1.55 BTC = 7.1GH/s KnCMiner Jupiter. InfiniteHash.com BETA - Miners HERE!

[baloo_kiev]

Any news on earnings/payouts?

[Adeel06]

Yes, they are performing...decent enough, however it wasn't good enough for us to remain on BTCguild with their 3% share, so I'm now going to move them all over to Eligius, as their network has grown substantially since we got our miners and their pool luck has increased drastically. We are waiting for 2 weeks from Friday to send initial payouts, because I still have many people who have not bothered to send me their e-mail address, so we will give them an extra ~4 days of time to get in touch with me.

[Adeel06]

Their money will remain untouched in a wallet but it bothers me that it even has to come to this, wish they cared about their initial investment enough to just message me once more to confirm that they're alive.

-Adeel

[Adeel06]

I wanted to know what everyone's opinions are based on Eligius vs BTCGuild.

Pros to BTCGuild:
Access to Excel print out which is easily legible
Our network mines at around 4.2 TH/s
Find blocks more consistently as they are at 900 TH/s (network rate)

Cons to BTCGuild:
3% of all of our BTC is going into BTCGuild's wallet as their fee.

Pros to Eligius:
No fee taken out of of our BTC

Cons:
A lot more variance than BTCGuild, so sometimes long periods of time go by where a block is not found.
Our network hashrate is somehow 4.0 TH/s (.2 TH/s or 200 GH/s slower)
Finds blocks inconsistently as the network hashrate is ~390 TH/s (network rate)

I would like thoughts and opinions on the matter as we are all in this together,

-Adeel

[jungle_dave]

Im for BTC Guild.
If you add up Elgius under utilization of our hashrate and general lack of luck BTC guild still looks a bit better IMO.

[riclas]

are you sure about that dave?
If that is true and there is some underperformance in eligius, then sure, BTCGuild.

However, why not consider other pools?
slush's pool is very stable and has a much lower fee.
pool.itzod.ru is a pool with specs very similar to eligius, but much smaller. Although if there aren't any performance issues i don't see why not move there.
Maybe others? Maybe try several until you find one with the most stable income?

[baloo_kiev]

My opinion is simple. The smaller pool (as long as it mines at least 1 block per day on average), the better.

I'm OK with about 5% overall variance (which corresponds to about 1 block per day) and the main idea here is supporting decentralized network, not only caring about your income.

Mining on big pools defeats the main idea of Bitcoin - decentralization. What's the point of a decentralized payment system if more than a half of transactions are processed by 2 largest pools?! If miners keep supporting Guild with their hashrate, we can end up with renaming Bitcoin into Guildcoin.

P2Pool is the best choice as it combines decentralization and low variance. I would vote for it if KNCminer's software is compatible.

TL;DR: Big pools are evil. Keep the network decentralized.

[bobsag3]

Our GB's jups seem to be most happy/profitable on BTC guild, that is until I get enough hashpower to put together my own pool.

Why dont we have a GB pool? All the GBs from the various people all on their own 0% fee pool... im sure we could get enough hashpower, and I can get the web hosting we need for it.

[Adeel06]

My opinion is simple. The smaller pool (as long as it mines at least 1 block per day on average), the better.

I'm OK with about 5% overall variance (which corresponds to about 1 block per day) and the main idea here is supporting decentralized network, not only caring about your income.

Mining on big pools defeats the main idea of Bitcoin - decentralization. What's the point of a decentralized payment system if more than a half of transactions are processed by 2 largest pools?! If miners keep supporting Guild with their hashrate, we can end up with renaming Bitcoin into Guildcoin.

P2Pool is the best choice as it combines decentralization and low variance. I would vote for it if KNCminer's software is compatible.

TL;DR: Big pools are evil. Keep the network decentralized.

Baloo, others who have 150-180 BTC invested aren't as okay with variance. I agree however with keeping the network decentralized but it would be time consuming convincing Nickem and Mupartee of the switch

[Adeel06]

Our GB's jups seem to be most happy/profitable on BTC guild, that is until I get enough hashpower to put together my own pool.

Why dont we have a GB pool? All the GBs from the various people all on their own 0% fee pool... im sure we could get enough hashpower, and I can get the web hosting we need for it.

Bob, that's actually a great idea. Especially with how big our future network will be (Peta not Tera), this would save us all time and money.

Adeel

[baloo_kiev]

Baloo, others who have 150-180 BTC invested aren't as okay with variance. I agree however with keeping the network decentralized but it would be time consuming convincing Nickem and Mupartee of the switch

I see what you mean but I fail to understand how amount invested makes their situation different from mine.

I often see people here on the forums arguing the opposite, like "They have a lot of coins, so they can afford to lose some, while I spend mine for living."

[riclas]

I vote for having our own pool too.
Until then, why not try a pool with a good hashrate but less fees? High fees are intentional to drive people away from those pools and decentralize mining.

[Adeel06]

Well as of now, our own pool would only be ~4 TH until Mid November when it would be 6.5 TH, then January it would be around 8-12 TH/s so at the current difficulty there would be a lot of variance in our pool earnings and some may have a problem with that.

Adeel

[Adeel06]

Baloo, others who have 150-180 BTC invested aren't as okay with variance. I agree however with keeping the network decentralized but it would be time consuming convincing Nickem and Mupartee of the switch

I see what you mean but I fail to understand how amount invested makes their situation different from mine.

I often see people here on the forums arguing the opposite, like "They have a lot of coins, so they can afford to lose some, while I spend mine for living."

I said they might have a problem with variance, you were the one who stated the idea, which would mean you already did not have a problem with variance..? I never said any person mattered more or that any persons coins mattered more, this is an open forum for discussion on what is the best course of action.

Also, while I agree with the DECENTRALIZED network being the MOST important issue to myself, this isn't the case for those that are simply in this for profit. This has been brought to my attention numerous times by another user and I have to take that into account though it goes against my own rationale.

This is pretty much a 24 hour a day job, whenever a miner goes down, I have to wake up in the middle of the night to repair the issue. This also allows me to speak to users about what their feelings are towards certain ideas. In the end, I try to use my best judgement for any and all matters or conflicts that need resolution.

[baloo_kiev]

I said they might have a problem with variance, you were the one who stated the idea, which would mean you already did not have a problem with variance..?

I don't have a problem with variance as well as other risks simply because I never invest more than I can afford to lose in a single investment.

I never said any person mattered more or that any persons coins mattered more

Sorry, I must have misunderstood you. I thought you were saying that variance matters more for the investors with 150-180 BTC. Like they have a problem with variance because they invested a big amount.

this is an open forum for discussion on what is the best course of action.

Exactly. You asked for opinions, so I expressed mine.
By the way, how about splitting the hashrate (along with income) between different pools? E.g. if a group of holders of 70 shares in total wants to switch to some other pool, you dedicate one Jupiter to them.

Also, while I agree with the DECENTRALIZED network being the MOST important issue to myself, this isn't the case for those that are simply in this for profit. This has been brought to my attention numerous times by another user and I have to take that into account though it goes against my own rationale.

It's arguable whether you have to give preference to the network support or profit of individuals in this situation. No strict agreement was made about the pool(s) at the time of investment, so formally you may choose it by on your own decision or even mine in different pools.

This is pretty much a 24 hour a day job, whenever a miner goes down, I have to wake up in the middle of the night to repair the issue. This also allows me to speak to users about what their feelings are towards certain ideas. In the end, I try to use my best judgement for any and all matters or conflicts that need resolution.

Thank you for your great job!

[thehun]

So how are we doing? is there any wallet/account where we can track progress?

Cheers

[Adeel06]

We changed mining pools numerous times, this is because of KnC once again, if you read their forums you will see the problems their firmwares have caused.

Their website is :

http://forum.kncminer.com/forum/main-category/main-forum/

We've had to change from BTCGuild to Eligius because 3% was too high, then .98 won't work with Eligius, so we went back to BTCGuild. Then we got a very good offer for a different pool but I'm going to keep the name private for now.

-Adeel

[Adeel06]

Payouts will go out tomorrow. Everything can be double, triple or quadruple checked
-Adeel

[Adeel06]

Hello Everyone!
Here is the Excel file I created showing everything!
I want to be as transparent as possible.
I have uploaded the Excel file and you can download it here:

http://www.filedropper.com/round1ofpayouts1021-1104

They payments are going out soon!

It has been awesome working with you guys thus far!
I hope we continue to mine like champions!

If you all have any questions, please do not hesitate to email me or PM me on the forums.

[Adeel06]

All earnings have been sent except for 3 people (Nobunaga, BGrx, & BitcoinValet whom have been contacted via PM)

Let me know if you all have any questions!

Have a good night!