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Author Topic: [1050 TH] BitMinter.com [1% PPLNS,Pays TxFees +MergedMining,Stratum,GBT,vardiff]  (Read 834530 times)
theweiss
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June 09, 2014, 03:08:03 PM
 #6441

Sounds like a fun idea for old hardware.  I'll be interested to see if the Doc wants to put something together!
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philipma1957
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June 09, 2014, 03:38:20 PM
 #6442

 I think the idea is sound.  Don't know how easy it is for the doctor to do.

here is my current firepower on bit minter
so the big one I would keep at the shared pool the little one at the solo pool

I would happily pay 1btc if I won a full block of btc


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June 09, 2014, 03:51:37 PM
 #6443

I have about 8.3 TH/s pointed at Bitminter, which I'd keep. Also retired and gathering dust is a total of 230GH/s in varying small bits and pieces.

1BTC fee per mined block sounds like a good one. As you say it depends upon the Doc and also what would the costs be to run the pool to keep it around more than a week.

Jacko
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June 09, 2014, 05:04:43 PM
 #6444

I have about 8.3 TH/s pointed at Bitminter, which I'd keep. Also retired and gathering dust is a total of 230GH/s in varying small bits and pieces.

1BTC fee per mined block sounds like a good one. As you say it depends upon the Doc and also what would the costs be to run the pool to keep it around more than a week.

Jacko

I also see it as a gateway for a newcomer. let him buy 2 pieces of lower cost gear.  right now lets say an r-box  2 cost about 150 usd mine at 32gh each.  mine one on each pool.    the steady pool show a little progress  while the solo pool allows a big score for a newcomer.

 If 100 people buy a paid of r-box rock miners and use them  it comes to 3.2th on each pool  .  add in  people like us and maybe at  end of first week the solo pool is 20th. 

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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June 09, 2014, 05:33:03 PM
 #6445

That would be a pretty darned decent pool hash rate Phil. I have just had a quick look at bitsolo and they have around 10.1GH/s.

If it can get some new blood into the normal pool and any new solo mining pool then in my book it has justified a coat of looking at. I hope the Doc reads this and can make a comment on it, as I do believe he will have an idea for ball park figures already in his head for costs and feasibility. It may mean that the cost from each block to maintain the pool would need to be thought about carefully.

Jacko
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June 09, 2014, 06:59:24 PM
 #6446

That would be a pretty darned decent pool hash rate Phil. I have just had a quick look at bitsolo and they have around 10.1GH/s.

If it can get some new blood into the normal pool and any new solo mining pool then in my book it has justified a coat of looking at. I hope the Doc reads this and can make a comment on it, as I do believe he will have an idea for ball park figures already in his head for costs and feasibility. It may mean that the cost from each block to maintain the pool would need to be thought about carefully.

Jacko


 They are the reason I am asking the doc to do this.  They never answer my questions about their pool.

Many of us simply can't run a full blockchain in house to  do solo mining and there are no big pool ops doing it.

 If a pool has 20th to mine  it should hit a block 1 time a month.   this is from running bitcoinwisedom.com


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June 09, 2014, 07:07:19 PM
 #6447

Many of us simply can't run a full blockchain in house to  do solo mining and there are no big pool ops doing it.
Last I checked, Ozcoin was still doing it. Obviously the hashrate doesn't matter because it's still solo mining.

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June 09, 2014, 07:19:41 PM
 #6448

Many of us simply can't run a full blockchain in house to  do solo mining and there are no big pool ops doing it.
Last I checked, Ozcoin was still doing it. Obviously the hashrate doesn't matter because it's still solo mining.

I went to ozcoin's site I see

a  point of target option  which is close but not quite it>

Is there something I am missing?

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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June 09, 2014, 07:20:03 PM
 #6449

That's one of the reasons people like Bitminter. Doc answers pretty much all that's asked of him and in a timely manner too. Issues are dealt with promptly and quickly, both with peoples gear or the pool itself. Operators don't come much more reliable than that. At least you know that Doc's going to pay out when blocks are found. If Bitsolo won't answer any requests for information about their pool then it kind of makes you wonder.

I don't know what's involved in solo mining and didn't realise that you needed the whole blockchain.

One block a month actually does sound pretty reasonable. Someone would get around $14,700 or £8,855. The pool would get $1,280 plus transaction fees merged in the block. Again I'm not too sure what amount on average in BTC is included in a block regarding transactions. That would be based on the finder getting 23 coins from the block. The pool could also get the NMC payout from merged mining.

I would chuck all my retired gear at the solo pool, and I honestly think that 20TH/s wouldn't take long to achieve. The more the hash rate rose on the solo pool the more block finds you are possible to get. 40TH/s and you may get a couple of wealthy people per month. Depending upon what you consider wealthy to be.

On a side note I'm in the U.K. and I'm just getting ready to settle down with my Vodka, sorry family for the evening, and I've just noticed your clock on your mac mini, it looks like you are in the USA. East Coast at a Guess. LOL. Never was any good at Geography.


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June 09, 2014, 07:34:49 PM
 #6450

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?

I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.

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June 09, 2014, 07:45:53 PM
 #6451

I went to ozcoin's site I see

a  point of target option  which is close but not quite it>

Is there something I am missing?
They run it on http://solopool.net. Here's the thread: https://bitcointalk.org/index.php?topic=262712.0

BTC: 1KrakenLFEFg33A4f6xpwgv3UUoxrLPuGn
Jacko
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June 09, 2014, 07:48:35 PM
 #6452

Just chucking some numbers out Doc as I have honestly no idea what it would take to run something like this in either man hours ( wages ) or equipment costs plus running costs etc.

I'm sure if it can work then you'll know exactly the correct fee to charge mate. It's just that in the early stages the pool would cost to keep going and the rewards might be few and far between. You have still got to eat Doc and have the occasional chill out beer.

Thanks for at least taking the time to look into it mate. You are a star.

Edit: Thanks to Phil for bringing it up. Really interesting Phil, Thanks.

Jacko
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June 09, 2014, 09:58:03 PM
 #6453

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?

I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.



...sounds interesting
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June 09, 2014, 10:10:01 PM
 #6454

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?

I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.


Considering the sound of the concept, that fee is probably right.  No large miners would do this, just small ones.  You'd probably be paying for months worth of servers between each block.  And small miners use just as many resources as large ones, so you can't just throw them on a cheap one.

It would be a lot smarter for miners with obsolete hardware to just sell it for whatever somebody is willing to pay for it and buy lottery tickets.  They're more likely to get something out of it than solo mining.

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June 09, 2014, 10:59:12 PM
 #6455

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?
I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.
I do not think people would care about the fee so much (but 1 coin per block is just under 4%) as they all would just be "playing the lottery" so to speak.


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philipma1957
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June 09, 2014, 11:14:11 PM
 #6456

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?

I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.


1 coin = 640 usd

24 coins = 15360  usd


btc pool


nmc would be 2 coin fee since it is 50 coins.


Like I said I don't know if the math works but  lot of people would toss something at it.

 the new r-box is a 30-32gh unit  not too good for a real miner but really good for a solo pool.

  Think about it 70 usd to buy one.   1 kwatt a day to run it.  in my State of NJ about 14 cents a day.

I would toss one at it just for kicks.  I have about 1.8th of hashpower I would not mind a bit of fun. running 32gh at a solo pool run by someone I trust.

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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June 10, 2014, 02:28:55 AM
 #6457

$14,700 for the miner and $1,280 for the pool, that seems like a steep fee. 8.635% fee?

I'll have to look into how much work this would be to support. I'm unsure if there is actually much interest, though, and probably only for hardware which have very low hashrate.


1 coin = 640 usd

24 coins = 15360  usd


btc pool


nmc would be 2 coin fee since it is 50 coins.


Like I said I don't know if the math works but  lot of people would toss something at it.

 the new r-box is a 30-32gh unit  not too good for a real miner but really good for a solo pool.

  Think about it 70 usd to buy one.   1 kwatt a day to run it.  in my State of NJ about 14 cents a day.

I would toss one at it just for kicks.  I have about 1.8th of hashpower I would not mind a bit of fun. running 32gh at a solo pool run by someone I trust.

I have more than 500GH/s in Chili miners sitting in a box that would be fun to throw at a solo pool. This sound interesting. I hope Doc considers doing something like this.

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June 10, 2014, 03:12:55 AM
 #6458

I went to ozcoin's site I see

a  point of target option  which is close but not quite it>

Is there something I am missing?
They run it on http://solopool.net. Here's the thread: https://bitcointalk.org/index.php?topic=262712.0


I spent 4 hours on this after you posted the link. It is  not  working for me every thing just crashed.

I have read  a post or two that  they could not get it to work.     I also could not get it to work.  which brings me back to Doc H.    Many new miners come here run the docs client and learn about mining.  I was here for 14 months  from aug 2012 until nov 2013 ..  I finally learn how to mine with the more complex mining programs .. I still keep hash pointed at the doctors pool . I also try to get new miners to try him out if I sell them gear on ebay.

 If the idea makes sense for the doc to do I will point 1th at it for the first month.

which would give me about a 1 in 20 chance of winning a block when I start and maybe a 1 in 40 chance by the end of the month

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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June 10, 2014, 04:54:46 AM
 #6459

which would give me about a 1 in 20 chance of winning a block when I start and maybe a 1 in 40 chance by the end of the month
I like your idea and I admire your appetite for risk (gambling) but I do not think you understand the math at all.   Earlier you were talking about "throwing" 32 GH/s at this to see if you could solo mine a block.   Your odds are nowhere near 1/40 to hit a block in the next 20 days (end of month).     
For simplicity, you will have 32 GH/s / 84,000,000,000 GH/s (network) X (144 (blocks per day) x 30 (days in June) ) chance of hitting a block (if it was june 1).
That is not 1/40.....  It is closer to 1 in a million

It is a lottery ticket.



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June 10, 2014, 06:43:28 AM
 #6460

It will take you ~18,263 days to solve a block with  32 GH/s, assuming difficulty is static.  It can take you 8, 9, 10 times longer than that, or it can take you 1 second.  On average, 18,263 days @ 32 GH/s.  This is based on current network difficulty and assuming (wrongly) that it will not change at all during that time.

Plug your speed into any mining calculator (https://www.alloscomp.com/bitcoin/calculator).  Look at the per day earnings.  Divide 25 by that number.  That's approximately how many days it will take you to solve a block at the current network difficulty assuming it never changes.


You'd be better off selling slow hardware for scrap metal and buying scratch & win tickets than trying to solo mine.

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