Coinotron - Automated switching to the most profitable currency

[coinotron]

Hello

We have this feature in our pool since last week. It is being used by more and more users.
Currently there is only one version: system chooses currency which is most profitable and switches all AUTO workers to this currency. I would like to introduce more sophisticated versions.

One of our miners, shaun5000 had a great idea: automate not only switching to the most profitable coin but automate exchange to bitcoins as well.  

In this topic I would like to get some feedback from you. Please let me know what would you improve or add in this area.  

[CoinHunter]

Haha yes that would be excellent. Instead of letting them hoard SolidCoins sell them immediately to get BTC back. I'm sure doublec or moon will help you out with this

[Oldminer]

Great feature but you dont seem to have any info on your site with regards to mining fees?

edit: nm found it

Btw, how long does the 'startup' period run?

[coinotron]

Btw, how long does the 'startup' period run?

Until we reach some stable level with hashrate over 100GH/s

[joulesbeef]

first and foremost, congrats on the app of the year for mining pools. Awesome idea. with the auto worker.

now back to the current topic....


wait you are actually considering this? what would you do, just sell them automatically for the highest buys on the exchanges? Ok i could see some interest all though it is hardly the optimal way to trade these things. Or would you hold a huge pile of btc and just exchange everyones coins for the last price on the market?

and if this became some what popular wouldnt this pretty much destroy alternative coins? we need some hoarders or the exchange rates would be crap and plus i figure one or two of these coins are trying to become a real acceptable alternative to bitcoin, just having everyone dump isnt the greatest of ideas.

I get why people want this, they are lazy and suck at trading, hey me too, well lazy anyways, but I'm not sure if this is a good idea, like the auto worker.

yeah i know people who want to dump are going to dump, i do it all the time, and perhaps some people wont want to and will turn off this feature and go do the market thing by hand, I'm not sure if it is the best feature for miners...idk i will think on it more it just sounds like trouble to me on the surface.


Now automagically trading btc into dollars for big businesses... now that is an idea.

[wolftaur]

wait you are actually considering this? what would you do, just sell them automatically for the highest buys on the exchanges? Ok i could see some interest all though it is hardly the optimal way to trade these things. Or would you hold a huge pile of btc and just exchange everyones coins for the last price on the market?

I see some problems with it just in terms of logistics. Exchange fees being a big one. And then the fact that... that's a lot of transactions. Unless they're pooled ... but doing an exchange sale only once every 24 hours is pretty sub-optimal especially with a volatile currency on each end. Doing them every block would probably garner the same concern from a different group.

On top of that, Joules, you are absolutely right that it could easily end up serving to kill the alternate currencies. Automated selling of a massive amount of available supply right as its generated... is going to kill the point, because the values will drop and it will be most profitable to mine Bitcoin to have Bitcoin.

Obviously miners (and that includes me!) are going to worry about whether we're profitable. But there really is such a thing about taking the biggest bazooka you can find, pointing it at your foot, pulling the trigger... and blowing your balls clear into orbit because your attempt to maximize profit was just that short-sighted and ill-conceived.

[Mousepotato]

Am I reading the stats wrong, or are we really on a 31 minute SC block with nearly 100 GH/s?

[MaGNeT]

I like the auto-switch feature!
I would like it even more if it would be possible to select/unselect currencies, so it doesn't switch to coins I don't like to mine.
Don't know if it's difficult to implement?

[coinotron]

Am I reading the stats wrong, or are we really on a 31 minute SC block with nearly 100 GH/s?

It is nothing unusual. According to Bitcoin calculator http://www.alloscomp.com/bitcoin/old_calculator.php with difficulty 13000 and hashspeed 100GH there is 5% chance that you find block after 27 minutes.

We had a killer block in micro scale

[coinotron]

I like the auto-switch feature!
I would like it even more if it would be possible to select/unselect currencies, so it doesn't switch to coins I don't like to mine.
Don't know if it's difficult to implement?

I agree. First thing I wanted to do with my own workers was to select subset of coins for this function.
I'm adding this to requirements list.

[Luigi]

[...] automate not only switching to the most profitable coin but automate exchange to bitcoins as well. [...]

If this was done and including your fees I'd get more out of it as of normal bitcoin mining, I'd stick to your pool.

[ditchmagnet]

I like the auto-switch feature!
I would like it even more if it would be possible to select/unselect currencies, so it doesn't switch to coins I don't like to mine.
Don't know if it's difficult to implement?

I agree. First thing I wanted to do with my own workers was to select subset of coins for this function.
I'm adding this to requirements list.

Thats perfect, thanks.  I had set mine to auto, but some were mining BTC even though IO and SC were better.  Looking forward to this option!

[coinotron]

Thats perfect, thanks.  I had set mine to auto, but some were mining BTC even though IO and SC were better.  Looking forward to this option!

Indeed, until Wednesday workers sometimes "liked" to stay with BTC for a while
I have eliminated this error.

[Lumpy]

Coinotron is showing 0.01410234 as the rate for SC even though it's current at around 0.008 to 0.009 and has been for a few hours. Misleading.

EDIT: Stuck there for a few hours, but it seems fixed now.

[coinotron]

Coinotron is showing 0.01410234 as the rate for SC even though it's current at around 0.008 to 0.009 and has been for a few hours. Misleading.

EDIT: Stuck there for a few hours, but it seems fixed now.

My fault. I was trying to make some improvements to pool's performance and I've accidently kill process which calculates profitability.

[Oldminer]

Thats perfect, thanks.  I had set mine to auto, but some were mining BTC even though IO and SC were better.  Looking forward to this option!

Indeed, until Wednesday workers sometimes "liked" to stay with BTC for a while
I have eliminated this error.

AUTO option still doesnt work for me. Even deleted and recreated my workers..still fails. Right now its wanting to mine i0coin which imo is the most unprofitable of the lot...

[gw4tt]

i0c is the most profitable right now. Difficulty retargets pretty quick with that coin for some reason.

[Oldminer]

i0c is the most profitable right now. Difficulty retargets pretty quick with that coin for some reason.

Yea its changed since I posted. I think using the AUTO feature it can take a little while to update too.

[coinotron]

i0c is the most profitable right now. Difficulty retargets pretty quick with that coin for some reason.

Yea its changed since I posted. I think using the AUTO feature it can take a little while to update too.

AUTO doesn't fire instantly. It is based on coins profitability table and this table is refreshed every 100 seconds.
So in the worst case, workers will switch to new currency with delay of 100 seconds.

[smoothie]

i0c is the most profitable right now. Difficulty retargets pretty quick with that coin for some reason.

Yea its changed since I posted. I think using the AUTO feature it can take a little while to update too.

LOL Oldminer mines on coinotron?

Was that your 0.02 GH/s mining ixcoins earlier? Then when I brought it to your attention it magically disappeared?

Why stop? Mining at a loss on ixcoins is THE BEST IDEA EVER!