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

[Shermo]

Looks like someone has leased a very large amount of shares from HashPower! Not complaining though as it increases our odds of more blocks

[kano]

Looks like someone has leased a very large amount of shares from HashPower! Not complaining though as it increases our odds of more blocks

No, it just reduces variance.

[LazyOtto]

Looks like someone has leased a very large amount of shares from HashPower! Not complaining though as it increases our odds of more blocks

No, it just reduces variance.

Seems to me you are both correct.

Yes, less variance.
Yes, better odds for more blocks per time.
Yes, less payout per share / work unit performed.

However, incrementally closer to PPS payouts but with transaction fees included in the payouts.

I see it as a net gain. (So long as the rejection rate stays low with the higher traffic.)

[organofcorti]

Looks like someone has leased a very large amount of shares from HashPower! Not complaining though as it increases our odds of more blocks

No, it just reduces variance.

Seems to me you are both correct.

Yes, less variance.
Yes, better odds for more blocks per time.
Yes, less payout per share / work unit performed.

However, incrementally closer to PPS payouts but with transaction fees included in the payouts.

I see it as a net gain. (So long as the rejection rate stays low with the higher traffic.)

kano is more right.

[DrHaribo]

kano is more right.

Not really. Because he said "no" to higher hashrate increasing the odds of finding blocks. That's clearly incorrect. Higher hashrate does increase your chance of finding blocks. Otherwise I'd be CPU mining right now.

But the end result of the increased hashrate is lower variance, that is true.

Anyway, I hope we can find something more useful to discuss today.

[kano]

kano is more right.

Not really. Because he said "no" to higher hashrate increasing the odds of finding blocks. That's clearly incorrect. Higher hashrate does increase your chance of finding blocks. Otherwise I'd be CPU mining right now.

But the end result of the increased hashrate is lower variance, that is true.

Anyway, I hope we can find something more useful to discuss today.

Well - since it's a zero fee pool - no one gains anything from it except a decrease in variance.

Yes the pool will expect to find more blocks due to the higher hash rate, but no one gains from that.

My point was to say that the only affect it will have on each person is: It will decrease variance.

Anything else is - well - pretty much irrelevant

[DrHaribo]

My point was to say that the only affect it will have on each person is: It will decrease variance.

Yep. Some miners like seeing more blocks come in, while others don't like seeing their "pay per block" go down. But the way it really affects each miner is to reduce variance.

[LazyOtto]

But the way it really affects each miner is to reduce variance.

And if we didn't care about that we would all be solo mining.

[LazyOtto]

Anyway, I hope we can find something more useful to discuss today.

I'm not sure I do. 

No news is good news. Just humming away with no problems.

[WhitePhantom]

My point was to say that the only affect it will have on each person is: It will decrease variance.

Yep. Some miners like seeing more blocks come in, while others don't like seeing their "pay per block" go down. But the way it really affects each miner is to reduce variance.

I apologize if I'm just beating a dead horse at this point.  What if the HashPower purchase ended up being super lucky and generated 5 blocks in the first few shifts of the massive increase of hash power and then we hit an unlucky streak of zero blocks until the shares from the increased hash rate had passed out of the last 10 shifts?  In that case, wouldn't the increased shares have benefited the pool more than they benefited the person who purchased shares from HashPower?

[Digigami]

Absolutely.. Running a lease on hashpower is still a risk. I ran a short one a few days ago and solved a longish block for the pool while it ran, but I had not completed a shift with that power yet so ended up not earning anything on that block. After that we had a rather unlucky streak, so my investment in the lease was pretty much a total loss.

[AmDD]

Absolutely.. Running a lease on hashpower is still a risk. I ran a short one a few days ago and solved a longish block for the pool while it ran, but I had not completed a shift with that power yet so ended up not earning anything on that block. After that we had a rather unlucky streak, so my investment in the lease was pretty much a total loss.

Ive tried a few small leases so far (never had a GPUMax account) and dont understand how anyone can come out ahead. I understand its a type of gamble but I dont understand the idea I guess.

[Shermo]

I did a lease yesterday that made a profit, roughly 1BTC and got 0.26BTC ish more than usual for 5 blocks

But it is totally a gamble, as I could have been unlucky and only 1 or 2 blocks generated in the 10 hour period.

I doubt I'll do it again, I'm a bit tighter with my money these days, gambling never ends well with me I'm just not that lucky

[WhitePhantom]

Gotta love HashPower's terms and conditions.

1. We do not accept responsibility for anything.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2.

[DrHaribo]

Quick website update.

Now you can use /api/users in addition to /api/users/USERNAME to retrieve your stats.

I think including the username in the URL is more RESTful, but this simplified URL makes it easier for 3rd party apps to add BitMinter support.

[Turbor]

Quick website update.

Now you can use /api/users in addition to /api/users/USERNAME to retrieve your stats.

I think including the username in the URL is more RESTful, but this simplified URL makes it easier for 3rd party apps to add BitMinter support.

Waiting for BTCmon update

[DrHaribo]

Waiting for BTCmon update

That's the reason for the change. It should be ready soon.

[DrHaribo]

Bitcoinium (for Android devices) now supports BitMinter for pool stats.

Free version: https://play.google.com/store/apps/details?id=com.veken0m.cavirtex&hl=en

Donation version: https://play.google.com/store/apps/details?id=com.veken0m.bitcoinium

[DrHaribo]

A day late the prepay perk has now been disabled for users with donations set too low, as announced earlier at https://bitcointalk.org/index.php?topic=27062.msg1250147#msg1250147.

If your perk has been disabled then your donation has also been reduced by 1% which was the old cost of the perk that is now disabled. Have a look at your perks and donations and decide whether you want to make any changes.

[Kontakt]

I kinda wish I could just donate ~50% of my NMC and get Btc perks.