[1050 TH] BitMinter.com [1% PPLNS,Pays TxFees +MergedMining,Stratum,GBT,vardiff]

[DrHaribo]

Everyone using cgminer or BFGminer, please make sure you are running the latest version. A bug was fixed that could cause the miner to flood the server with getwork requests. It may have been the issue we had a couple weeks back.

[WhitePhantom]

10-minute (4% CDF) and 2-minute (0.9% CDF) blocks for us this morning...Nice.  WTG Fefox and benude!

[420]

What the heck is pool hopping?

[organofcorti]

What the heck is pool hopping?

Hmmm. Can't tell if serious.

Either way it's something you don't need to worry about if you mine here.

[420]

What the heck is pool hopping?

Hmmm. Can't tell if serious.

Either way it's something you don't need to worry about if you mine here.

Isn't it just a game of luck, what skill would be involved for pool hopping? I'm guessing, hopping to pools that have the highest hashrate? for proportional

or hopping after difficulty rises to pools that didn't change difficulty yet? i dont know

[P4man]

Isn't it just a game of luck, what skill would be involved for pool hopping? I'm guessing, hopping to pools that have the highest hashrate?

No, you want to hop to pools (with a flawed payout system like proportional) when they are early in their round. Think of it like this; if you would switch to a proportional pool that is on a 10M share round, the best you can hope for at that point is ~20% PPS if they hit a block shortly after. It could be a lot worse even if that block takes even longer. So youd have to be nuts to hop there. What poolhoppers do is avoid these pools and instead try to mine  when the pool just started a new round. Now you could get unlucky and the round might last 10M shares, not that you would mine there that long, but you could hit the jackpot as well on short rounds.  Overall you spend relatively more shares on short than long rounds and its nicely profitable. Or so I hear .

If you want details, here is a good read:
https://bitcoil.co.il/pool_analysis.pdf

Bitminter uses PPLNS payout system which can not be hopped profitably. Well, you can always get lucky, but it would just be that, luck. Payout is determined by future luck, not past luck like proportional pools. If you cant predict the future, then in the long run there is nothing to gain or lose from hopping it.

[420]

Isn't it just a game of luck, what skill would be involved for pool hopping? I'm guessing, hopping to pools that have the highest hashrate?

No, you want to hop to pools (with a flawed payout system like proportional) when they are early in their round. Think of it like this; if you would switch to a proportional pool that is on a 10M share round, the best you can hope for at that point is ~20% PPS if they hit a block shortly after. It could be a lot worse even if that block takes even longer. So youd have to be nuts to hop there. What poolhoppers do is avoid these pools and instead try to mine  when the pool just started a new round. Now you could get unlucky and the round might last 10M shares, not that you would mine there that long, but you could hit the jackpot as well on short rounds. Overall, its nicely profitable. Or so I hear .

If you want details, here is a good read:
https://bitcoil.co.il/pool_analysis.pdf

Bitminter uses PPLNS payout system which can not be hopped profitably. Well, you can always get lucky, but it would just be that, luck. Payout is determined by future luck, not past luck like proportional pools. If you cant predict the future, then in the long run there is nothing to gain or lose from hopping it.

Okay I get it now. A round is just what it takes to find the next block reward

if you submit shares early i the round and reward found, you have a higher percent of all submitted shares

[P4man]

Okay I get it now. A round is just what it takes to find the next block reward

if you submit shares early i the round and reward found, you have a higher percent of all submitted shares

No your percentage would just be the percentage of your hashrate to the pool. The profit lays in the fact you on average spend more shares in short (profitable) rounds than long rounds. So you win more on the short rounds than you lose on the long rounds. for non stop miners, assuming the pool isnt hopped, that would even out.

[420]

Okay I get it now. A round is just what it takes to find the next block reward

if you submit shares early i the round and reward found, you have a higher percent of all submitted shares

No your percentage would just be the percentage of your hashrate to the pool. The profit lays in the fact you on average spend more shares in short (profitable) rounds than long rounds. So you win more on the short rounds than you lose on the long rounds. for non stop miners, assuming the pool isnt hopped, that would even out.

Okay I still don't get it, because they dont know which pool will get a reward and how soon

[organofcorti]

Try starting here: http://howtohop.blogspot.com.au/2012/03/how-to-hop-5-back-to-basics.html

[DrHaribo]

Okay I still don't get it, because they dont know which pool will get a reward and how soon

If you know a proportional pool's current round is long, then you know payout will be very bad, so avoid it.

If you know a proportional pool's current round just started, there's a chance of very high payout, so give it a try, but leave before the round gets too long.

This is why proportional pools try to hide their round information.

[Graet]

Okay I still don't get it, because they dont know which pool will get a reward and how soon

If you know a proportional pool's current round is long, then you know payout will be very bad, so avoid it.

If you know a proportional pool's current round just started, there's a chance of very high payout, so give it a try, but leave before the round gets too long.

This is why proportional pools try to hide their round information.

This is why proportional pools are dieing out
regular miners are learning they are not getting full value and move to pools with fair payout systems

[jamesg]

BitMinter.com is an awesome pool. You can see me in the stats with 2 mini rigs mining on the pool full time.

Thanks to DrHaribo for making an awesome pool! 

[DrHaribo]

BitMinter client 1.3.0beta3 is out: https://bitcointalk.org/index.php?topic=31163.msg1078163#msg1078163

Thanks to DrHaribo for making an awesome pool! 

And thank you for your support.

Very nice to see the pool growing!

[Kluge]

Are there any plans to add namecoin to bitcoin direct conversion?

There are plans to add something along those lines. I can't promise when, though.

Pretty please? 

[jamesg]

Are there any plans to add namecoin to bitcoin direct conversion?

There are plans to add something along those lines. I can't promise when, though.

Pretty please? 

+10

[DrHaribo]

Just added some commands for MintBot in the IRC chat room: !help !mtgox !hashrate. More to come later. But have some more important things to implement first.

And yes, a solution for pesky namecoins will come too.

[Fefox]

Just added some commands for MintBot in the IRC chat room: !help !mtgox !hashrate. More to come later. But have some more important things to implement first.

And yes, a solution for pesky namecoins will come too.

Very Cool! can't wait to see whats next.

[420]

Great I fully get it now

[streblo]

Bam! My first block, I'm honored 
https://bitminter.com/block/btc/192388

Edit: When it rains it pours: https://bitminter.com/block/nmc/68565