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 Author Topic: BitMinter.com * Optional Custom Miner, PPLNS, Merged mining, Newbie-Friendly! *  (Read 220278 times)
DrHaribo
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 July 30, 2013, 06:53:09 AM

I understand what an estimate is, but is it right?  Just because "It is calculated the same way that dozens of bitcoin mining calculators you will find around different websites."  Doesn't really make it right and if it is truly random, then why estimate at all?  Estimating a random act is saying is like guessing a die will role a 1 , 10 times in a minute.  If you said in the last 1000 rolls, 100 where a 1, it is still random.  THat it could be easily 200 the next 1000 rolls.  So it doesn't really mean anything. So why say it at all?  So finding a 1 block in 24hours, and 9 blocks in 24 hours is completely random, so saying someone can earn .15 a day, is completely random too.

Of course the estimate is correct. And of course it makes sense to calculate this average. If you roll dice that can have a value from 1 to 6 then the average over time will converge on 3.5. This number, 3.5, is useful information, and therefore we present this data. I'm not sure what you mean with "completely random". There are different probabilities and interesting things you can calculate based on them.

If you think that you are born with bad luck and will always have bad luck, or you think that if anything is random there is nothing more to be said about it, or that you can read something important out of how lucky the last few blocks were: please check out organofcorti's thorough analysis at http://organofcorti.blogspot.com/2013/05/131-bitminter-and-luck.html

Hi, I haven't been able to load the BitMinter software on my computer, and gave the details here in a different thread:

https://bitcointalk.org/index.php?topic=264112.msg2823454#msg2823454

Did you disable the Java cache?

So that would mean that a MacBook Pro is basically worthless for mining?

Yes, unless you plug an ASIC into it

Yeah, not just CPU mining but even GPU mining is too inefficient to be profitable these days. Plug in an ASIC or two and your Mac can feed them work just fine.

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Benefactor
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 July 30, 2013, 08:51:13 AM

Dr Haribo,

New strategy - from the other thread -

If I just needed a new computer to run 30 USB minters off hubs from, what could I get that would definitely work out of the box, but would be real cheap?  (Really, I'm hoping for a budget under \$200, if I can get that to work, hopefully for something 'new'.)

What/where should I buy a new cheap computer for just mining?
elarue
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 July 30, 2013, 02:02:40 PM

Yes, unless you plug an ASIC into it

All right then.  Any recommendations for an inexpensive ASIC?

As for any other computer with a dedicated graphics card, I believe you just open BitMinter client and it will see the GPU and allow you to start mining with it with a push of a button.

All right, I'll try to find it on my work computer and on my wife's computer then.  Thanks!
rdmcnabb
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 August 02, 2013, 07:50:25 PM

I have a newbie question, and I don't know if this has been asked before.  Does the bitminter client work with the UBUNTU web browser?
DrHaribo
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 August 02, 2013, 10:32:54 PM

What/where should I buy a new cheap computer for just mining?

Maybe get a used laptop. Should be cheap and energy efficient. Or a raspberry pi or similar tiny computer. I'm not sure how well BitMinter client runs on them though - there hasn't been much testing.

All right then.  Any recommendations for an inexpensive ASIC?

Maybe an ASICminer block erupter USB (330 MH/s) or a Butterfly Labs Jalapeno (5+ GH/s). Make sure you check how long the waiting time will be before you order.

I have a newbie question, and I don't know if this has been asked before.  Does the bitminter client work with the UBUNTU web browser?

Any browser that can start java webstart when it sees a .jnlp file will work. Or you can start from the command line. Open up a terminal window and type:
Code:
javaws http://bitminter.com/client/bitminter.jnlp
This is how you would start it if you have the java plugin disabled in your browser.

▶▶▶ Bitminter.com - Your trusted mining pool since 2011.
philipma1957
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 August 04, 2013, 03:28:48 AM

I am selling usb sticks on ebay.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=151094299574&ssPageName=STRK:MESE:IT

this is a basic setup it uses bitminter and windows 7 .   the sticks are the lowest cost gear that you can buy quickly.   I can do a private sale of 1 usb stick via paypal for 70 dollars free shipping to the usa. As you can see on the ebay listing I am a longtime seller on ebay.  send me a pm if you want one.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
DrHaribo
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 August 07, 2013, 12:09:14 AM

The java speed meter doesn't work after opening it the second time.

Are you overclocking?

Does the meter not show at all, or do you mean it only shows zero?

What about the hashrate on the statusbar at the bottom of the window, does that work?

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GoWings97
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 August 09, 2013, 06:26:17 PM

I got some newbie questions:

• What are "workers"? I only have one. Would it be better to have more? How would i get more?
• What's the difference between namecoins and bitcoins?
elarue
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 August 09, 2013, 08:01:13 PM

I got some newbie questions:

• What are "workers"? I only have one. Would it be better to have more? How would i get more?
• What's the difference between namecoins and bitcoins?

Workers are the actual computers that earn bitcoins for you.  If, say, you have a home computer and a work computer, and you use BitMinter on both, those would be two separate workers.

I believe namecoins are a similar type of currency to bitcoins, and Bitminter allows you to earn both.  Can anyone correct me on this?
DrHaribo
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 August 09, 2013, 09:14:09 PM

Even if you have multiple computers you can use the same worker for all of them if you want. Multiple workers is for having separate statistics. So if you need that, set up multiple workers.

﻿﻿Namecoins:

We get namecoins with our bitcoin mining with no additional effort. Only got namecoins so far? You will get bitcoins when we create the next bitcoin block. Read more and get a namecoin wallet from http://dot-bit.org Get a namecoin GUI from http://dot-bit.org/forum/viewtopic.php?f=9&t=341 You can sell namecoins at exchanges: [1] https://btc-e.com/ [2] https://vircurex.com/

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blo8i
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 August 13, 2013, 05:51:51 PM

i have some questions.

i have ben running bitminter for abit more than 2days now, bitminter says that i wil earn around 0,009 pr day. but i only have 0.00516256 on my account, and i dont know if that is from some older mining. i also get alot of work reject.

http://imgur.com/eTaXndI

DrHaribo
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 August 13, 2013, 06:10:35 PM

i have some questions.

i have ben running bitminter for abit more than 2days now, bitminter says that i wil earn around 0,009 pr day. but i only have 0.00516256 on my account, and i dont know if that is from some older mining. i also get alot of work reject.

http://imgur.com/eTaXndI

What's your reject to total work ratio? I would consider up to 0.5% to be normal.

Much of your 2 days of mining have not been paid yet. There's a delay from you do some work until it is fully paid (10 shifts). The payments are also influenced by luck and we had some bad luck just now.

Here is some information about how the reward system works:

The approximate mint speed shown in BitMinter client is just that, an approximation. Bitcoin mining is like a lottery. How often we find a block, and earn bitcoins from that block, is random. Each hash you process is like a lottery ticket. Each hash has a (very low) chance of producing a block. You get paid with coins from a block whenever a block is found by someone mining in the pool. Your share of the income from a block is determined by the amount of work that you did in the most recent 10 shifts at the time the block is found.

Because of this, your daily income will vary with luck. That's often referred to as variance. There may also be some hours between two payouts if we are having bad luck and no blocks are found for a while.

In addition to that there is a delay from the time you do some work until that work is fully paid. The work you do is registered in a shift, and then that work is credited with income from new blocks we find until its shift is no longer among the 10 latest shifts. This takes a few hours. If you turn off the prepay perk then there is an additional delay having to wait for blocks to confirm, which takes about 20 hours.

So, assuming you have prepay on, if you do 24 hours of work and then look at the results, then only some of that work has been fully paid. The remaining work is still receiving pay, even if you stop mining. Needless to say that is not going to look very profitable, when you are looking at all the work you did but only part of the pay you are going to receive.

Comparing pools by how much you get paid for 24 hours of mining is pointless. The comparison becomes "which pool has the best luck today?" You can't use that data for anything. The luck a pool has today has no influence on its luck tomorrow. Believing that it does is called "gambler's fallacy" which you can ready about on wikipedia:

http://en.wikipedia.org/wiki/Gambler%27s_fallacy

If you want to know how BitMinter's payouts have been over time you can read Organofcorti's very detailed analysis here:

http://organofcorti.blogspot.com/2013/05/131-bitminter-and-luck.html

▶▶▶ Bitminter.com - Your trusted mining pool since 2011.
blo8i
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 August 13, 2013, 06:47:09 PM

i have some questions.

i have ben running bitminter for abit more than 2days now, bitminter says that i wil earn around 0,009 pr day. but i only have 0.00516256 on my account, and i dont know if that is from some older mining. i also get alot of work reject.

http://imgur.com/eTaXndI

What's your reject to total work ratio? I would consider up to 0.5% to be normal.

Much of your 2 days of mining have not been paid yet. There's a delay from you do some work until it is fully paid (10 shifts). The payments are also influenced by luck and we had some bad luck just now.

Here is some information about how the reward system works:

The approximate mint speed shown in BitMinter client is just that, an approximation. Bitcoin mining is like a lottery. How often we find a block, and earn bitcoins from that block, is random. Each hash you process is like a lottery ticket. Each hash has a (very low) chance of producing a block. You get paid with coins from a block whenever a block is found by someone mining in the pool. Your share of the income from a block is determined by the amount of work that you did in the most recent 10 shifts at the time the block is found.

Because of this, your daily income will vary with luck. That's often referred to as variance. There may also be some hours between two payouts if we are having bad luck and no blocks are found for a while.

In addition to that there is a delay from the time you do some work until that work is fully paid. The work you do is registered in a shift, and then that work is credited with income from new blocks we find until its shift is no longer among the 10 latest shifts. This takes a few hours. If you turn off the prepay perk then there is an additional delay having to wait for blocks to confirm, which takes about 20 hours.

So, assuming you have prepay on, if you do 24 hours of work and then look at the results, then only some of that work has been fully paid. The remaining work is still receiving pay, even if you stop mining. Needless to say that is not going to look very profitable, when you are looking at all the work you did but only part of the pay you are going to receive.

Comparing pools by how much you get paid for 24 hours of mining is pointless. The comparison becomes "which pool has the best luck today?" You can't use that data for anything. The luck a pool has today has no influence on its luck tomorrow. Believing that it does is called "gambler's fallacy" which you can ready about on wikipedia:

http://en.wikipedia.org/wiki/Gambler%27s_fallacy

If you want to know how BitMinter's payouts have been over time you can read Organofcorti's very detailed analysis here:

http://organofcorti.blogspot.com/2013/05/131-bitminter-and-luck.html

96/27752*100=0.345% rejected

282/27752*100=1.016% miscalc

but thanks for the help
DrHaribo
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 August 13, 2013, 08:50:02 PM

96/27752*100=0.345% rejected

282/27752*100=1.016% miscalc

but thanks for the help

Reject ratio seems ok. Miscalculations are a bit high, but normal for some ASIC products. If this is on GPU you are probably overclocking too much.

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elor70
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 August 13, 2013, 08:52:57 PM

Making only 0.66 dollar a day... Sounds awful...

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 August 13, 2013, 08:56:53 PM

your java based client is far and away the easiest to get started with mining.  Thanks for making it!

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aminkorea
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 August 13, 2013, 10:22:14 PM

what is with the excessively long block times? 18 hours on the last block and into 14 hours for the current round.  Is this going to be the norm from now on?

Sorry if this is the wrong forum, but I'm new here and am still trying to find my way around.
blo8i
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 August 13, 2013, 10:23:24 PM

Making only 0.66 dollar a day... Sounds awful...

haha i know, but i just have 2 usd stucks pluged in while i am at my mothers place, when ii get back home, i get 2 more THATS LIKE 1\$ a day

i just sold a amazon giftcard, so i hope i can hit the 2,700mega-hashes / second and then take it from there. i do this as a hobby, and i am a student, so i dont have the much to throw in this.
DrHaribo
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 August 13, 2013, 10:30:16 PM

what is with the excessively long block times? 18 hours on the last block and into 14 hours for the current round.  Is this going to be the norm from now on?

What the norm will be for round lengths will depend on our share of the global hashrate. As the global hashrate goes up our pool hashrate has to grow at the same rate for our average round lengths to stay the same.

When this pool was young and only had a few miners a round could take 7 days sometimes, which meant you only got a single payout that week. At the time we had a very small share of the global hashrate.

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GoWings97
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 August 15, 2013, 01:54:07 AM

The Bitminter client is not recognizing my ASICMiner Erupter. I restarted the Bitminter client several times and it is not finding the Erupter. What can I do?
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