[CLOSED] BTC Guild - Pays TxFees+NMC, Stratum, VarDiff, Private Servers

[eleuthria]

It seems to me that BTC Guild does not require any confirmations before found blocks are paid out.  Is this correct?  If so, is that because BTC Guild pays for orphan blocks, so there is no need to wait for confirmations?!?  Just curious.

Yes, the pool pays orphans, meaning there is no need to wait for any confirmations before crediting users for a block.

[aurel57]

On that note, how long do you believe BTCGuild is guaranteed to be around for ? Another 6yrs at least ?

Hard to say.  It would have to become unprofitable to keep going unless there was another reason for closure (such as legal reasons).  That's barring something unseen, like a legitimate offer to purchase the pool (no offer has ever been made that came remotely close), in which case I wouldn't have control over how long it stays around.

So basially 2016 when it halves to 12.5 lol.

Just because when the blocks half does not mean it will be unprofitable, as what if at that time BTC is worth 2 times ( or more) than it is now. I think it will more depend on what outside forces move into mining and the pools may not be able to compete, and then we may see a mergers of pools or closing of small weaker ones.

[pmagid]

OMG what is up with the bad luck....   Been mining for over 6 months on BTC Guild and have not seen any period of time like the last few weeks....   Am I wrong?

[raskul]

OMG what is up with the bad luck....   Been mining for over 6 months on BTC Guild and have not seen any period of time like the last few weeks....   Am I wrong?

not unluck, just more difficult.

[eleuthria]

OMG what is up with the bad luck....   Been mining for over 6 months on BTC Guild and have not seen any period of time like the last few weeks....   Am I wrong?

It's our worst stretch of luck since October.  To be honest, I'm surprised we had good luck consistently for so long.  Until this difficulty, we've ended every difficulty above 100% luck since October.  That *probably* isn't going to happen this time around based on how bad we've started this one off.

However, look at the larger picture.  Even with "terrible" luck (87%) for the last week, our 1-month average is still 99.84%.  There's definitely some perspective you need to look at .

[opentoe]

No, my average hash rate has been around 550Gh/sec. Last night I was at .13 24 hour return and this morning I'm down to .08. Did the diff jump last night or someone add some monster hashing power to the network? Pretty soon my Jupiter will be a doorstep. Who wants to buy it?

This question really shouldn't need to be asked every week.  There's a giant *graphical* representation of pool luck which clearly shows a massive deep in the last 24 hours.  It's also spelled out directly under the chart showing you the 24-hour luck.  That % is directly related to how much your earnings will fluctuate.

The ol' luck thing.
Is is spiritual? Divine? Who controls it? The fact is no one really knows what luck is but it just happens. I may get lucky tonight with my girlfriend. Come on, you are getting financially compensated so putting up with a few people like me can't be that bad.

[trevorh]

The ol' luck thing.
Is is spiritual? Divine? Who controls it? The fact is no one really knows what luck is but it just happens. I may get lucky tonight with my girlfriend.

You just answered your own question - your girlfriend controls it. 

[opentoe]

On that note, how long do you believe BTCGuild is guaranteed to be around for ? Another 6yrs at least ?

Hard to say.  It would have to become unprofitable to keep going unless there was another reason for closure (such as legal reasons).  That's barring something unseen, like a legitimate offer to purchase the pool (no offer has ever been made that came remotely close), in which case I wouldn't have control over how long it stays around.

Once all coins are mined then pools are obsolete. To my understanding there is a static amount of bitcoins.

[BRADLEYPLOOF]

On that note, how long do you believe BTCGuild is guaranteed to be around for ? Another 6yrs at least ?

Hard to say.  It would have to become unprofitable to keep going unless there was another reason for closure (such as legal reasons).  That's barring something unseen, like a legitimate offer to purchase the pool (no offer has ever been made that came remotely close), in which case I wouldn't have control over how long it stays around.

Once all coins are mined then pools are obsolete. To my understanding there is a static amount of bitcoins.

Incorrect!  Pools will keep going.  Bitcoin will still need transactions verified (unless everyone prints out paper wallets and swaps just those and make no online transactions or puts those paper wallets into their online wallets.)  Pooled mining does this more efficiently than solo mining.  If everyone decided to stop pool mining and just solo mine, the transaction fees that are incurred will be the block reward instead of the 25, 12.5, 6.25, etc BTC that are dropped by the block PLUS the transaction fees.  If more people transacted in bitcoin only and didn't use bitpay some other function to keep cashing out and we circulated the coins more often, then there would be greater amounts of transaction fees per block...

[BrandonMcPherson]

I expect commercial interests to take over the role of mining once the number of coins per block diminishes enough—the value of BTC will define was "diminishes enough" means. Certainly within 20 years, probably sooner.

Mining for transactions fees will become a low margin business, and as such will be handled by corporate interests who can invest enough on the infrastructure side to maximize profits. I could definitely see exchanges (or whatever replaces the exchanges) engaging in this as not only a side business, but a service for their users to ensures fast transactions.

So say I from my Throne of Prognostication™.

[Trongersoll]

I expect commercial interests to take over the role of mining once the number of coins per block diminishes enough—the value of BTC will define was "diminishes enough" means. Certainly within 20 years, probably sooner.

Mining for transactions fees will become a low margin business, and as such will be handled by corporate interests who can invest enough on the infrastructure side to maximize profits. I could definitely see exchanges (or whatever replaces the exchanges) engaging in this as not only a side business, but a service for their users to ensures fast transactions.

So say I from my Throne of Prognostication™.

I disagree. I suspect that when it gets to the point where it is just transaction fees, or close to that, and the exchange rate hasn't compensated for it, then it will be the Hobbyists and people who just just want to support the coin that will remain. The big guys will move on to the next big thing. I can see a day when there are so few miners mining that people will be able to solo mine with a reasonable variance.

[Kiawef]

I expect commercial interests to take over the role of mining once the number of coins per block diminishes enough—the value of BTC will define was "diminishes enough" means. Certainly within 20 years, probably sooner.

Mining for transactions fees will become a low margin business, and as such will be handled by corporate interests who can invest enough on the infrastructure side to maximize profits. I could definitely see exchanges (or whatever replaces the exchanges) engaging in this as not only a side business, but a service for their users to ensures fast transactions.

So say I from my Throne of Prognostication™.

I disagree. I suspect that when it gets to the point where it is just transaction fees, or close to that, and the exchange rate hasn't compensated for it, then it will be the Hobbyists and people who just just want to support the coin that will remain. The big guys will move on to the next big thing. I can see a day when there are so few miners mining that people will be able to solo mine with a reasonable variance.

When this occurs I would expect we'll see the difficulty trending downward then in order to maintain the 10 minute block time.  With the meteoric rise in difficulty, which has gone uncoupled with the value of the bitcoin, I would bet this will happen sooner rather than later.

[pmagid]

OMG what is up with the bad luck....   Been mining for over 6 months on BTC Guild and have not seen any period of time like the last few weeks....   Am I wrong?

not unluck, just more difficult.

Just wanted to put it out there that I know the difference between luck and difficulty.

[MoreBloodWine]

Is there a way to calulate what I might earn per day if I swiched to PPS vs all my workers currently bein on PPLNS ?

This is what my curren 24hr stats are: 0.03164792

[BrandonMcPherson]

I expect commercial interests to take over the role of mining once the number of coins per block diminishes enough—the value of BTC will define was "diminishes enough" means. Certainly within 20 years, probably sooner.

Mining for transactions fees will become a low margin business, and as such will be handled by corporate interests who can invest enough on the infrastructure side to maximize profits. I could definitely see exchanges (or whatever replaces the exchanges) engaging in this as not only a side business, but a service for their users to ensures fast transactions.

So say I from my Throne of Prognostication™.

I disagree. I suspect that when it gets to the point where it is just transaction fees, or close to that, and the exchange rate hasn't compensated for it, then it will be the Hobbyists and people who just just want to support the coin that will remain. The big guys will move on to the next big thing. I can see a day when there are so few miners mining that people will be able to solo mine with a reasonable variance.

Let's meet up in 20 years and compare notes.

[Trongersoll]

I expect commercial interests to take over the role of mining once the number of coins per block diminishes enough—the value of BTC will define was "diminishes enough" means. Certainly within 20 years, probably sooner.

Mining for transactions fees will become a low margin business, and as such will be handled by corporate interests who can invest enough on the infrastructure side to maximize profits. I could definitely see exchanges (or whatever replaces the exchanges) engaging in this as not only a side business, but a service for their users to ensures fast transactions.

So say I from my Throne of Prognostication™.

I disagree. I suspect that when it gets to the point where it is just transaction fees, or close to that, and the exchange rate hasn't compensated for it, then it will be the Hobbyists and people who just just want to support the coin that will remain. The big guys will move on to the next big thing. I can see a day when there are so few miners mining that people will be able to solo mine with a reasonable variance.

Let's meet up in 20 years and compare notes.

I'll have to pass on that invite. I doubt that i'll live that long.

[MoreBloodWine]

I'll have to pass on that invite. I doubt that i'll live that long.

Me too if your avatars any indication of ur age lol

[BrandonMcPherson]

heh

[DrG]

I'll have to pass on that invite. I doubt that i'll live that long.

Me too if your avatars any indication of ur age lol

Never troll a troll trolololol

[ericisback]

OMG what is up with the bad luck....   Been mining for over 6 months on BTC Guild and have not seen any period of time like the last few weeks....   Am I wrong?

Now we're talking:


http://i650.photobucket.com/albums/uu229/ericisback1/2014-02-11_075853.jpg