PeerMining.us - Mining Pool - Instant Payouts - Proportional Payouts 0% FEES!

[BTCMiners.net]

Thanks bro

btw when will we find a block lol

<Graet> ;;bc,calc 2400000
<gribble> The average time to generate a block at 2400000 Khps, given current difficulty of 2864140.507811 , is 8 weeks, 3 days, 7 hours, 46 minutes, and 19 seconds

when you find a block the hoppers will come for 43% of the next block then leave the "regular" miners to finish it off.
Proportional is a flawed payout system that is exploited by "strategic miners" and "regular miners" lose out
It is well documented in these forums.

https://bitcoil.co.il/pool_summary.pdf
https://bitcoil.co.il/pool_analysis.pdf
should be required reading for anyone considering opening a pool

In terms of the time currently where it sits, though the hoppers may take care of the other 43%, by the time the current block is found, ASIC's will be released which would change the aspect of all pooled mining besides PPS and PPLNS, so as of right now with that time frame, proportional isn't a flawed system as that documentation will be outdated within a few months.

Also, with the new website update, we'll be able to reward users using a double Geometric standard, which I do believe you also use.  Again, yes, this is my first non P2Pool server I've been running, there are some learning curves that we will be adjusting to.  Potentially outdated required reading material already has been browsed, but again, a lot of this will possibly change in the next few months due to ASIC's along with us changing our reward system as well.

The first and foremost important thing on our pool is that we're upgrading our website along with our reward system and potentially adding a PPS service on top of this all.  I may be, "late in the game" for opening a pool, but the more pools that are available the more decentralized Bitcoin will be.

There's a lot of variable that will change and for the fact that the documentation provided is over a year old, I find it hard to rely on those statistics when so many things have/will change over the course of the past year and the next few months to come.

I trust you're not going to be changing the reward system mid-round?  

At this moment, you are a hopper - this early in a round the shares have a higher expected yield.
My mining at all at this point is however a gamble that gibbyd-btc can find enough miners to actually solve a block in some reasonable timeframe... I'll be turning off at 100k shares.

No, I will not be turning off the current reward system mid-round.  Once our first block is solved, payouts will be done, and then the new website will be uploaded and MySQL will be flushed to adjust for the new payout system.  Currently at 5.5GH/s it's time frame is:

Average  20 days, 8 hours, 9 minutes
50%   14 days, 2 hours, 21 minutes
95%   60 days, 22 hours, 23 minutes

So a MAXIMUM is ~61 days, while our average is going to be ~20.5 days at 7GH/s which we have been doing with proper miners on, not on top of if we get more hashing power.  Once this current round is over and payouts are made, will be when we update our system to reflect new payouts and reward system on a more fair payout schedule.

[Shadow383]

Currently at 5.5GH/s it's time frame is:

Average  20 days, 8 hours, 9 minutes
50%   14 days, 2 hours, 21 minutes
95%   60 days, 22 hours, 23 minutes

So a MAXIMUM is ~61 days, while our average is going to be ~20.5 days at 7GH/s which we have been doing with proper miners on, not on top of if we get more hashing power.  Once this current round is over and payouts are made, will be when we update our system to reflect new payouts and reward system on a more fair payout schedule.

Now work out the timeframe if I leave 

[BTCMiners.net]

Currently at 5.5GH/s it's time frame is:

Average  20 days, 8 hours, 9 minutes
50%   14 days, 2 hours, 21 minutes
95%   60 days, 22 hours, 23 minutes

So a MAXIMUM is ~61 days, while our average is going to be ~20.5 days at 7GH/s which we have been doing with proper miners on, not on top of if we get more hashing power.  Once this current round is over and payouts are made, will be when we update our system to reflect new payouts and reward system on a more fair payout schedule.

Now work out the timeframe if I leave 

Well of course it would be significantly less, I'm not going to beg for you to stay, however; I'm not sure what your current payout is as of right now in your estimated, but the sooner that the block is found and the more shares you submit, equals the higher payout for you.

[Shadow383]

I'm just saying, you need to find some way to promote this pool - once you get 100Gh/s or so on board so long as you have reasonable stability and sensible fees/reward methods then things tend to stay pretty stable 

If you do some kind of giveaway (like the race weekends at bitminter) then you might end up with a bunch more people on board...

[BTCMiners.net]

I'm just saying, you need to find some way to promote this pool - once you get 100Gh/s or so on board so long as you have reasonable stability and sensible fees/reward methods then things tend to stay pretty stable 

If you do some kind of giveaway (like the race weekends at bitminter) then you might end up with a bunch more people on board...

It's all planned for incentives on mining with us.  Even at a 0.5% fee, you'd think that I was trying to rob people blind of their money.  My server bill is $110/month, which, I personally don't want to pay for straight out of my own pocket forever.  I'm willing to do that for sometime, but eventually I would like some sort of ROI on my investment of running the pool (to merely pay for the server itself) and additional allocations would go to incentives and other pool services.

This pool is literally brand new and the fact that it seems we're growing fairly well daily is a good sign.  Eventually with some other payout systems fees will be incurred, but at a reasonable rate and competitive, but I don't plan to ever make this a get rich money making service.  I like to give diversity to other pools running so that things are more equal and there are things coming up in the near future that will support all of this.

I'm glad to have you with us, you do provide a great deal of hashing power, however, if you stay or go it reflects me financially in neither way, since there is no fees incurred; so I do understand if you have to jump ship at some point so that you're making money yourself.

Outside of spamming the forums, I am open to suggestions on advertising it.  I have two threads open, one in pools and one in the newbies area.  Again, I'm always open to suggestions!

[Shadow383]

I'm just saying, you need to find some way to promote this pool - once you get 100Gh/s or so on board so long as you have reasonable stability and sensible fees/reward methods then things tend to stay pretty stable 

If you do some kind of giveaway (like the race weekends at bitminter) then you might end up with a bunch more people on board...

It's all planned for incentives on mining with us.  Even at a 0.5% fee, you'd think that I was trying to rob people blind of their money.  My server bill is $110/month, which, I personally don't want to pay for straight out of my own pocket forever.  I'm willing to do that for sometime, but eventually I would like some sort of ROI on my investment of running the pool (to merely pay for the server itself) and additional allocations would go to incentives and other pool services.

This pool is literally brand new and the fact that it seems we're growing fairly well daily is a good sign.  Eventually with some other payout systems fees will be incurred, but at a reasonable rate and competitive, but I don't plan to ever make this a get rich money making service.  I like to give diversity to other pools running so that things are more equal and there are things coming up in the near future that will support all of this.

I'm glad to have you with us, you do provide a great deal of hashing power, however, if you stay or go it reflects me financially in neither way, since there is no fees incurred; so I do understand if you have to jump ship at some point so that you're making money yourself.

Outside of spamming the forums, I am open to suggestions on advertising it.  I have two threads open, one in pools and one in the newbies area.  Again, I'm always open to suggestions!

Offer a small reward to the finders of the first few blocks? You'll take a slight hit financially, but if people stick around and later pay a couple of percent in fees then it could be worthwhile.
Alternatively you could try offering PPS at a reasonable fee for now and go DGM or something later - people don't mind mining at small pools if they get straight PPS anyway...

[BTCMiners.net]

I'm just saying, you need to find some way to promote this pool - once you get 100Gh/s or so on board so long as you have reasonable stability and sensible fees/reward methods then things tend to stay pretty stable 

If you do some kind of giveaway (like the race weekends at bitminter) then you might end up with a bunch more people on board...

It's all planned for incentives on mining with us.  Even at a 0.5% fee, you'd think that I was trying to rob people blind of their money.  My server bill is $110/month, which, I personally don't want to pay for straight out of my own pocket forever.  I'm willing to do that for sometime, but eventually I would like some sort of ROI on my investment of running the pool (to merely pay for the server itself) and additional allocations would go to incentives and other pool services.

This pool is literally brand new and the fact that it seems we're growing fairly well daily is a good sign.  Eventually with some other payout systems fees will be incurred, but at a reasonable rate and competitive, but I don't plan to ever make this a get rich money making service.  I like to give diversity to other pools running so that things are more equal and there are things coming up in the near future that will support all of this.

I'm glad to have you with us, you do provide a great deal of hashing power, however, if you stay or go it reflects me financially in neither way, since there is no fees incurred; so I do understand if you have to jump ship at some point so that you're making money yourself.

Outside of spamming the forums, I am open to suggestions on advertising it.  I have two threads open, one in pools and one in the newbies area.  Again, I'm always open to suggestions!

Offer a small reward to the finders of the first few blocks? You'll take a slight hit financially, but if people stick around and later pay a couple of percent in fees then it could be worthwhile.
Alternatively you could try offering PPS at a reasonable fee for now and go DGM or something later - people don't mind mining at small pools if they get straight PPS anyway...

I would love to pay a reward, however, the pool has 0% fees.  I'm paying out of my own pocket for a pool to be ran with 0% fees, and accept donations.  PPS is down the line, and the fees for the PPS are going to be competitive, however, you do need a fair amount of BTC in your reserve so you don't eventually bankrupt yourself for having bad luck.  I've been a server admin for along time, Bitcoin is seriously? 3-4 Weeks old to me.  I love running services for people, it's something I enjoy doing even if I make no financial gain from it, but I'm not quite ready to be forking out money for the server along with forking out my own cash as an incentive to those who find a block, of which I receive 0.00000000 BTC from. 

I'm merely building reputation with community, getting my name out there and trying to grow with demand.  Which is why I'm always open to suggestions, so your suggestion is much appreciated, just no feasible for myself to run at this current time.

[BTCMiners.net]

Here's a thought - nobody offers PPS with dynamic difficulty yet... It can't be any tougher to implement than dynamic difficulty DGM...

I fully support this idea!

I'm actually working on it as we speak.  As a result though, the proportional system is still working if you still want to mine, however I've detached the front end from the MySQL database, so the graphs and statistics are not going to show up properly.

The shares ARE being logged still in MySQL, but while I'm working on the code it will not display for the time being, but will be back up soon and your correct shares will show once I have completed it.

[Graet]

Thanks bro

btw when will we find a block lol

<Graet> ;;bc,calc 2400000
<gribble> The average time to generate a block at 2400000 Khps, given current difficulty of 2864140.507811 , is 8 weeks, 3 days, 7 hours, 46 minutes, and 19 seconds

when you find a block the hoppers will come for 43% of the next block then leave the "regular" miners to finish it off.
Proportional is a flawed payout system that is exploited by "strategic miners" and "regular miners" lose out
It is well documented in these forums.

https://bitcoil.co.il/pool_summary.pdf
https://bitcoil.co.il/pool_analysis.pdf
should be required reading for anyone considering opening a pool

In terms of the time currently where it sits, though the hoppers may take care of the other 43%, by the time the current block is found, ASIC's will be released which would change the aspect of all pooled mining besides PPS and PPLNS, so as of right now with that time frame, proportional isn't a flawed system as that documentation will be outdated within a few months.

Also, with the new website update, we'll be able to reward users using a double Geometric standard, which I do believe you also use.  Again, yes, this is my first non P2Pool server I've been running, there are some learning curves that we will be adjusting to.  Potentially outdated required reading material already has been browsed, but again, a lot of this will possibly change in the next few months due to ASIC's along with us changing our reward system as well.

The first and foremost important thing on our pool is that we're upgrading our website along with our reward system and potentially adding a PPS service on top of this all.  I may be, "late in the game" for opening a pool, but the more pools that are available the more decentralized Bitcoin will be.

There's a lot of variable that will change and for the fact that the documentation provided is over a year old, I find it hard to rely on those statistics when so many things have/will change over the course of the past year and the next few months to come.

well actually the maths behind the payout methods do not change, and no-one has come up with any other payout systems since it was written.
not much has changed since it was written except for less proportional pools and higher hashrates
end of the day "what is coming" is also just about higher hashrates and pools coping with them, not reward methods changing.

Good to see you are moving away from a flawed payout system, best of luck
Graet

[BTCMiners.net]

Yes.  Thanks for the information, I didn't realize it was going to be so flawed.  But working to making a somewhat unique pay system.

+1 to you sir!

[firefop]

Yes.  Thanks for the information, I didn't realize it was going to be so flawed.  But working to making a somewhat unique pay system.

+1 to you sir!

Work faster!!!

I want a better pool to mine at =P



Come to think of it - if you need a code monkey (or even a partner) I'd be happy to donate my time or buy into the operation. I have a few real assets I could commit to operational stability... like 100mb down 50up connection and a (soon to be) empty server.

[BTCMiners.net]

Yes.  Thanks for the information, I didn't realize it was going to be so flawed.  But working to making a somewhat unique pay system.

+1 to you sir!

Work faster!!!

I want a better pool to mine at =P



Come to think of it - if you need a code monkey (or even a partner) I'd be happy to donate my time or buy into the operation. I have a few real assets I could commit to operational stability... like 100mb down 50up connection and a (soon to be) empty server.

I'm working, I swear!!!

I'm coding as fast as possible, and nothing against you personally, it's just I don't like coding over someone else's code all that much.  I have enough coding from other people to deal with as is, so, adding to it will be more than I'd really want to do.

Perhaps when I get done, I can give you mod on our forums, which also needs to be put up still.  If you like coding, you can mess around with Xenforo and change the styling, etc.. Plus, I need to get to know you of course

But I promise, I'm working as quickly as possible!

Current Breaks:
-1 Coffee per 45 minutes.
-1 Cigarette per 3 hours.
-1 Bathroom break per day (MOM BATHROOM!) j/k had to throw that one in there
-0 Sleep breaks per day.

[firefop]

I'm working, I swear!!!

I'm coding as fast as possible, and nothing against you personally, it's just I don't like coding over someone else's code all that much.  I have enough coding from other people to deal with as is, so, adding to it will be more than I'd really want to do.

Perhaps when I get done, I can give you mod on our forums, which also needs to be put up still.  If you like coding, you can mess around with Xenforo and change the styling, etc.. Plus, I need to get to know you of course

But I promise, I'm working as quickly as possible!

Current Breaks:
-1 Coffee per 45 minutes.
-1 Cigarette per 3 hours.
-1 Bathroom break per day (MOM BATHROOM!) j/k had to throw that one in there
-0 Sleep breaks per day.

To be honest I'm not entirely sure I'm up for xenforo... I sort of philosophically oppose the whole idea of social media in general... I'm actually quite a minimalist.
In addition, I'm an ass - so I doubt you'd want me as mod on a forum... just to prevent the eventual meltdown/abuse of random forum users.

But like I said, if you needed a host or wanted a backup server or something I've got hardware and bandwidth sitting around doing nothing. Or even if you'd like a second set of eyes when it comes to development goals... I'd love to look at code and suggest optimizations.

[BTCMiners.net]

As an update, since I'm working on the other website, so that you can still mine.

The new address to connect to, so that there will be no downtime in the future is:

mining.peermining.us:8332

[BTCMiners.net]

FYI:

New users to the pool, please just use your Bitcoin address and whatever password you want for your username/password combo for now, it will accept it without registering.
Thanks

[Shadow383]

FYI:

New users to the pool, please just use your Bitcoin address and whatever password you want for your username/password combo for now, it will accept it without registering.
Thanks

Interesting. Will you be processing payments whenever a block is found for all those addresses?

[BTCMiners.net]

FYI:

New users to the pool, please just use your Bitcoin address and whatever password you want for your username/password combo for now, it will accept it without registering.
Thanks

Interesting. Will you be processing payments whenever a block is found for all those addresses?

Yes, it's all still running, the new website you see is just a different front end, but the backend is still running as per usual, and anyone who contributes will automatically be paid out their proportional shares.  The only thing you're seeing different right now is the website.  Good question though!

[Inaba]

In terms of the time currently where it sits, though the hoppers may take care of the other 43%, by the time the current block is found, ASIC's will be released which would change the aspect of all pooled mining besides PPS and PPLNS, so as of right now with that time frame, proportional isn't a flawed system as that documentation will be outdated within a few months.

Please provide some evidence for this assertion.  I'm thinking you may not understand any of the reward systems or how they work if you believe this to be the case.

[BTCMiners.net]

In terms of the time currently where it sits, though the hoppers may take care of the other 43%, by the time the current block is found, ASIC's will be released which would change the aspect of all pooled mining besides PPS and PPLNS, so as of right now with that time frame, proportional isn't a flawed system as that documentation will be outdated within a few months.

Please provide some evidence for this assertion.  I'm thinking you may not understand any of the reward systems or how they work if you believe this to be the case.

I should of striked that out and edited that post.  I was under the impression of it not being flawed from other reading about how the reward systems will change when the difficulty is raised along with proportional payouts. 

I shall be editing my previous post on that here shortly, as I have been educated on the subject.

[BTCMiners.net]

Had a little downtime while I was playing with some configurations.  Server is backup and running and should be for a long while until our new site is done now.  Optimized some code for our server so it won't use as much memory.

If you want to connect, connect to:

Hostname: mining.peermining.us:8332
Username: Your Bitcoin Address
Password: [whateveryouwant]