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Author Topic: Mining Software, Nicehash, Whales, Big Pools, ASICS  (Read 312 times)
etherlioness (OP)
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July 26, 2018, 10:43:36 AM
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Well he does not force anybody to use the miner. There are alternatives.

Maybe you write a miner with less fee and same performance? I believe he deserves the income.

If you guys were around in the early days of Scrypt, X11, Bitcoin, when u could mine on your GPU and mining programs were written by community developers where many developers/coders contributed to, CGMiner, BFGMiner, Sgminer.  There wasn't all these crazy forks of coins and it is just done so greedy people wanting to get as much crypto as they can in their pockets, I mean, back then the scene for crypto mining was on a more level headed base.  Now it is controlled by Nicehash, who btw for anyones information, They basically set the market price and profitability of crypto coins they "Sell on their marketplace" from Mining Farms, Home miners etc, They are not actually as busy as they make out to be.  Predominately the orders on their Live Marketplace and actual Nicehash "OWN" placed orders set at the lowest price they can possibly go so that it keeps the Mining Farms and Home Miners happy that they are getting basically the same as if they were to mine a actually coin for the algorithm they are pointing to Nicehash.  I have their mining addresses as well for ethermine.org where they had 2 miners pointed at the pool mentioned, with just two workers, Nicehash-US and Nicehash-EU and they had over 2000 Gh per worker mining Ethereum on ethermine.org and they were raking in over:

Hourly                    6.35 ETH                   $3,555.45 US
Daily                      152.38 ETH               $85,330.80 US
Weekly                   1,066.64 ETH            $597,316 US 
Monthly                  4,571.29 ETH            $2,559,924 US.

That's just from 4000 Gh/s out of 9500 Gh/s total available just in Daggerhashimoto Market.  They even go so far as to state in their FAQ and HELP section, that, "Does Nicehash place their own orders and compete with customers of Nicehash" and their answer is a flat out "No we don't place orders on our own behalf".  Which is just rubbish. 

The theft of Bitcoins they apparently lost/got hacked was them doing a exit scam on their loyal Miners who point their rigs at Nicehash just so that Nicehash can control the Crypto Mining Space and dictate the profitability based on current conditions that their backbone of their service, the Mining Farms and home rigs pointed to their stratum servers, have to accept that Nicehash is doing the dirty on them regarding the profitability that Nicehash pay the one group of the community that make Nicehash be able to operate in the scale they do.  It's disgusting, Its the same as inside trading on the stock exchange, they control the market prices.  And then they charge "combined" a fee of around 7-9% per either Gh/s, Th/s, Ph/s, Msol/s, Mh/s - across the board of the algorithms they accommodate and cater for charged half on the sellers of the hash rate, and the other half on the buyers in the market place that have to compete with Nicehash's own bots on the Live Market Place that will make "real" genuine buyers of hash rate inflate their bidding price up and they "temporarily" increase their own self placed orders bid prices up as well..  They do this based on visitors/customers to Nicehash and the Volume of Real Legit Customer placed orders just to mess with what is supposed to be a free and open marketplace, controlled solely by Customers own orders on Nicehash.  It's a scam. 

Back to the hack, there is no way they got hacked, they had their Nicehash Mining Wallets and Customer Wallets on a hosted and commercially available online/API e-commerce/payment processor but the key here in this instance was, that their wallets were all:

"What is multi-signature wallet? To make a bitcoin transaction a multi-signature wallet requires more than one approval from the users/guardians who are authorized to manage the funds"

So minimum 2+ approvals with separate private keys on a Commercial Bitcoin wallet host, so these weren't wallets on Nicehash's servers, they were on a Third-partys infrastructure e-commerce payment gateway Servers, the hack never happened.  The hackers would have had to of hacked into a Blockchain wallet specialist secure offline Server, if I told you the Company you would know straight away, and to top it off, the hacker(s) would have had to have got into Nicehash's private keys for the 1000's of wallets from their Customer Base whether it be a Buyer or Seller of Nicehash, And also hack the Servers where the coins where stored, on a different setup all together, along with however many Multisig keys they used to protect their internal/customer/sellers/buyers wallets...  It's just not possible, I have tracked Nicehash and their activities and the change in their business model setup, and NicehashMiner development program, Their increases in fees for withdrawals whether you are a buyer/seller of Nicehash systems.  You see they were at one stage charging 0.005 btc/withdrawal tx.  Then your withdrawal would get queued for a few hours while they accumulated enough requests to withdraw that they could combine 100 TXns in one multiple input/output send on the blockchain, have live data for the current txn fee per kb.  Everyone knows a 1 input to a Output and a change address is roughly 223 bytes per transaction.  Nicehash during this period were combining 5 transactions to make roughly 1kb @ 0.005 BTC a pop, which turned out to bee 0.025 BTC per 5 withdrawals, but the actual fee they included in the transaction broadcast on the blockchain for 100 queued withdrawals (Outputs) was still under the recommended btc/kb fee which is easily available from multiple sources, f*ck you can just have your own bitcoin node running on a $5 VPS and do what the big pools at the time did, which was increase dynamically, the btc tx fee/kb to the moon, so if you wanted to get a transaction confirmed and sent successfully on the blockchain during this period of insanity by Bitmain, BTC.COM, Viabtc.com, and the other 5-6 odd influential pools at the time and still to this day control 90% of the bitcoin hash rate, made a fortune in fees on a 12.5 BTC block (2-3 BTC it was ticking along at per block in total txn fees for each block).  The BTC price was in the mid $13-$16,000/btc having gone sky high and then dumped, the pools inflated the txn fees that supposedly "are paid to the miners of the associated pool".  We know this is rubbish, especially on the part of Bitmains Antpool, and their second pool BTC.COM and 1 or two others they started up, it's stated clearly on Antpools mining FAQ that txn fees included with blocks are paid to their engineers that look after their mining pool, So just add it up, 2-3 BTC per block ($25,000-$38,000 US) in transaction fees for the robots looking after their mining pool and Antpool, btc.com and viabtc.com would mine 2-3 blocks per hour minimum combined together, $120,000 US an hour for their engineers that look after their mining pool, I bet their engineers don't see that amount of BTC that was flying around at the time in the form of transaction fees that are supposed to be a reward for the miners of the pool, for the work their hash power contributed towards generating a random number of a set difficuluty, Fuck, you must be stupid if you think that bitcoin miners actually analyse transactions in realtime in the BTC Nodes MEMPOOL , and then from these 1000+ transactions combine them as a block an then seal the deal with a "hash" that packages it all up nice and fair (fee wise) with what is essentially a random number that is higher than the Network diff for that 2 week Difficulty target/re-target.  Just analyse the block chain a bit, research and look closer into these giants of mining pools, and Nicehash operations and internal inflation of market factors and prices on their Live Market Place manipulated by probably 75% Nicehash admin order bots and 25% human admin's from Nicehash platform monitoring the ever changing profitability of a certain coin and then use the hash power supposedly available in a fair market driven environment, no internal Nicehash influences or orders to compete with customer orders. 

Really the scene these days makes you sick and embarrassed to be associated with cryptocoins and mining just due to the actions of ASIC manufacturers, coders, Mining pools, Nicehash, Multipools, Whales, Exchanges.  And I already mentioned the numerous forks of bitcoin and Ethereum, litecoin, Equihash coins, by power groups that go rogue and split a coin's blockchain for short term gain, instant coins, for free, with no real argument behind their reasons they are protesting against the majority of miners/crypto investors just to get a free airdrop of coins, which exchanges list on their systems, and they all start out inflated at the fork and distribution and opening of trading pairs inclusive of the new coin that was created from a hard fork, the holders of the new/duplicate coin just dump the coins over the next few weeks and the price plummets to the floor and the big players, exchanges, coinbase type setup's, all over the world individually make the decision and set conditions on whether they will be supportive of the hard fork (ie BitcoinCash split), Each exchange, BTC coin marketplace, Coinjar, Coinbase all independently decided wether they would support the new coins created from customer held funds, and set their own rules and conditions on the acceptance/non compliance of the new forked coin (asset) created just from being a holder of the original coin at a set block number and time that the chain split into two coins/chains backed by miners.  I could go on and on it's so corrupt and no consensus as a group/community in the crypto world as to how things should be done as a majority voice, Coinbase for fucks safe, didn't accept the split of Bitcoin creating Bitcoincash triggered by Bitmains force and powers in the crypto btc world, so they didn't give their customers who kept their coins with Coinbase over this period of the split of the chains, I bet 100%, as soon as the two new chains created settled down and were stable, had tools coded ready to go, to mirror the balances held in their wallets (sourced mainly from customers/traders funds) and then either held on to them or dumped a % of them and horded the rest, and eventually at the end of the story, Coinbase started a Bitcoincash buy/sell platform on their main simple to use platform, and their considerably larger trading exchange opened trading pair as well, and it was months after the initial split of the Bitcoin Blockchain, so unless you were on the ball at the Block Number/UTC time of the chain splitting in two, you'd have a bloody hard time keeping record of your stake you held at that time, that you were entitled too, many months prior to their change of mind regarding the newly created fork from bitcoin. 

I could keep going on about it, But the scene is just a energy sucking mining sector that creates a massive amount of emissions due to the power usage these ASIC's, Farms, Pools, GPU Warehouses consumed and emit as a 50-70 degrees c heating boxes radiant heat due to the sheer inefficiency of the miners. 

Do your research, look at the state of mining today, compared to the beginning and early years of crypto currency with a few algorithms/coins in a scope of the markets and scene, now its, just because a coder has done some research and took some maths/computer science courses and learned OpenCL or Cuda flavours, spent a few weeks/months turning this mathematics into mining code and algorithms, and to be honest, Claymore's miner is not a wonderful awesome powerful mining tool to mine with because it still only utilises the memory of the GPU's for Ethereum mining and even then the actually % of the GPU used to mine ethash/decred/keccak/sia/etc is minimal, the code is inefficient due to the capabiltities of CPU's, GPU's, FPGA, M.2 SSD's if the software used to control these devices was developed by experts in the field of mathematics, algebra, matrix's, coding, etc and optimised successfully, as an example, everyone kept talking about their projects/coins being asic resistant, but Bitmain and others, had no problem at all developing either in-house or by a asic manufactuer/design/engineer company, Creating a ASIC for all the BIG targeted algorithms that were supposed to be resistant to ASICS which is bullshit, anyhow, Then coin dev's make a few changes to the order of the coding for their particular coins algorithm utilised by GPU miners, so that the ASICS fail until they modify their design/software to accommodate for the changes, hence why people are getting all excited about FPGA's, M.2 SSD drives, due the advances in technology and speeds of the memory chips and data processing volumes, now claiming it will wipe out the ASICS dominating the market today, sorry people, it's always been around, people always used them, they just didn't share with the community, Open source becomes closed cource with a 2% fee per hour to use the mining software, or the case of the FPGA entering the market, the bitstreams the creaters will be coding will have a 4% dev fee slapped ontop of the already very high price for one of these "accelerators" for your mining.

Talked and talked enough.

Wake up, crypto is controlled by the few, and used in ways to hide money transfers, buy on the dark net, create smart contracts, ERC-20 tokens from Ethereum, which was supposed to go into POS mode 18 months ago now, or 3,500,000 blocks ago, but the developers are just flooding the ecosystem with 3-4 coins every 15 seconds a block is mined, its sheer greed and pulling the wool over the eyes over new comers to the mining scene, stating mining software they promote for a price, will get detected as a virus when you download it, or extract the 7z,zip file from GitHub or Mega.co.nz, Shit, Google cloud where Claymore has his virus/miner cant bee downloaded directly from the links contained in his official post on bitcointalk due to Google's scanning engines detecting a malicious file and blocking it, you have to make a copy of it, and then send it to your own google drive/cloud storage space you have, to download the bloody miner.

1.5%-2.0% = 155-180 gh/s on one single mining pool that Claymore points his 1.5 minutes worth of your rig he controls at, this is one pool people, he uses many many other pools that users of his software mine at.  Be a base of 5-6+ pools he would mine at.  That's close to 1 Th/s worth of mining hash power for 1.5% per hour of everyone who uses his software to mine with, and it still mines at the same speed a 290/380x/390/470/480/570/580 mines at.  The ceiling is 30-32Mh/s per card, unless you take a pill for your GTX 1080TI's etc.  It hasn't got faster since the R9 280x/290's were out till present day people, wake up!!

Cheers for reading if you did.

Smiley
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d57heinz
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July 26, 2018, 11:49:55 AM
 #2

Thanks for writing this.  Sums it up well.  It is embarrassing to say the least.  We thought we was laughing stock. Well wait and see what they can make us look like by pumping and dumping this to the ground. Shitcoins galore. Etc. It honestly looks like a bunch of kids run this show now. Of course looks like a bunch of kids run america right now too.  So should I be surprised.  Roll Eyes

“What’s popular is not always right.  What’s right is not always popular”
Einstein

BR
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As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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July 26, 2018, 09:13:56 PM
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Man... that’s a lot of conspiracy for just one post.
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July 27, 2018, 03:30:41 AM
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someones mad.
what screwed you over Smiley?
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July 27, 2018, 12:17:45 PM
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Man... that’s a lot of conspiracy for just one post.

I like to refer to it as gut instinct!  Been around the block or two to see that business is the art of scamming one another. How did one not see that capitalism would eventually have to come to a head.  We can’t fuck everyone and their brothers/sisters and not expect shit to eventually flow down hill.  That being generations that come after us.  There is a massive shitstorm on the horizon the way we have constructed our lives.  Instead of doing things for the betterment of us all we have been blinded by money/greed.  We will pay the ultimate price one day.  We either start showing compassion and empathy for our fellow humans or we continue down a dark path of self destruction.  Ya ya I know crazy gloom and doom “conspiracy” guy at it again lol. When you all realize this I hope it’s not too late.  

BR

As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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July 27, 2018, 01:22:44 PM
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Weren't the autorities involved in investigating this infamous nicehash hack? Did they concede this hack never happened?
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July 27, 2018, 06:18:20 PM
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Weren't the autorities involved in investigating this infamous nicehash hack? Did they concede this hack never happened?

Nope, never heard of a such story. I call it a bullshit unless you can paste some proof about it.

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July 27, 2018, 09:22:05 PM
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Im betting he has not one shred of evidence to back up these tin foil hat theories. If you dont like mining just get the fuck out of here, nobody else needs your negativity.

Even your mention about eth hash rate being the same on older cards until now shows that you dont even understand mining fundamentals.

If you dont like how things are then simply go away, if you keep posting this dumb bullshit someone might actually believe you. Thats how FUD spreads.
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July 27, 2018, 10:30:12 PM
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Nicehash got hacked .... good joke ... not even my cat doesn't believe that
They simply stole the peoples bitcoins at the price of $20.000 / BTC and then they will give them back partially at the exchange $7000 / BTC 

The father of Nicehash guy stole from VISA millions do you think the son that owns nicehash wouldn't steal ? Be serious ....

Also with the hashing power they steal you everyday .... 
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July 28, 2018, 05:13:03 AM
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You are hitting some good points in your post. The crypto market brings some very fanatic ppl that only seek profits. Its not like the good old days anymore, where ppl were here due to idelogical reasons, and wanted to help out.
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July 28, 2018, 09:27:38 AM
Last edit: July 28, 2018, 09:49:54 AM by Omg9500
 #11

Weren't the autorities involved in investigating this infamous nicehash hack? Did they concede this hack never happened?

Nope, never heard of a such story. I call it a bullshit unless you can paste some proof about it.

Would you call this bullshit? https://www.reuters.com/article/us-cyber-nicehash/nicehash-says-attacked-probably-from-non-eu-ip-address-idUSKBN1E21Q7

"The Slovenian police told Reuters on Friday the investigation into the attack continued, adding no further details could be given at present."

and

https://coinjoker.com/nicehash-hack-biggest-robbery-in-slovenian-history/

At the press conference, the Assistant Director of the Criminal Police Directorate responded. He said that the police yesterday received a notification of the security breach.

“The investigation is intense, so we can not talk about the details, but qualified experts are dealing with it,” he said and said that it was a cross-border investigation with which the countries involved did not issue, as it could result in “destruction of evidence”.

Unofficially also Europol and Interpol are involved in the investigation.
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