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Slushs pool holds too small a market share of hashing. Slushs is only 2% of the hash power... its only going to get worse as the two or three largest hashing pools get even bigger. Ghash, BTC Guild, and Discus... Heck even Eligius are way to big. Its unfortunate that they could not have worked some more even distribution limits into the BTC math to keep it more evenly distributed. Those big ones should burn to the ground... seriously... They should all burn...
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So I have checked my router internet bandwidth usage and with my 6 miners running there is not much traffic... maybe 20-30kbp/s.
My router is upstairs and it connects into an IP over Power adapter which goes into my basement and connects to the matched box in another power outlet. The ethernet connection then goes into a linksys 24 port 10/100 switch which all of my miners connect to.
I continue to see the miners perform under their baseline rated hash rates (8GH/s each). I know that the workers screen averages over 10 rounds but they are always dropping down to 4-5GH/s. When I log into the miners GUI they all say they are running at 8-11GH/s... But the rewards reflect the 4-5GH/s and not what the miner says...
Based on the low bandwidth usage I didnt think that was an issue but wanted to check and see what you all thought... Any ideas why I might be seeing such a difference?
I am using BTC Garden Miners that are rated for 8GH/s...
Thanks in advance.
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Hey Peeps... So, as the indicator over there says, I am a noob... so... noob question time. The exchange rate for btc has dropped over $100 in the past week. it was up around $614. I know it fluctuates, but can you all help me understand what causes it to fluctuate? As all the IRS regulations about BTC affected it much?
Oh and screw the IRS... btw...
Thanks in advance!
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ARG!!! Mining_Proxy went down!!! Wont re-connect... Failure: stratum.custom_exceptions.TransportException: SocketTransportClientFactory connection timed out WTF does that mean!!!??? My whole mining setup is down! Damn IT!!!!  |
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13+ hours for the round... ugg!!!  These super long rounds are killing me!!!  |
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Its just like mining gold I guess... you have to spend money on mining equipment to dig for the gold just like buying btc mining hardware. You just hope at the end of the day that your mining equipment produces enough gold, or btc, to make it worth your while. The deeper you go into the mountain (difficulty) to get the gold the more equipment you have to buy... Its definitely not a set and forget system. You have to stay ahead of the difficulty curve and continue to reinvest some portion of your earnings to stay ahead of that curve.
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Just a reminder, ROI is Return On Investment. It does not mean Profit or Break Even. Your Return On Investment can be less than your original investment.
True, bad choice of words on my part. There were some pretty good answers provided so I thank the community for pitching in! Still tons to learn! |
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Since I just got started I'm only set up at about 42GH/s... It comes out to around .001 btc per round. Not much, but its a start. Its really helped me understand more about the whole process and whats going on.
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So at what rate are you hashing? Just want to see what levels people are at...
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ROI is just one model of thinking about mining. It is not the only one that make sense. An auto mechanic, plumber, electrician, or any skilled worker needs tools to accomplish their jobs and earn income. They have to purchase their tools upfront. While they can and do write the tools off for tax purposes, their goal is not to have a return on investment on their tools, their goal is too earn an income. They do not usually look at their paycheck and say, I haven't made any money yet because i have not made enough money that covers the cost of their tools (unless they borrowed the money but that is another issue).
Mining equipment is a tool to earn money. And unless you are amortizing the cost of mining equipment over time then you are wasting time thinking in terms of ROI. The value of equipment usually goes down over time. None of the calculators seem to be accounting for that. They keep the cost of equipment the same over whatever time period you are looking at for ROI. That is ridiculous and makes no accounting sense at all. And another thing is that the value of your mining equipment can actually either stay stable or increase based on the demand for equipment that is directly linked to the price of BTC (if it goes up, you mining equipment becomes more valuable because of its ability to always earn BTC no matter the price).
This doesn't mean you ignore the cost of mining equipment or do not factor it in to your finances. But the equipment is analogous to buying a car in addition to the tools analogy above. I get a certain value from using a car that is not directly related or impacted by the cost of the car. A car is a big money hole. It decreases in value over time and I have to keep putting money into it to keep in running in order to get the non-monetary value I get from its use.
I mine to make an income period and the rigs are the tools that allow me to do that. I do not consider recovering the cost of my tools as primary.
Great explanation! Thanks for taking the time to write that up. Thats kind of how I was thinking about it... |
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Another noob question... god I hate being a noob! lol...  Your bitcoin wallet does not have to be online for a transaction? Example: when Slush's Pool sends your rewards. Its wrapped up in a block transaction and next time your wallet is online and updates it should show there? Is that right? |
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So, I understand that over time the difficulty will continue to rise and therefore people will increase their hash rates to keep up... But is there an time in BitCoin future where there will be no more ROI for mining? How long will profitability continue?
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WTF... why did the difficulty jump up so high!  Not fair to those who are just starting... |
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Where are all the blocks!!!!  I just got my new miner online and this is killing me!!! |
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You guys rock. Thanks for helping this noob with understanding all of this...
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Can you explain what pool jumping is?
Is it when someone sees a pool has good luck with finding blocks so they jump to that pool hoping the luck continues?
Thanks in advance for any explanations.
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Great explanation! Thanks for taking the time to educate. That makes a lot of sense and kind of explains the results I have been getting. Appreciate it! Thanks again.  |
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Okay... thats the noobness showing through! lol.
What I mean is (and maybe I'm getting this all confused) is if you look at the statistics page it usually shows several blocks that are being validated and have X number of confirmations left. Is that what my miners are hashing on or do I have that all wrong?
I think I am just misunderstanding how it all works...
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I just started mining. I bought an Antminer U1 (1.6GH/s) off Amazon. I think I paid around $60 which was more than I should have... I found some later for around $40... but it got my foot in the door and helped me to figure out how this stuff all works, or at least gave me the illusion of understanding!  Once I got a little comfortable with it I bought a 5 blade BTC Garden Miner setup that runs at about 40GH/s total. I just got it up and running a few hours ago. I'm going to let that run for a few weeks to see if it measures out relatively close to the estimating calculators online. After that I plan on investing into several Antminer S1's that run at 180GH/s... So far so good... Just trying to better understand how the luck works and the best way to manage my miners. But those little USB things is how I got started... Brandon |
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Greetings All,
Forgive the noobness but I am new to all of this. It is my understanding that every time a new block is found all of the workers in my account switch to the new block. Is that correct? or do they continue to mine shares from all open blocks? Is it possible to stay mining the same block until its confirmed? Whats the best way to manage my miners?
Thanks everyone!
Brandon
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