I agree if you as a new miner begin your venture with CEX.io you are going to be bnoth unsatisfied and you image of bitcoin mining will be tarnished. CEX.io has huge up to 62% maintenance fees on their cloud mining. sometimes if the block is 1 hour or more you will find the reward on that block was less than the maintenance fees, resulting in costing you bitcoins in the end. With 30 Ghash this amount of loss could be pretty big. CEX.io is a PPLNS pool meaning they pay out on the last certain number of shares you submit in the last certain amount og time, meaning you may process and submit 100,000 shares but will only get paid for 25,000 of those shares, HOWEVER you will be charged maintenance fees for all 100,000 shares you submit, asnd this is how your reward is smaller than your maintenance fees. If you think you will be cool and point your own equipment there, you will see by comparing the reports extensively they pay you for only 50% of the work your miners put in as well. CEX is not a pool set up for new miners, hell its not a pool set up for any miners at all. this pool is set up for profit to the owners. My advice to a new miner stay as far waway from CEX.io or get that voucher and take it and trade it on another start up mining pool. like eobot who gives you some extra % of that voucher. I think maybe it is 2% more, and eobot is a great pool to learn about a lot of coins, and mine much more than just bitcoins or litecoins.

I need to check and see what it would cost me for this project.

I am looking for someone to code and set up a stratum server mining pool on a VPS that i would rent. This pool should able accessible to accept members but I will not be promoting the site as a pool for members other than myself and my friends. I just need to have the stratum server set up and accessible to me and to be mining to my wallet. I do not know anything about Linux code thus I can not organize this project myself. It will be a Bitcoin pool. You can use a pool template, I do not really care what the pool looks like I would love to have some statistics as in worker hashrates, Shares submitted and so forth. A nice basic pool would be fine. The payout structure can be a 24-hour proportional payout. Meaning your payout is based on the last 24 hours of hash you have pointed to the pool. So tracking hash would be important. (this is to be set up in case I ever do go public in the future with this pool, the work will already be done).

This project is in the planning phases so i just need some estimates from some experienced people as to what it would cost us to have a project like this set up. I will be buying the website and providing the VPS, and the Bitcoin wallet to use, I would just need someone to set up the website and the server, and explain to me where i have to put the Bitcoin wallet that is to be used.

Once this project is complete there could be future work if we decide to add a script pool to the mix. As mentioned we are all just putting this project together and need to get an idea of pricing to complete this project.


Please post in here and let me know what kind of costs I may be looking at for a SHA-256 mining pool setup. You can PM me but please post costs and other arguments public so i can let everyone see your ideas and help us to make the right decision.

You are clearly an idiot, and know absolutely nothing about bitcoin, how it works, what the phases were and now are, and what will secure its value.

Since you have posted "Overstock" a site that is helping to diminish the value of bitcoin right now, it also shows the great lack of research you have done.

I n the beginning in 2009 phase 1 was the increase of transactions, they needed these in the beginning so as the miners had something to mine THUS why faucets were evolved into the industry, they provided a network of transactions that helped build the blockchain, (FYI MORON these faucets still exist today and have probably quadrupled in amounts of them in existance thus securing your idiocized theory of needed transactions.

Why is your post so stupid an uneducated, you fail to realize places like overstock and the hundreds other online merchant sites as well as places like Dell only dump our coins for cash. they have to pay for things that require cash transactions like website fees, labor, tangible inventory to manufacture a product. they can not buy these things with Bitcoins thus they ahve to dump the coins for cash. and the more companies that we pick up, the more kids like you run out and blow all those BTC they earned in faucets this past year onb the newest video game, and what do those merchants do, sell your hard earned BTC for cash lowering the value of BTC every two weeks.

It is truely amazing how uterly stupid people really are in here.

Maybe do a block porpotional pool. meaning you get paid for the amount of average hash you put into a solved block, if you pool hop your average will lower. it would be easy to code something like this in to give you a 15 minute average, 1 hour average, 4 hour average,  6 hour average all the way up to a 1 day average. once you leave the pool it drops your average rate thus lowering your reward. So the pool leaders went from a hoppable "unfair" proportional system to a PPLNS system that is not fair to the miners but greatly profitable for the pool itself. ( you ever wonder why they went from a 1 to 2% fee on porpotional, to a 0% fee on PPLNS, cause they dont need fees when they take 1/4 to 1/3 of the block rewards anyways) There were a million ways to solve a hopable proportional system that was both fair to the users as well as the pool, but instead the pools want their cake and eat it to. I would bet my car that 80% of the PPLNS pools make more in BTC than they pay in rewards per block solved, I 100 % guarantee Ghash.io makes most of the % of a rewards a lot more than its members do

there is one thing I do not like about this pool. It seems the pool owners may be tied in with unethical business practices of their own. as all the machines I order from china have automatically been mining in this pool. I hav a feeling the owners of this pooll are in fact the manufactures of the mining equipment we purchase. When the equipment arrives at your house it is not new equipment it is wel overused and you can tell by the scratches on the casings, some of them have lower quality replacement fans used, none of the power supplies are the same. then if you get one that happens to have something really wrong like a ASIC Chip burnt out or a whole module burnt out they want you to pay for the shipping to return it to them, they wont send a new module to replace the broken one they sold you. It just seems unethical from the get go. they make hundreds of thousands of BTC mining w3ith the equipment before they sell it, then charge you full price with no discount.

I just find it very weird or VERY coincidental that Discuss pool is used for everything you purchase out of china, all testing is done on that pool. How I came to this conclusion and the real funny thing is when you get the equipment the values they used as an example to sell you the product does not match what you actually get even when mining on Discuss pool thru your own account. this tells me one thing, they are connected directly to the mining servers with no internet needed from the miner to the server, thus resulting in much higher speeds. Anyone in mining knows if you could eliminate the internet travel from the machinbe to the server your results will be much higher than someone mining thru internet 3000 miles away will get. And as no one is buying much mining equipment now you notice their hashrate has almost tripped in the past 2 months.

JMHO

Added note:

 I love how in this industry the most unethical people are getting rewarded the most and all the community follows them like sad little puppies on a string. Trust me if they were not so unethical they would thank you for not having a mind of your own and making your own decisions. there are a few pools out there that conduct themselves with ethics and honestly and payout better than Discuss and Ghash.io.

Another PPLNS pool, AWESOME Ill hop right on your 1 thash of mining power, maybe by this time next year we can solve a block where as you will make 25 BTC and I will make 0.4 BTC YEAAAAAAAA.

I do you one better and give you very valuable advise, Ghash.io/CEX.io is a PPLNS pool, meaning you get paix X amount on N shares, or so many shares at the end of a block, because of this purchasing GHS is useless sometimes as the reward is smaller then the fees associated with their cloud GHS. What this means is simple, they charge you maintenance fees on every single share you provide in each block but only pay you for a certain amount of shares at the end of the block. the longer it takes to solve a share the higher the fees and the lower the reward will be.

If you still do not understand I will try and break it down in numbers for you (these numbers are not exact but a representation of what they are doing to screw us over) if you processed 1,234,567 shares and it costs 0.00000001 per share in maintenance fees but it takes 2 hours to solve the block and you get paid for the last 15 minutes of submitted shares only. In that last 15 minutes you only processed 154320.875 and you got paid 0.00000002 per share on thieir PPLNS system your reward would be 0.00308641 but your fees will be 0.01234567. leaving you with a loss of 0.00925926. and this is how their system works but the numbers are not quite that high, there still is a loss and sometimes with high enough GHS it will be substantial. Basically the more GHS you own the worse off you are as far as mining for them goes.

Now in order to make a profit you need short blocks onlyso if you would work for 15 minutes and process 154320 shares you will be charged 0.00154320 in maintenance fees but your reward will be 0.00308641 giving you a profit of 0.00154320. I showed an example including 50% fees a lot of miners are saying their fees are actually higher at 62% so this really hurts us. In addition the fees do not equal the power they say the fees are paying for, they are making a profit even on the electricity they say they are charging the fees for.

You will also nbotice your GHS you buy from them does not work every single shift but rather works 2.2 times as much one shift and not at all the second shift again incurring unneccessary matinence fees on 2% of GHS you do not actually own. They have a very nice system in place for their pocket that does not always benefit our pocket.

SO all in all DO NOT get GHS from them its ok when  you have a lot of 15 minute blocks and 20 minute blocks its the 1 hour and 2 hour blocks that hurt you, 1 a day is enough to mess up your profit exponentially, and they have more than  1 a day

As I can see in this thread nothing has changed about these chinese unethical business practices. they need a good American ass whoopin if you ask me. I got a dragon miner, and mind you I have ordered a lot of equipment from this company so far. When the miner arrived it had a horrible power problem would overheat and shut down. Had HUGE hardware errors and rejects compared to the other ones we ordered. So i opened the case, as I am opening it I notice a lot and I mean a lot of scratches on this case top bottom sides and all. scratches everywhere. once opened what do I notice lower quality replacement fans have been installed then Oh no look at that one of the ASIC chips is not working (must be burnt out from over use or overclocking) I clean the machine up and mess a little with the module in hopes to get the ASIC to maybe register. No use closed the machine and then start it back up and see the temps are running 9 degrees hotter than all the other machines.

What does this unethical company in china do just ignore my requests. I have ordered a lot of equipment from them thru Aliexpress. what does Aliexpress do disconnect every single chat session you start as soon as you beginh to explain the seller is selling used products and advertising them as new.

Aliexpress is ran by Alibaba, Alibaba POI was why all the chinese sold their BTC and killed its value a few weeks ago. For a country whose people are so awesome at economy and finance, it seems they are quite stupid on how to secure an investment. why would purposely destroy the value of BTC when you manufacture and sell a lot fo the miners used in that industry.

All in all I need some replacement parts for this miner and would love to get about 30 people who really are ready to go to china and get our refunds. I havemy ballbat ready, and if they confiscate it at the terminat, ill grab something off their wall in china, a crow bar, a pipe hell I dont care even a damn rock because we all know china defense weapons are manufactured JUST LIKE thier miners, you have a better shot of cracking them in the face with a brick that they do of shooting you in the foot, even if they do fire that weapon it will probably shoot the bullet sideways or the gun will blow up in their face.

So if you have some spare broken dragon miners please contact me we can discuss pricing for me to purchase them.

does anyone have broken dragon miners they are selling for parts I have 1 ASIC chip burned out and the seller refuses to replace the module or the machine. When it arrived it had 1 burnt out Asic chip on 1 module, replacement fans that are slow and not of good quality and the machine overheats so I need 2 good fans and a module to get this baby up and running to max potential. if anyone has some broken dragon miners laying around i may be interested in purchasing them. Keep in mind I can get a dragon miner for 600 bucks right now so lets not try and make a fortune I am well into this game already

hello all, I need some help, trying to solomine this coin, I have some rockminers, some dragon miners and some zeus miners. None are working, the sha-256 equipment gives me a reading as if I am using the wrong equipment with this coin. It says everywhere even the pools this is a sha-256 coin but none of my sha equipment can mine it. So since the miner program gave me the errors as if i were using the wrong equipment with this algo i tried my zeus, becasue the difficulty in the wallet says 0.002 thus would mean its probably a scrypt coin with a difficulty that low, the zeus did connect yet mined nothing. It was hashing, however with a difficulty of 0.002 I would hope to get at least 1 block with my zeus blizzard 4 Mhash/s machine in an hour right?

SO what am I doing wrong here,

Added note the wallet about says its an X11 scrypt coin is this true? that would explain why the difficulty is rated in the wallet at 0.002 and why my shaminers cant connect or force the chainstate as well as why y zeus is not processing blocks.

you can take your higher fees back HOLY CRAP I tried to send 9745 IFC to my trading account and it wanted to charge me 6800 IFC in fees. What the hell is that about I mined those coins 6800 coins in fees. So i said maybe its to high of a transaction i then attempted to send 100 coins the fee was 200 IFC to send 100IFC. what are these high fees about HOLY CRAP not worth it to mine if you can only keep 1/3 of the coins you spent the electricity to mine. BETTER LOWER THESE FEES.

so heres the 9744 IFC transaction



AND THEN

100IFC transaction



And ladies and gentlemen heres the icing on the cake

a 0.00000001 IFC transaction is OVER the size limit and incurrs a 200 IFC transaction fee.



These fees are absolutely rediculous

This coin does not have infinite possibilities it has one-------> FAILURE if the devs dont fix these fees. No one will mine a coin that pays only 1/3 of the power we mine on it. SO unless you have an infinatecoinwalmart.com and powerandelectricforinfinitecoinminers.com, infinitecoinrent.com, infinitecoinwaterandsewer.com this coin = FAILURE

If this is the case this coin does not have infinite possibilities except 1 FAILURE hahahaha

I totally agree with you, and everyone has either ignored me (thru the forum feature) or continually misunderstand me when i say we need a REAL demand for bitcoin. We need ways to promote the use of the coin so people are willing to get the wallet sync it in. no one wants an online wallet since security is usually the first thing people mention, thanks to the stupid hackers who so counterproductively destroyed the investment they were hacking. You would think a hacker would not be so stupid to destroy the perfect coders dream, but sure enough they have.

We a product you can only buy with bitcoin, or products that if you buy them with bitcoins they are a good bit cheaper than buying them with cash.

Theres your new objective bitcoin developers sitting on wallets with hundreds of thousands of bitcoins , why dont you put them to good use, if you can create/maintain a code like bitcoins what is so hard about coding and setting up a good standing worthwhile merchant site for your investment.

I hope people can better understand what is really wrong withy bitcoin and the coin industry itself. A lot of companies that manufacture mining equipment do not even accept bitcoins as paymnts. That really gets under my skin when I see that. And God forbid if you ask them to accept bitcoins.

But like ehre they have people working who do not know the industry they are in, no training, no knowledge, the employee didnt even take the time to research the job he was applying for. So like the OP said how the heck did this person ever get a job as support of all things in a mining equipment company. I guess my 6 year old daughter should apply there right?

few people inolved in Bitcoins actually know what theya re doing, most of the ones that do know what they are doing, you will never see on this forum. even in here it is amazing how utterly stupid people can be.


I will give you an example of stupid people in bitcoin. I have a trainee who has been training under me for over 5 months. the other day she facebook messaged me, emailed me texted me then even went as far as calling me. She first blamed me for stealing her bitcoins. she siad she had less bitcoins when she awoke than she did when she went to sleep the night before. She said i hacked her wallet and took her coins. My reply, first maam I am not a thief, second I dont have your private key or your wallet.dat file so stealing your coins is impossible without those 2 very important things. She understood finally I did not steal her coins. but then went on and on how someone stole her coins. I was checking blockchain, and no outbound transactions were made, I also noticed her balance was the same as it was the day before, it was actually slightly bigger as a matter of fact. I then showed her that proof. she went on and on again how someone had to have taken her coins because she does not have as many, So i posted the blockchain info from a screen shot.

After a few hours of intense research and trying to see how she lost coins and who could have taken them, she then comes out with the logic she was using. It was not the bitoins that went down, it was the value of BTC/USD going down. I explained to her you did not lose bitcoins you lost cash value of bitcoins and that is because the value dropped over the weekend.

Now to better understand I have a very extensive training program to raise awareness to people that includes 3 days of trading currencies as it is one of the profitable sections of our industry. So how she missed the 3 days of currency trading and currency values against fiat i will never know.

when things are rates in Mhash they should be talking about scrypt mining, when in Ghash or Thash it will be SHA-256

to the OP always check the payouts for the pool you want to use, somewhere on the site will be the payout structure, theres something weirdf going on with that site thus I cant find the page for you. But there is always a minimum amount that can be withdrawn if it is the 0.01 BTC it will take you a about a week to collect that with 2.7Mhash. thuis you will fall into the weekly deposits that fall on every sunday. If I were you i would point my miners there on a sunday that way you get a good full withdraw when the time comes.

there is no rocket science neded to understand this consistant drop n value all year long, in the early part of the year the decreases were small and roughly monthly decreases. holding steady at the months low to months mediums, by the middle of the year as Bitcoin collected new merchants we saw the decreases becoming more steeady than the value of bitcoin. and droppi9ng every 2 weeks instead of every month. it has held that track record for last part of the year, in addition skeptics, and scared investors are jumnping out as if the ship is about to sink but not looking to see if ther eis an actual hole in the Hull. This ship is far from sinking dont get me wrong, however we need to push thye ONE demand I have finally found and find newer ways to attract both attention to the coin as well as create a stronger demand for users to adopt its use.

we do not have a lot going for us, the wallstreet investment firms loosing pieces of portfolios to bitcoin, constantly telling their clients not to invest in Bitcoin its a failure and they have no idea what bitcoin even is, the banks are watching us, we are the rabbits the bank is the lion. they need one strong step in the wrong way. the governments are being pressured by the banks and financial institutions and are also watching us to see what our goals are. we have a lot going against us, and just to few of us trying to hold this projrect together.

We need investors that tell their investment firm what they want. SCENERIO Hello i would like to invest in bitcoins , INVESTMENT FIRM, No sir you dont that is not a good investment, our answer should be I am not sure where in my statement I said I wanted your opinion nor did I ask if I should invest in bitcoin what I said was BUY SOME BITCOINS AND ADD IT TO MY PORTFOLIO. If you do not I will take all my funds out of your company and put them all in bitcoins and you will have 1 less portfolio.

We need stronger supporters, not the veterans I see alot in here who have a whole lot of lip service and very little actions or proof backing up their stories and opinions. talk is cheap veterans, actions speak louder than words. If you have 1000s of bitcoins and you think you know your crap prove it, dont expect us to just believe your holding a butt load of coins, because it makes you look both stupid and uneducated about business and investments. Use some of those thousands of BTC and do something positive for the industry.

Wallstreet, bank and government problems, we will never escape, Bitcoins will be here for a long time, and they will be making this as hard as possible. the laws they would ahve to write would be very complicated as not to interfere with outher existing virtual currency such as gaming sites who use their own in game virtual currency, it would be really hard to press virtual currency laws with the other aspects using such a currency to make money in their games. so altho they will be there, they are kind of having a hard time.

NEW YORK, the sooner people realize NEW YORK does not run the whole of the United states, and New York does not make federal decisions on the laws placed over the whole country the faster people will not get so scared of what NEW YORK is ding. SCREW NEW YORK, let them pass all the laws they ant to, those are called state laws and ordinances, and they have no effect nor jurisdiction on the rest fo the country. they will have a negative impact on the economy of New York as a whole, the things they are doing will deter new york residence from using anything within their state, meaning the taxes pools pay for the sites they pay for will not go to new york, the electricity used in mining and the taxes on that huge cost will not go to new York but another state. ALtho you can not do things in new york, that state can NOT stop its residents from going out of state and starting a mine, or a pool, or anything else related to Bitcoin. New York is doing this because wallstreet is pressuring the state government to put an end to their madness. So people APLEASE stop worrying about what "New York" is passing and doing their stupidity only effects their state nothing else in the united states is effected by their state laws

So today i got an email Naturally I just laughed my ass off as there were so many mistakes, first I do not live in the nation that they claim to be nationwide I am international for them. Number 2 they made a mistake about a Hydra and seem to need to get educated on them so they can use the example correctly.

Here is the awesome email I got today.



To the idiots who wrote this my life is worth much more than 0.187 BTC I am insulted about the low ransom you requested so i will send you nothing.

To say Short Sell is very redundant, shorting a currency is defined as selling the currency, when I go shiort I am selling when I go long I am buying. So now yu know more about currency trading lets get onto another falacy in your report. It is quite easy to obtain bitcoins for free at that. they are called faucets, bots for the faucets browser addons and proxy servers will have you owning 3 to 5 bitcoins by then end of the week. It is not as complivcated as you may think to "aquire Bitcoins"

now what your report is correct about, the banks will indeed turn bitcoins into the next Gold revolution by enlisting them in paper contracts, they are doing that with gold now and havfe been doing ti with gold and silver for years upon years decades upon decades, so yes they will find a way to short paper contracts on bitcoins that they most certainly will not have possession of. However this is not as much the banks fault as it is the investors who buy these contracts knowing full and well it is an IOU that is backed by nothing, the investors and investment firms who purchase these paper contracts already know the bank doesnt have what they are promising, as the buyer you hope th bank will indeed come thru on their promise which then takes the percentage of the blame the buyers had away from them because at the end of the day its the bank who makes the rules and they know as sure as god made little green apples they will not be buying the gold nor giving it back to the investors as they will manipulate the price of that market to fall so drastically just minutes before the contract expires so not to have to pay the investor anything if not a loss on his investment. Dont believe me look up barclays bank lawsuits on Google you will see 2 one very very recent and one just a few years back, how ironic both of the lawsuits were for doing the same thing, manipulating the price of gold so they didnt have to pay a profit to their contract investors.

Just let the banks make their own coins and stay the hell out of our bitcoin projects, we dont need their stupidity tarnishing the name bitcoin has built for itself.

The sad thing is this is perfect for the banks because they can set up their own contracts and they wont have to worry about the price becasue the contracts they sell wont effect the market like gold contracts effect the commodities market, thats a HUGE difference , now what we need to ask ourselves is "are they already doing it" what people say are "BUBBLES" may not be bubbles but the contracts the banks have sold expiring, because even gold contracts expire at the same time every year we see the price falling and fgalling and falling and everyone says Oh it does this every year, but have you asked yourself WHY? and gotten a full proof true answer and not just speculations? As a forex trader in all honesty It looks EXACTLY like what happens to the gold and silver markets when contracts expire DOWN DOWN DOWN the price goes.

Western Union for international transfers HAHA sell it to you, Not possible when put up against Bitcoin. Western union gives you the lowest absolute exchange rate they can possibly forge, then take a percent to exchange the funds, as well as charge another fee to send the funds. And a lot of countries like where i live you will also get a charge when you pick the funds up. Sometimes they charge us sometimes they dont its really weird. It does tell me that maybe there are a few unethical WU owners out there who are adding an extra fee, I dont know. however all 3 of these fees are eliminated with bitcoins Finally Someone with an apparent demand for Bitcoins. Now if only we could get this information to spread like a virus in the 3rd world countries who do most of the money transfers that would be great. Just Imagine how much money WU and other places like Xoom and Money gram make and then think even farther as to how many bitcoin could be purchased with those funds. How can we spread this like wildfire. we need buyers right now to throw this downward slump out of motion.

if you didnt already do it the first thing you should have done was contact Blockchain.info and release all the information to them.  the next thing after that is take care of it best you can. get ahold of the right people and email them with the legalities adn let them know what theya re doing is in fact wrong and possibly illegal. Depending on where they are depends on if the  certain laws will stretch all the way to them. Just because you have something copyrighted in USA does not mean you can not copy it and sell it in africa where US laws havfe no jurisdiction. Its a crazy situation that sometimes ends up just wasting time for everyone as nothing legal could ever be done.  

FYI I am not sure why you dont name them, But to be honest I dont care , its up to you, I think I like it better the way you did it to not attract any unnecessary attention to them because people like that only want attention anyways.