HerbPean
Legendary
 Offline
Activity: 1638
Merit: 1005
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July 07, 2014, 04:38:49 AM |
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Just a thought for the "pros" at what "bit" does anyone do an auto payout? Ie 1.00000000 or 0.10000000? Or what is considered the " norm" or safe? Asking cause I'm greener than grass! Thanks in advanced!
Consider your wallet the most secure place to keep your BTC. So don't stack them too much on bitminter. The amount is pretty much related to the amount you're mining every day. Just move them once a week or every two weeks ?  You can do it manually or through the auto-payout. It's a personal choice ;-) |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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jjdub7
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July 07, 2014, 05:39:29 AM
Last edit: July 07, 2014, 06:47:08 PM by jjdub7 |
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Just a thought for the "pros" at what "bit" does anyone do an auto payout? Ie 1.00000000 or 0.10000000? Or what is considered the " norm" or safe? Asking cause I'm greener than grass! Thanks in advanced!
Manual withdrawal only costs 10k satoshi, so for withdrawals > 0.02 BTC, its cheaper to do them manually since at that point 0.5% of the sum becomes more expensive. Math: breakeven = 0.0001 BTC (flat fee) / 0.005 (auto-withdraw donation) = 0.02 BTC withdrawals Auto-withdraw is free. |
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cenicsoft
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July 07, 2014, 02:22:36 PM |
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Hey, we are hitting WAY TOO MANY BLOCKS. I do not hear anyone complaining. What is going on???
no worries next block wil take 3 days and we all start to cry about it  You had to go and jinx it! |
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oskuro
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July 07, 2014, 02:26:32 PM |
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Hey, we are hitting WAY TOO MANY BLOCKS. I do not hear anyone complaining. What is going on???
no worries next block wil take 3 days and we all start to cry about it You had to go and jinx it! This fukin block.... jeez!!!!!! what a nightmare......  |
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DrHaribo (OP)
Legendary
Offline
Activity: 2730
Merit: 1034
Needs more jiggawatts
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July 07, 2014, 02:33:55 PM |
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Manual withdrawal only costs 10k satoshi, so for withdrawals > 0.02 BTC, its cheaper to do them manually since at that point 0.5% of the sum becomes more expensive.
Auto cash out doesn't cost 0.5%. It's actually completely free. So auto cash out is always cheapest. But you may want to cash out before reaching the minimum for the auto cash out, or you may want to send less than your entire balance somewhere - in those cases the manual "send coins" is useful. |
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oskuro
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July 07, 2014, 03:43:53 PM |
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Hey, we are hitting WAY TOO MANY BLOCKS. I do not hear anyone complaining. What is going on???
no worries next block wil take 3 days and we all start to cry about it You had to go and jinx it! This fukin block.... jeez!!!!!! what a nightmare...... 98 % 2 days 9h52mins amazing |
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allnite
Newbie
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Activity: 14
Merit: 0
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July 07, 2014, 04:04:43 PM |
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Hey, we are hitting WAY TOO MANY BLOCKS. I do not hear anyone complaining. What is going on???
no worries next block wil take 3 days and we all start to cry about it You had to go and jinx it! This fukin block.... jeez!!!!!! what a nightmare...... 98 % 2 days 9h52mins amazing To boldly go where no other pool has gone before |
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jjdub7
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July 07, 2014, 04:08:44 PM |
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Manual withdrawal only costs 10k satoshi, so for withdrawals > 0.02 BTC, its cheaper to do them manually since at that point 0.5% of the sum becomes more expensive.
Auto cash out doesn't cost 0.5%. It's actually completely free. So auto cash out is always cheapest. But you may want to cash out before reaching the minimum for the auto cash out, or you may want to send less than your entire balance somewhere - in those cases the manual "send coins" is useful. Whoa, wait Doc - it is free! Am I losing my memory or did it "cost" a 0.5% donation at one point? And actually...now that I think of it, do mining pools qualify for status as non-profit organizations? Because logically, if the IRS wants to tax mining income at the income rate - donations to the pool should be equivalently tax-deductible for miners. |
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DrHaribo (OP)
Legendary
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Activity: 2730
Merit: 1034
Needs more jiggawatts
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July 07, 2014, 04:21:29 PM |
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98 % 2 days 9h52mins amazing To boldly go where no other pool has gone before We've had 99.9% CDF before, and we've also had 14 day rounds (a long time ago). While annoying, it's nothing special I'm afraid. Whoa, wait Doc - it is free! Am I losing my memory or did it "cost" a 0.5% donation at one point?
No, auto cash out was always free. And actually...now that I think of it, do mining pools qualify for status as non-profit organizations? Because logically, if the IRS wants to tax mining income at the income rate - donations to the pool should be equivalently tax-deductible for miners.
I think most pools are for-profit. |
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jjdub7
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July 07, 2014, 04:35:20 PM |
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And actually...now that I think of it, do mining pools qualify for status as non-profit organizations? Because logically, if the IRS wants to tax mining income at the income rate - donations to the pool should be equivalently tax-deductible for miners.
I think most pools are for-profit. Eh, I don't necessarily mean you, DrHaribo, own the pool and take a salary draw from the proceeds, or even we, the miners, make a profit by participating in it as a collective entity. I mean the entity Bitminter itself (similar to the whole discussion of how businesses are legally treated as if they are 'persons')...how is it legally classified? A business with you as the sole proprietor? I know that in the States, for example the not-for-profit health insurer Highmark is able to classify itself with separate tax liability from its for-profit subsidiaries due to how the organization is structured legally (a number of for-profit subsidiaries pay their respective stakeholders, leaving a decent amount of tax-deductible revenue aside for the non-profit operations of the parent organization as a distinct entity). |
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gb1971
Newbie
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Activity: 45
Merit: 0
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July 07, 2014, 04:38:14 PM |
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Hey, we are hitting WAY TOO MANY BLOCKS. I do not hear anyone complaining. What is going on???
no worries next block wil take 3 days and we all start to cry about it You had to go and jinx it! This fukin block.... jeez!!!!!! what a nightmare...... 98 % 2 days 9h52mins amazing To boldly go where no other pool has gone before damn i wish i said it would be 1 day...................  |
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DrHaribo (OP)
Legendary
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Activity: 2730
Merit: 1034
Needs more jiggawatts
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July 07, 2014, 04:50:29 PM |
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Sorry, Bitminter isn't a non-profit organization.
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oskuro
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July 07, 2014, 06:35:15 PM |
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This is a world record? almost 99%? |
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HerbPean
Legendary
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Activity: 1638
Merit: 1005
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July 07, 2014, 06:37:40 PM |
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i'm wondering how much work is the last % of the CDF. What is the exact calculation formula to know how much effort you need to get to a X% CDF ? we did like 2.x% in the last 12 hours.
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HerbPean
Legendary
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Activity: 1638
Merit: 1005
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July 07, 2014, 06:39:21 PM |
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This is a world record? almost 99%? It's not a new record (yet, they had 99.9%) of difficulty but it will the most effort we put in a block for sure. |
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oskuro
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July 07, 2014, 06:47:50 PM |
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This is a world record? almost 99%? It's not a new record (yet, they had 99.9%) of difficulty but it will the most effort we put in a block for sure. wow.... incredible really..... 2 days and 13 hours.... WTH |
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christhegoth
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July 07, 2014, 06:56:38 PM |
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This is a world record? almost 99%? It's not a new record (yet, they had 99.9%) of difficulty but it will the most effort we put in a block for sure. wow.... incredible really..... 2 days and 13 hours.... WTH I thought my new miner was on the fritz. Pedal faster! Someone feed the hamsters! This block is seriously chewy. |
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jjdub7
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July 07, 2014, 07:15:33 PM |
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Having sat here glancing at the pop-up stats all day whilst slugging away at work, something tells me we're quite a ways away from 99% on the CDF. I think it was at 96% when I went to sleep last night. Reminds me of limits from day 1 of calc lol
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allnite
Newbie
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Activity: 14
Merit: 0
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July 07, 2014, 09:05:30 PM |
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Thanks gents for the replies on auto withdrawal. Sure does make it simpler!  . |
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DevonMiner
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July 07, 2014, 09:19:50 PM |
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Unless I missed a page ... (which is quite possible) scrolled forever through the block history ...this block is getting close to the last two very long blocks back in March 2012. As I write we are at 2 days 15 hours and 27 mins @ 98.66% CDF. 2012-03-10 2d 18h 11m 99.0% CDF 2012-03-02 2d 16h 23m 97.8% CDF And difficulty was only at 1,496,978  (Now at 16,818,461,371). Dig in everyone ... all will come good in the world of averages over time. (Still ... doesn't make you feel any better when the electricity bill keeps rolling without reward though). |
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