One doesn't just Bitcoin into mordor

Please take your time to read up on how mining and pools actually work.

There are many threads on this forum section that detail how it works.

Bare in mind that this pool is still small. Which means that you will not get or see a balance instantly.

The website is being actively worked on - if you got any suggestions that has NOT been mentioned in the thread - make a new reply, mail info@bitcoins.lc or come in to #bitcoins.lc at Quakenet on IRC.

Could you name a single pool which calculate per hash rate?

As far as I've seen, most pools use the amount of shares one has submitted divided by the total amount of shares needed to solve the block.

Your calculation, based on what you've written here - seems totally off.

Why are you even basing your calculations on your supposed hashrate? It's all about the shares of work contributed.

If you're uncertain that the calculations are correct - I'm fully confident jine will take a look and fetch information on how many shares you contributed and show you the calculation.

There will be better clarity as soon as the new miner overview is done, which will show you how many shares you've contributed and all other kinds of statistics.

Do not forget that it will take years, to mint all of the 21 million full coins.

The idea is that the transaction fees is to be an incentive to keep working for the Bitcoin network, when the 'kick start incentive' is gone.

'Estimated balance based on your amount of shares on the current block that we're working on' has been suggested earlier, and might pop up. It's on the projects todo list. You have to understand that there are a lot of things being worked on.

I do not personally like this, since it brings false hopes. And just watching this thread, there's very few who actually understand or have a few clues on how things work. Maybe it'll ease their minds, maybe it'll piss them off seeing the estimation go away without the balance updating.

You are correct in that it takes a while before you'll see your balance update. The pool must first solve a block, then wait for it to actually bring in spendable cash.

This is currently a small pool - which means there's no margins or buffers. I would guess the larger pools have buffers, so that they can have an even more "realtime" instant payout.

Your account balance on Bitcoins.lc will update when:

• The pool has solved a block, where you have contributed shares/work.
• The solved block is confirmed by the Bitcoin Network and is available for payout.

In other words; you will need to try things out longer and be patient - if you want to receive a payout.

There is no 'estimated balance' based on how many shares you currently have submitted on the current block the pool is working on. It's been suggested as a feature though - since a lot of people don't seem to understand how things work.