Bitcoin Forum

To ensure the stability and long term viability of Ozcoin it has been decided to introduce a 3% fee in the near future.
We will do a mass mail out to all members 7days before the fee is introduced, consider this early warning :)

This decision has not been taken lightly and will ensure Ozcoin's continued stability and needed development is done in a timely manner.

I would like to take this opportunity to thank all donors and volunteers that have supported the site so far, without you we couldn't have come this far :)

Best Wishes
Graeme Tee
Graet
Managing Director
Ozcoin Pooled Mining Pty Ltd
ACN:152 509 272

In some ways this is bad, but I see it as good.

I have always donated 5% of my earnings back into the pool.

I don't have alot of hash-powah (1250mh/s) and can't mine much (4-6 hours a day) compared to other guys mining and it makes me sad to see a pool that runs from donations-only have to many people mining with little donation amounts of 0.1% or 0.5% (and many with zero!)

In some ways I feel like it's the right thing to do.

I'm supporting ya Graet!

I donate 5% as I really like OzCoin and well 3% wont hurt much at all.
 
I too don't have much mining power around ~200 Mhash/sec at max, but still I don't mind donating to a pool I love to use and would love to see around for a long long time.

+1 for this decision ! It's the best thing to do to keep the pool stable !

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run?  :o

There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work :)
I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

will 3% provide VIP benefits for DGM?  I mine max and emc, too.  You would be most competitive on cost/benefit analysis... i dunno, just tinking...

no 3% will be standard fee, anyone that donates 2% on top will receive VIP
ie: 3% + 2% = 5% = VIP :)

copy of announcement email here
https://bitcointalk.org/index.php?topic=14085.msg1092256#msg1092256

The new fee is just for DGM, right?  Or will it effect PPS, too?  The current PPS fee is 5%, so will the new PPS fee be 8%?

the new fee applies to DGM
PPS will remain at 5%

Personally, I think this is the way to go, unless you want to run the pool as an outright charity.  The problem with a donation-based system is that, even if you get enough donations to cover costs, it's essentially a decency tax on those who step up and donate.

thanks
donations haven't met costs, so I have been putting my own money in
if donations had met costs this move would not have been necessary

"decency tax" I like it , never thought of it like that, but well said sir :D