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

[fredeq]

Anyone else having problems connecting to pool?

cgminer reports dead for me and I cannot ping the server. The ip i get while ping is: [54.212.80.0]

[CoinBuzz]

Anyone else having problems connecting to pool?

cgminer reports dead for me and I cannot ping the server. The ip i get while ping is: [54.212.80.0]

No, i'm connecting and mining.

But the pool is mining litecoin for some hours without any profit.

[fredeq]

Anyone else having problems connecting to pool?

cgminer reports dead for me and I cannot ping the server. The ip i get while ping is: [54.212.80.0]

No, i'm connecting and mining.

But the pool is mining litecoin for some hours without any profit.

Please check the ip you get from pinging middlecoin.com

[c1010010]

Please stop mining Megacoin!

Why?

[ethought]

Please stop mining Megacoin!

Why?

Because unless the difficulty algorithm is changed the multipools (profit switching pools) are going to kill it.

Eventually those of us hashing away at way under profitability (because the multipools push difficulty through the roof) will not be able to continue doing that and the hashrate will drop to 0 for most of the day rendering the coin effectively dead.. No more Megacoin profit switching as there will be no more Megacoin. The same goes for other coins as well.

I understand multipools and the benefits attached but in effect they are biting the hand that feeds them. Logic dictates that if all regular miners of alt coins moved to multipools all alt coins would essentially die, as there would be 0 KH/s hashrate on most of them for most of the day. This reduces the number of coins the multipool can switch between. The end result, in theory, is that multipool will simply mine the last currency left - thus no longer being a multipool. A bit dramatic, as 100% of miners will never all move to multipools, but you get my point.

Here is a graph of what multipools do to the difficulty of Megacoin.

https://bitcointalk.org/index.php?topic=240861.msg2940681#msg2940681

[Kuroth]

Please stop mining Megacoin!

Why?

Because unless the difficulty algorithm is changed the multipools (profit switching pools) are going to kill it.

Eventually those of us hashing away at way under profitability (because the multipools push difficulty through the roof) will not be able to continue doing that and the hashrate will drop to 0 for most of the day rendering the coin effectively dead.. No more Megacoin profit switching as there will be no more Megacoin. The same goes for other coins as well.

I understand multipools and the benefits attached but in effect they are biting the hand that feeds them. Logic dictates that if all regular miners of alt coins moved to multipools all alt coins would essentially die, as there would be 0 KH/s hashrate on most of them for most of the day. This reduces the number of coins the multipool can switch between. The end result, in theory, is that multipool will simply mine the last currency left - thus no longer being a multipool. A bit dramatic, as 100% of miners will never all move to multipools, but you get my point.

Here is a graph of what multipools do to the difficulty of Megacoin.

https://bitcointalk.org/index.php?topic=240861.msg2940681#msg2940681

I think this is "The Sky Is Falling" Scenario and will never happen..

[FlungSpun]

This is an evolutionary question for the coin parameters.
A coin has to be fit to survive in an ecosystem which now includes multipools ergo long diff re-targets are a death wish.
In fact they were always a death wish, multipools just highlight the issues.
FTC had to be redesigned to survive, ANC got left high and dry recently, it's a bad design exposed.

[Kuroth]

The Big Fish will eat the small fish and life will go on..   Been this way for 1,000's of years...

[h2odysee]

Today's payout is 0.0296 BTC per MH/s per day.

[superresistant]

Some longer term stats, as some people seem to jump on for a few hours or a day and proclaim it's rubbish.

6000 KH, 16 Days

BTC Mining would have made 1.31 (3 days at 0.09, 10 days at 0.08, 3 days @ 0.06)
Middlecoin 3.12

So it's around 240%.

I'm happy with that, the little extra I could have gained switching around between various coins would be lost in pool fees and time spent messing about on exchanges.  Plus from past experience jumping on coins with supposed 500% profitability you end up getting a fraction of what is promised. I like the fact the OP can monitor the value of coins, stale/reject rates, market depth and make a much more informed decision of what to mine with realtime data.

Keep up the good work h2odysee

If your calculation is right, then 240% is not a good result.

Most of active alt-coins are above 270% on average.

[hotwired007]

Today's payout is 0.0296 BTC per MH/s per day.

is it worth having this posted on the site so we dont have to keep checking this thread to check?

[Tigggger]

If your calculation is right, then 240% is not a good result.

Most of active alt-coins are above 270% on average.

Looking at coinchoose it's true but that's looking back 7 days with hindsight and theoretical returns.

But as I said above there are more factors to consider, lets look at one coin as an example

AmericanCoin, Prof last 7 days 271%, Network 11MH

This pool jumps on with it's 800MH (11,000% increase) and either the reject/stale rate goes through the roof, or the coins difficulty adjusts quickly, either way it's not going to remain at 366% for long. Plus even if it could in theory mine it would make 2.5 million coins a day, which would be impossible to sell.

All in all 240% in BTC with no messing is fine with me.

[garumaru]

Some longer term stats, as some people seem to jump on for a few hours or a day and proclaim it's rubbish.

6000 KH, 16 Days

BTC Mining would have made 1.31 (3 days at 0.09, 10 days at 0.08, 3 days @ 0.06)
Middlecoin 3.12

So it's around 240%.

I'm happy with that, the little extra I could have gained switching around between various coins would be lost in pool fees and time spent messing about on exchanges.  Plus from past experience jumping on coins with supposed 500% profitability you end up getting a fraction of what is promised. I like the fact the OP can monitor the value of coins, stale/reject rates, market depth and make a much more informed decision of what to mine with realtime data.

Keep up the good work h2odysee

If your calculation is right, then 240% is not a good result.

Most of active alt-coins are above 270% on average.

Remember, BTC difficulty jumped from 37m to 50m just couple of days ago.

[Kuroth]

Questions for you guys and H20 if he sees this as I am still pretty new to Bitcoin..

I am going to be getting a second miner PC next week but this new PC will also become my main PC.

So its replacing my PC where I have my BTC Wallet..

So I know I can just copy the wallet file to a USB drive correct?

But what about my "Receive Coins" address like I use here at Middlecoin?  Is there a way when I install the BTC wallet QT on my new PC to still keep my Receive Coins Address?  or do I have to create new ones? 

H20 if I have to create new ones, how will I coordinate with you my cut over so I dont lose any payouts if my old address is all the sudden bad?

Trying to figure out in my head how I am going to do this switch over..  I guess if worse comes to worse I could leave my Old PC up and running until I clear out any coins coming to that Receive coin address..

[fredeq]

Questions for you guys and H20 if he sees this as I am still pretty new to Bitcoin..

I am going to be getting a second miner PC next week but this new PC will also become my main PC.

So its replacing my PC where I have my BTC Wallet..

So I know I can just copy the wallet file to a USB drive correct?

But what about my "Receive Coins" address like I use here at Middlecoin?  Is there a way when I install the BTC wallet QT on my new PC to still keep my Receive Coins Address?  or do I have to create new ones?  

H20 if I have to create new ones, how will I coordinate with you my cut over so I dont lose any payouts if my old address is all the sudden bad?

Trying to figure out in my head how I am going to do this switch over..  I guess if worse comes to worse I could leave my Old PC up and running until I clear out any coins coming to that Receive coin address..

From my experiance wallet.dat saves all data including wallet address. But please someone confirm

I had to upgrade litecoin client, obviously it overwritten all but wallet.dat(cause there is no file with new isntall), when I started qt it was all up to date with my old wallet.

[h2odysee]

But what about my "Receive Coins" address like I use here at Middlecoin?  Is there a way when I install the BTC wallet QT on my new PC to still keep my Receive Coins Address?  or do I have to create new ones? 

H20 if I have to create new ones, how will I coordinate with you my cut over so I dont lose any payouts if my old address is all the sudden bad?

As far as I know, when you copy the wallet file over, it keeps all your "receive coins" addresses, and private keys and everything.

But if for some reason you need me to stop payments on an address and forward them to another address, the procedure is to PM me the old address, and a message signed with the old address containing the new address you want them forwarded to. You shouldn't need to do that though.

[Kuroth]

Excellent..  Thanks guys..

[Jriker1]

Not sure what coin, however whatever we are mining now gives high rejects.

JR

[fredeq]

Not sure what coin, however whatever we are mining now gives high rejects.

JR

I think its dgc. Dgc and Wdc always gives the highest rejects, but as you can see dgc is at 500-700% profit of btc right now!

[Jriker1]

Not sure what coin, however whatever we are mining now gives high rejects.

JR

I think its dgc. Dgc and Wdc always gives the highest rejects, but as you can see dgc is at 500-700% profit of btc right now!

Guess I can forgive it if that's the case. 

JR