c4e8048258ab
6   heretik   
0000000000000001b83c244e1fe407043ea68a8795b86dcdb5c7a8350691cf67
7   Hawk   
0000000000000001f630517e750c08ee4616d9d7a361920a7ef242a9a015b893
8   bass1012dash   
0000000000000002b79a70b5c114fdad0397c16e1c7097850b46fa8dc12f1b69
9   Fefox   
0000000000000003486be706ecdaf61a21025b09b0b30a30cd22d2744c54a8de
10   Maze305   
00000000000000040695e7f4f0fd11e95db8e69bee1b2c2f64d979b09784e487

So here's the thing.... I wouldn't mind doing this but only if it doesn't really impact our earnings.  We have a limited window of potential profitability and I hate to mess with that.  I need more details before I vote my 10.

I agree and since this is a 1 month contest we can wait until the next diff comes. It will be at 500 mill. lets say on the 5th of nov.  then on the 16th of nov the diff is 650 mill. 

 we can steer our hash on the 16th since the contest runs until the 30th.


better yet  the diff adjusts again on the 27th of nov.   lets say it is at 800 mill we enter the last 3 days of the contest.   our earning power will be far lower then  so less to lose.  we hash the last 3 days of the contest. In a sense it is less stressful and less risk.

  since top prize is a knc miner jupiter with 550gh hash  it would help the coop's hash rate or even just sell it for a 1 time pay off.

  look realistic thinking is we won't win  but cost is not that high to enter  and by waiting for at least 1 diff move after tues diff move.  ie join the 16 of nov  our downside is lowered since we will have more back on our investments.


The pool pays nmc btc fees are not high variance is so so they have 5 to 10 percent of the network.  auto payout can be set.

  I do agree that we don't need to do it.  We can wait a bit until we get more return .

I think this a great contest and a nice opportunity for us to gain a little extra. What is there to lose? A few minutes of income for someone to change a few parameters in the mining software to let it mine at bitminter? IMO, the prospect of winning the KnC miner outweighs the effort and almost-no-loss of joining the contest. That and, unless I've read it wrong, the fee at bitminter is only 1%, while it's 3% at btcguild.

I vote yes with my 20 votes in R11.

Anyway, I'm pointing my 120GH/s towards bitminter right now :). Might be competing with the groupbuy which I'm a part of :p.


Edit: also, the later we join the contest, the less chance we have of creating a winning block.

yeah but after the 16th diff will be more then 600 mill and our earnings are down a lot from the current 390 mill.   so enter late ( Nov 16th ) at a minimum should be pretty much an easy choice to make.  enter this week on the 5th is a bit tougher choice.

 
   if I had 4th in my pocket I would run on bitminter starting today  and up to the 30th.  but we are a group and the down side is 25 days we don't win and our earnings are  2 or 3 btc less.

 BTW we would not be sure if the earnings are less or more then if we stay with the current pool  we would only be able to estimate with an unknown error margin.    

 the reason is our shift of 4th  from the current pool to bitminter would have an effect on both pools luck and/or variance.

 So we would only be able to do a calculation est of what should happen with normal luck and or variance.

 I used to gamble a lot all kinds of games of chance and I did a lot of game theory  work for fun and /or profit.

It is why I mentioned this contest as the cost to enter is 'free' or very little or you get paid to enter.  the win is a knc jupiter .

Lets say we wait til 2 diff adjustments pass late NOV diff is at 700 mill and we have 5th in the coop. 



 at 700 mill diff 5th earns 3.587 btc  so NOV 27 28 29 30   we enter   normal luck we earn about 14.3 btc      so if those 4 days earn 13.3 btc our bad luck is 1btc down  (BTW we would never know for sure that staying in the other pool would have been better or worse since the act of moving the 5th from the original pool changes its luck)


  the  worst downside of late enter is we don't win the contest  and we lose 1 or 2 coins.
 the lesser downside of late enter is we don't win the contest and we earn the same amount of coins
 the least downside of late enter is we don't win the contest and we earn  1 or 2 coins extra.   

upside we win the contest and don't really give a shit about the coins  mined     since   plus or minus 1 or 2 coins against the jupiter are really good.

  if you do this on the 16th of NOV  with diff at 580 mill   you have a bigger chance to win the contest  but  more earnings could be won or loss  with a larger variance  we could be plus, even or minus up to 5 coins.


and lastly if we start in a day or two  we have the biggest chance to win but the up or down of the coins could be as much as 7 or 8 coins.

 for me if I had the 4tb or  5tb why not do all 26 days left.  but there are good arguments to wait until  the adjustment on the 16th of nov  or even wait until the last 2 or 3 days of the contest.  Just food for thought.

The only thing I see as a problem is Bitminters lower luck, I've never seen bitminter hit 6 blocks in a row let alone the 20+ BTCguild does in 10 hours of shifts.

Why would we lose 2 or 3 btc?

 agreed   which for a 26 day commitment for all of us I hesitate.  

For the group waiting til mid NOV or late NOV is less to lose. with the same prize at stake

 

we may not lose anything.  


   earning coins  in pool a vs pool b  

  involves luck/variance  

   so pool a  could earn more in a given period of time then pool b


lets say our current pool BTC guild    has a good day  and bitminter has a bad day   


  we were better off being in the first pool   we make 2 coins  in the second pool we make 1.8 coins since they had a bad day.

  So entering for 25 days in a row in bitminter  our coop may earn less the 25 days in a row at btc guild.

 it could earn more.    we can't tell for sure and we can only estimate if the loss or gain at either pool would be +5 or 0 or -5 over the next 25 days or even +1 or minus 1.    But as diff gets worse and the time enter is shorter we would not have very much to lose or gain on the mining end.

That's not luck, it's variance.  You will hit less blocks on Bitminter, but get paid more per block - it all averages out. There is essentially no payout difference between the top 10 pools if you mine consistently.

BTC Guild pays less per block, more frequently.
Bitminter pays more per block, less frequently.

That's what I thought. Both pools are large enough to have the earnings level out. So unless one of the pools is really unlucky for a whole month, it doesn't really matter which pool is joined. But since we have a 1 out of 50 chance to win 550GH/s mining on Bitminter, I'd choose Bitminter.

I done long price calculations of the top 10 pools and they are all very close to the same.   I have seen bitminter have great days and piss poor days as I have seen most pools have the same results.  

I really see no downside doing this from Nov 26 to Nov 30.

 I do see possible issues doing it from the 4th to the 30th ie bitminter has a long losing streak for 2 or 3 weeks.

no the chance is about 4 or 5 out of 233.

  that is about 1 or 46 or 1 of 50.  still a very nice prize and not terrible odds.

Oops :p, forgot a '0'. Edited my post. My opinion remains the same though. Our earnings are the same on each pool, but we can win something on bitminter.

I think since our hash rate is a fair size it's much more important how reliable this pool is.  You're not very likely to win the miner even with our hash rate, the likelihood is about 4%.  We should really balance that against any possible downtown, it's pretty easy for a bad pool to cost us any possible gains.
Bit minter is ok but btcguild has always seemed more reliable.
Either way I own a few shares in R11 and I'd rather stay put for now, I don't think we have to gamble here.  But if other people really wanna gamble for the miner I won't protest too much either.  

I say we give BitMinter a shot.
I have minimal shares in the rounds in question however so any loss from switching pools or luck is miniscule for me

You will lose some coins when you switch due to the way pplns works. You could have half a day of shifts before your back to full payout again.

 Thats one reason to wait a bit.  But I have to ask don't you keep getting paid from btc Guild as the average drops .   If I mine at bitminter for 24 hours in a row then my power goes out my payoffs slowly decrease  even though I no longer am hashing.   each hour they drop 1/24 until a day is up they they are at 0.   so moving out of bit minter does not cost instantly it slow reduces.

  is not that true of btcGuild?

Yes.  The shifts at BTCG are about 45 minutes long, and there are 10 active.  You would be getting paid for a decreasing number of shifts on BTCG while being paid for an increasing number of shifts on Bitminter.   It should pretty much be a wash, income wise...

R5 shares owner , Vote : No.

Ship date of won KNC miner is unknown.

I say mine now as hard as we can with current difficulty without changing the pool, my vote as owner of 10 shares in R5 is NO.