Instant-Payout Mining - BitPenny.com

[touristas]

So just to clear things up.

Ive got a small hash rate of around 100Mhash/s

Left pc mining found that i make about 78.5 accepted shares per hour.
That comes out to about 0.136BTC per hour right ?
So even if the correct block isn't found from the pool on bitpenny's server we still get paid 

Yep - since each share has X percent chance of being a winning hash, he pays out X-10% for each hash. So you make less, but you also get consistent payouts and can withdraw instantly.

Thanks kiddo
I'm new in this mining stuff.
Just trying to figure out where it is best for low hash users.
Does the per share rate change ?_?

Hope more have these questions !

[Ricochet]

The per-share rate will change when the difficulty changes, which should happen approximately every two weeks in theory.  The difficulty is currently predicted to actually decrease for the first time in sometime less than a week.

In theory, over an extended period of time you will get the same number of shares no matter which pool you're using or which distribution method being used, and the overall payment should be the same.  At that point it's a matter of how much the pool itself is taking as its cut.  Here it's 10%, while other pools may charge less.  For BitPenny the advantage is that you get a fixed amount of money per share contributed, so the amount received is more predictable.  With other systems, the payout per person is only determined at the moment the block is actually solved, and then it's divided based on how many shares each person contributed vs the total number of contributed shares. 

Slush's pool takes it one step further and weighs shares found just before solving the block higher than shares found early in the round.  This is an anti-cheating effort, and again in the long-run the final payout should remain the same as with any other system.

[OneFixt]

A new way to connect to BitPenny - Kiv's GUI frontend for poclbm
Remember to set your "Extra flags" to the appropriate values for your mining hardware (GPU).
Please note that the GUI currently rounds balances to the nearest .01 for display purposes.

[dishwara]

http://www.bitcoincharts.com/bitcoin/

There are 1492 unconfirmed transactions.

Every one can check in this site whether you have been sent coins or Onefixt cheating you.

Go to the above address & you will see a lot of Date, time,...some numbers....input, output.....
& you can see your unconfirmed bitcoin also.

"Hey are you crazy, how can i see my transactions in this zillions of numbers"-- I can hear that.

Simple, just hit ctrl+f in windows or anything in Linux to search on current webpage, & in the search field, enter the bitcoin address/addresses you put in your profile in the bitpenny.com, or you can use the address in the address book of your bitcoin client. I gave a label "bitpenny" to the address i gave to bitpenny.com, so i don't have to worry from whom i got bitcoins.... & hit enter.

You will be dddddddddddddddirectly taken to your address in the zillions of numbers & address & your address will be in orange.
You can see above your address, it is unconfirmed & also date, time, amount.........many things.

Holy banana.

you find it useful, see my address in signature in red & donate.
Thanks.

[OneFixt]

Every one can check in this site whether you have been sent coins or Onefixt cheating you.
...
I know you find it useful, & i am expecting donation from you.

Please don't use fear tactics to solicit donations.

BitPenny gives out the transaction ID after every successful withdrawal attempt.  
This transaction ID can be seen on #bitcoin-monitor, www.bitcoinmonitor.com, www.bitcoincharts.com/bitcoin, and www.blockexplorer.com

If you lose the transaction ID, you can still search for your receiving address to see the queued transaction.
Any delays arising after the transaction has been posted are due to the state of the network, and are unrelated to BitPenny.

All of this has been stated previously on #bitcoin-bitpenny.

[OneFixt]

BitPenny will be shut down indefinitely at 11:59PM 4/2/2011 EST due to continued and unsustainable losses.

Withdrawals will continue to be available.

The IRC channel will remain open.

BitPenny may be back in the future under a different model.


Thank you to everyone who has participated.

[Miner-TE]

I'm sorry to hear this,  I thought you had a great site.

Guys,  I suggest we send donations to OneFixT and soften the losses that occurred.

[cdhowie]

BitPenny will be shut down indefinitely at 11:59PM 4/2/2011 EST due to continued and unsustainable losses.

Really sorry to hear that man.  I can't in good conscience keep everything I've earned from your pool, so I'm sending half of it back.  (Which isn't much to start with since I mainly ran CPU miners in your pool, but hopefully it will amount for something.)

Hopefully others will do the same.  Best of luck to you.

[OneFixt]

Thank you so much, cdhowie and Miner-TE, for your kind words and donations.  
I am very glad to hear that you enjoyed BitPenny, and very sad to have to take it down.
I hope to be able to bring BitPenny back in a different form at some point in the future, and am very encouraged knowing that I have had such kind-hearted users  

[slush]

OneFixt, I'm pretty unhappy that you are in red numbers, because your pool was very fair competitor. Did you do some analysis why the pool performed under 10% of teoretic income? It can be very long period of bad luck, but I feel that you were target of sabotage (of course it's just my feeling, I don't have hard data). There are people trying to hurt pools; almost every pool was DDoSed and I saw many tries of hacking. This experience was the reason why I rejected PPS model on my pool, so I'm curious if I was right...

[zoro]

sad news   
well, i hadn't tried bitpenny but i will donate a symbolic amount, just to keep the business rolling 

[OneFixt]

OneFixt, I'm pretty unhappy that you are in red numbers, because your pool was very fair competitor. Did you do some analysis why the pool performed under 10% of teoretic income? It can be very long period of bad luck, but I feel that you were target of sabotage (of course it's just my feeling, I don't have hard data). There are people trying to hurt pools; almost every pool was DDoSed and I saw many tries of hacking. This experience was the reason why I rejected PPS model on my pool, so I'm curious if I was right...

The DDoS attempts did not have much of an effect, but the block-withholding attacks did.  I collected enough statistics to be fairly certain that there was an attack, rather than simply bad luck.  You were correct in your reasoning.

Thanks again to all the people donating 

[xenon481]

OneFixt, I'm pretty unhappy that you are in red numbers, because your pool was very fair competitor. Did you do some analysis why the pool performed under 10% of teoretic income? It can be very long period of bad luck, but I feel that you were target of sabotage (of course it's just my feeling, I don't have hard data). There are people trying to hurt pools; almost every pool was DDoSed and I saw many tries of hacking. This experience was the reason why I rejected PPS model on my pool, so I'm curious if I was right...

The DDoS attempts did not have much of an effect, but the block-withholding attacks did.  I collected enough statistics to be fairly certain that there was an attack, rather than simply bad luck.  You were correct in your reasoning.

Thanks again to all the people donating 

The worst part of such an attack is that it is purely malicious.

The person performing the attack doesn't gain any extra income, and in fact loses a share each time it found a fully valid block.

[[Tycho]]

The worst part of such an attack is that it is purely malicious.
The person performing the attack doesn't gain any extra income, and in fact loses a share each time it found a fully valid block.

Not only the share, but also 10% fee.

[OneFixt]

The worst part of such an attack is that it is purely malicious.
The person performing the attack doesn't gain any extra income, and in fact loses a share each time it found a fully valid block.

Not only the share, but also 10% fee.

The attacker loses virtually nothing compared to an honest pool user, so it's purely malicious when compared with honest pool use.  An attacker loses 1/2^32 shares per block on average, so he still receives 99.9999999767% of what an honest pool user would get.

[[Tycho]]

The worst part of such an attack is that it is purely malicious.
The person performing the attack doesn't gain any extra income, and in fact loses a share each time it found a fully valid block.

Not only the share, but also 10% fee.

The attacker loses virtually nothing compared to an honest pool user, so it's purely malicious when compared with honest pool use.  An attacker loses 1/2^32 shares per block on average, so he still receives 99.9999999767% of what an honest pool user would get.

Yes. 10% if compared to solo mining or 7% if share/score based pool.
The attacker had to have high hashrate, so he had also chance to mine solo or somewhere else instead of attacking.

[slush]

Hard to believe that there is one of us trying to hurt bitcoin economy; sabotage can be (effectively) performed only with large mining rig. The motivation can be pretty clear - by killing pools, you'll have lower difficulty in the future...

[[Tycho]]

Hard to believe that there is one of us trying to hurt bitcoin economy; sabotage can be (effectively) performed only with large mining rig. The motivation can be pretty clear - by killing pools, you'll have lower difficulty in the future...

Killing a pool will only make people move to another or switch to solo mining. Even if all mining pools will be stopped, people with GPUs will just switch to solo.

And attacking a pool with unknown hashrate is strange idea anyway. Unless they tracked it's blocks.

[slush]

And attacking a pool with unknown hashrate is strange idea anyway. Unless they tracked it's blocks.

Afaik bitpenny was around 70Ghash, some people mentioned that on forum (but I don't know original source, maybe bitpenny's IRC channel?).

[[Tycho]]

And attacking a pool with unknown hashrate is strange idea anyway. Unless they tracked it's blocks.

Afaik bitpenny was around 70Ghash, some people mentioned that on forum (but I don't know original source, maybe bitpenny's IRC channel?).

70 Gh was mentioned on that "pool comparison site", but i'm not sure. Those 70 Gh should have already joined other pools after bitpenny shutdown, but where are they now ?
OneFixt didn't wanted to tell me his hashrate when i asked sometimes.