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

[hendo420]

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.

[1714104396]

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[1714104396]

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[STT]

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

We switch away regardless.

not objecting but my guess is that coin should register in that recorded instance as 0% profitability in comparison

[eZc]

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.)?

[Whuzz]

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

[K1773R]

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

this applys to every pool beside p2pool (ie, no way checking)

[captainfuture]

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

[eZc]

well mined for 10h with 16MH now expected yield is: 0.02821011 BTC!!!

[c1010010]

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.

[K1773R]

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
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

[c1010010]

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
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.   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?

[K1773R]

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
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.  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...

[TierNolan]

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?

[joris]

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.

[h2odysee]

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

[ampbuster]

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

[ampbuster]

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 

[h2odysee]

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 

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.

[ampbuster]

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.

[TheQuin]

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.

[Eastwind]

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.

If you have only 300kH, then do not bother to join. It is only suitable for a rig with 2.4MH/h or more. I have two rigs, one 3.6MH/s, the other 2.7MH/s. With that sort of power, I am making some profit.

If the pool is too big, then it can drive fast coin difficulty higher easily.

I also think the pool operator is learning. We are also helping him to improve the mining.