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So, despite diff and despite reward halving....
Im still somehow profitable @ normal pps rates.....
I was totally surprised by this, be it, its not by much. But, WOW!
I mine w/ just GPU's
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to the OP, except for those w/ free electricity and those who have lotsa shares w/ CoinLab =)
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CoinLab... I want to thank you for actually following through on your claims / word for the loyalty redemption program that you proposed months ago. I had my doubts and part of me felt you guys might back out at the last minute. You havent, and that says a lot about your company.
Im thoroughly pissed w/ bASIC & BFL at the moment due to their horrible business ethics and keep stringing this community along for the release of ASICs .. and feeding us lies.
You guys havent. So thank you again!
Bout time a firm in the BTC community follows through...
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Next time, dont release get our hopes up about a release date you know you cant pull off. I mean fuck, first BFL, now bASIC...
Really guys?!?! How about, once you actually get chips & boards & assembled .. along w/ numbers out to the community.. Then FUCKING CLAIM YOU CAN SHIP! But not before then.
This is pirateat40 all over again except this time holding our fucking BTC for something these companies cant even prove to us customers..exists....!
Fuck that! Horrible business ethics.
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These fucking companies.. This pisses me off, this is why I despise ASICs
No companies should have power over the mining landscape whose sole market is miners themselves. Fuck this shit!
They are all BS. ASICs will keep getting pushed back n back.... just watch. Probably will be 2014 before they finally make it out and not blowing peoples houses up or something stupid.
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I think that if we stay as we are, we are already redeeming loyalty points right?
That's why i'm changing to the "normal" one, just in case that's the case (pun intended)
No, pretty sure we arent redeeming them yet. They havent released the client and afaik .. redeeming points is only done via the custom client =(. But, perhaps they will allow us to mine on a diff pool to redeem them if they cant get that client out in time...who knows, its all up in the air at this point.. |
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The good think about ASICs is that they cannot be resold for other purpose like GPUs. So, anyone who invested in ASICs, he will use them all the time .. regardless of difficulty or Bitcoin price. This will bring some new stability to the market and mining volume.
Actually, this is false. If diff hits the power consumption ceiling between miners. ASICs will become obselete w/ each new ASIC generation released. This leaves older gen ASICs unusable by those without free elec. Meaning, they become worth, effectively, nothing. |
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anyone actually try calling the number on their website? lol
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I am still kind of curious what kind of HPC work it will be (scientific, economic modeling etc) and what the typical payout will be for a "1gh/s" equivilent of computing power for non-bitcoin work.
That said.. I am glad a company like this has come along to essentially provide supercomuter power on a decentralized basis.
Would also want to know abot this. Will it be better to do HPC work if i already have loyality points, or will it be better for me to swith to HPC ASAP ? The way I understand it is HPC will pay more than what we could earn mining bitcoins for the same amount of time. For the times when there is no HPC work todo we will mine bitcoins and this is where I see the loyalty points coming into play. That would be nice, and I also hope this is true of ATi GPU's =P |
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jjimm_64 this has nothing to do w/ your own profitability past the reward halving (at least when it comes to power consumption) It clearly is said 2.50$/gh/day .. PERIOD.
Another point is, what if BTC price doubles .. and actually stays above the 2.50$/gh/day when the reward halving comes... highly doubt that would be the case, but lets just say...
That would give us potentially a few more weeks till asic changes that.
So, if the above were to happen... that gives another month of my GPU's making loyalty points.
So, therein again, coinlab would be going back on their word they very clearly stated at the start of this thread =(
It really sucks..cuz that would mean another month of income into the ASIC era. Lets say CL takes longer than expected landing these HPC jobs...and we end up running out of loyalty points till they deliver on HPC..well thats a huge problem for people that were depending on them to deliver. Rather than going back on their word.
Actually thats a sign this was all a hoax to begin with.. =(
We have always reserved the right to stop issuing new LPs at any time, and we're sorry it if this was not clear. We view giving out Loyalty Points as a continuing offer which we have the right to stop offering at any time. Of course, we view already-earned Loyalty Points as an obligation to you and if we ever wiped your points off your account (without good cause, like you trying to hack our site for your financial benefit or defraud us), I agree that would be "going back on [our] word". By not giving out Loyalty Points, we aren't hurting you in any way. Miners have been given consideration as per the terms for every one of their shares they have submitted (earnings+LPs). We have never guaranteed that miners will be able to earn Loyalty Points into the future. Our explanation of how points are earned should not be misconstrued as a promise that you'll always be able to earn them. The reason we may need to stop issuing Loyalty Points is technical: we don't have much time before the reward drop, and we need to get LP redemption working and tested by next Thursday, when the reward drop is expected. We are strapped for dev time, so we only want to implement and test LP redemption. We are too busy to build a system that dynamically allows earning of further LPs, and we'd rather spend that time getting our HPC client released and HPC jobs online. Sorry for the misunderstanding. If the reward drop doesn't put us below the price floor (huge price spike?), we may issue more LPs. However, we feel that it is highly likely that we'll cross the threshold next Thursday, and we need to have the tech in place to let you start redeeming immediately. We're meeting this afternoon to finalize our plans for LP redemption, and I'll post our plan after. Thanks for the explanation and if its being done for a good reason, then theres no problem. In this case youve stated it will be for implimenting the redemption system which is a good enough reason for me. The fact you also said will reconsider allowing LP to be made if the reward halving does not cause it to go below the stated floor, then thats good as well. =) Although, it does bug me when a company hides behind their 'we reserve the right to .. ' =/ Either way... thanks for the clarification =) |
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Will i be able to use those loyality points mining, or doing HPC work, or that HPC will be compleately independent?
As far as Ive understood, they are completely independent. |
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jjimm_64 this has nothing to do w/ your own profitability past the reward halving (at least when it comes to power consumption) It clearly is said 2.50$/gh/day .. PERIOD.
Another point is, what if BTC price doubles .. and actually stays above the 2.50$/gh/day when the reward halving comes... highly doubt that would be the case, but lets just say...
That would give us potentially a few more weeks till asic changes that.
So, if the above were to happen... that gives another month of my GPU's making loyalty points.
So, therein again, coinlab would be going back on their word they very clearly stated at the start of this thread =(
It really sucks..cuz that would mean another month of income into the ASIC era. Lets say CL takes longer than expected landing these HPC jobs...and we end up running out of loyalty points till they deliver on HPC..well thats a huge problem for people that were depending on them to deliver. Rather than going back on their word.
Actually thats a sign this was all a hoax to begin with.. =(
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Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.
+100 I will have to stick up for coinlab on this one. they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it. For the next couple months, you can earn credits with the miner of your choice. Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available.
Dude, really? Look at the bullet point above the one you quoted: For every difficulty 1 share (from here, called a credit) you submit above break even (equal to our price floor factoring in our cut - $2.50 / 1GH/s day / 0.95 = ~$2.63 / GH day), you earn 95% PPS for that credit and one Loyalty Point which lets you sell one credit at the price floor ($2.5 / 1GH/s day = $0.00012427 PPS). It clearly states what Im saying. Them going against it is them turning on their word. Plain and simple. |
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Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.
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I used to hate the idea of having to mine on ASICs and being forced to this type of hardware. But, thinking about it, the fact ASICs are coming .. supposedly .. pretty close to the block reward halving , potentially saves BTC.
The reason is, with the block reward halving, hardly anyone would want to mine on GPU's anymore, it would cost way too much! Diff , therefore network hashrate, would drop significantly to make up for the reward halving. When conditions like that exist, BTC becomes more vulnerable to a 51% attack.
Also, the fact theres less room for people to mine when difficulty is so low, means the struggle for power usage vs big miners & small miners .. that equilibrium is constantly fought over. So, it leaves less room for smaller players.
Since ASICs are 100x more power effeciency, this leaves room for a substantial increase in the amount of miners being able to run this type of hardware(50x considering reward halving) without hitting a power consumption ceiling .. meaning still being quite profitable.
This also means the hashrate of the network, of course as we all know, is substantially increased. Meaning a more concrete network infrastructer for BTC. The only risk is who gets their ASIC's first and what hashrate that is compared to the rest of the network till other people start getting them. (hopefully that wont lead to a 51% attack, in the wrong hands it could =( ).
I dont know how halving of reward will affect the market rate, but I dont think it will by much after the panic / hype settles.
Its nice to think the value would double when reward halving happens but .. I highly doubt that would be the case.
As BTC gains more ACTUAL demand rather than just mining speculation, the less the price of BTC becomes effected by the mining side of things.
Anyways, those are my 2 cents on the whole ASIC / reward halving situation. Comments welcome =)
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What I love about their announcement is, rather than stating they are going to take BTC as payment.
They start out by highlighting the shortcomings(restrictions,regulations, etc...) of paypal & credit cards.
THEN, they introduce BTC as a means for ANYONE, ANYWHERE to send them payment for upgrades.
So, basically they introduce to their customers the very reason(and the heart of BTC) why BTC is a superior form of payment on the internet.
I love that they did that. This marks a huge day for BTC. Did anyone see this coming?(rumors or anything?) Cuz, I had no idea.
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ATM, 1GHash/s revenues 3.3 USD per day. If it ever goes lower than 2.5 USD, we start using loyalty points. So if BTC prices remain the same, when the reward halves to 25 BTC that will happen.
That's what i understood.
yeahp, it will happen at the 25BTC reward halving for sure, unless the market value of 1BTC doubles.. LOL! if we dont start cashing in shares @ loyalty point value by that time or shortly after then, CL most likely a scam. =( .. even though a legit company, means they probably abandoned the project entirely. Only time will tell. Although, I did find their wurmonline portal for generating in game coins... seems that is in beta for wurmonline as of june 26th... not sure what the status of it is now.. At least they got one game, if that even proved successful.. LOL |
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cgminer bleeding of shares to other pools can be avoided by using --failover-only
maybe you missed the part where I have found 3 solo blocks with bleedover shares... why would you not want them? oh, haha, well then you must have one hell of a hashrate...geez =P |
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cgminer bleeding of shares to other pools can be avoided by using --failover-only
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200% for the next block (207833)!
May this block go on forever.  only 11minutes =( boo |
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