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Author Topic: Pool Fees - Percentage Based Fees Seem Excessive  (Read 331 times)
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April 09, 2013, 04:41:01 AM

I have been mining off and on with Slush's pool for over a year. I only have a 6950 so my reward per block is something like ~.001 BTC, or around .015 - .02 BTC a day as of today (was averaging 10x that amount last August).

Anyway, to get to my point, when I first started mining, Slush's fee of 2% per block seemed reasonable, as BTC were worth $15 US. However, now that they are worth over 10x that, the 2% fee seems excessive for what Slush himself claims is to "keep the service going".

Just yesterday, 18 blocks were found on his pool. At a rate of 2%, this means Slush himself gained a net 9 BTC, or $1656 US according to the latest MTGox average. If BTC remains at its current value (let alone continues to rise), Slush will be raking in $49,680 US this month. Something tells me the cost of keeping his pool up is less than 50k in USD a month...

Shouldn't pool fees be pegged to the USD to prevent excessive income of their administrators? This almost seems like highway robbery. Its only because it only costs miners like me .0004 BTC a day that we aren't all revolting. Are there any pools with a fee which is pegged to market value rather than a flat percentage?

Any advice would be appreciated.
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