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Author Topic: [ANN] profit switching auto-exchanging pool - www.middlecoin.com  (Read 809784 times)
FlungSpun
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August 12, 2013, 11:34:29 AM
 #961

Problems with the android blockchain.info wallet on my middlecoin mining addy.

OK this is totally my fault but may need to be discussed.

I have been using a Blockchain.info wallet on android and guess what, yup, forgot the password a few weeks ago.
Seeing as I never used the Blockchain.info web I never needed it as my phone connected to the wallet with a PIN
so business as usual.

Then this happens

https://bitcointalk.org/index.php?topic=271831.0

I never keep coin in that wallet it's just a collection point and on the news of the Android fault I emptied it last night.

then the android app does some updated rethinking (PIN no longer works and demands PW).... lucky me ... ?
and probably resulting in this too
https://bitcointalk.org/index.php?topic=272182.0

This wouldn't usually cause too much fuss, change of address and move on with life but there is going to be a constant trickle
of coin from middlecoin pool into that wallet for the next couple of days as the balances move through the process.

These coins are lost unless a kindly pool op can help, but how would I prove its my address?

probably going to have to chalk up a couple of 0.1x BTC to experience but wondered what peoples thoughts were.
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hendo420
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August 12, 2013, 11:42:59 AM
 #962


Mining LTC gets you 0.287 BTC per MH/s per day. So we were less profitable than that today.


I think you forgot a 0 there. lol

When I did the math it was closer to 0.0287 BTC per MH/s per day.

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August 12, 2013, 12:01:10 PM
 #963

Doesnt middlecoin have more power then that showing on the stat page.  multipool just tried for 5 hours and failed to find a litecoin with 757 mhash

ltc seems quite similar to btc now, has to be all or nothing.   I say that as someone who prefers the big diff coins because I get more shares
Time Since Last Block   128 Hours 12 Minutes.    If the diff changes on a coin in the middle of people trying to find a block, does it wipe out all the work done by the pool
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We switch away regardless.
not objecting but my guess is that coin should register in that recorded instance as 0% profitability in comparison

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August 12, 2013, 12:55:19 PM
 #964

Im pointing with over 16MH to this pool now. What I get is:

1AB4vhbgJYWwsrJ6M6FD2BGypYbxhUCGJK    7.9878    4.6417    0.00224522    0.01017191

so 7.98MH come through.... like 50% loss!!! I dought that this will be more profitable than LTC mining. Do you when you switch coin also consider that this coin might be very inefficiant to mine (not only 50% stale but also orphanz etc.)?
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August 12, 2013, 12:58:31 PM
 #965

You now people,  this pool is ripn' ya all off.  No way check'n it.

Digital currency of the future!
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August 12, 2013, 01:48:42 PM
 #966

You now people,  this pool is ripn' ya all off.  No way check'n it.
this applys to every pool beside p2pool Wink (ie, no way checking)

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August 12, 2013, 02:18:17 PM
 #967

Im pointing with over 16MH to this pool now. What I get is:

1AB4vhbgJYWwsrJ6M6FD2BGypYbxhUCGJK    7.9878    4.6417    0.00224522    0.01017191

so 7.98MH come through.... like 50% loss!!! I dought that this will be more profitable than LTC mining. Do you when you switch coin also consider that this coin might be very inefficiant to mine (not only 50% stale but also orphanz etc.)?

yes he does
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August 12, 2013, 02:46:21 PM
 #968

well mined for 10h with 16MH now expected yield is: 0.02821011 BTC!!!
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August 12, 2013, 04:23:22 PM
 #969

I think Litecoin should eliminate from middlecoin pool. because for about 100MH/s that this pool has, it takes 24 hours to find a block. Since we dont mine litecoin for 24hours, all of the shares result to nothing!

What do you think hdo??

Good point.

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August 12, 2013, 07:19:42 PM
Last edit: August 12, 2013, 08:07:03 PM by K1773R
 #970

I think Litecoin should eliminate from middlecoin pool. because for about 100MH/s that this pool has, it takes 24 hours to find a block. Since we dont mine litecoin for 24hours, all of the shares result to nothing!

What do you think hdo??

Good point.
just saw CoinBuzz post due to your quoting (hes ignored).
this is a false understanding of mining. you cant know when you find a block (you can find a block with every hash you submit, but that would be extreme luck). its about mining the most profitable coin, if the pool finds a pool during the LTC round, it was worth it. if not, well you wanted to mine the most profitable stuff... math Tongue
it seems most ppl think that submiting lower (ie, diff 512 in this case) hahses builds a bigger share and this one solves a block which is wrong. then there are others who are saying; if you find nothing for 24h, your chance of getting a block is much higher. this is also false, if you find a block or not is not affected by all work done in the past!

greetings

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c1010010
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August 12, 2013, 08:20:53 PM
 #971

I think Litecoin should eliminate from middlecoin pool. because for about 100MH/s that this pool has, it takes 24 hours to find a block. Since we dont mine litecoin for 24hours, all of the shares result to nothing!

What do you think hdo??

Good point.
just saw CoinBuzz post due to your quoting (hes ignored).
this is a false understanding of mining. you cant know when you find a block (you can find a block with every hash you submit, but that would be extreme luck). its about mining the most profitable coin, if the pool finds a pool during the LTC round, it was worth it. if not, well you wanted to mine the most profitable stuff... math Tongue
it seems most ppl think that submiting lower (ie, diff 512 in this case) hahses builds a bigger share and this one solves a block which is wrong. then there are others who are saying; if you find nothing for 24h, your chance of getting a block is much higher. this is also false, if you find a block or not is not affected by all work done in the past!

greetings

I think you misunderstand my point... maybe. Smiley  Lemme try again.

I completely understand that time to find a block is effectively random. You don't know when they are going to come.

BUT you can pretty well get an idea of an expected time to find given a hashrate - @100Mh/s you can assume 12hrs for LTC (Not sure if that is entirely accurate, but lets just assume for now).    If we never get to stay on LTC for more than 30minutes, then there is a very small chance that we would find a block.  Sure, we may find one in 10 minutes, but the average would be 6hrs.

I think his point, and my "good point" comment was based on that fact.  If we can assume we find other alt-coins (on average) much faster, then the likelihood of finding one before we switch to a new coin is higher than with LTC.  We would seem to be better off handling faster block coins than long block coins.

Does that explain my comment better?

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August 12, 2013, 08:29:32 PM
 #972

I think Litecoin should eliminate from middlecoin pool. because for about 100MH/s that this pool has, it takes 24 hours to find a block. Since we dont mine litecoin for 24hours, all of the shares result to nothing!

What do you think hdo??

Good point.
just saw CoinBuzz post due to your quoting (hes ignored).
this is a false understanding of mining. you cant know when you find a block (you can find a block with every hash you submit, but that would be extreme luck). its about mining the most profitable coin, if the pool finds a pool during the LTC round, it was worth it. if not, well you wanted to mine the most profitable stuff... math Tongue
it seems most ppl think that submiting lower (ie, diff 512 in this case) hahses builds a bigger share and this one solves a block which is wrong. then there are others who are saying; if you find nothing for 24h, your chance of getting a block is much higher. this is also false, if you find a block or not is not affected by all work done in the past!

greetings

I think you misunderstand my point... maybe. Smiley  Lemme try again.

I completely understand that time to find a block is effectively random. You don't know when they are going to come.

BUT you can pretty well get an idea of an expected time to find given a hashrate - @100Mh/s you can assume 12hrs for LTC (Not sure if that is entirely accurate, but lets just assume for now).    If we never get to stay on LTC for more than 30minutes, then there is a very small chance that we would find a block.  Sure, we may find one in 10 minutes, but the average would be 6hrs.

I think his point, and my "good point" comment was based on that fact.  If we can assume we find other alt-coins (on average) much faster, then the likelihood of finding one before we switch to a new coin is higher than with LTC.  We would seem to be better off handling faster block coins than long block coins.

Does that explain my comment better?
yes, i agree with you if you look at it in case of short-term. in long-term i cant agree as you will get once a pretty fast ltc block, and sometimes else nothing for the round. this means variance will hurt you in the first days, but the overall will be worth it. but then there is another problem, this pools has proportional payout, meaning its perfect for pool hopping. pool hopping + joining the LTC round (as you can see what coin you mine due to the payout address your mining to) when there has been no block for a long time "may incrase your luck" to get a quick LTC at the expense of others. the best way would be to switch to PPLNS/DGM (i prefer PPLNS with a 1day window, to reduce variance alot). it wouldnt surprise me, if someone has created a script to automate this as it can yield alot more than normal mining...

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August 12, 2013, 10:43:27 PM
 #973

If we never get to stay on LTC for more than 30minutes, then there is a very small chance that we would find a block.  Sure, we may find one in 10 minutes, but the average would be 6hrs.

The issue here is pool variance.  The whole point of a mining pool is to get a stable income rather than highly random.

A pool that is only 1% of the total hashing power has a higher variance than once that is 10% of the hashing power.

This creates an incentive for people to mine on the largest pool.

If a multi-coin pool mining a high hash rate coin, then it gives much higher pool variance, since the pool is a small proportion of the coin's total hashing power.

The question is why to use the pool.  Is it to reduce variance or to keep tracking the highest reward coin?

1LxbG5cKXzTwZg9mjL3gaRE835uNQEteWF
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August 12, 2013, 11:48:00 PM
 #974

The question is why to use the pool.  Is it to reduce variance or to keep tracking the highest reward coin?

Use the pool to get BTC out of GPU-mining irrelevant altcoins without any hassle.

Since they are all irrelevant, you best pick the most profitable one from a BTC-perspective.

;-)
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August 13, 2013, 02:41:27 AM
 #975

Today's profit is 0.0342 BTC per MH/s per day.

http://middlecoin.com - profit-switching, auto-exchanging scrypt pool that pays out in BTC
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August 13, 2013, 03:05:13 AM
 #976

Today's profit is 0.0342 BTC per MH/s per day.

It'll be nice to see those kind of stats on the site Smiley

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August 13, 2013, 03:34:03 AM
 #977

I have a question: How long do I have to mine before my stats will appear on the site? I would like to know if my settings are correct or I'm mining for nothing  Undecided

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August 13, 2013, 03:35:49 AM
 #978

I have a question: How long do I have to mine before my stats will appear on the site? I would like to know if my settings are correct or I'm mining for nothing  Undecided

The stats page is updated every 2 minutes or so. And it shows your average over the last hour. So your stats should show on the page in 2 minutes, but only are accurate after an hour.

http://middlecoin.com - profit-switching, auto-exchanging scrypt pool that pays out in BTC
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August 13, 2013, 03:40:02 AM
 #979

I see.. I guess my stratum proxy is not correctly using the -cu option. I'll have to configure my miners by hand later on.

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August 13, 2013, 07:21:47 AM
 #980

I tried the pool out for a day and made a lot less than LTC mining would have.  I know this is a short timescale so I can’t read too much into that but having looked through a lot of this thread I’d like to just add my comments.

I do like the idea of the pool. Taking all the management of switching coins and currency changing for a reasonable fee is a service I would like to buy. It’s very much like buying a mutual fund, but I wouldn’t do that without seeing the fund manager’s track record.  A simple table of BTC/KH/day would satisfy this.  You could add comments about bugs and faults that may have cause bad days.

Having read much about VARDIFF earlier in this thread I don’t know whether or not that caused my bad results or not. But seeing the pool switch from coin to coin without my 300Kh miner having time to submit a share, I suspect I was losing out to miners more suited to the 512 difficulty. But I can’t verify that without a track record of the pool for the same time period, it may simply have been an unlucky day.
So add the track record and I’ll be back to give it another go.

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