[4+ EH] Slush Pool (slushpool.com); Overt AsicBoost; World First Mining Pool

[macsheadroom]

I'm sad that I favorited Preevs BTC to USD converter when it was $854 per BTC. My bookmark constantly reminds me of that...

Yes my http://bitcoindifficulty.com/ bookmark shows me 112,628,549, and when I click it and see 6,119,726,089 my heart sinks ever deeper.

[nukka33]

btc climbing up, we found 2 blocks in 48mins, slush's 1 day luck 200%...    

 

[organofcorti]

Further explanation of ROI and why it is not a factor in BTC mining since I am not selling my equipment and can realize no gain or loss until i do sell the mining equipment -- again, this is just one way of understanding ROI.

<slab of text>

We assume that mining equipment resale value is negligible after a short period of time.

[Pennycillin]

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?

[organofcorti]

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?

Sounds right. If you have less than a few hundred Ghps you're better off not mining BTC.

[markneill]

...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.

[Pennycillin]

...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.

[nukka33]

btc climbing up, we found 2 blocks in 48mins, slush's 1 day luck 200%...    

 

i think i've jinxed it...

 

[Namnuta]

No one will take that as criticism because you clearly have no clue. This is a mining pool, not a how to on bitcoin mining. Its a service, no one asked you to join our pool. Its on you to do your do diligence, because if you did just a simple Google search you would realize that the days of mining with GPU, or CPU is long long gone (Like your over a year to 2 years behind).  So as a miner that's been in the game since late 2010, don't take offense, but leaving bitcoin mining to the big boys ok. If your not in the Gigahash range, mine litecoin.  Oh and i really feel you cant defraud the stupid. And FYI min payout is .1 .

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

...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.

[markneill]

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.

[Trongersoll]

...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]

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

[seamusgalla]

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]

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...

[GordonBM]

Joined Slush with 1.1TH 

[KNK]

Joined Slush with 1.1TH 

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

[geekymitch]

...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]

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]

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]

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".

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.

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.