[ANN] profit switching auto-exchanging pool - www.middlecoin.com

[h2odysee]

Do you do the currency exchange by hand? Automatically every hour?

It's automatic. Not hourly, but more often than once a minute, I use the cryptsy API to adjust my sell prices.

[ilostcoins]

It's automatic. Not hourly, but more often than once a minute, I use the cryptsy API to adjust my sell prices.

That's almost continuous. Thanks for replying. 

[pavimus]

You should show the current mined coin.

Unfortunately I think that showing the current coin would make a bunch of people switch to mining that, lowering our profits.

this already happens on much bigger sites, eg coinchoose

i seen some times that coinchoose shows obsolete information

[kobaya74]

Giving it a try with one 2300mh/s miner, we shall see how it works...

[ocmoho]

Hmm, i think i may throw all my 6.5mhash at this pool for a day to see how it goes.

[h2odysee]

I've just done the first payouts since the beta.

Payouts will happen around 7:30 PM PST, and I will schedule them manually for the first week or so, to inspect each payout making sure they are correct.

[captainfuture]

if this pool gets bigger this will cause a dumping on the market each time after mining the coin.

[kuriboh]

I will test for a day to see how its going

[STT]

what does --scrypt tag on cgminer require that mining btc does not.   This sounds a great idea but it wont let me mine scrypt coins

[h2odysee]

what does --scrypt tag on cgminer require that mining btc does not.   This sounds a great idea but it wont let me mine scrypt coins

Mining bitcoin uses the SHA256 algorithm, for producing hashes, while the currencies my pool is mining use the scrypt algorithm for producing hashes.

If you're having trouble with cgminer and scrypt, I highly recommend reading https://github.com/ckolivas/cgminer/blob/master/SCRYPT-README

If it crashes, you need to install a different version of your graphics card driver, or the AMD APP SDK, or get a new cgminer version, or some combination. If all your shares are rejected, I think the fix was to lower your intensity. It's been a while since I first started scrypt mining, so I can't be too much help.

Another thing is that when I upgraded to windows 8, I got a 5% boost in hashrate. It might have just been because it was a clean install though.

[snaidervp]

i find the idea of this pool brilliant BUT if it succeeds brings to all altcoins BAD NEWS

[lightsofray]

Throwing 12 MH/s at it, let's see how it goes!
I love the idea of auto converting to bitcoin so I don't need 3,000 wallets
I just wish it were open like everyone else is saying... that would keep me on it long term

[ocmoho]

redirected my hashes.
would like to see:
what coin im mining at that time,
maybe an actual worker list with passwords, and idle worker notifications(i know, alot of work)
and finally, maybe direct exchange to LTC, which is what i would be converting the BTC to anyway.

[jdebunt]

mining here for 17 hours now (only 700 khash) :

accepted shares : 1255
rejected shares : 12
HW : 0
U : 1.25/min

Immature unexchanged balance : 0.13214
Unexchanged balance : 6.01131
Balance : 4.34391

(these are all in mBTC)

[h2odysee]

mining here for 17 hours now (only 700 khash) :

accepted shares : 1255
rejected shares : 12
HW : 0
U : 1.25/min

Immature unexchanged balance : 0.13214
Unexchanged balance : 6.01131
Balance : 4.34391

(these are all in mBTC)

Unfortunately, we've had bad luck with the high difficulty coins. We've had no megacoin or bottlecaps blocks. That's where most of your unpaid shares are sitting.

I can certainly see the benefit of transparency here.

[jdebunt]

Unfortunately, we've had bad luck with the high difficulty coins. We've had no megacoin or bottlecaps blocks. That's where most of your unpaid shares are sitting.

I can certainly see the benefit of transparency here.

was just posting my stats to give people an idea what to expect

But thanks for the info, i'm sure the shares will get paid eventually, i'm not worried

[h2odysee]

There was a bug preventing MEC and CAP blocks from being submitted. It's been fixed.

[juve4v]

I think it is possible to guess the currently mining coin by watching coinchoose and cgminer diff. I decided to give it 1 day try then decide which way is best for me.

[lightsofray]

I seem to be making significantly less than when I was just mining LTC. You definitely need transparency here..
I'll stick with you for a bit longer to see how it goes .. also I'm pushing a constant 12 MHS at you but it constantly says 9.x - 10 on your site, is that an issue on your side or mine?

[DrGoose]

h2odysee,

Exposing which coins you are going to sell next is likely to hurt the performance. It is too easy to manipulate the market in front of your dumping.

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If your value proposition is to keep it simple (miners give you scrypt hash power and you simply give BTC back), then I do not see the point to get all the internal stats.

Someone who "need" all the internal stats is likely someone with the mindset to control all the steps. Good for them, but they will unlikely be satisfied with anyone else fully automated solution (which will sometimes do unprofitable moves) or the management fee. Why bother.

This is similar to choose to trust (or not) a Mutual or Hedge Fund. You give up control to the managers, and what really matter is how much money end up in my pocket.

Personally, I don't need the micro-management details to evaluate if your pool is good compare to my other approaches (and the time I have to spend on these). I just need to monitor the BTC/Hash rate at the user level. It is that simple.

===

Furthermore, public scrutiny into your automated strategies will slow you down from adapting your design. You will have to constantly explain your changes rather than being creative (and more profitable?).

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Good idea. Keep up the good work.