Let's get SHA256 multi-mining off the ground!

[woodrake]

TL;DR: Please join multipool.us's SHA256 pool so it can achieve critical mass and become a viable SHA256 muli-mining pool. We (CipherMine) are putting our 5 TH/s there tomorrow!

At CipherMine we like to mine the most profitable coin at any given time. Unfortunately, most ASIC hardware does not have the capability to manage the mining software via an API so we cannot use our software to retarget them at different pools as we do with FPGAs and scrypt-mining GPUs.

We have used multipool.us (flound1129's baby) as our default scrypt pool for some time now; it is helpful to have a fall back in case one of the usual pools fails. We have found them to be solid and reliable. Now, we want to start using them for SHA256 multi-mining.

The problem is that at present multipool.us doesn't have many SHA256 miners. This is understandable since they have not achieved the critical mass to find blocks. I have agreed with Adam, multipool.us's owner, to switch all our of SHA256 ASIC hardware (~5 TH/s) over to multipool in exchange for him giving us an introductory 0% fee.

To make this work we need other miners to join us though! On average we will only find one block per week, and that is unlikely to attract many more. What I'm asking is for as many of you as are willing to join us on multipool.us for at least one week, commencing tomorrow (Tuesday 26th Nov). We commit to have switched all our SHA256 capacity across to multipool.us before midnight tomorrow.

It is in the community's interest to have another good mining pool out there; at present it is far too dominated by a few pools (eg. BTCguild). This is also a chance for  miners to profit during the times other SHA256 coins become more profitable to mine. With Cryptsy now offering auto-exchanging back to BTC you don't even need to worry about trading the coins (indeed, I'd recommend this approach).

Finally, even after the 0% fee period, Adam (flound1129) has committed to keeping multipool.us's fees to no more than 1.5% - much less than the competition.

So, please join us and help this up and coming pool be a success!

Kate.

Note: I have no vested interest in promoting multipool.us other than wanting to be able to use the service for SHA256 mining.

[flound1129]

Thank you Kate!  I look forward to serving Ciphermine's mining needs!

[woodrake]

Forgot to mention, as part of the deal, during the zero-fee period CipherMine is voluntarily paying a 2% fee t help support Adam - in effect subsidizing other miners who join up.

[woodrake]

In case anyone is new to multimining, I recommend using an exchange like Cryptsy which has auto-trading.

Put your Cryptsy deposit address for each alt-coin (eg. PPC, TRC etc) in as the multipool.us withdrawal address, and on Cryptsy set the coins to auto-sell. This way you'll still just get BTC from your mining, but a little bit more when the alts are more profitable to mine.

[thehulkk]

In case anyone is new to multimining, I recommend using an exchange like Cryptsy which has auto-trading.

Put your Cryptsy deposit address for each alt-coin (eg. PPC, TRC etc) in as the multipool.us withdrawal address, and on Cryptsy set the coins to auto-sell. This way you'll still just get BTC from your mining, but a little bit more when the alts are more profitable to mine.

What's the average profit that user make with autosales on?

[botolo86]

Nice! I'll move my jalapeño from BTCGuild to Multipool.us right now!

[flound1129]

Nice! I'll move my jalapeño from BTCGuild to Multipool.us right now!

Welcome botolo!

[flound1129]

In case anyone is new to multimining, I recommend using an exchange like Cryptsy which has auto-trading.

Put your Cryptsy deposit address for each alt-coin (eg. PPC, TRC etc) in as the multipool.us withdrawal address, and on Cryptsy set the coins to auto-sell. This way you'll still just get BTC from your mining, but a little bit more when the alts are more profitable to mine.

What's the average profit that user make with autosales on?

It varies from day to day, depending on altcoin prices.  You can make 150-200% of what you would make mining bitcoin on a good day.

[thehulkk]

In case anyone is new to multimining, I recommend using an exchange like Cryptsy which has auto-trading.

Put your Cryptsy deposit address for each alt-coin (eg. PPC, TRC etc) in as the multipool.us withdrawal address, and on Cryptsy set the coins to auto-sell. This way you'll still just get BTC from your mining, but a little bit more when the alts are more profitable to mine.

What's the average profit that user make with autosales on?

It varies from day to day, depending on altcoin prices.  You can make 150-200% of what you would make mining bitcoin on a good day.

That's really great, i'm doing trading at BTC-E and it's like a full time job to keep track of each altcoin, one last question what autotrade option do you is the best to make the most profit?

[woodrake]

It depends on your appetite for risk and the quantity of coins you are mining. With our scrypt mining activities our management software (CipherMiner) places sell orders in the middle of the spread. That has proven pretty reliable for selling the quantities we were generating with 20+ MH/s.

When I tried it selling just below the lowest ask (semi-equivalent to Cryptsy's "Sell at top sell bid (Higher Pirce)"),it sold most of the time  but I did have to check every day or so and "clean up" trades which had been missed due to a fall in the market.

However, the "middle of the spread" strategy has not worked well for the SHA256 coins though because with 5 TH/s we were swamping the volumes a little bit. Instead I've currently got Cryptsy set to sell at the highest bid price ("Sell at top buy bid (Lower Price)"), and that has been 100% reliable so far (CipherMiner's trading function is offline for some upgrades).

If you want a fully automated solution you can just check in on once a week then I'd suggest the above.

It is a shame that neither Cryptsy nor BTC-E support automated withdrawals yet (even via their APIs, despite listing the functionality) since with that too and a simple bot you could withdraw from Cryptsy to Gox or BTC-E and use something like ButterBot to mange your BTC (ie. selling it to USD if the market falls).

Kate.

[thehulkk]

It depends on your appetite for risk and the quantity of coins you are mining. With our scrypt mining activities our management software (CipherMiner) places sell orders in the middle of the spread. That has proven pretty reliable for selling the quantities we were generating with 20+ MH/s.

When I tried it selling just below the lowest ask (semi-equivalent to Cryptsy's "Sell at top sell bid (Higher Pirce)"),it sold most of the time  but I did have to check every day or so and "clean up" trades which had been missed due to a fall in the market.

However, the "middle of the spread" strategy has not worked well for the SHA256 coins though because with 5 TH/s we were swamping the volumes a little bit. Instead I've currently got Cryptsy set to sell at the highest bid price ("Sell at top buy bid (Lower Price)"), and that has been 100% reliable so far (CipherMiner's trading function is offline for some upgrades).

If you want a fully automated solution you can just check in on once a week then I'd suggest the above.

It is a shame that neither Cryptsy nor BTC-E support automated withdrawals yet (even via their APIs, despite listing the functionality) since with that too and a simple bot you could withdraw from Cryptsy to Gox or BTC-E and use something like ButterBot to mange your BTC (ie. selling it to USD if the market falls).

Kate.

Well I guess it is "Sell at top sell bid" I rather check my account once a day than to be stuck on the screen all day trying to sell at the right time.  I do use an app on my android phone to alarm me for highs and lows, but I'm mostly on my laptop, and I get very tempted to pay attention to the market because I think I'm going to miss selling or buying at the right time.   I'm a student in computer programming, however bots are something foreign to me but I will check them out, they might be of great benefit to me. You are very pretty an very smart woodrake, If you wouldn't live so far away, I would invite you to a coffee.   Have a nice day and thanks for the advice.

[incognitoworker]

Pointed my jupiter to your pool :-)
Any chance of lower mining fee? :-):-)

[flound1129]

Pointed my jupiter to your pool :-)
Any chance of lower mining fee? :-):-)

The SHA-256 mining fee is 0% right now, I'm not sure how much lower I can make it

SHA-256 profits are over 250% of mining BTC over the past 24 hours!

[incognitoworker]

Pointed my jupiter to your pool :-)
Any chance of lower mining fee? :-):-)

The SHA-256 mining fee is 0% right now, I'm not sure how much lower I can make it

SHA-256 profits are over 250% of mining BTC over the past 24 hours!

:-)
Didnt know... In my profile it says 1.5% fee?

Exited to see the result, 150-200% more than normal mining sounds very good.

[woodrake]

We've been having a few issues with our BitFuries on multipool.us when on BitCoin. Adam is using P2Pool for BTC mining while we have <25 TH/s (enough to get a block per day) to mitigate our risk when mining BTC.

However, because the BitFuries have an in-built stratum proxy that seems to be conflicting in some way with the multipool.us link to P2Pool (ie. mining doesn't work).

Adam is working on the problem his end (Plan A: fixing the stratum server), and we're also working on our own solution (Plan B: installing bfgminer on all BitFuries instead of chainminer so they can connect direct).

I don't want people to think we've abandoned our promise! We will bring the full CipherMine 5 TH/s back to multipool.us. At present we're splitting it between multipool.us and BTCguild. Irritatingly you can't set the BitFuries to failover between pools, only load balance (another reason we're installing bfgminer). I'm hoping that we'll have this resolved by the end of the weekend.

Kate.

[Kontakt]

This looks like an interesting method. I've been using Multiminer to bounce me from pool to pool, but a concentrated solution could be a better route.

[juhakall]

We've been having a few issues with our BitFuries on multipool.us when on BitCoin. Adam is using P2Pool for BTC mining while we have <25 TH/s (enough to get a block per day) to mitigate our risk when mining BTC.

However, because the BitFuries have an in-built stratum proxy that seems to be conflicting in some way with the multipool.us link to P2Pool (ie. mining doesn't work).

Adam is working on the problem his end (Plan A: fixing the stratum server), and we're also working on our own solution (Plan B: installing bfgminer on all BitFuries instead of chainminer so they can connect direct).

I don't want people to think we've abandoned our promise! We will bring the full CipherMine 5 TH/s back to multipool.us. At present we're splitting it between multipool.us and BTCguild. Irritatingly you can't set the BitFuries to failover between pools, only load balance (another reason we're installing bfgminer). I'm hoping that we'll have this resolved by the end of the weekend.

Kate.

BFGMiner has pretty good Bitfury support, and recently cgminer has added some support as well. Unless you run into performance issues, there should be no reason to use chainminer & stratum proxy anymore.

[woodrake]

Pointed my jupiter to your pool :-)
Any chance of lower mining fee? :-):-)

The fee should be 0% for everyone. THat's the sweetener - 0% until the end of the year. Are you sure you're paying more? If so I'll take it up with Adam.

CipherMine is paying 2% though, so subsidising this.

Kate.

[woodrake]

This looks like an interesting method. I've been using Multiminer to bounce me from pool to pool, but a concentrated solution could be a better route.

I developer CIpherMiner to do that; a custom application that started out based on cryptoswitcher. It is now over 1,000 lines of Python - many many things to ensure smooth operation (it fully controls all our GPU rigs as well as trading the coins).

The issue is the sheer number of new coins coming up, and the fact that many of the pools to support them are unreliable. Manually signing up to many pools is time consuming. That's another reason we want to promote multipool.us - so Adam implements more scrypt coins as well and we don't have to actively manage the pools.

Kate.

[incognitoworker]

Pointed my jupiter to your pool :-)
Any chance of lower mining fee? :-):-)

The fee should be 0% for everyone. THat's the sweetener - 0% until the end of the year. Are you sure you're paying more? If so I'll take it up with Adam.

CipherMine is paying 2% though, so subsidising this.

Kate.

In my profile it says 1.5% fee, not sure if it is active tho...