We are proud to announce a new bitcoin mining pool has opened: http://bitcoinpool.com
Please feel FREE to join the pool. http://bitcoinpool.com/newuser.php
Our official forums where questions can be asked is at:http://www.bitcoinpool.com/forum/
Our pool pays miner for the percentage of work done based on;
(the number of shares your miner has contributed) divided by (total number of shares in the round) times 50. Our server is now in Beta, payout functionality has been fully tested and debugged these last two weeks. Additional features will be appearing in the next few weeks as the pool grows in popularity.
This pool does not support the “pay-per-share” method (bitpenny's pool) or “weight based shares" (slush's pool) which favors faster cards and devalue's shares over time after they've been solved.
Now let's cover some of the finer points of the bitcoin pool.
- WE DO NOT FORCE DONATIONS OR TAKE A PERCENTAGE OF THE PAYOUTS. WE DO NOT REQUIRED ANY SIGNUP FEES OR ANY OTHER FORMS OF FORCED PAYMENTS. We do encourage and are thankful for any donations we receive. Our donation address is: 1AMnDUgnZTZJUcSR5Eevt6PnxWLmdq75Zn
- We have set a maximum number of users to 2000. We will be able to increase this number if a majority of the miners on our server are mining with our efficient bitcoin miner.
- The solved block is equally paid out to all those who contributed in the round.
- Anti-fraud protection. We only accept shares from the current block, in the current round.
- Anti-flood protection. Our server ensures that user's are not making an excessive number of useless requests to our server, and bans them by account and IP address in the event abuse is detected.
- We show the stats of all users in the pool because we believe in being transparent. By showing all the stats of each users, everyone can determine for themselves if something is not right (like the server operator taking bitcoin's off the top).
- We are the only bitcoin pool that shows the efficiency of the bitcoin miners. This is VERY important because we can now see which miner's are causing an excessive load on the server. If this is a problem for you, please update your miner to our modified version of m0mchill's miner that is MUCH more efficient.
- We are the only bitcoin pool that has released a modified version of a bitcoin miner (m0mchill's) that can achieve 100% efficiency. The more efficient each user is, the more users we can support on the server, and that means we will find more blocks at a faster rate for the pool.
- The listed shares and efficiency of each user is reset at the beginning of the next round.
- You can use multiple miner's on a single account, however you will not be able to see the individual stats of each miner if you choose to do so.MINING EFFICIENTLY
For the sake of understanding what we mean by “Efficiency”, let us define it for you.
EFFiciency = (The number of submitted shares) / (The number of requested getworks) * 100.
Geebus and I raised a very important question in m0mchill's thread, and that question was “why doesn't the miner work through all (2^32 or) 4,294,967,296 hashes?” The answer we got was not a satisfactory or a legitimate response to the original question, and we objected with real stats showing that decreasing your askrate for getwork request does NOT increase the probability that you will find a share or answer quicker. In fact, you can find more than 1 answer/share per getwork, and that simply requesting a new getwork every 10 or 20 seconds is not the best route to finding shares.
The bottom line from our research was this:
- The same number of shares can be found in a 10 hour period using a askrate of 10 seconds OR our more efficient miner. You will get about the same number of shares either way.
- Because the same number of shares are found in a given period, there is no reason why people should be using a decreased askrate. The goal is to look for bitcoin's more efficiently, and when the miner's efficiency is closer to 100%, the amount of resources and bandwidth on the server is DRAMATICALLY reduced, and that means we can support MORE USERS.
- More user's means we as a pool can find blocks faster!
In order to make this happen, we had to make some changes to m0mchill's miner. We now use what is referred to as a “variable askrate”, which means that the miner looks at the average speed of your card as it processed the previous getwork, and adjusts the askrate so your card will search the entire getwork for any possible answers. In addition to being more efficient, we also show the current getwork you're working on, how much of that getwork has been processed, your efficiency, the percentage of invalid/stale shares, and the percentage of empty getworks.
Here's a screen shot of our miner, and as you can see it's a bit different than m0mchill's original miner.
If you would like to see the efficiency of your existing miner, then join our pool and run your miner for a couple of hours to see how efficient it really is. When you're ready to get a more efficient miner, you can download our miner and watch your efficiency rise dramatically. For all those who said we didn't know what we were talking about, you would be well advised to try this miner before making anymore comments. We spent months working on the code of m0mchill's miner, countless hours of testing and statistical analysis, and it is by far the most efficient miner out right now. But why should you believe us, just because we said so? No, you should try it yourself and compare it to your existing miner, then make up your own mind about whether or not this is a more efficient miner.
You can download our modified miner from: http://bitcoinpool.com
You can sign up for a new account at: http://bitcoinpool.com/newuser.php
Additional Frequently Asked Questions can be found at: http://bitcoinpool.com/faq.php
Please feel free to ask any questions you may have. We will do our best to answer your questions.
We are excited to launch this new pool and invite everyone to come jump in with us.
We look forward to seeing you all in the pool,
Fairuser & Geebus