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Author Topic: [DOWN] Bitlc.net - P2SH, No invalid blocks, Custom payouts, EU, 0% fee, LP  (Read 170725 times)
darkskypoet
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June 26, 2011, 01:38:04 AM
 #641

Aside from the odd connection issue:

Difficulty has doubled (almost i think) so any growth in the pool would have to take that into consideration... Further, as pool hashing increases in magnitude, unless your hashing personally has increased to match, you represent a smaller part of the solution then what you once did. This combined with the increased difficulty means that your contribution in shares is less as a proportion of the total shares req'd for solution; therefore lower payouts.

So long story short, if the pool doubles in power, and difficulty also doubles, then you will get less payout then what you did before on average. Welcome to the difficulty conundrum, and why so many are getting out of mining period. The difficulty is not likely to ever get easier from here till the end.





I understand fully that I should be getting paid less when the pool increases in size, but we should also be discovering blocks faster.  If you look at the stats and add everything up, we solved the same number of blocks on the first full day of the last difficulty as the last full day even though the pool grew from 350ghash to over 500ghash.   There was variance inbetween of course, but not the growth in found blocks one would expect to see from a 43% gain in hashing power.  Idk maybe I am wrong.

But a 43% gain in hashing power versus what growth in difficulty? The way I see it without breaking out a calculator, is that the difficulty has increased by at least 43% if not more... Wasn't it like 5xxxxx vs now 8xxxxx? Which would be something akin to a 60% increase in difficulty (pulling it right out of my axx, as I don't know if 'difficulty' as reported is a linear progression or not - but the numbers seem to indicate it is)

So with a 60% increase in difficulty on a sufficiently large sample of blocks, the 43% increase in hashing power wouldn't cover the increase in difficulty fully. So that means blocks solved on average goes down per unit of time (averaged over a given amount of time that is sufficient to show a proper distribution) and our payouts based on a smaller proportion of shares and a smaller number of solved blocks faces a double whammy deflator.

If however difficulty growth = hashing growth, then we would solve the same number of blocks as a pool, and yet still receive smaller payouts unless our personal hashing increased to match the pool.

Sadly, with the amount of horsepower that came online after the BTC spike, and the media coverage... Expect that the next difficulty increase may be even higher then this one. The system is designed to balance the amount of blocks generated to a certain rate, accounting for increased processing power.... Which means conversely, that if a bunch of people decide instead that because BTCs have dropped, and Mt Gox had its blow up, etc that they will return their hardware to new egg, sell it off, etc... That it is possible (albeit unlikely) for difficulty to go down if there isn't sufficient hashing power to meet the desired rate of solved blocks.

However, the trend will be that difficulty increases every few weeks, and thus our shares will be more and more expensive in terms of heat / electricity / etc.

Happily mining at bitcoins.lc
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bal3wolf
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June 26, 2011, 04:00:47 AM
 #642

lol so for the people with just a small amount of power it will time to stop doing any bit mining that will hurt it even more when tons of users give up.  Then it will come down to the high rollers if they can keep spending big money to keep increasing their hashing power.

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darkskypoet
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June 26, 2011, 06:06:24 AM
 #643

Well... in a perfect world... you would see people with the lowest costs stay around, while those with higher costs per Mhash would leave... That being said, if people are in it for the money, and that is how they get their utility from mining, they would be more likely to drop out compared to those who do it for the... 'lulz' (too soon?)

But, if the transaction count increases as the creator intended, then there does come a point in time where a new block is worth more then 50 BTC, but in transaction fees as opposed to newly minted coins. However, BTCs need to actually be used as a currency for that to happen... Rather then just a weird freak commodity like most treat it now. But thats a whole other story. Smiley

Happily mining at bitcoins.lc
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darkskypoet
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June 28, 2011, 03:26:00 AM
 #644

Hey all.. any status updates on the issues?

Hope its going better then it was.


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Rhis
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June 28, 2011, 04:09:09 AM
 #645

Still getting a lot of idles here =(

Pool seems to be down to ~430gh/s due to the connections issue.

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June 28, 2011, 06:02:16 AM
 #646

Nice interface.
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June 28, 2011, 08:32:53 AM
 #647

pools IMO down.
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June 28, 2011, 08:46:22 AM
 #648

Seems to be up and down like a yo-yo at the moment. I had to flip to my backup pool... Sad

Will

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June 28, 2011, 08:53:03 AM
 #649

It's been more than an hour of on-off cycling!
I gave the pool plenty of time but I guess I'll have to switch too!
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June 28, 2011, 09:53:25 AM
 #650

We just encountered a couple of bugs with bitcoind related to the amount of connections we're getting.
A full report on this matter will be released shortly.

The pool is now back and fully operational.
Sorry for the downtime, we're taking countermeasures so this does not happen again.

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
Keenan79
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June 28, 2011, 10:07:51 AM
 #651

ncie Smiley
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June 28, 2011, 11:50:32 AM
 #652

We just encountered a couple of bugs with bitcoind related to the amount of connections we're getting.
A full report on this matter will be released shortly.

The pool is now back and fully operational.
Sorry for the downtime, we're taking countermeasures so this does not happen again.
Will wait for full report

kookiekrak
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June 28, 2011, 04:48:28 PM
 #653

get in the irc channel for latest news.


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June 28, 2011, 11:20:37 PM
 #654

Pool just blew up...

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June 28, 2011, 11:23:31 PM
 #655

Its back, jine was fiddling with bitcoind.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
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June 28, 2011, 11:36:06 PM
 #656

Awesome pool. It seems to be very stable and great site (quick and clean). I'm curious how the whole market section is going to work in correlation with the bitcoin account you have?
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June 28, 2011, 11:38:21 PM
 #657

Awesome pool. It seems to be very stable and great site (quick and clean).

Yea love this pool.

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
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darkskypoet
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June 29, 2011, 02:16:43 AM
 #658

And up goes the difficulty again... nearly doubled both times... hmm... I wonder if it'll jump in a week again, or if this jump took care of enough of that flood of extra capacity.

Dear ATI/AMD: we need another doubling in hashing power, please drop a die shrink of cayman before you go all 'tesla like' in your CTM endeavours. Thanks.

dsp

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padrino
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June 29, 2011, 01:17:54 PM
 #659

Since the patch has been applied I've seen an increase in RPC timeouts/idles, any logs server side indicating problems?

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Jine
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June 29, 2011, 05:36:22 PM
 #660

I'm looking into it... I'll keep you guys posted.

/ Jim

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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