Bitcoin Forum
October 22, 2017, 11:33:46 PM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [Idea] Buy blocks of time for mining?  (Read 648 times)
Ryu.Hayabusa
Member
**
Offline Offline

Activity: 84


View Profile
April 13, 2013, 02:27:36 PM
 #1

Currently just seeing if there is any interest, but I had the idea of selling blocks of time in 1 hour intervals at a set price per hour for mining time on 1 (or more) GPUs (7950s, maybe others).

Would anyone be interested in this?
How much would you be willing to pay per hour per GPU (in USD, I will accept LTC/BTC but it will be converted at the time of purchase to the current exchange price)?

I'm not currently giving out much more detail than this other than it would be automated.  You would provide the pool (or solo pool/client) address you want to mine for along with the worker user/pass.

If there is interest I will begin development and will provide an open beta with very low rates (possibly free) for a short run to test that everything is working and to get user feedback on problems encountered or what to improve/add on.

If I was able to help you out, please consider donating.  Any amount is greatly appreciated! Smiley         
LTC LYxUfCXVHVkBv2S8H21NK6UnFnXmNaVqv6   XRP rHAYiZ3f7QGLa4qsVPjLsVEmwUQ9nSMq86
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508715226
Hero Member
*
Offline Offline

Posts: 1508715226

View Profile Personal Message (Offline)

Ignore
1508715226
Reply with quote  #2

1508715226
Report to moderator
1508715226
Hero Member
*
Offline Offline

Posts: 1508715226

View Profile Personal Message (Offline)

Ignore
1508715226
Reply with quote  #2

1508715226
Report to moderator
Vorksholk
Legendary
*
Offline Offline

Activity: 1596



View Profile WWW
April 13, 2013, 02:48:03 PM
 #2

This idea has been attempted before, sometimes with some pretty great success.

If you made it so that people chose what pool they wanted the miner pointed at (even their own private pool), this could be very successful.

Would you be scrypt mining, or SHA256 mining? If you could find a way for that automated program to support both, that would be really cool!

Fold Proteins, earn cryptos! CureCoin.
https://bitcointalk.org/index.php?topic=603757.0
Ryu.Hayabusa
Member
**
Offline Offline

Activity: 84


View Profile
April 13, 2013, 02:55:20 PM
 #3

Yeah, you would provide the pool address (or solo address) and the user/pass for the worker.  I'd be willing to support both scrypt and SHA256, wouldn't be too much extra work to do both.

If I was able to help you out, please consider donating.  Any amount is greatly appreciated! Smiley         
LTC LYxUfCXVHVkBv2S8H21NK6UnFnXmNaVqv6   XRP rHAYiZ3f7QGLa4qsVPjLsVEmwUQ9nSMq86
Ryu.Hayabusa
Member
**
Offline Offline

Activity: 84


View Profile
April 14, 2013, 11:20:39 AM
 #4

Hrm..  I didn't think the response would be so underwhelming.  Undecided

If there is an interest even from a few people I'll go ahead and start work on it.

By the way thank you for your input Vorksholk! Smiley

If I was able to help you out, please consider donating.  Any amount is greatly appreciated! Smiley         
LTC LYxUfCXVHVkBv2S8H21NK6UnFnXmNaVqv6   XRP rHAYiZ3f7QGLa4qsVPjLsVEmwUQ9nSMq86
Soak
Full Member
***
Offline Offline

Activity: 213



View Profile
April 14, 2013, 11:28:23 AM
 #5

I don't understand the advantage for the buyer. If there is an electricity fee for example, and you sell your 1 hour mining for USD, ok for someone can't invest in cards or don't want to mine himself.

But, instead of that, why don't directly buy LTC on some exchange site like Gox or BTC-E?
brie
Full Member
***
Offline Offline

Activity: 154



View Profile WWW
April 14, 2013, 11:38:57 AM
 #6

As mentioned above, there are already people selling time on their mining farms out there.
So it must be at least somewhat feasible.

My Bytecoin P2Pool: http://limitedloot.org:6327
Vorksholk
Legendary
*
Offline Offline

Activity: 1596



View Profile WWW
April 14, 2013, 04:37:53 PM
 #7

I think it's mostly interesting to a buyer in two scenarios:

1.) The person needs a bit of extra hash power on a coin they find more profitable than the current rate of the mining contract (Like PPCoins were a week or two ago)
2.) People want to get crypto currencies without having to put money into an exchange and hassle with long waits.


Fold Proteins, earn cryptos! CureCoin.
https://bitcointalk.org/index.php?topic=603757.0
Bytas
Sr. Member
****
Offline Offline

Activity: 323



View Profile
April 14, 2013, 05:14:15 PM
 #8

if the buyer can pay with BTC, why don't you mine it yourself instead Huh
If the buyer makes more BTC than he pays, you are getting ripped off, if it is the other way around, he is getting ripped off. Tongue

Am I right?   Cheesy
Vorksholk
Legendary
*
Offline Offline

Activity: 1596



View Profile WWW
April 14, 2013, 05:46:51 PM
 #9

if the buyer can pay with BTC, why don't you mine it yourself instead Huh
If the buyer makes more BTC than he pays, you are getting ripped off, if it is the other way around, he is getting ripped off. Tongue

Am I right?   Cheesy

It's all about the party providing the hash power wanting consistent earnings while miners take on risk. For example, say Terracoin is 160% profit and OP charges 130% PPS for his shares, he makes more than he would Bitcoin mining, your bitcoins earn more terracoins than bitcoin>terracoin conversion. Alternate currencies really act as the lifeblood of this project. Smiley

Fold Proteins, earn cryptos! CureCoin.
https://bitcointalk.org/index.php?topic=603757.0
Ryu.Hayabusa
Member
**
Offline Offline

Activity: 84


View Profile
May 04, 2013, 01:32:17 PM
 #10

Thank you all so much for your input on this.  I unfortunately do not have sufficient time, and might not for a few more weeks to start on this.  I hope to by then have 3x7950s available to rent, which would be more worthwhile to most I think.

Thanks again! Smiley

If I was able to help you out, please consider donating.  Any amount is greatly appreciated! Smiley         
LTC LYxUfCXVHVkBv2S8H21NK6UnFnXmNaVqv6   XRP rHAYiZ3f7QGLa4qsVPjLsVEmwUQ9nSMq86
jonytk
Member
**
Offline Offline

Activity: 106



View Profile
May 04, 2013, 02:15:38 PM
 #11

I don't see the point in paying in btc, since the buyer will lose money in the long run,
the owner of the rig only pays the electricity,

this could only work if you set up low prices like your electric cost +50% in btc, and in some way it automatically updates it,
i'm thinking 0.002 btc per hour, or maybe a competitive bid to use your machine.

if everything is automated, ex. the user has a webinterface where he sees his credits,
and can update the mining command etc etc,  

then it could work.
it will be usefull for people that don't own many coins or can't have a mining rig and want to try luck with a new coin etc.

Ryu.Hayabusa
Member
**
Offline Offline

Activity: 84


View Profile
May 05, 2013, 09:55:12 AM
 #12

@jonytk: USD would probably be what everyone would use, but for those who would like to pay in BTC or LTC, it will be available.

If I was able to help you out, please consider donating.  Any amount is greatly appreciated! Smiley         
LTC LYxUfCXVHVkBv2S8H21NK6UnFnXmNaVqv6   XRP rHAYiZ3f7QGLa4qsVPjLsVEmwUQ9nSMq86
HotSwap
Hero Member
*****
Offline Offline

Activity: 812


COINMIXER.NET


View Profile
May 05, 2013, 03:18:58 PM
 #13

Seems interesting me, I'll keep an eye on this.

High Volume, Secure Bitcoin Mixer: https://CoinMixer.net
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!