Over 3 weeks have passed since we implemented customizable auto-mining in Coinotron. We have gathered enough data to do some math. Obvious question was how much more profitable is auto-mining when we compare it to standard BTC mining.
First of all results: by using auto-mining you can gain 14% more coins than mining only BTC!Now I will try to explain methodology.
Assumptions:
1. We use real data based on work of real user connected do Coinotron pool between 2011-09-09 03:49:04 UTC and 2011-09-13 11:12:56 UTC.
2. During that period all 3 user’s workers were set to auto-mining mode
3. As a result user has mined for BTC, I0C and SC
4. Because of 120 confirmations needed before withdrawal we assume that user has been withdrawing coins 2 hours after block was confirmed and exchanging them immediately at
i0exchange.bitparking.com (i0coins) or
btc-e.com (solidcoins).
5. In order to mitigate factor of luck we will compare our results to results of hypothetical user connected to deepbit pool in PPS mode (0.00002563 BTC per share)
Calculations:
User submitted 18425 BTC shares, 12257 I0C shares and 31429 SC shares
If he had submitted those shares to deepbit he would gain: 1.59190493 BTC
(62111 shares*0.00002563BTC )
If he had used our auto-mining workers he would gain: 1.81650273 BTC
0.47223275 BTC for 18425 BTC shares * 0.00002563BTC
0.33642704 BTC for 12257 I0C shares
1.00784295 BTC for 31429 SC shares
1.81650273 BTC / 1.59190493 BTC = 1.141
We where interested how delaying in time i0coins and solidcoins exchange to BTC will affect results:
Delay Profit compared to deepbit PPS
0 hours = 1.145 ( theoretically )
2 hours = 1.141
4 hours = 1.140
6 hours = 1.132
8 hours = 1.126
10 hours = 1.131
24 hours = 1.053 ( not bad )
So it is clear that there is no need to rush to exchange with every alternate coin received from pool
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