I have same kind of query I hope. I am using bitmintercin my i7 laptop and once started the last updated software in my Windows PC. It is successfullu running and connected to pool too.
I want to that how I will be able to get the payment since I cannot able to add the wallet address to the batch file. May I know possible way to do that?
As long as you are mining with your user_worker name as explained on the front page of bitminter.com you will get paid. But when you mine bitcoin on a PC the earnings are so tiny that you never reach the minimum amount to cash out. Your earnings are trapped in the pool forever, so in essence you never earn anything at all. This is one of the reasons that noone mines bitcoin with a PC anymore. You need to buy a modern ASIC miner. 1000 GH/s is slow today and 14000 GH/s is currently the fastest miner for sale. |
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I can not install 2PAC BM1384 USB Stick Miner to see it in BitMinter client, can someone help me please?
It's not supported. You will need to use a different miner software for 2PAC. |
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The Programm sounds amazing. I have a question can you mine with a MacBook Pro laptop?
It runs on Mac, but computers are too slow and inefficient to mine bitcoin today. You need to buy a modern ASIC miner. 1000 GH/s is now slow and 14000 GH/s (14 TH/s) is the fastest miner for sale right now. |
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What effect will this software have on the performance of my laptop?
It will make your laptop run slowly, get hot and drain the battery. But you won't earn any coins. To mine bitcoin in 2017 you need to buy a modern ASIC miner. Your PC is slower than 1 GH/s. 1000 GH/s is slow. 14000 GH/s (14 TH/s) is the fastest miner for sale right now. |
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You need a modern ASIC miner to mine bitcoin in 2017.
CPUs had to give up in 2011 when GPUs took over.
GPUs had to give up in 2013 when ASICs took over.
Early generation ASICs that used the USB-port of a PC are now also useless.
These days 1000 GH/s is very slow and 14000 GH/s is the fastest miner you can buy right now.
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Hard to say what will happen with bitcoin cash. We'll find out.
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I don't claim to have the answers, however, as each shift/day passes where a block is not found by the pool, the value of the reward goes down significantly because nothing says that when a block is finally found, that another will be found soon thereafter like the history has shown. And with difficulty going up as much as it is, this problem seems like it will only get worse. Even if the rewards were given to every shift since the last block, as time passes without a block, the value of the reward goes down. There are transaction fees being accumulated, right? So those that fall outside of the last 10 shifts will never see those TX fees either, correct? What happens if you're 90 days out from finding a block? Wouldn't miners just start dropping off because the reward over time becomes so diluted vs a large pool that is frequently finding blocks?
Transaction fees are not accumulated between blocks. With each block we get the newly generated coins from that block plus the transaction fees from the transactions we put in that block. So we only earn anything at all when we find a block. Yes, when there is bad luck the payouts are low and when there is good luck the payouts are high. With a small pool the variance is higher. If the variance is too high then you can reduce it by splitting your hashrate over multiple pools. No, people should not leave a pool after there has been bad luck. At least not if it uses PPLNS. The bad luck is in the past. You have no way of knowing what the future luck will be like. And it is the future luck that determines the pay for the work you do right now. That is a very important part of PPLNS. You should never be able to tell anything about future payouts. Whether you get a high or low payout for the work you do right now should be completely random and not something you should be able to estimate. That was the design goal of PPLNS. That is the reason PPLNS exists at all. In the olden days many pools used the "proportional" reward method. Instead of only paying the N most recent amount of work when a block is found, it paid all the work back to when the previous block was found. Now with that reward system you CAN say something about what future payouts are going to be. This makes the proportional reward system vulnerable to pool hopping. People would switch pool at the right time and get paid more than the 24/7 miners. I don't think any pools use prop rewards anymore, except maybe some altcoin pools. So after pool hopping became impossible it was kind of forgotten. Today many miners think pool hopping simply means switching from one pool to another. You can read about pool hopping here: https://bitcoin.stackexchange.com/questions/5072/what-is-pool-hopping |
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Doc- it is fascinating how long it has been since a block has been found. What is the motivation to stay in? As each shift passes that gets disqualified for pay, I think that the payout model would have to adjust, don't you think?
With PPLNS you never know what the pay is for work you are doing right now. There is no motivation to come or go due to good or bad luck in PPLNS. You can never predict the pay for work until after it is done. How do you think the reward model should adjust? |
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You can calculate it. The pool hashrate is always displayed at the top of the webpage.
More interesting than what you get per block is what you get over time. You can use a "bitcoin mining calculator" for that. Just google it, there are many of them.
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A group of miners are planning to make a fork of Bitcoin called Bitcoin Cash (BCC) on august 1.
Bitminter currently has no immediate plans for BCC support. If you want a BCC for each of your bitcoins, your best option right now is to cash out your coins before august 1. Cash out to a wallet or service that is going to support BCC or at least where you control the private keys.
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Duration at https://bitminter.com/blocks is the time it took to find the block; that is, the period between the time this block was found and the time the previous block was found. If you want to know what percentage of the paid out coins will go to you, check your percentage of the pool's total hashrate. It won't be exactly that as hashrates vary over time, but it gives you a rough idea. If you mine on a PC you need to get a modern ASIC miner. 1000 GH/s is a very slow miner. 13500 GH/s is the fastest miner available right now. |
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BIP91 activated. All pools are forced to activate segwit now.
But there will still be a split. After a split was avoided through BIP91 some miners decided to fork bitcoin anyway and create a new coin called BitcoinCash.
Best option, if you want to have BitcoinCash coins, is to cash out your coins to a wallet where you control the private keys.
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Beware of fake Bitminter representatives Someone is pretending to be Bitminter head of marketing, showing a photoshopped “international Bitminter ID card” and pretending to sell hash rate, accepting payments through western union and to a bank account. This is a scammer. Don’t give away your money to scammers. If you already did then you’ll want to get in touch with the police. If you wired money then maybe your bank can cancel or reverse the payment. When Western Union asks you if you know the person that you are sending money to, don’t lie, they are trying to help you avoid scams. If you want to contact Bitminter; send an email to support@bitminter.com or use the contact form on the webpage https://bitminter.com |
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No problem. Yeah, I should think of some good ways to visualize what's going on even when blocks are not found for a while.
You can estimate your average earnings with a bitcoin mining calculator (google for one). That's the average earnings though. Earnings are as you say affected by luck.
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Hey Doc, it seems like it takes an awful lot of faith to get started in the pool. I learned that your individual stats don't actually show anything until the shift you participate in is completed past 100%. So, if it takes more than 10 shifts to find a block , does someone doing work in the 11th shift not get any payout for work? And judging by this date, no one in the pool has found a block since 6/27, right? Thanks in advance.
To see your work in the current incomplete shift, look at the livestats at https://bitminter.com/livestats/bigYour work in completed shifts: https://bitminter.com/shiftsYour work for all time (or since stat reset) is at https://bitminter.com/members/workersYeah, when a block is found the last 10 completed shifts get paid. This means the same work can be paid multiple times when we find blocks quickly or some work can get no work when it takes a long time to find a block. So good luck results in high pay and bad luck results in low pay. Yeah, the last block was 6/27. It's taking a while to find blocks at this difficulty. |
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Are you 100% positive that potential disruption of the Bitcoin network on August 1st won't affect Bitcoin miners ?
I am 100% positive that events in the near future WILL affect bitcoin miners. One way or another. But I don't think that's a reason to stop mining at the current time. I would have to plug in Ethernet cable into Antminer S9 and I'm averaging about 55MBPS in my house. Is it good enough Internet speed for mining Bitcoins or higher speed would be better ? Does Internet speed affect mining Bitcoins?
Mining barely uses any bandwidth. You won't notice it on your 55 Mbps. High latency can cause stale work though. If mining over a satellite connection or old 56K modem then you will have more stale work than other miners. |
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What do you think about this setup?
Antminer S9 is a fast miner. Is Bitminter software easy to setup on Windows and is it easy to use ?
The java app is for PCs and old USB-based ASICs. Modern ASICs (like S9) are stand-alone machines that don't need a PC to mine. You don't need any software other than a browser. You use a browser on your PC to configure the miner. Does Bitminter supports ASICs ?
Yes, all bitcoin mining pools support ASICs. It is completely pointless to mine with anything else. Are there any fees for pool or any other fees, if so, how many % ?
The pool pays out 99% of the coins from a block. That's the newly created coins and also income from transaction fees (very important these days with high transaction fees). After this you can pay more to activate features. This can be turned off or otherwise managed under "my account" -> "donations and perks" in the website menu. Could you just briefly give me some steps what should I do as soon as I receive it ?
To set up the hardware, you can look at these instructions: http://www.dogiecoin.com/bitmain-antminer-s9.htmlWhen you configure the S9 (using a browser on your PC), here are the pool settings: pool url: mint.bitminter.com:3333 worker: user_worker password: 123 user_worker is your user name, an underscore, then a worker name. The user name is shown in the upper right corner at bitminter.com when logged in. Your worker names are shown under "my account" -> "workers" in the website menu. As a new user you start out with a worker named 1. If your user name was John you could then mine as John_1. You could even mine with just the name John, because that worker is set up as a default worker. Such worker settings can be access by clicking the gear icon for the worker on the workers page of the website. 1 more important questions because, I'll receive it before August 1st. and there is some important news about Bitcoin.
Should I set it up before August 1st. ?
Yes. I don't see any reason to wait with mining. |
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Hello! I'm very new to mining (also it would be super cool to hear your 6 years long story about it, Doc!:), Just started to mine at BitMinter, and want to ask - how many blocks should be shown as "processes" in my workers's statistics or elsewhere in order for me to see some income in coins?
Thanks!
Welcome to the pool  Your work is registered in shifts. When someone in the pool finds a block the work in the last 10 completed shifts get their share of the coins from that block. You can see the blocks and shifts under the "statistics" menu on bitminter.com For the current (incomplete) shift see the live stats, also under statistics. |
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As we passed the 6 year mark we also hit 6000 likes on Facebook. Thank you to all who mine with us and support the pool!
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