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Author Topic: [1423GH] ABCPool PPS - Proxy Pool For High & Steady Mining Rewards  (Read 140815 times)
MintCondition
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August 02, 2011, 01:08:16 AM
 #1

ABCPool is closing down

Dear miners,

The journey is coming to an end.

When ABCPool started out in 2011, we became the first share reseller of our kind. ABCPool pioneered the idea of converting the contract for a share from variable-reward to fixed-reward and reselling it like that.

The idea proved successful, miners liked the low risk and low fees which caused ABCPool to quickly grow to a significant share of the mining market.
Bitcoin is still in its infancy, and is evolving quickly. With the arrival of Stratum mining, part of the underlying technology for ABCPool became obsolete. As we expected, pool hash rate has been dwindling ever since.

After two years, we are now at the point that ABCPool in its current incarnation has to close its doors. The newly arrived FPGA and ASIC miners have diluted turnaround per GHash, and are pushing networking costs up. Hosting costs have become too high to justify keeping the service available, even if we’d increase fees.

We’d like to thank everyone who mined with us throughout the years, and everyone who has contributed their feedback on our forum. You guys made running the pool a great experience, thank you for that!

This Monday (August 5 2013) we will be shutting down the getwork server. Our website will stay up all through august for people to withdraw any leftover earnings. Any balances remaining after that will be treated as donations to cover the losses of the past months.

It’s not unthinkable that ABCPool will be making a comeback in some other form. Don’t hold your breath, but do send us a PM if you’d like to be kept in the loop.

As always, Happy Hashing,

Chlorine & MintCondition


---------------------------------------------
We’re proud to introduce ABCPool.co to you, the highest paying Pay-per-Share (PPS) pool, making miners happy since 2011-08-02.

ABCPool.co has some advantages that are hard to find anywhere else in the same combination:
* Predictable Income: Pay-per-Share (PPS) means you know how much you get.
* We pay for Stale Shares and orphan blocks: Because we think a pool should be responsible for delivering new work to you in time! NB: Proportional pools that offer this, always do so from your own pocket. With PPS, stale share rewards are a real bonus.
* Immediate payouts: no more waiting for ‘estimated/unconfirmed reward’ to become available!
* Come & Go as you like: Pay-per-Share is immune to pool hopping, so hop all you like!

Of course you’ll also find the common features at ABCPool.co:
* Long Polling & NTime-Roll support
* Less than 0.1% invalid shares on average
* No penalty for invalid blocks
* Automatic and Manual payout
* Up to the minute stats
* Easy sign-up


A bit of background: As creators of ABCPool, we have always had a preference for PPS mining. We’d noticed for some time that there was a distinct lack of Pay-per-Share mining pools. That's why we decided to fill that gap in the Bitcoin community by introducing ABCPool.co.

We only charge ABCPool.co a 1.5% nominal fee until further notice, while other PPS pools currently charge as much as 10% nominal fee! We can offer such a low fee because behind the scenes we share the risk of block-finding with other sources.

If you have any questions about ABCPool.co, feel free to ask them in this forum thread. If you are restricted to the newbie forum, please see our thread over there: https://bitcointalk.org/index.php?topic=36666.0

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MintCondition
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August 02, 2011, 04:03:29 AM
 #2

NB: The site is currently counting down the time until launch, at which time we will put the full site online.

sirky
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August 02, 2011, 10:31:13 AM
 #3

* We pay for Stale Shares: up to 3% extra income; because we think a pool should be responsible for delivering new work to you in time!


Be careful. There are people who will try to game this. I know other pools have seen people try to do really sneaky stuff, like submitting the same work several times, submitting the same work over several miners (ie if any miner finds a share, all workers submit it), and stuff like that.

Also, there are miners out there (cgminer) that, even if you are offline, will continue mining for the last known block. You don't want someone to just connect every hour to upload mostly useless work that you pay them for.

Best of luck with your pool though!
MintCondition
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August 02, 2011, 11:27:46 AM
 #4

Thanks for your concern sirky! These are exactly the things that make operating a PPS pool a bit more challenging.

The malicious/buggy type of stales that you mention have certain telltale properties. These make it possible to distinguish between them and honest stales. We compensate all honest stales. Honest stales are the result of a delay in long polling and normal network round trip times.


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August 02, 2011, 04:39:57 PM
 #5

We've just opened our site to everyone for registration. We'll probably be accepting about a dozen users at this moment. That way we can provide the best service while we iron out any wrinkles in our pool.

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August 02, 2011, 05:33:02 PM
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Can you reduce automatic payout to 0.1?
MintCondition
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August 02, 2011, 05:49:59 PM
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@Burp: Lowering the payout minimum is on our agenda. We'll have to review the tx-fee implications before we do that, so it will probably be done later this week.

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August 02, 2011, 10:29:15 PM
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How much are you planning on charging for a fee after the introduction period?

sirky
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August 02, 2011, 10:47:16 PM
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I am throwing some hashes at you.
MintCondition
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August 02, 2011, 10:51:47 PM
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How much are you planning on charging for a fee after the introduction period?
We have no plans to stop the introductory period/fee. If we ever increase the fee, we will post it on the site and the forum at least 4 days in advance. We can't say at this moment what the fee would look like in that case: We'll need to run the numbers when it comes to that.

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August 02, 2011, 10:58:18 PM
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Just out of curiosity, what sort of BTC buffer do you have? At 2%, your risk of ruin (mathematically speaking) is probably pretty high unless you have a lot of BTC.
MintCondition
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August 02, 2011, 11:19:49 PM
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I am throwing some hashes at you.
Thanks for the hashes; you're chugging along nicely! As you can see your current stale rate is below 0.2% now, and those stale shares are included in your balance.
Just out of curiosity, what sort of BTC buffer do you have? At 2%, your risk of ruin (mathematically speaking) is probably pretty high unless you have a lot of BTC.
Our buffer is 'considerable', although we store most of it offsite as a security precaution.

sirky
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August 02, 2011, 11:22:04 PM
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I am throwing some hashes at you.
Thanks for the hashes; you're chugging along nicely! As you can see your current stale rate is below 0.2% now, and those stale shares are included in your balance.

Our buffer is 'considerable', although we store most of it offsite as a security precaution.

That's good, since we recently found out what happens when people leave their entire wallet on an EC2 instance!

Anyway, I think my accepted shares are way to high, as are my stales. I should be around 700/0, not 9000/20 Smiley

My rewards seem about right though Smiley
MintCondition
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August 02, 2011, 11:43:36 PM
 #14

I am throwing some hashes at you.
Thanks for the hashes; you're chugging along nicely! As you can see your current stale rate is below 0.2% now, and those stale shares are included in your balance.

Our buffer is 'considerable', although we store most of it offsite as a security precaution.

That's good, since we recently found out what happens when people leave their entire wallet on an EC2 instance!

Anyway, I think my accepted shares are way to high, as are my stales. I should be around 700/0, not 9000/20 Smiley

My rewards seem about right though Smiley
I'm investigating it; we're seeing some other suspicious numbers too.

UPDATE: seems like some stuff is counted multiple times before being moved off to better places. The good news is reward calculation seems unaffected, but reported valid/stale/invalid counts are way off. We will probably have to reset those counts for our current users after this issue has been solved. Your balance will remain in place in that case.

klaaster
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August 03, 2011, 01:29:27 AM
 #15


That's good, since we recently found out what happens when people leave their entire wallet on an EC2 instance!


searched and searched but somehow i seem to have missed this event you are referring to... can anyone point me to the incident sirky is referring to?

he speaks about the www.bitomat.pl accident:
http://news.ycombinator.com/item?id=2828445
MintCondition
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August 03, 2011, 01:43:33 AM
 #16

I am throwing some hashes at you.
Thanks for the hashes; you're chugging along nicely! As you can see your current stale rate is below 0.2% now, and those stale shares are included in your balance.

Our buffer is 'considerable', although we store most of it offsite as a security precaution.

That's good, since we recently found out what happens when people leave their entire wallet on an EC2 instance!

Anyway, I think my accepted shares are way to high, as are my stales. I should be around 700/0, not 9000/20 Smiley

My rewards seem about right though Smiley
I'm investigating it; we're seeing some other suspicious numbers too.

UPDATE: seems like some stuff is counted multiple times before being moved off to better places. The good news is reward calculation seems unaffected, but reported valid/stale/invalid counts are way off. We will probably have to reset those counts for our current users after this issue has been solved. Your balance will remain in place in that case.
The issue has been resolved. In the shares processing pipeline, some shares were sent back to a previous step. That caused them to be counted again when the next batch processing job executed. After deploying the fix, We've reset all share counts accumulated until now. This issue did not affect rewards; they were always right. Therefore, rewards have not been adjusted due to this issue.

Sirky, thanks for pointing out this issue!

sirky
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August 03, 2011, 01:53:45 AM
 #17


That's good, since we recently found out what happens when people leave their entire wallet on an EC2 instance!


searched and searched but somehow i seem to have missed this event you are referring to... can anyone point me to the incident sirky is referring to?

he speaks about the www.bitomat.pl accident:
http://news.ycombinator.com/item?id=2828445


This is correct. EC2 is not persistant!!!!!

And you are welcome MintCondition!
MintCondition
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August 03, 2011, 03:20:27 PM
 #18

We did our first payouts today! To make it easy for our miners we have both automatic and instant payout.

MintCondition
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August 03, 2011, 08:04:34 PM
 #19

We noticed earlier today that under certain conditions, stale shares would incorrectly be labeled as 'invalid shares'. These conditions are now properly handled for future shares. This matters to our miners since we pay for stale shares, but not for invalid shares.

c_k
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August 03, 2011, 08:07:32 PM
 #20

Quote
Other pools currently charge 10%

Not true, rfcpool.com only charge 7% Smiley

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