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Author Topic: [ANN][POOL][PROFIT-SHIFT] Coinshift.com, the first profit-shifting multipool  (Read 28421 times)
Coinshift
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March 02, 2014, 10:49:51 PM
 #1

TL;DR Coinshift is a new kind of scrypt multipool that isn't so damaging to the ecosystem. Come mine with us!
Code:
cgminer --scrypt  -o stratum+tcp://mine.coinshift.com:3333 -u btcaddress -p x

The Problem
A typical profit-switching mining pool diverts all of its hashing power to whichever coin is most profitable at the moment. When that profitability calculation changes, even if another coin is only slightly more profitable, the pool will abruptly switch its hashing power to the next coin.

This is bad for the alt coin community for a few reasons. It causes huge spikes in the network hash rate for the top coins, causing waves of blocks being generated too quickly with few meaningful transactions in each. The large sums of coins getting dumped onto the exchanges all at once causes huge drops and overall volatility in the coin price. Finally, once the dump occurs and the pool has moved on to pillage a new coin, the previous coin is left stranded with an artificially high difficulty and slower than average block time, which delays transactions until enough blocks generated to readjust the difficulty.

The problem is one of misaligned incentives -- the incentive to mine on destructive profit-switching pools is too great. Coinshift's mission is simple: find a more sustainable way to mine altcoins profitably.


The Solution
Coinshift’s algorithm ranks all the alt coins who are more profitable to mine than Litecoin, and distributes its hash rate across them with a strong bias towards the more profitable coins. As the coins profitability changes, the algorithm shifts some of its hashrate over to the more profitable coins.

This is great for the ecosystem because it helps miners follow changes in profitability without causing them. At the beginning, our allocations will look spiky like switching pools. Over time and as more miners choose Coinshift, our hash allocations will settle closer to equilibrium and help to smooth out hashrate spikes.


Basic Pool Info
* Pool fee will be 2%.
* We pay out every day if your balance is >0.001, so you don't need to trust us with holding your coins.
* Stratum servers in us-west, us-east, and eu-west, and asia-pacific (Tokyo)

Transparency
Our goal is to be as transparent as possible without undermining the security or profitability of the pool. To that end, we're sharing quite a bit on our stats page, including BTC/Mh/day. We're collecting a lot of interesting data, so we'll continue to share as much as we can.

API
We've got APIs for pool performance, performance history, and account history here: http://coinshift.com/api/

Questions?
We'd be happy to answer them here, or on Twitter

What are you waiting for
Come mine with us!

Updates
July 6 - Custom difficulty implemented! Use "d=<diff>" as your password for custom difficulty.
June 13 - New charting system! Hovering on a chart shows values, and each of your workers gets its own chart now.
June 10 - Added USDe and SC, both performing great!
Apr. 19 - Added two coins: WC and FLT
Mar. 14 - Added two coins: FTC and SMC
Mar. 13 - Added APIs for account stats: http://coinshift.com/api/
Mar. 12 - Listed on http://poolpicker.eu
Mar. 12 - Added two coins: FLAP and HBN
Mar. 10 - Fixed issue with VARDIFF being too high
Mar. 8 - Bonus .25BTC block added to pool to thank early adopters
Mar. 8 - Added BTC/Mh stats & graph, added APIs for pool performance and history (http://coinshift.com/api/)
Mar. 7 - Fixed issues with high reject and orphan rates. Rejects are now <2.5%.
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lastblade
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March 02, 2014, 11:19:24 PM
 #2

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* The pool fee will be 3%, and exchange and transaction fees come out to an additional 0.3%-0.4%.
3.3 ~ 3.4 % of fee ? WOW
Coinshift
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March 02, 2014, 11:32:43 PM
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3.3 ~ 3.4 % of fee ? WOW

Thanks for the feedback. Months ago we started this project, Middlecoin was more or less the only game in town. As a result, we designed our fee structure to match theirs.

During those months of work the competitive landscape has changed -- so it makes sense to re-evaluate the fee structure. We're going to reduce the base fee to 2% and absorb the trading and tx fees so we've updated our site to reflect that. Also, the fee is 0% while we're in beta!
Simonsays
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March 03, 2014, 01:53:37 AM
 #4

You've got my hashes!

Looking forward to seeing this pool grow - you've got the right mindset and finally created a pool that can help level out the ecosystem.  The big shift to multipools has very much negatively affected the landscape of the alts and it's only going to get worse.

[EDIT] For the record - 0% intro and a 2% is more than reasonable - especially considering the server costs these days. 
NameTaken
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March 03, 2014, 02:49:07 PM
 #5

What time are the payouts each day?
tagore
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March 03, 2014, 03:19:29 PM
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   I cant find on the site the Bitcoins per MH/s: daily profit estimate.
NameTaken
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March 04, 2014, 04:31:25 PM
 #7

Bump. Nice job finding that Litecoin block.
dgross0818
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March 04, 2014, 07:44:27 PM
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Definitely following this pool with great interest. With the failure of so many recently-launched coins, coupled with the fact that renting out rigs is more work for very little additional profit, I'm back to looking for a good Multi-pool. I'll throw around 10 MH on this one and see how it goes :]
igroock
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March 04, 2014, 07:56:40 PM
 #9

Do you have statistics on current payout per MH and past history? Couldnt find anything
thevinci
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March 04, 2014, 10:01:54 PM
 #10

I'm testing this pool out now. What DDOS measures do you have in place?

I've used middlecoin, wafflepool, scyptguild, trademybit, and poolwarz so far. I like this so far.
NameTaken
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March 04, 2014, 10:03:48 PM
 #11

100% accept rate and ~25ms ping is good.
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March 04, 2014, 11:23:13 PM
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On the Stats & Graphs page, I'm terrible with color coding so I'm wondering if you plan on implementing something similar to http://poolpicker.eu/?
dealwithitdoge
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March 04, 2014, 11:46:10 PM
 #13

looks interesting. i'll give it a try
NameTaken
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March 05, 2014, 12:21:52 AM
 #14

"We strive for transparency, so we make it a priority to share as much information as we can."

Will you also have a page on block info?
NameTaken
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March 05, 2014, 06:51:47 AM
 #15

Past 300MH/s just after 2 days; nice.
CoinBuzz
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March 05, 2014, 08:33:59 AM
 #16

Nice idea,

I am getting around 11% reject rate, why is that high?

Also:
Since the pool is using Vardiff, it is a nice idea if i can see my miner's current diff on my stat page.

pauldulong
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March 05, 2014, 10:49:12 AM
 #17

Any stats on BTC/Mh/day?

If I helped you, please consider a small donation: 1DC9sWbSfzNi1tZwYdSHNF5XNc5tkwj7tJ (BTC)
NameTaken
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March 05, 2014, 10:50:26 AM
 #18

Any stats on BTC/Mh/day?
Profit yesterday for me was 0.01186 BTC/MH/Day = 171% LTC profitability.
idontmind
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March 05, 2014, 10:56:49 AM
 #19

that is amazing compared to all other pools right now...
pauldulong
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March 05, 2014, 11:41:00 AM
 #20

Pointed 5Mh/s to you, make us proud.

If I helped you, please consider a small donation: 1DC9sWbSfzNi1tZwYdSHNF5XNc5tkwj7tJ (BTC)
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