🔴[ANN][BURST][PoC] Burstcoin | Hard Fork Coming Approximately June 20th

[crypto_curious]

I sent you 3 BURST: 1 for setting your 'account name', and getting the 'public key'. The second is for reward assignment. The third BURST is for covering the transaction fee for paying me back when you get your first payout from the pool.  

Good luck!

I received first payout from pool today. Just send you double (6 BURST) back! Thanks for helping me! Please confirm that you received it:) Now everything is set up and I will be mining away with my 12 hard drives until they die, expire of warranty or else;) Cheers!

[GrassBite]

Ok, for those thinking about getting into this...don't.

It is HORRIBLY unprofitable.

I have optimized 11TB worth of plots running on a Xeon Processor via internal SATA3.

I have made about ten cents in 24 hours.

Here are the problems as I see it:

• Low Coin Value
• Pools are Designed to Heavily Favor those with larger plot farms.  let me explain.  In the GPU farming world, if you supply 1% of the hashes, you get 1% of the returns, minus any fees. In this Proof of Capacity world, typically the person that finds the solution gets half the reward or so.  Fine, whatever, that is proportional to work and fair, but the rest of it is weighted by a formula that depends on your best "deadline" found among your plots.  If your best deadline is below some pool set threshold, you will not get credit for ANY work during that block.   Many if not most pools have this limit set fairly low, say 30 or 90 days.  With my 11 TB, I would be above this threshold MOST of the time.  However, someone with more Terabytes plotted will be much more likely to have something that qualifies.
• Power Cost - assuming your mining rig uses 150W, it will take your first 8-10TB just to pay power costs for the month unless the PC was already going to be on.

I was smart enough to start on a pool that has a max deadline of a year, but it is still very unprofitable.  I would make considerably more just turning on CPU mining on my pc.

I cannot recommend this unless you can start with a very large number of Terabytes.

If someone has some numbers that prove me wrong, I will gladly listen, but for now, this is a farce.

[GrassBite]

I am about to start mining with 8 tb with an unused NAS system my dad bought but did not need.
With 8 tb its 14/day, 101/week 432/month
432 burst= 18.24$ as of now, 1/31/18
Burst will be a coin that holds its value in the future.

Dream on... 14/day! lol  2 per day!

[pinkflower]

Ok, for those thinking about getting into this...don't.

It is HORRIBLY unprofitable.

I have optimized 11TB worth of plots running on a Xeon Processor via internal SATA3.

I have made about ten cents in 24 hours.

Here are the problems as I see it:

• Low Coin Value
• Pools are Designed to Heavily Favor those with larger plot farms.  let me explain.  In the GPU farming world, if you supply 1% of the hashes, you get 1% of the returns, minus any fees. In this Proof of Capacity world, typically the person that finds the solution gets half the reward or so.  Fine, whatever, that is proportional to work and fair, but the rest of it is weighted by a formula that depends on your best "deadline" found among your plots.  If your best deadline is below some pool set threshold, you will not get credit for ANY work during that block.   Many if not most pools have this limit set fairly low, say 30 or 90 days.  With my 11 TB, I would be above this threshold MOST of the time.  However, someone with more Terabytes plotted will be much more likely to have something that qualifies.
• Power Cost - assuming your mining rig uses 150W, it will take your first 8-10TB just to pay power costs for the month unless the PC was already going to be on.

I was smart enough to start on a pool that has a max deadline of a year, but it is still very unprofitable.  I would make considerably more just turning on CPU mining on my pc.

I cannot recommend this unless you can start with a very large number of Terabytes.

If someone has some numbers that prove me wrong, I will gladly listen, but for now, this is a farce.

This is true. Its already becoming another Proof of Capacity mining arms race here in Burst. Dont make the mistake in thinking that you can mine with 1 terabyte these days.

We are at all time highs in network size.

Anyhow, GrassBite. Can you explain what deadlines are and what its function is in Burst mining? Ty.

[GrassBite]

From that I understand, a deadline is a solution to a problem.  Everyone gets the same problem essentially and each nonce has a solution path in it.  If your nonce's path is the shortest, it will have the lowest deadline.

So, if you have a crapload of nonce's your likelihood of having one with a very short path to the solution increases.

[Rabinovitch]

Beware of http://burstfaucet.freeiz.com/. I have sent 100 BURST to their address, but the faucet's balanse is 50.4 after that (it was <1 before my donation).
https://blocks.fastpool.info/faucet does not show an updated balance.
Looks like I found a honest faucet here: http://burstcoin.cc:3333/. 50 BURST sent, 50+ BURST shown...

[ders_a]

Are there any plans for mass usability of BURST? Or that is just coin for coin - mine sell, speak good tech talks and its all?

[glennmatthew]

Are there any plans for mass usability of BURST? Or that is just coin for coin - mine sell, speak good tech talks and its all?

The idea behind burst is for it to serve as a global method of payment. This is what the Dymaxion aims to do. Once all of the tech is in place, I am sure the marketing will start.

Read the Dymaxion whitepaper to get the bigger picture. BURST can easily climb to 1-2 USD per coin in 2018.

[crypto_curious]

Are there any plans for mass usability of BURST? Or that is just coin for coin - mine sell, speak good tech talks and its all?

The idea behind burst is for it to serve as a global method of payment. This is what the Dymaxion aims to do. Once all of the tech is in place, I am sure the marketing will start.

Read the Dymaxion whitepaper to get the bigger picture. BURST can easily climb to 1-2 USD per coin in 2018.

Currently we pay 1 BURST per transaction. Is Dymaxion going to change that? Because if not, we supposed to pay 1-2 USD per tx, as you forecasting?

[RealBitYoda]

I am awaiting the arrival of 50TB storage JBOD. how many coins do you think I would able to mine a day with this setup?

[Bombardier]

I am awaiting the arrival of 50TB storage JBOD. how many coins do you think I would able to mine a day with this setup?

50 60

[pinkflower]

Are there any plans for mass usability of BURST? Or that is just coin for coin - mine sell, speak good tech talks and its all?

The idea behind burst is for it to serve as a global method of payment. This is what the Dymaxion aims to do. Once all of the tech is in place, I am sure the marketing will start.

Read the Dymaxion whitepaper to get the bigger picture. BURST can easily climb to 1-2 USD per coin in 2018.

Currently we pay 1 BURST per transaction. Is Dymaxion going to change that? Because if not, we supposed to pay 1-2 USD per tx, as you forecasting?

Before the Dymaxion's release, the PoC Consortium will make upgrades to fix the fee issue. We will soon have dynamic fees like what we already have in BTC. Other upgrades include PoC2 which is described in the whitepaper and dynamic nodes, also described in the whitepaper.
 

[mindrust]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

[Bombardier]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

try using pmr hdds like WD. they are way faster than seagate. 8tb to plot took me 39 hours

[mindrust]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

try using pmr hdds like WD. they are way faster than seagate. 8tb to plot took me 39 hours

WD's are fast but way too expensive per TB. It takes around 1 week for me to plot 1 8tb seagate. 5 days of extra mining with a 8TB gives you another 50BURST which is nothing compared to what you pay for a WD disk.

[minerja]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

Hi, i have a similar setup, and i have worked out ROI to be nearly 2 years at current rates....we're joining about 1 year to late. I believe this coin peaked about 8 months ago.
J

[Bombardier]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

Hi, i have a similar setup, and i have worked out ROI to be nearly 2 years at current rates....we're joining about 1 year to late. I believe this coin peaked about 8 months ago.
J

i don't thin so. just hodl. you will see...

[pinkflower]

Hello miners. I want to ask which mining pools do you use? There are mining pools out there that dont support the hard fork to Dymaxion as mentioned in /r/burstcoin.

Im banned there for spamming lol, but you can join the discussion here. 

Tell Pilotman, the mod who banned me, I said hi lol.

[crypto_curious]

Hello miners. I want to ask which mining pools do you use? There are mining pools out there that dont support the hard fork to Dymaxion as mentioned in /r/burstcoin.

Im banned there for spamming lol, but you can join the discussion here. 

Tell Pilotman, the mod who banned me, I said hi lol.

Quick check for and... Yes, my pool supports Dymaxion. I am using 0-100 cryptoguru because I am small miner with less than 20TB.

[crypto_curious]

Initial investment is $600. Joined the ship last month with three 8tb seagates. Let's see how long will it take to get my ROI. If the mining difficulty keeps rising and the prices stay the same it'll probably take forever and soon my 24tb  rig will be worthless. Plotting took too long with my laptop and collected only a few rounds of payments in the first month.

Hi, i have a similar setup, and i have worked out ROI to be nearly 2 years at current rates....we're joining about 1 year to late. I believe this coin peaked about 8 months ago.
J

It's not that bad as you saying it is. Here's my current calculation:

Code:

Days mining: 11
BURST per day: 24.79
USD per day: 0.65
ROI: 0.59%
100% ROI in [days]: 170
Current 100% ROI rate [days]: 181

That's without any power costs, as I have server running anyway. And it's also mining on CPU, making extra 0.5$+ every day.