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

[smoothrunnings]

the 1123 min. one was from Bitminter yesterday. the confirms today are from me paying out. so this is normal? I have never had a transaction take more than 20 minutes to confirm. I guess the one from bitminter that was stuck from yesterday was holding all the later trans. up. I am good now, they have all confirmed. I was worried something was wrong with the network.

 I would think that btc price of 320usd or more has made for more transactions. Think of a person that held coins from Last years price of 10 usd. I would think he is selling now.  I would also think outsiders to btc are buying coins like stock .

No, if anyone was wise and had coins from last year they would hang continue to hang onto them as the price is surely going to high $1k per BTC in less than a year, heck it may even go as high as $2k per BTC!

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[MoreBloodWine]

At the current difficulty, would it be possible to estimate daily earnings at 5.8+Ghs (18 asic in a 20 port hub) or it that not possible since payouts aare based on what you put in to he pool ?

5.8GH at 511 million difficulty would average 0.00569 BTC/day.

Lol, 1 BTC after a year which yes I know is a dream since difficulty is only ever going to go up. On that note, has it ever been dropped ?

Yes, historically difficulty has dropped, though not often. If you go back to the Fall of 2011 difficulty went from 1.9 million down to 1.1 million (a drop of 40%) from August through December of that year. This was directly because BTC was dropping even faster: from about $10/BTC down to under $2.50/BTC. Miners were turning off their GPUs and selling them.

Don't count on this scenario to repeat itself anytime soon.

Like I said in the quoted reply...

LOL

the 1123 min. one was from Bitminter yesterday. the confirms today are from me paying out. so this is normal? I have never had a transaction take more than 20 minutes to confirm. I guess the one from bitminter that was stuck from yesterday was holding all the later trans. up. I am good now, they have all confirmed. I was worried something was wrong with the network.

 I would think that btc price of 320usd or more has made for more transactions. Think of a person that held coins from Last years price of 10 usd. I would think he is selling now.  I would also think outsiders to btc are buying coins like stock .

No, if anyone was wise and had coins from last year they would hang continue to hang onto them as the price is surely going to high $1k per BTC in less than a year, heck it may even go as high as $2k per BTC!

Still, even if it gets that high, it can't last forever... everything pops at a point before it rebuilds.

Edit: With difficulty oing up and people in BitMinter with 200+ GHs, I'm not even sure if this pool will be a good fit for me with pay being based on participation and I'm t best doing 6.5Ghs

[Walter Rothbard]

Edit: With difficulty oing up and people in BitMinter with 200+ GHs, I'm not even sure if this pool will be a good fit for me with pay being based on participation and I'm t best doing 6.5Ghs

You're going to find that pay is based on participation everywhere, pool or solo, although there are different schemes and formulas.  And it's the same difficulty everywhere.

What you won't find in any other pool is the Bitminter personality.  It is definitely a different place, a different flavor.  And soon you and I will just be mining for fun, anyway.

[HTML5 Gordon]

Edit: With difficulty oing up and people in BitMinter with 200+ GHs, I'm not even sure if this pool will be a good fit for me with pay being based on participation and I'm t best doing 6.5Ghs

You're going to find that pay is based on participation everywhere, pool or solo, although there are different schemes and formulas.  And it's the same difficulty everywhere.

What you won't find in any other pool is the Bitminter personality.  It is definitely a different place, a different flavor.  And soon you and I will just be mining for fun, anyway.

Yep, BitMinter is my favorite pool by far.  I bounced around quite a bit when the DDOS was affecting us, but I'm back to stay (unless something happens).  So, my whopping ~13Gh is back.  lol

[DrHaribo]

Edit: With difficulty oing up and people in BitMinter with 200+ GHs, I'm not even sure if this pool will be a good fit for me with pay being based on participation and I'm t best doing 6.5Ghs

The pool hashrate affects your variance. Your average earnings are not affected.

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

Everyone tells me "aw, you pay to  much to mine at the Guild", but then finding out about the perks and  you are actually paying fees equaling to almost that of the Guild it almost doesn't make much sense to switch pools for a lesser fee, right?

Welcome to Bitminter! You decide if you want the use the perks. That's entirely up to you.

Bitminter used to be based on only donations and most miners didn't donate at all. I was basically paying to run the pool. Now you can choose anything between 1% and 3%. And if you pay more than the minimum then you get some perks as a thank you for supporting the pool.

Since I'm dealing with so little amounts here, it is nice to have a manual payout process. Maybe Bitminter has it and I'm unaware of it?

Sorry, manual payouts are still on the TODO list.

Anyway, I switched over to Bitminter around 5pm EST today and I'll see what kind of rewards I have tomorrow around this time. That should at least give me an estimate of a 24 hour earning period, right?

There's a delay of 10 shifts from the time you do some work until that work is fully paid. Currently that's taking about 10 hours. So after 24 hours a lot of the work is still not fully paid. There is also variance to consider - some days are better than others. Comparing the luck of two pools isn't really all that useful, because today's luck has zero influence on tomorrow's luck. Since BTC Guild added the same PPLNS we have, just with a different shift size, the reward system should be pretty familiar to you. There's more info here though, if you're interested: https://bitcointalk.org/index.php?topic=27062.msg2769824#msg2769824

[MoreBloodWine]

So if I mine at I'll say for sake of argument 1Ghs and some guy is mining 2Ths our shares can be the same based on who finds what. So from what I read there, the bigger miners just have a difficulty advantage for keeping a server stable.

On anoher note, I think for me I'll just keep all the default settings (diificulty etc.) minus the warn threshold I set of 300 per worker / stick which I think is ok for ASIC's advertised at 333.

What is the sway on these things anyway, assuming someone knows. Like I know they will flucuate a few pts from advertised based on temp etc. but to really nail down a problem with a specific ASIC. What would a optimal threshold setting be assuming it's not the 300 I have set assumin a person has good cooling which I'm still thinking on ? I'd hate to lose 4 USB slots / 1.2Ghs just to use 4 USB fans on a 20 port hub.

Edit: Hey Doc, got to thinking... people always say as the dificulty grows that only the big miners will be "profitable" that said. Doesnt what I said before sort of hold true. Since it will come down to upgrade, get out or just live with it ?

[philipma1957]

So if I mine at I'll say for sake of argument 1Ghs and some guy is mining 2Ths our shares can be the same based on who finds what. So from what I read there, the bigger miners just have a difficulty advantage for keeping a server stable.

On anoher note, I think for me I'll just keep all the default settings (diificulty etc.) minus the warn threshold I set of 300 per worker / stick which I think is ok for ASIC's advertised at 333.

What is the sway on these things anyway, assuming someone knows. Like I know they will flucuate a few pts from advertised based on temp etc. but to really nail down a problem with a specific ASIC. What would a optimal threshold setting be assuming it's not the 300 I have set assumin a person has good cooling which I'm still thinking on ? I'd hate to lose 4 USB slots / 1.2Ghs just to use 4 USB fans on a 20 port hub.

Edit: Hey Doc, got to thinking... people always say as the dificulty grows that only the big miners will be "profitable" that said. Doesnt what I said before sort of hold true. Since it will come down to upgrade, get out or just live with it ?

    your share is 1gh out of 270th .

  my share is 44gh out of 270th  so my payout is 44x bigger then your payout.   

  as to wanting more gh  it all depends on the price you are paying to get it.  and the power that it uses…

  blue fury and red fury usb sticks are nice but they cost a lot up front and are hard to setup.

[MoreBloodWine]

your share is 1gh out of 270th .

  my share is 44gh out of 270th  so my payout is 44x bigger then your payout.

That goes against everything in what I read that Doc showed me unless I'm misunderstanding what your saying. What I gathered from the linked post basically says that regardless of whos ot more power still means it's fair game since it depends on what that person finds.

I dont know, now I'm just confused ;-/

Edit: As for what I want, I will be stickin with 333 asics right now since I can buy $90 worth of them and get the same effect as 1 fury. Just means more hubs based on how I wana go.

[zvs]

So if I mine at I'll say for sake of argument 1Ghs and some guy is mining 2Ths our shares can be the same based on who finds what. So from what I read there, the bigger miners just have a difficulty advantage for keeping a server stable.

On anoher note, I think for me I'll just keep all the default settings (diificulty etc.) minus the warn threshold I set of 300 per worker / stick which I think is ok for ASIC's advertised at 333.

What is the sway on these things anyway, assuming someone knows. Like I know they will flucuate a few pts from advertised based on temp etc. but to really nail down a problem with a specific ASIC. What would a optimal threshold setting be assuming it's not the 300 I have set assumin a person has good cooling which I'm still thinking on ? I'd hate to lose 4 USB slots / 1.2Ghs just to use 4 USB fans on a 20 port hub.

Edit: Hey Doc, got to thinking... people always say as the dificulty grows that only the big miners will be "profitable" that said. Doesnt what I said before sort of hold true. Since it will come down to upgrade, get out or just live with it ?

    your share is 1gh out of 270th .

  my share is 44gh out of 270th  so my payout is 44x bigger then your payout.   

  as to wanting more gh  it all depends on the price you are paying to get it.  and the power that it uses…

  blue fury and red fury usb sticks are nice but they cost a lot up front and are hard to setup.

yah, but if you read exactly what he said then his (FIRST) statement is true.  i have no clue what the second one is saying

re: if it's variable difficulty (is it?  i dunno), his difficulty 100,000 share will have just as much value as anyone else's difficulty 100,000 share.. it'll just take 2000x longer to get them, based on the 2TH example

[DrHaribo]

Your average earnings are affected by your hashrate and the current bitcoin difficulty. That's why a simple bitcoin mining calculator only needs to ask for these two numbers. Take this one for instance: http://www.alloscomp.com/bitcoin/calculator - although it also asks for the BTC/USD exchange rate so it can show earnings in USD. Of course this is a little simplified, it doesn't take into account extra income from transaction fees and merged mining, or expenses like pool fees.

The pool hashrate affects how close your actual earnings will be to the average calculated above. The larger share of the global hashrate that the pool has the more the good and bad luck swings will be evened out. Time of course also evens it out. The longer you mine the more the luck swings disappear into the average.

[MoreBloodWine]

Your average earnings are affected by your hashrate and the current bitcoin difficulty.

See, now I am confusd becuause that basically sounds like what I said before where say a guy with 2.2THs will earn more than someone with say 22Ghs. Then you pointed out that "document" that basically said no no no.... earnins are fair and even. More power / hasrate just means you can work better difficulty to tale stress off the server.

[TheQuin]

Your average earnings are affected by your hashrate and the current bitcoin difficulty.

See, now I am confusd becuause that basically sounds like what I said before where say a guy with 2.2THs will earn more than someone with say 22Ghs. Then you pointed out that "document" that basically said no no no.... earnins are fair and even. More power / hasrate just means you can work better difficulty to tale stress off the server.

The document DR. Haribo linked to is comparing pool sizes not individual miners. There is a common misconception that it is better to mine on a larger pool.

[DrHaribo]

Your average earnings are affected by your hashrate and the current bitcoin difficulty.

See, now I am confusd becuause that basically sounds like what I said before where say a guy with 2.2THs will earn more than someone with say 22Ghs. Then you pointed out that "document" that basically said no no no.... earnins are fair and even. More power / hasrate just means you can work better difficulty to tale stress off the server.

Bitcoin difficulty is currently 510,929,738. Lately this keeps going up and reducing your earnings. This site visualizes the countdown until next difficulty adjustment: http://bitcoinclock.com/. It doesn't help to switch to a smaller pool. It doesn't help to switch to a bigger pool. When more mining hardware goes online the difficulty will go up at the next adjustment and then your earnings will drop. This may seem harsh, but this is one of the mechanisms that keeps bitcoins from being spammed the way "Helicopter Ben" is spamming US Dollars right now.

What you are talking about is individual worker difficulty. That is something else. If you get a proof of work at difficulty 8 then that counts the same as 8 proofs of work at difficulty 1. Worker difficulty does not affect your average earnings, but higher worker difficulty does give a little more variance. You can learn more about worker difficulty here: https://bitcointalk.org/index.php?topic=27062.msg3142713#msg3142713

Yes, with higher hashrate you earn more. The document I linked to doesn't say that earnings are even. And whether something is fair largely depends on your point of view.

It's important to note the difference between:

Daily average earnings: what you get per day when averaged over many days
Daily variance: how much your actual daily earnings deviate from the average from day to day due to the lottery-like nature of mining

[MoreBloodWine]

Yes, with higher hashrate you earn more.

Thats all I ever really wanted to know ;-)

Sadly I will be doing about 1.3Ghs or a while unil I can buy 16 more 333 asics at which poin I'll be at about 6.5Ghs. I guess the upside to that though is that us little guys are more geard towards earning cost of equipement back easy compared to those who spend 4k on high end electricity hoging rigs.

Edit: Speakin of difficulty, is there a guide that says what is best to mine at with a given hash rate ?

Ex. I finally get to 6.5 GHs so what difficulty should I choose in the worker setins area to ive best chance of better earning / variance.

[DrHaribo]

Edit: Speakin of difficulty, is there a guide that says what is best to mine at with a given hash rate ?

Ex. I finally get to 6.5 GHs so what difficulty should I choose in the worker setins area to ive best chance of good earning.

Many suggest setting your difficulty to your hashrate in GH divided by 1.4.

Follow my link in the previous post for info on earnings and worker difficulty. Average earnings unaffected. Variance affected - read organofcorti's analysis to learn how (you find it if you follow the link above).

[Henchman24]

I guess the upside to that though is that us little guys are more geard towards earning cost of equipement back easy compared to those who spend 4k on high end electricity hoging rigs.

Not true.  Asicminer equipment is terribly energy inefficent when compared to almost everything else, save Avalon.

You can verify this here:  http://mining.thegenesisblock.com/  Scroll all the way to the bottom and sort by WATTS/GH

Size doesn't matter.  

[philipma1957]

I guess the upside to that though is that us little guys are more geard towards earning cost of equipement back easy compared to those who spend 4k on high end electricity hoging rigs.

Not true.  Asicminer equipment is terribly energy inefficent when compared to almost everything else, save Avalon.

You can verify this here:  http://mining.thegenesisblock.com/  Scroll all the way to the bottom and sort by WATTS/GH

Size doesn't matter.  

 if the user has a free power situation . 6 sticks hash at 2Gh and use around 20 watts .  not easy to detect 20 watts being used.   also 6 sticks on ebay cost about 75 bucks. an ebay buyer with an ebay discount may pay only 70 bucks for the 6 sticks.     so for 70 bucks they are hashing and spending nothing on power. many dorms will let you do this.  

 yeah 6 red furys hash at 15gh same power but up front cost on ebay is about 121 each or 726 even with an ebay discount of 20-40 bucks they are a lot to start up.

so for many  asic miner sticks make sense.      if they want to mine at low start up price.

[Walter Rothbard]

I'm happy to announce I'm now hashing at a higher rate.

[DrHaribo]

Some changes on the website:

• Added btc/nmc filter for transaction history
• Added your average hashrate to shifts page and show score as percentage
• Worker page: show 10 workers at a time + added filters
• Live stats: only list BTC blocks in latest block list + change mhps to ghps

[not.you]

Some changes on the website:

• Added btc/nmc filter for transaction history
• Added your average hashrate to shifts page and show score as percentage
• Worker page: show 10 workers at a time + added filters
• Live stats: only list BTC blocks in latest block list + change mhps to ghps

Although it is cleaner looking I am not loving the shifts page.  Although it shows a hashrate my percentage is just 0.0000 for every shift.  Kind of liked seeing the score more better.