I want to create a new, reliable and safe LTC Mining pool.
It seems that any pool with a front end gui is at risk of being hacked (sites with registration,logins and manual payouts).
LTCmine.ru lost
7200LTC in recent 'malicious activity' !!
https://bitcointalk.org/index.php?topic=92522.msg2613262#msg2613262Pools using pushpoold and mmcfe have been hacked recently as well with hackers withdrawing whatever amount they want
https://bitcointalk.org/index.php?topic=227766.msg2471823#msg2471823Bitcoin pools have been hacked:
http://mineforeman.com/2013/04/24/slushs-bitcoin-mining-pool-hacked/and many more like this....
Currently I believe the safest way of pooled mining is p2pools. Apart from DDOSing key nodes (recent update prevents this) I have not heard of any actual hacks on the p2pool network and I have certainly not heard of any stolen coins from p2pools! This is because the payments get split up and sent straight to the pool miners wallets as soon as each block is found rather than going being stored up and sent out manually to registered users. Up until now the 'dust' problem and large transaction fees have put many off.
The New Litecoin 0.6.9.2 not only included a critical DDOS fix but massively reduced Tx fees which is of great benefit to p2pools.
You will struggle to get a transaction fee above 0.1LTC now with a new typical fee of 0.02LTC
I have been testing out the p2pool using the code from
https://github.com/forrestv/p2pool on a dedicated server and on Amazon AWS EC2 cloud.
Both work well but AWS will potentially cost me more money.
So. Here is what I propose.
Join my current LTC and try it out for yourself! If the Hashrate gets up to a decent amount, say 100MH/s then I will move onto a lightning fast server either at Amazon AWS or a hosting service like fasthosts.co.uk or zen.co.uk and foot the bill myself.
I hosted the website with instructions, Pool Stats, Block Explorer and Payouts on GoogleSites (to prevent any kind of DDOSing)
Website is:
www.play4.co.ukPoint your miners to pool.play4.co.uk:9327 with the username: **your wallet address** where you want the payments sent and password:x
So on CGminer an example command line will be:
cgminer --scrypt -o pool.play4.co.uk:9327 -u LUhvgbeMmG4FYr1mTjQJ9bXMdWzH7DeJv4 -p x On this pool typical payout time is currently about once every 1.3Hours. (depending on luck)
Your first few payouts will be lower, but as your shares build up they will increase to a steady amount. When you stop mining you could potentially still receive some payments for shares that you've already submitted to the pool.
If anybody has any suggestions or knows of security flaws in the P2Pool way in of mining I'd be grateful if you let me know
Thanks guys
