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Question: What type of pool payouts do you prefer?
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Author Topic: [2.5+ EH] Slush Pool (slushpool.com); World's First Mining Pool  (Read 4326831 times)
markneill
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April 15, 2014, 04:02:56 PM
 #16281

oh and to humble you even more. Previous poster mis quoted. Our pool in 1.3 PetaHash/sec

Oops - missed a 1E-3 shift in the conversion.  So that's 1 ten-millionth of a percent.
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Trongersoll
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April 15, 2014, 04:03:11 PM
 #16282

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.


It has pretty much been known in these forums for a long time that CPU /GPU mining was a losing proposition. You just can't make a significant impact. The Pool operater provides a service. The onus is not on them to educate potential users. Sadly, what is a lot to some people isn't much to others. Lots of people get, what they consider to be, big mega computers and think that is all they need to mine bitcoin because there is still some old software around that will let them. They are qute disappointed when the learn that it really requires specialized hardware to mine and not big computers. Then they look at the hardware available and ask if the cheapest hardware is worth it. They don't like hearing  "no, not anymore". Basically, today there are two types of miners. Those with the financial resources to constantly persue the bigest and best new hardware. And the rest, who are pretty much hobbyist, mining because it is fun for them and a learning experience.

I feel bad for you because you didn't know what you were getting into. Also, the pool operator does not read this forum. We all here are just fellow miners.
nottm28
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April 15, 2014, 04:38:17 PM
 #16283

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.

http://lmgtfy.com/?q=bitcoin+mining+hardware


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seamusgalla
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April 15, 2014, 04:46:44 PM
 #16284

And FYI min payout is .1 .


I joined in October 2013 aware of how slow my miners were and expected to get my first payout in March(ish) territory of .05 (min payout that I read when I joined). I have been checking in to see how things have been going with the pool every 2 weeks or so and glancing at this forum (this time noticing your post). I am on ~.041 and was hoping to get a payout in around june/july which no longer looks viable. Has the min payout changed?? If so, I don't see any point to continue mining and would there be any way to recieve the bitcoins that I have mined so far? If I cannot get my bitcoins what will happen to them? trapped forever within the pool?

Best,
Seamus.
nottm28
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April 15, 2014, 04:49:42 PM
 #16285

And FYI min payout is .1 .


I joined in October 2013 aware of how slow my miners were and expected to get my first payout in March(ish) territory of .05 (min payout that I read when I joined). I have been checking in to see how things have been going with the pool every 2 weeks or so and glancing at this forum (this time noticing your post). I am on ~.041 and was hoping to get a payout in around june/july which no longer looks viable. Has the min payout changed?? If so, I don't see any point to continue mining and would there be any way to recieve the bitcoins that I have mined so far? If I cannot get my bitcoins what will happen to them? trapped forever within the pool?

Best,
Seamus.

Min payout is 0.01 so you are good to collect now...

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GordonBM
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April 15, 2014, 04:54:48 PM
 #16286

Joined Slush with 1.1TH  Grin

I got hacked by some Syrian faggot and now I have negative feedback.
KNK
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April 15, 2014, 05:47:58 PM
 #16287

Joined Slush with 1.1TH  Grin
Congrats and happy mining!

Just to (try to) answer your (may be) next question(s) you should expect ~0.02BTC per round with current pool hashrate and it takes few rounds for the pool to show you actual hardware speed

Mega Crypto Polis - www.MegaCryptoPolis.com
BTC tips: 1KNK1akhpethhtcyhKTF2d3PWTQDUWUzHE
geekymitch
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April 15, 2014, 06:05:14 PM
 #16288

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.





Dude, did you bother googling before starting up your CPU mining?  Did you do ANY research at all?  Ran your PC for 24 hours?  Most of us have rigs running 24x7x365 at this point.  If earning bitcoins were as easy as turning on your CPU miner and voila, 24 hours later you have a bitcoin, do you think there's anyone who WOULDNT be doing it?

Jeez man, don't blame everyone else because you can't be bothered doing research.

Also, it's unlikely you'd generate 1 bitcoin in 5 years, since difficulty rating also goes up.
Namnuta
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April 15, 2014, 07:26:11 PM
 #16289

And FYI min payout is .1 .


I joined in October 2013 aware of how slow my miners were and expected to get my first payout in March(ish) territory of .05 (min payout that I read when I joined). I have been checking in to see how things have been going with the pool every 2 weeks or so and glancing at this forum (this time noticing your post). I am on ~.041 and was hoping to get a payout in around june/july which no longer looks viable. Has the min payout changed?? If so, I don't see any point to continue mining and would there be any way to recieve the bitcoins that I have mined so far? If I cannot get my bitcoins what will happen to them? trapped forever within the pool?

Best,
Seamus.

Min payout is 0.01 so you are good to collect now...

My bad, you are correct. forgot a zero.
Hermonminer
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April 15, 2014, 07:43:22 PM
 #16290

Further thoughts on the misuse and misunderstanding of the term ROI for bitcoin mining.

I continue to see both noob miners and experienced miners misuse the term ROI or saying they "invested" in a mining rig in order to mine bitcoin. ROI is a technical term with several meanings none of which have to do with buying an asset, keeping that asset and using it to produce something else. ROI only applies to buying and selling of the asset, not what it produces.

Buying a bitcoin mining rig is not an investment unless you are buying and selling mining rigs. Only under those circumstances can the term ROI be used correctly. The ROI is the difference between the price you paid for the miner and the price you sell it for. It does not apply at all to the amount of BTC you mine versus the price you paid for the machine. That is properly called your break even point and that will include any ongoing fees incurred through the use of the machine like electricity during the useful life of the machine.

A mining rig is a tool used to achieve some other purpose which is to mine BTC. 
markneill
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April 15, 2014, 08:38:34 PM
 #16291

A mining rig is a tool used to achieve some other purpose which is to mine BTC. 

I believe the term everyone is looking for is "sunk cost".

Quote from: Wikipedia
In economics and business decision-making, a sunk cost is a retrospective (past) cost that has already been incurred and cannot be recovered.

See:  http://en.wikipedia.org/wiki/Sunk_costs - especially, the section that describes decision-making based on costs.

Quote from: More Wikipedia
In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision. Traditional economics proposes that economic actors should not let sunk costs influence their decisions. Doing so would not be rationally assessing a decision exclusively on its own merits.
...
Sunk costs should not affect the rational decision-maker's best choice. However, until a decision-maker irreversibly commits resources, the prospective cost is an avoidable future cost and is properly included in any decision-making processes.

The cost of your mining hardware is a sunk cost.  In a rational economic decision, that cost is immaterial, it's already been lost and can't be recovered in any way, which is especially true in the world of mining hardware that becomes "obsolete" so fast.

nottm28
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April 15, 2014, 10:15:33 PM
 #16292

And FYI min payout is .1 .


I joined in October 2013 aware of how slow my miners were and expected to get my first payout in March(ish) territory of .05 (min payout that I read when I joined). I have been checking in to see how things have been going with the pool every 2 weeks or so and glancing at this forum (this time noticing your post). I am on ~.041 and was hoping to get a payout in around june/july which no longer looks viable. Has the min payout changed?? If so, I don't see any point to continue mining and would there be any way to recieve the bitcoins that I have mined so far? If I cannot get my bitcoins what will happen to them? trapped forever within the pool?

Best,
Seamus.

Min payout is 0.01 so you are good to collect now...

My bad, you are correct. forgot a zero.

What's one zero when we've gone from MH/s to PH/s in a couple of years Smiley

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bebooba11
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April 16, 2014, 12:44:08 AM
 #16293

I just logged into my Wallet. I have the wallet hosted locally on my computer.

https://blockchain.info/tx-index/9cfa54d0a5537e18e4e89a64da1c5c85981cd90b5a5aeeec002bca4fffbe7f8a

I got robbed? Can someone explain or help?Huh?

OMG this is crappy.
bebooba11
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April 16, 2014, 01:09:42 AM
 #16294

I just logged into my Wallet. I have the wallet hosted locally on my computer.

https://blockchain.info/tx-index/9cfa54d0a5537e18e4e89a64da1c5c85981cd90b5a5aeeec002bca4fffbe7f8a

I got robbed? Can someone explain or help?Huh?

OMG this is crappy.

Just lost 1.3 btc...miners for sale. anyone interested?
divinesnail01
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April 16, 2014, 01:47:40 AM
 #16295

...With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Don't take this as a criticism, but "all the resources [you've] loaned", even at the high estimate of 12.9Mh/s, comes out to less than 1/10,000 of a percent of the total shares input to the current pool hashrate, which is currently clocking over 1.3 Terrahashes/sec.

And the last 24 hours has been a GOOD pool day, that's about twice the payout (since we've found twice as many blocks) that you would normally expect to see in a statistically average day.  As OrganOfCorti said, if you're mining on GPU or CPU, the current difficulty and mining rate of the global BTC pool is so much larger than your capacity to mine on that hardware that it's not efficient.

Then you wont take this as a criticism when I say, nowhere on your website does it say, "reg CPU users will need to run their computer for a total of FIVE YEARS to generate 1 bitcoin".   I'm confident you DEPEND on the thousands and thousands of us "workers" who are under educated and dumb enough to run our computers for 24 hours to yield the lack of result while you keep everything we generate and have no choice to abandon because you won't payout less than 1 bitcoin.   Now I understand why information is pretty scarce.  It's clearly a deliberate intent to defraud.





Really?

I wrote a nice response to your first post, taking some time to do a little research as I did.  Several others replied to you as I was writing that, and then you came in with this gem.  I deleted my "nice" response.

I'm an IT worker; we talk sometimes about users who "substitute belligerence for brilliance."  I don't think I've ever said this directly to anyone before, but I think you just gave the textbook demonstration of that principle.  You found some software, fired it up, and figured you were going to see magic hit your bank account, with no research?  And then, when other try to point out some shortcomings in your plan, you react in this way; blaming others for your lack of understanding.

Wow.

You've got enough there to do some semi-useful Litecoin mining.  Google can be your friend, and I wish you luck with your future interpersonal interactions.

'Snail.
markneill
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April 16, 2014, 01:54:42 AM
 #16296

I just logged into my Wallet. I have the wallet hosted locally on my computer.

https://blockchain.info/tx-index/9cfa54d0a5537e18e4e89a64da1c5c85981cd90b5a5aeeec002bca4fffbe7f8a

I got robbed? Can someone explain or help?Huh?

OMG this is crappy.

Just lost 1.3 btc...miners for sale. anyone interested?


News: ♦♦ A bug in OpenSSL, used by Bitcoin-Qt/Bitcoin Core, could allow your bitcoins to be stolen. Immediately updating Bitcoin Core to 0.9.1 is required in some cases, especially if you're using 0.9.0. Download. More info.
♦ The same bug also affected the forum. Changing your forum password is recommended.

See also:  The top of every page in the forum
bebooba11
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April 16, 2014, 02:02:46 AM
 #16297

Yea I see that. I didn't even have 0.9.0 I don't think...
bebooba11
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April 16, 2014, 02:12:54 AM
 #16298

Well Slush! Its been fun. My noobness as a 2 month long bitcoin miner has destroyed my dream of riding the bitcoin train to glory. I can't imagine the people who lost a lot of btc on Mt. Gox. I lost 1.3 btc and feel like an asshole.

It was fun the mine with all of you!

PM me if you're interested in 215 GH/s Avalon miners and Cube Erupted!!

Have fun!
ldjocke
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April 16, 2014, 08:15:03 AM
 #16299

Hey all,

can someone explain to me what happened here?
http://s18.postimg.org/7mforq1hl/what.png

I know that i don't have alot of gh/s but shouldn't I get a couple of satoshi for that amount of shares?
thirdprize
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April 16, 2014, 08:47:47 AM
 #16300

I'm a small, "worker" and have been running my computer all night.  My GUIMiner says I have accepted 71 shares.  When I log in to your console it shows several rounds with no shares (I assume this means nothing was found).  With a total of 28 shares for an unconfirmed total of 0.00000065 BTC.    I'm averaging between 12.915 to 10.500 Mhash/s.

Does this seem correct?  Less than 1 penny for all the resources I've loaned?

Mh/s just isn't worth the effort.  I just got an (2Gh/s) Antminer U2 USB thingie and I reckon in six months time I might just qualify for the minimum payout.  In a week and a bit I have got a confirmed 0.00076316 BTC.  If I can say I mined 0.01 of a BTC myself I will be well chuffed.  I won't even remotely cover the £30 for a U2 but, hey.
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