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Question: Why do you mine on deepbit?
Because everybody mine there
Because I thought it invests the earned money in good anti-DDoS firewall
Because my friend told me
Because it has sound name
Because Tycho is a good man
Are there more pools!!??

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Author Topic: Why do you mine on deepbit?  (Read 7354 times)
DeathAndTaxes
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Gerald Davis


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November 04, 2011, 02:41:01 PM
 #101

I do realize pool hopping prop. pools and taking advantage of gullible newbies is the most profitable option, but that's not a 'pool model'
that's just taking money from those with limited information on how mining works.

Well it could be.  I think it will take a 110% payout PPS pool which hops other pools in order to make people realize the stupidity of proportional based pools.
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teukon
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November 04, 2011, 02:42:42 PM
 #102

No, there is no luck in pure PPS. In fact if you look at the site of abcpool.co, there isn't even a round history.
You only get paid for the shares you submit, hence your risk is 0 as you earn the same amount every day.
Your earnings are not based on any blocks being found or not because all earnings come from a private wallet.

Since the site has had a 0% fee for months, it is also the best possible way to mine bitcoins.
Mining at non-0% pure PPS pools is therefore done either out of idiocy, lack of logical capability or for ideological reasons
(supporting a certain pool owner, supporting proportional models, etc.)

P.S. I do realize pool hopping prop. pools and taking advantage of gullible newbies is the most profitable option, but that's not a 'pool model'
that's just taking money from those with limited information on how mining works.

Adding to this slightly.  Sometimes pool operators add a promotion to attract miners.  Thus, sometimes you can mine more profitably elsewhere for a limited time.

Also, if you are willing to stretch "bitcoin mining" into "earn bitcoins for hashing" then there are merged mining pools which convert NMC->BTC automatically (see sig) and so can offer 9% more income (soon to drop to 7%).  Things have improved a great deal in the past week or so thanks to shads' work.

There are lots of things to consider but if you want an excellent rate with practically no risk or variance, abcpool.co's 0% PPS is highly recommended.
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November 04, 2011, 03:03:38 PM
 #103

I do realize pool hopping prop. pools and taking advantage of gullible newbies is the most profitable option, but that's not a 'pool model'
that's just taking money from those with limited information on how mining works.

Well it could be.  I think it will take a 110% payout PPS pool which hops other pools in order to make people realize the stupidity of proportional based pools.

+1

Actually what I'd prefer to see is a pool which gave out 0% PPS + half of anything extra the pool operator is able to make with that hashing power, be it merged mining, alternative blockchains, taking advantage of weaknesses in existing reward systems.  Provided the server was reliable and I could withdraw all of my income at any point I'd definiely send it hashing power!  They would be providing a useful service to miners and accelerating the evolution of mining.  Of course, the business model of such a pool would be based purely on irrationality of miners and pools but I doubt this is going anywhere anytime soon.  Unfortunately, the meager profit is not worth the work of setting up such a pool so it's unlikely to happen.
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Gerald Davis


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November 04, 2011, 08:01:23 PM
 #104

I do realize pool hopping prop. pools and taking advantage of gullible newbies is the most profitable option, but that's not a 'pool model'
that's just taking money from those with limited information on how mining works.

Well it could be.  I think it will take a 110% payout PPS pool which hops other pools in order to make people realize the stupidity of proportional based pools.

+1

Actually what I'd prefer to see is a pool which gave out 0% PPS + half of anything extra the pool operator is able to make with that hashing power, be it merged mining, alternative blockchains, taking advantage of weaknesses in existing reward systems.  Provided the server was reliable and I could withdraw all of my income at any point I'd definiely send it hashing power!  They would be providing a useful service to miners and accelerating the evolution of mining.  Of course, the business model of such a pool would be based purely on irrationality of miners and pools but I doubt this is going anywhere anytime soon.  Unfortunately, the meager profit is not worth the work of setting up such a pool so it's unlikely to happen.


Sometimes I do things for non-economic reasons.  I thought the rise of pool hopping mining clients would be sufficient to drive people out of "unfair" payout methods.  Maybe a hop-pool could do it.  I like your thinking of 50% cut of the "bonus".  Since determining all the bonus amounts could be challenging (no way to know hop "bonus" other than after the fact and that is subject to variance) then maybe pay 100% PPS and at end of the month issue a "bonus" payment based on the pool's revenue -  PPS payout.  It would be less risk to the pool operator and worst case scenario it is a 0% PPS which isn't bad. 
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November 04, 2011, 09:17:10 PM
 #105

Sometimes I do things for non-economic reasons.  I thought the rise of pool hopping mining clients would be sufficient to drive people out of "unfair" payout methods.  Maybe a hop-pool could do it.  I like your thinking of 50% cut of the "bonus".  Since determining all the bonus amounts could be challenging (no way to know hop "bonus" other than after the fact and that is subject to variance) then maybe pay 100% PPS and at end of the month issue a "bonus" payment based on the pool's revenue -  PPS payout.  It would be less risk to the pool operator and worst case scenario it is a 0% PPS which isn't bad. 

Yeah, sounds good.  How would the bonus be divided between the miners?  Would it be "fair" to distribute it proportionally each day?  I expect this way that if the difficulty changed in the middle of a day that you'd have to split the day into two parts and distribute proportionally on each part.
DeathAndTaxes
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Gerald Davis


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November 04, 2011, 11:44:17 PM
 #106

Sometimes I do things for non-economic reasons.  I thought the rise of pool hopping mining clients would be sufficient to drive people out of "unfair" payout methods.  Maybe a hop-pool could do it.  I like your thinking of 50% cut of the "bonus".  Since determining all the bonus amounts could be challenging (no way to know hop "bonus" other than after the fact and that is subject to variance) then maybe pay 100% PPS and at end of the month issue a "bonus" payment based on the pool's revenue -  PPS payout.  It would be less risk to the pool operator and worst case scenario it is a 0% PPS which isn't bad. 

Yeah, sounds good.  How would the bonus be divided between the miners?  Would it be "fair" to distribute it proportionally each day?  I expect this way that if the difficulty changed in the middle of a day that you'd have to split the day into two parts and distribute proportionally on each part.


Not sure need to think about that. One idea off the top of my head would be to track number of shares in the month and the difficulty of each share and divide any bonus proportionally to overall work for the month. 

I think better in formulas so something like:

Total Work = SUM(Work Done = (shares) * (difficulty)) 
"Monthly Bonus" = (total revenue of the pool) - (PPS payouts) - (Pool cost server/bandwidth). 
Miner Share = (50% of Monthly Bonus) * (Miner Total Work) / (Pool Total Work)
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November 05, 2011, 12:00:26 AM
 #107

Yeah, sounds good.  How would the bonus be divided between the miners?  Would it be "fair" to distribute it proportionally each day?  I expect this way that if the difficulty changed in the middle of a day that you'd have to split the day into two parts and distribute proportionally on each part.


Not sure need to think about that. One idea off the top of my head would be to track number of shares in the month and the difficulty of each share and divide any bonus proportionally to overall work for the month. 

I think better in formulas so something like:

Total Work = SUM(Work Done = (shares) * (difficulty)) 
"Monthly Bonus" = (total revenue of the pool) - (PPS payouts) - (Pool cost server/bandwidth). 
Miner Share = (50% of Monthly Bonus) * (Miner Total Work) / (Pool Total Work)

That may well work but, as you say, it needs some careful thought.  If this does work properly then it is a rather graceful way of handling difficulty changes.

Ah well, we can dream.

I heard BitMinter was off to a splendid start with merged mining!  Good stuff.
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Think for yourself


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November 05, 2011, 05:06:40 AM
 #108

You guys could really care less about why anyone mines and deepbit or any other pool.  You just want to belittle and be condescending to those make a choice contrary to your exalted and obviously superior intellect.  If you really don't like the big three pools and/or their payout methods, then just start your own pool with your own methodology and I'm sure you will lay deepbit and the other big pools to waste in no time.  Otherwise just shut up and let folks make their own decisions and/or mistakes, for that is how we grow.

I for one am through listening to your childish diatribe.
I wish you all the best.
Sincerely,
Sam

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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November 06, 2011, 10:00:29 AM
 #109

You guys could really care less about why anyone mines and deepbit or any other pool.  You just want to belittle and be condescending to those make a choice contrary to your exalted and obviously superior intellect.  If you really don't like the big three pools and/or their payout methods, then just start your own pool with your own methodology and I'm sure you will lay deepbit and the other big pools to waste in no time.  Otherwise just shut up and let folks make their own decisions and/or mistakes, for that is how we grow.

I for one am through listening to your childish diatribe.
I wish you all the best.
Sincerely,
Sam

They wont be ever laid to rest because people like you feel honoured to give up 3-10% of their earnings for no good reason.

Better pools (like 0% PPS) will show up and grow, but it will be a long time (if ever) until they surpass the big proportional dinosaurs.
It really does seem like some people want to mine for "fun" no matter how autistic that sounds.

They either don't care about their profit margins, have no electricity bills, or enjoy dedicating a proportion of their mining capacity to strangers.

They prevent the large scale evolution of mining into most efficient possible forms.
Proportional shouldn't even exist anymore at this point in time, yet it continues to draw in new suckers whom predatory pool hoppers can profit from.

One could even suspect you are advocating such inefficient mining forms because you are one of these predators,
who wants to discourage these proportional 'suckers' from working for you for free.

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