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Author Topic: [1050 TH] BitMinter.com [1% PPLNS,Pays TxFees +MergedMining,Stratum,GBT,vardiff]  (Read 775440 times)
Turbor
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June 17, 2013, 07:13:26 PM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

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wpgdeez
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June 17, 2013, 07:57:53 PM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

If you have 24 hours in a day and it takes 12 hours for each block you only have 2 chances in that 24 hours to find blocks. If you have 3 times the hash rate and find blocks every 4 hours you have more chances to make blocks in a 24 hour period. Making blocks quickly is important when the dif is going up every 10 days.
Epoch
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June 17, 2013, 08:07:54 PM

It's really not worth dwelling on (or continuing) this, but if the pool increases to 3x the hashrate then, yes, miners will find blocks 3x faster (another way of looking at it is that an average block will last 1/3 as long). But the payout per block is 1/3. So for individual miners the 'expected payout' per unit time remains the same.

As Turbor mentions, the only thing an increase in pool hashrate does is reduce variance. It has no effect on a miner's expected income.

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Turbor
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June 17, 2013, 08:13:00 PM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

If you have 24 hours in a day and it takes 12 hours for each block you only have 2 chances in that 24 hours to find blocks. If you have 3 times the hash rate and find blocks every 4 hours you have more chances to make blocks in a 24 hour period. Making blocks quickly is important when the dif is going up every 10 days.

It doesn't matter if you find two blocks with BitMinter or 6 with a pool 3 times bigger. You just earn 3 times less in the bigger pool.

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June 17, 2013, 08:14:52 PM

http://bitcoin.stackexchange.com/questions/10731/mining-pool-hashrate-effect-on-a-miners-income

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PCMiner
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June 17, 2013, 08:44:35 PM

It basically translates to:  Bigger pool with higher hash rate = more payouts that are smaller.   Smaller pool with lower hash rate = less payouts but the payouts are larger.  In the end it's more or less equal.  Some people just like to see money pile up a bit at a time vs a large payout every so often.
Jayjay04
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June 17, 2013, 08:49:44 PM

That's true if the difficulty stay the same.
Considering that the difficulty is going up fast, it's more profitable to find bloc faster before the difficulty rises again.

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Subw
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June 17, 2013, 08:54:05 PM

Most miners don't pause if there is an error but hammer the server quickly with requests if something is wrong. So if you don't want to become part of the DDoS attack, cgminer and bfgminer are good choices.


Is there any settings for cgminer to fine tune it's connectivity is such situations (i mean ddos attacks) ?

Jcw188
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June 17, 2013, 09:10:06 PM

is there a backup server option for guiminer?  would like to stay with you Dr., just seems like it's been down more often lately.  wish you luck with correcting this!
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June 17, 2013, 09:13:18 PM

That's true if the difficulty stay the same.
Considering that the difficulty is going up fast, it's more profitable to find bloc faster before the difficulty rises again.

No, not necessarily more or less profitable, but more likely to be close to average profitability.

The thing with difficulty going up in big jumps and probably never going back down to the old level is that if you had some very good or very bad luck just before the change in difficulty, then that luck does not as easily even out.

It's easy to assume that what will happen is that you will have bad luck and then difficulty rises, because many people tend to see the negatives.

But what happens if you have very good luck and then the difficulty goes up?

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Mastergerund
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June 17, 2013, 09:33:15 PM

But what happens if you have very good luck and then the difficulty goes up?

Then you don't notice, because...

Quote
because many people tend to see the negatives.

So sad. We try so hard to be more objective, but our innate psychological foibles keep tripping us up!

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SilentSonicBoom
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June 17, 2013, 09:34:43 PM

Are we still having issues with downtime?

Xian01
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June 17, 2013, 10:16:22 PM

Ok. I have to be honest. The downtime/problems are starting to annoy me to the point of starting to consider making BTCGuild my primary, and Bitminter as my secondary.
lenny_
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June 17, 2013, 10:41:48 PM

I already did similar thing - I moved to Slush pool. No downtimes on Slush since change.
Can't pool operator afford buying stronger DDoS protection  Huh
lenny_
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June 17, 2013, 11:01:10 PM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

Not true.
Let's do some calculations:
Pool1:   1 TH, finds block every 23.07 hours, 1.04 blocks/day.
Pool2: 10 TH, finds block every 2.307 hours, 10.4 blocks/day.
Mining with same hashrate, payouts will be statistically equal.

But there's one interesting thing:

Each block in Bitcoin network have ~0.5, sometimes even more! of Transaction Fees.
In Pool1, we have this bonus only 1 time per day. In Pool2, we have it 10 times a day.
So on Pool2 with stronger power, will collect more Transaction Fees and users get it split between them 10 times per day instead of 1! That's ~5-10 BTC more for pool, every day.
Bonus reward for miners equals ~1/3 of block everyday, at no extra cost? Sure thing.

That's why it's better to mine on bigger pool, more rewards (thanks to network transaction fees) to split and smaller variance.
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June 17, 2013, 11:21:49 PM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

Not true.
Let's do some calculations:
Pool1:   1 TH, finds block every 23.07 hours, 1.04 blocks/day.
Pool2: 10 TH, finds block every 2.307 hours, 10.4 blocks/day.
Mining with same hashrate, payouts will be statistically equal.

But there's one interesting thing:

Each block in Bitcoin network have ~0.5, sometimes even more! of Transaction Fees.
In Pool1, we have this bonus only 1 time per day. In Pool2, we have it 10 times a day.
So on Pool2 with stronger power, will collect more Transaction Fees and users get it split between them 10 times per day instead of 1! That's ~5-10 BTC more for pool, every day.
Bonus reward for miners equals ~1/3 of block everyday, at no extra cost? Sure thing.

That's why it's better to mine on bigger pool, more rewards (thanks to network transaction fees) to split and smaller variance.

The larger pool would split those bonus rewards (tx fees) with more people.  There *shouldn't* be a difference in how much you make based on pool size assuming uptime and fees are the same.  The exception is that a smaller pool can screw you on variance before big difficulty changes.  On the flip side, you can end up WAY ahead of what you should before those big changes on a smaller pool.  In the long run these shortfalls/big wins should even out, and you can never know which side you'll be on until it has already happened.

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Troupster
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June 18, 2013, 12:21:20 AM

With the new difficulty level, we desperatly need more hashpower, when does cloudhashing is supposed to join us ?

This is why I had to leave, with a low rate you get stuck on bad blocks for too long. If you have a high hash rate then the bad blocks are over faster giving you more chances for good luck.

You only have less variance in a bigger pool. No advantage in the long run.

If you have 24 hours in a day and it takes 12 hours for each block you only have 2 chances in that 24 hours to find blocks. If you have 3 times the hash rate and find blocks every 4 hours you have more chances to make blocks in a 24 hour period. Making blocks quickly is important when the dif is going up every 10 days.

Can't tell if serious, or bad at math.

LOL either way  Grin
SilentSonicBoom
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June 18, 2013, 12:28:59 AM

Any update on downtime?

True___Blue
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June 18, 2013, 12:56:17 AM

Down here as well.  I would recommend anyone with the java client to switch to cgminer so you have backup pool capability.

M

Cgminer has always confused me. I know very little about coding. Do you know of any very simple and very basic guides to Cgminer. More detailed then "run your Cgminer with these settings" or "add this to your conf file."  I know what a conf file is but I have no idea what to do with it.  Thanks.

John122
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June 18, 2013, 01:25:47 AM

Cgminer has always confused me. I know very little about coding. Do you know of any very simple and very basic guides to Cgminer. More detailed then "run your Cgminer with these settings" or "add this to your conf file."  I know what a conf file is but I have no idea what to do with it.  Thanks.

Very basic guide for CGMiner :
- Install the software.
- Create a .bat file using notepad containing the following :

c:
cd \Program Files (x86)\CGMiner\cgminer-3.2.1-windows
cgminer -o stratum+tcp://mint.bitminter.com:3333 -u YourUsername_YourWorker -p WorkerPassword

Change the directory according to where you installed it.

- Double-click on the .bat file to run CGMiner.
- Profit!
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