Haven't seen a penny?

[ATC777]

I've been running my GPU (GTX-580) in the Eligius pool for about two days now. I know my card is not a great miner and probably wastes more money in power consumption than it could even produce in Bitcoin, but I'm doing this to learn more and support Bitcoin before diving in deeper.

I set up GUIMiner, entered my receiving address for payment and joined the pool... My card pushes about 140.2 MHash/sec and should produce a small amount of BTC per day. But so far I haven't seen even a fraction of penny... I'm not being paid, apparently... I've already went to Eligius's website, searched Google and searched the forums and I cannot find any information about the payment schedule or why I'm not getting anything at all... I've produced several thousand "shares" in the past 48 hours and was expecting to get something, even if only a penny or two... 

Can someone explain to me what's going on here and how this works? Should I have received any BTC yet or am I in some sort of queue waiting for the pool to make its next payout? I'm beginning to worry that something is wrong and I'm just wasting time and electricity...

Thanks,

--ATC--

[1714835339]

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[1714835339]

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[1714835339]

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[ATC777]

I'm new to all of this, so I'm not sure if this is valid or not:

http://eligius.st/~wizkid057/newstats/?artefact2=

By the looks of that data it seems it hasn't found a block in 2 days? So could it be the pool has produced nothing? I also just read something about Eligius witholding payment until you have at least 1BTC to reduce transaction fees... so maybe that has something to do with it... 

[ATC777]

Yep, I understand that part. 

Also, does it matter whether or not your Bitcoin client is running while you run the miner?

[ATC777]

I see. Bear with me... I know these are pretty basic (borderline n00bish) questions, but Bitcoin is a whole new world for me -- only been living in this realm for approx. 48 hours.  

Assuming I keep running in this pool @ 140.2MH/sec for 7 days straight (with only a few brief cool-down/reboot periods), what sort of "return" might I expect? I use the term "return" loosely because I know my GTX-580 eats more Kw than it produces BTC... But then again, if I wasn't running my card at full load to mine BTC I'd be doing the same running 3D flight/combat sims and on DirectX 11 development and engine testing, so my energy bill will probably remain about the same. Huge GPU-accelerated particle and physics simulations put about the same load on my GPU...

Also, I see there are a lot of vendors out there selling Bitcoin mining equipment... which ones would you say are the best? I'm probably going to dedicate the coming week to Bitcoin studies and then make my first informed leap into the Bitcoin arena... Perhaps split $2k down the middle: half on a small mining chipset and the other on buying some BTC for speculation... If I'm pleased with the results I might get very serious and make plans for a new Bitcoin-oriented company (the idea I've been toying with in my head). But anyway... I don't need to put the cart ahead of the horse...

Thanks so much, Holliday! (and to all of you in the community!)

--ATC--

P.S. -- I notice that on GUIMiner there is a label "Balance" and it seems to always stay at zero. What does this indicate?

[crazyates]

A lot of your questions can be answered by a quick visit to http://www.bitcoinx.com/profit/

It automatically enters the network variables like difficulty and rewards, so you can just plug in your hashrate, power consumption, price for electricity, and it will give you all sorts of information about expected earnings, ROI, etc.

It looks like 140MH/s will earn you ~ 0.63BTC per month. Yes, it will cost you a lot more than that in power on a 580.

[ATC777]

I was finally able to find my own mining statistics at Eligius:

http://eligius.st/~wizkid057/newstats/userstats.php/16nRB6wiLVSfupMeBLMDJPP9o6XWKaaKaX

Apparently we just haven't "struck gold" since I started mining there. But now I see that they definitely recognize me and have my address, so I'm confident a little Bitcoin will come my way when we make a strike. Fun.

Things are beginning to make a lot more sense to me... I'm doing a lot of number-crunching to figure out how a profitable Bitcoin firm might run a large-scale mining operation and several other Bitcoin-related ventures, and I'm pleased with the numbers. But I'll be watching for the effect of ASICs before making any big decisions. If I can prove that the entire "Bitcoin thing" can be profitable I can definitely sell the idea to our company's shareholders and get the ball rolling...

If anyone might be interested in playing a part in a highly-organized and well-funded Bitcoin venture just let me know and we will talk! 

[ssateneth]

Eligius won't pay out until you have accumulated approximately 0.67 BTC. This will take over a month for your puny gtx 580 to mine. Try finding a pool that allows micropayments if you need BTC that bad, or look for a bitcoin handout website.

[ATC777]

Eligius won't pay out until you have accumulated approximately 0.67 BTC. This will take over a month for your puny gtx 580 to mine. Try finding a pool that allows micropayments if you need BTC that bad, or look for a bitcoin handout website.

I'm running my GTX-580 and a new HD 6770 in tandem, and getting just under 300MH/sec now.... still pretty weak, but not bad I guess.

[K1773R]

for max income, use p2pool

[ATC777]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

BTW, ssateneth, I wouldn't call a 580 "puny"... It's not a fast miner, true... but as far as an actual graphics card goes it's blazing fast. I've gotten several years of dutiful service out of it and still maintain ultra-high framerates on modern graphics apps and simulations. It will run even sophisticated simulations like ArmA and IL-2 at max graphics settings and thousands of enemy soldiers/aircraft.

[K1773R]

https://bitcointalk.org/index.php?topic=62842.0 <- p2pool thread
https://en.bitcoin.it/wiki/P2Pool <-- wiki with infos about it

[Luke-Jr]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

[K1773R]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

[Luke-Jr]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

Can't get higher than nofee+txnfees. Admittedly, Eligius is only nofee, but txnfees are so worthless it isn't worth the effort right now - that hardly makes it a "scampool", so that verifies your status as troll. On the other hand, p2pool has very high variance, while Eligius has much lower, so for most people, Eligius is the better choice.

[K1773R]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

Can't get higher than nofee+txnfees. Admittedly, Eligius is only nofee, but txnfees are so worthless it isn't worth the effort right now - that hardly makes it a "scampool", so that verifies your status as troll. On the other hand, p2pool has very high variance, while Eligius has much lower, so for most people, Eligius is the better choice.

not even to talk about that u use ur pool to attack altchains, this is an abuse of the miners since u dont tell them. according to simple logic this is a scam.
i know uve done alot for bitcoin but i also know ur a total jerk who's brain got totaly compromised by ur church stuff and most post are lies. i dont want to offend u but this has do be said once. why, just why cant u just one time not lie (yes even telling half trues like u do is lieing!) and be honest? well, this is offtopic so it dosnt belong here.

[Luke-Jr]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

Can't get higher than nofee+txnfees. Admittedly, Eligius is only nofee, but txnfees are so worthless it isn't worth the effort right now - that hardly makes it a "scampool", so that verifies your status as troll. On the other hand, p2pool has very high variance, while Eligius has much lower, so for most people, Eligius is the better choice.

not even to talk about that u use ur pool to attack altchains, this is an abuse of the miners since u dont tell them. according to simple logic this is a scam.
i know uve done alot for bitcoin but i also know ur a total jerk who's brain got totaly compromised by ur church stuff and most post are lies. i dont want to offend u but this has do be said once. why, just why cant u just one time not lie (yes even telling half trues like u do is lieing!) and be honest? well, this is offtopic so it dosnt belong here.

No, you are lying here.

[K1773R]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

Can't get higher than nofee+txnfees. Admittedly, Eligius is only nofee, but txnfees are so worthless it isn't worth the effort right now - that hardly makes it a "scampool", so that verifies your status as troll. On the other hand, p2pool has very high variance, while Eligius has much lower, so for most people, Eligius is the better choice.

not even to talk about that u use ur pool to attack altchains, this is an abuse of the miners since u dont tell them. according to simple logic this is a scam.
i know uve done alot for bitcoin but i also know ur a total jerk who's brain got totaly compromised by ur church stuff and most post are lies. i dont want to offend u but this has do be said once. why, just why cant u just one time not lie (yes even telling half trues like u do is lieing!) and be honest? well, this is offtopic so it dosnt belong here.

No, you are lying here.

sry facts cant lie, oh wait according to ur "god" in your "bible" this happens all the time, ah well then!

[ATC777]

sry facts cant lie, oh wait according to ur "god" in your "bible" this happens all the time, ah well then!

Why do you have to insult his religion? 

It's not like he's the only Christian in the world... *cough* 

[K1773R]

sry facts cant lie, oh wait according to ur "god" in your "bible" this happens all the time, ah well then!

Why do you have to insult his religion?  

It's not like he's the only Christian in the world... *cough*  

let me have some fun with idiots
since hes trying to force it on all ppl, for example he put his prayers into the blockchain with his pool but havent told the user, after that many ppl droped from eligius. hes just a shady lier thats all, oh and stealing software (see bfgminer for example). if you dont believe me just look at his posts, but i really dislike to waste time @ him if u understand me got better things to do.

[organofcorti]

for max income, use p2pool

Explain... Never heard of it and dunno what it is! 

He's mostly trolling. p2pool's reward system basically makes it improved solo mining. It's not a bad pool, but it certainly doesn't pay better than others.

its the pool with the max outcome, besides the increased PPS pools (unlike ur scampool).

Can't get higher than nofee+txnfees. Admittedly, Eligius is only nofee, but txnfees are so worthless it isn't worth the effort right now - that hardly makes it a "scampool", so that verifies your status as troll. On the other hand, p2pool has very high variance, while Eligius has much lower, so for most people, Eligius is the better choice.

You're probably right, but time to maturity is also a factor. If miners have to wait a significant time to obtain their coins, this also has an impact on earnings. Have you derived the expected time to maturity for Eligius' new reward method? If so could you post it here so it can be compared to p2Pools?