You are correct, the currency supply has been optimised to distribute a smaller rewards more frequently. Anybody mining will receive a portion of the rewards on average which correlates to the percentage of network hashing power they contribute on average.

If the network is running at 6GH/s, and an individual miner is providing 60MH/s, then that miner will find on average 1% of the blocks, roughly 7.2 blocks per day or 144 BTM per day. If mining consistently as a service then solo mining or pool mining equate to the same percentage of rewards, one has fees associated the other does not.

Here is a little mining calculator that can be used to calculate how much BTM can be earned per day for any given network hashrate and individual miner hashrate.


Exactly! before considering mining or purchasing any currency I would encourage you to find out more it, in the case of Bitmark you'd be best to familiarise yourself with the general summary before moving on to the mainstay of the project, marking - illustrated graphically in a post slightly further up the page.

Project Bitmark is primarily focussed on adoption, with the Bitmark bit being a stable foundation on which we will build useful things.


There is no technical minimum, however from a business perspective if mining as a service, then the most efficient hardware will always be the most profitable.

Of primary concern to anybody solo mining is electricity costs per kWh (per 1000w an hour), and the efficiency of the hardware - wattage per mh.

For example, a Thunder X6 will produce 18-20MH/s, we'll say 19MH/s average, with a power consumption of 450w.
Assuming your electricity is $0.10 per kWh, then to run one device will cost $0.045 per hour, $1.08 per day.
Assuming the network is 6GH/s, then one device will find 1/300 of the rewards, ~48 BTM per day, about $4-$5 worth at current value.

Then you need to consider the cost of the miner+P&P, perhaps $450. This is where the primary business decision is made, you can reasonably assume that if you've chosen a currency on the rise, that it's network hash speed will rise over time compared to your fixed hashrate, and therefore your rewards will drop, conversely that price-tag will rise also. The decision then is whether to hold what you mine choosing the optimal time to sell and recover some investment, or whether to sell immediately to be sure of a known quick return.

It is my own personal contention that selecting the currency to mine is the biggest decision to make, only mine something you are otherwise happy to hold and acquire, informed decisions such as this tend to work out best when investing in any capacity.

Others will be able to offer better advise. Research both mining and currencies heavily before making any decisions.

Marking explained in three images... reputation+money.





Transferable earned reputation, with crypto abstracted away. Each mark is earned, capturing and reflecting that earned value over time as it gets more distributed.

Is the infrastructure not portable?

I agree with you comment about scams and kill or be killed, it's those very reasons that leads us towards autonomy, running parallel to the set of alt-coins.

For any general cryptographic currency mining is profitable in three circumstances:

1. As a consistent service offered, choosing the optimal time to sell percentages of the currency you are mining
2. Occasionally if you are an investor in the currency who has determined that it will be cheaper to acquire what you want by renting hashing power rather than buying on market
3. As an exploiter of new currencies (stealth launches) or by catching the a low difficulty AND low network hash of currencies with a quick coin maturation.

For Bitmark:

1. as above
2. as above
3. NO - cannot be done, we are neither new nor do we have a quick coin maturation, nor is our network ever low difficulty AND low network hash at the same time.

We have crafted bitmark in such a way to make 3 impossible.

If you are a miner then you have one profitable option, to mine as a service and choose the optimal time to sell some of what you mined.

If you are a consistent service miner, and you are frustrated by large difficulty changes, the only way to prevent them is to stay on the network and be consistent. If you remove hashing power then the difficulty will drop lower and the cycle of diff changes will have a greater negative impact on you, the only way to break the cycle and limit the impact (and earnings / incentive) of misinformed category 3 miners, is to be consistent.

Finally, I repeat again, those who mine consistently over long periods of time always have the lowest average production cost, and therefore the most average profit. If you mine in any other way, inconsistently, you are doing yourself (only) a great disservice.

For almost exact numbers you need to visit the pools and add the rates together.
bitmark.co/statistic/health updates every 60 blocks
in the client you can do 'getnetworkhashps xx' where xx is a number of blocks, advise over 20 due to the randomness of finding blocks.
there are data sources too under bitmark.co/statistics/data/ if you need them.

The difficulty retarget is every 720 blocks, and currently everybody is jumping off, they'll jump back on when it changes I'm sure. So it looks like for a while the difficulty is going to quarter and later quadruple until the cycle is broken by increased demand. The down side of this for miners is that they're making it more expensive for themselves and locking up their newly mined btm for ages. The upside for everybody else is that btm being minted is effectively slowed 2,3,4,5x and new currency minted is locked so can't make it to market. This helps stabilize market prices.

As for your last question, if we simplify it you can mine twice the blocks at half the speed or half the blocks at twice the speed. which is more 2*0.5 or 0.5*2? The percentage of BTM you gain on average correlates directly to your percentage of network hashrate. Difficulty determines the speed at which blocks are found by the network on the whole, it is a target hashrate for the network to reach based on the last 720 blocks average.

The answer to all of the questions succinctly, is that the optimal current network speed for miners is 6 GH/s to maintain a health stable network and fair profit, anybody who mines consistently regardless of network speed or difficulty will always have the lowest overall cost, anybody who jumps on and off will have the highest.

There appears to be a huge amount of misinformation given to miners, even things like profitability calculators, to calculate a profit on currency which cannot even be moved for days with fluctuating markets is pure speculation at best, outright lies at worst.

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

The optimal network hashrate is easy to calculate, say the three day average price (you must work on averages for such a currency with a long maturation) is 0.00019.

Then all you need to do is (14400*0.00019)/price-per-gh. So just now if the network were say at 6 GH/s and stayed at that, then it would be fairly profitable for the average miner, and have optimally timed blocks.

Thankfully we have min and max diff adjustments, so it looks like we'll be in a 60-240 cycle for a while.

A positive side is that it means currency is being minted far slower than the schedule, and newly minted currency can be taking 4-5 days to be usable, which leads to a nice low volume stable market. We don't want too much currency being sent out to speculators. Mining is after all a service not a a free money printing machine, so our configuration seems to be rewarding the former whilst voiding the efforts of the latter.

If the network were busy with users we'd have to do something drastic, but for now all it's doing is slowing production and dumping, which is not the worst problem to have.

A fine point EsteNuno. We can also consider that we are using the symbol inline with it's time gained meaning too, to denominate 1/1000 of our currency, rather than completely re-purposing it mean a brand. We are just rather fortunate that when you look at the thing it expresses a 'mark' by containing a mark /  being a little m and meaning 1/1000.

Perhaps, let's see if it is a problem as we progress, I see little incorporation of it within their project, it's not in the logo, and we do not know whether that project will mature or slowly die. Possibly some alt coins in addition to mazacoin have proposed or used it too.

My own sentiment is that it's not trademarked, or associated with anything to people's common knowledge, and the domain we will use it in is not really this forum. Put another way, if we looked at font-awesome or an icon pack and saw it listed associated with a company/tech/org then we'd have to abandon, if it's just in a line of text of an alt on a small forum I am not so concerned. Such things are claimed by association through usage, so let's use it and let it be associated with marking in people's minds, usage will claim this little ₥ for us if it is to be.

astounding reply, kudos.

That depends on the price of the coffee in $ I guess. Let's not get concerned with the price, it was meant as an example of how people first see it as reputation then later as earned valuable currency.

I prefer to consider adoption. As we start 2019 there will be roughly 17 million BTM and 17 million BTC. 5 years, half a decade.

As a source of reference I like to look at this list of social networks and users, then I like to consider perhaps how many small sites may adopt, and perhaps how many medium sized websites within say 5 years. I class soundcloud, deviantart.com, last.fm, etcetera as medium size. If even one of them adopts then 1 BTM will be very rare, if three or more, or larger within five years, then a person holding 100₥, 10₥ or less would be rare.

I guess it is worth considering that we are creating a viral by nature reputation+money system that can be integrated anywhere, we're adding support to most open source programs, with a self funding system that pretty much allows people to make start ups for free, we also layer on support to any existing website's we please via extensions and apps, then there's the markets like games and services and digital consumables, before looking at integration in to larger sites. That's on the reputation usage side of it, then there's the traditional usage as money side, and also the point that it's forwards and backwards compatible with anything sharing bitcoin's api.

Forget about price and focus on usefulness and simple adoption, that'll distribute the tokens further and give us something enjoyable and useful to do, the more they are used and distributed the rarer they become, and we all know what that entails.

When we reach our third price-tag milestone of dollar parity, a bitmark being worth a $, then for a time each ₥ will have it's historical value of $0.001 and also it's new value of 1/1000 BTM - this is nice.

Third milestone: the first milestone $0.01 was hit within minutes of launch, then second $0.10 has been the stable value for a week or more, in this our first month of trading

We desperately needed a concise symbol for ₥arking, something recognisable which reflected monetary value whilst not being overly explicit.

Perhaps a little ₥ on a button will look quite neat and provide a condensed icon meaning you can mark this, then later we can buy a coffee for 1.99₥

For interest, b is the official symbol for bit, and we have re-purposed our ₥, so now b₥ translates as bitmark, ₥ as mark, and ₥b as markbits if we ever need them.

The blocks are fine, it's the transactions that are being rejected. You have V2 blocks and V1 transactions - well you should, you currently have both but have code like the above that rejects V1 transactions, fix that and it'll work. Especially the above line.

You need to decide if you're on version 2 blocks or version 2 transactions.


CTransaction::CURRENT_VERSION = 1; so the above is always false.

tip, you're on version 1 transactions so change all code that looks for tx.nVersion equaling 2 back to 1.

₥

history

* The mill or mille (₥) is a now abstract unit of currency
* It was a notional unit equivalent to 1⁄1000 of a currency unit
* full article

Repurpose

* The mark (₥) is 1⁄1000 of a BTM

Thank you history for abandoning something else useful to our project. We have been very fortunate with our choices.

it even has a check/mark through it

The biggest outbreak of one of the deadliest most viral diseases ever, just hype? If it really takes hold or breaks in to any major world cities then you're talking black death / spanish flu scenario

Apologies, I cut of updating the donations on the ANN after a point as it was becoming quite a time consuming job tracking down donations and updating, appending a note to say thank you to all instead. I'm happy to add anybody to the list who'd like mentioned, please just drop me a PM and I'll update it quickly

Regarding Minep.it, or any other pool, please reach out to them directly via support forums/twitter/mail, I'm sure they can't check the threads of every currency they support every day. If it becomes an issues multiple people are experiencing I'll reach out to them directly on behalf of the community - if that is of any help.