RyNinDaCleM
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 08:49:01 PM |
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No! We all "race" to find the block. The same block!
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pete248
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June 09, 2011, 08:53:01 PM |
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No! We all "race" to find the block. The same block!
So say if a member of Deepbit or BTCGuild found the soution to the current block, we wouldn't get paid anything? |
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simplecoin (OP)
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June 09, 2011, 08:57:33 PM |
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No! We all "race" to find the block. The same block!
So say if a member of Deepbit or BTCGuild found the soution to the current block, we wouldn't get paid anything? Just like it we find it they don't get paid. |
Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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simplecoin (OP)
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June 09, 2011, 08:58:22 PM |
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Pseudo-SSL is now available for the paranoid. Real SSL cert is being setup for the new main server.
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Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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RyNinDaCleM
Legendary
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 08:59:47 PM |
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No! We all "race" to find the block. The same block!
So say if a member of Deepbit or BTCGuild found the soution to the current block, we wouldn't get paid anything? But, on a brighter note, the winning block could be in the first share! It's all in how luck falls! What is SSL? |
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simplecoin (OP)
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June 09, 2011, 09:02:53 PM |
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No! We all "race" to find the block. The same block!
So say if a member of Deepbit or BTCGuild found the soution to the current block, we wouldn't get paid anything? But, on a brighter note, the winning block could be in the first share! It's all in how luck falls! What is SSL? https support. Encryted login |
Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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RyNinDaCleM
Legendary
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 09:04:38 PM |
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K Thanks!
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bitblazing
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June 09, 2011, 09:13:33 PM |
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so wait if another group solves the block first we dont get paid??
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LegitBit
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June 09, 2011, 09:17:48 PM |
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so wait if another group solves the block first we dont get paid??
Yes. That is how all of the pools work. The whole point is a race to the finish. Think of it as a lottery. By joining the pool, you agree that if anyone in the pool finds the block, we split the share with the pool. We are trying to raise our chances of a winning ticket by joining together. Other pools and solo miners are our competition. |
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RyNinDaCleM
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Legen -wait for it- dary
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June 09, 2011, 09:19:07 PM |
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so wait if another group solves the block first we dont get paid??
Your shares are still counted toward our winning block! |
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pete248
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Activity: 12
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June 09, 2011, 09:22:38 PM |
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so wait if another group solves the block first we dont get paid??
Your shares are still counted toward our winning block! Ah right ok, so on a pool like deepbit or swepool, which pay you as you go, if they dont win that block the pool owner has effectively lost that money until they win one? |
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simplecoin (OP)
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June 09, 2011, 09:28:40 PM |
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so wait if another group solves the block first we dont get paid??
Your shares are still counted toward our winning block! Ah right ok, so on a pool like deepbit or swepool, which pay you as you go, if they dont win that block the pool owner has effectively lost that money until they win one? No, they just solve blocks faster. Unless you use Pay-Per-Share, which is like donating 10%. Also: ANDROID account app is up on the first pageIt's not pretty, but it works. My java experience is pretty limited, so a full blown app is a ways off. |
Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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RyNinDaCleM
Legendary
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 09:35:49 PM |
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so wait if another group solves the block first we dont get paid??
Your shares are still counted toward our winning block! Ah right ok, so on a pool like deepbit or swepool, which pay you as you go, if they dont win that block the pool owner has effectively lost that money until they win one? No! Your cut is still of 50BTC! Just that 50BTC reward is cut up over 1,000,000 shares instead of 100,000. (these numbers are just examples) |
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bitblazing
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June 09, 2011, 09:38:22 PM |
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wow well how can we compete with these huge pools then?
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simplecoin (OP)
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June 09, 2011, 09:40:50 PM |
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wow well how can we compete with these huge pools then?
We can't, in terms of solving many blocks fast. We can however solve some blocks slowly, and get a larger reward for those blocks. Statistically, it all evens out over time. |
Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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RyNinDaCleM
Legendary
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 09:41:44 PM |
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Actually less at deepbit due to 3-10% fees.
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FreeJAC
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June 09, 2011, 09:51:03 PM |
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You just have to be more patient in a smaller pool but like someone else said it all works out in the wash in the end. I will be joining tonight with about 250Mhash/s and another 600 on the way in a week or so. I will be anxious to solve a bock in a smaller pool.  |
Donate here.... 18NiDLDA3qRxkEPN36xrzsdSgvEkbDKgNr
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RyNinDaCleM
Legendary
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Activity: 2408
Merit: 1009
Legen -wait for it- dary
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June 09, 2011, 09:54:15 PM |
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You just have to be more patient in a smaller pool but like someone else said it all works out in the wash in the end. I will be joining tonight with about 250Mhash/s and another 600 on the way in a week or so. I will be anxious to solve a bock in a smaller pool. Better get up quick! We're about due to hit!  |
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kiwiasian
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June 09, 2011, 10:06:03 PM |
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The only downside is you have to be committed and patient. Unlike deepbit where they solve blocks every hour and you can only mine for an hour and get a payout, on smaller pools you have to mine for a far longer time to see a reward.
To extend on what I mean by mining for a longer time:
Assume that in one round (the duration of time it takes to solve a block) there are 5 shares, and you submit 1. You would thus be contributing to 20% of the effort, and you would receive 20% of the block reward. If the round lasted 50 shares and you only mined for part of the round (5 shares) your earnings would decrease as the denominator increases as the numerator stays constant--so your earnings would shrink from 100% (5/5) to 10% (5/50)
I am aware that there is more than just what is above, with weighting and cheat-prevention, but it provides an approximate estimate at how much you would potentially be earning.
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simplecoin (OP)
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June 09, 2011, 11:13:24 PM |
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Just a heads up!
I will be switching on the new server tonight
There should be ~3minute disconnect. I will provide alternate dns/ip for the new server since the DNS update isn't always immediate.
I will also point the old box and bitcoin client to the new server for those that happen to miss this message.
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Donations: 1VjGJHPtLodwCFBDWsHJMdEhqRcRKdBQk
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