[ANN] The First Litecoin PPS Pool (litecoinpool.org)

[pooler]

Hello! I recently joined to litecoinpool.org and I have some issues, but when I click “Forum” it sends mi to bitcointalk.org, and I am beginner about virtual currencies. I need help with: a problem configuring mining_proxy or a problem is access connection to litecoinpool?

C:\zyx\Minerd-CPU>mining_proxy -o us.litecoinpool.org -p 3333 -t -v
[...]
2018-05-16 10:49:47,328 DEBUG socket_transport socket_transport.clientConnectionFailed # [Failure instance: Traceback (failure with no frames): <class 'twisted.internet.error.DNSLookupError'>: None: address 'us.litecoinpool.org' not found: [Errno 11001] getaddrinfo failed.

That looks like a DNS issue on your side.

At any rate, are you sure that you want to use a Stratum proxy? Normally that only makes sense if you have a very high number of miners and bandwidth constraints.

Finally, since your post suggests you may be trying to mine with CPUs: don't do that. Trying to mine Litecoin without specialized hardware is a waste of time.

[1695632724]

1695632724

[joseguille]

OK. Thanks for warning. I was thinking mining_proxy help me with the issue using minerd

[Wolf_Tech]

Any chance you could add Canadian dollars as a Main Currency in the account settings.

[shepardblue]

On average litecoinpool find the most blocks I have ever seen. Just wish the miners could get some of that rewards. Not the whole 25 LTC but maybe 50%. Would certainly help the little guys trying to mine. I understand the pool needs money to operate but 5 grand , Just on may 10 2018, Litecoinpool found 14 blocks so that 56,000 US dollars.

I'm not sure you understand how PPS works at 101% reward, litecoinpool pays miners all 100% of the 25 LTC reward and then an extra 1%. This extra 1% (and litecoinpool's profit) comes from merge mining several other coins.

I have run some experiments solo mining to compare the rewards earned to what litecoinpool pays out and I can safely say it is paying out correctly.

Also, unless you've run a pool at the scale of litecoinpool.org, you can't begin to estimate the cost. You're clearly experiencing symptoms of the Dunning-Kruger effect.

[Wolf_Tech]

On average litecoinpool find the most blocks I have ever seen. Just wish the miners could get some of that rewards. Not the whole 25 LTC but maybe 50%. Would certainly help the little guys trying to mine. I understand the pool needs money to operate but 5 grand , Just on may 10 2018, Litecoinpool found 14 blocks so that 56,000 US dollars.

I'm not sure you understand how PPS works at 101% reward, litecoinpool pays miners all 100% of the 25 LTC reward and then an extra 1%. This extra 1% (and litecoinpool's profit) comes from merge mining several other coins.

I have run some experiments solo mining to compare the rewards earned to what litecoinpool pays out and I can safely say it is paying out correctly.

Also, unless you've run a pool at the scale of litecoinpool.org, you can't begin to estimate the cost. You're clearly experiencing symptoms of the Dunning-Kruger effect.

Ouch that hurt. All I was asking was a simple question and all I get from you is an insult.

[shepardblue]

On average litecoinpool find the most blocks I have ever seen. Just wish the miners could get some of that rewards. Not the whole 25 LTC but maybe 50%. Would certainly help the little guys trying to mine. I understand the pool needs money to operate but 5 grand , Just on may 10 2018, Litecoinpool found 14 blocks so that 56,000 US dollars.

I'm not sure you understand how PPS works at 101% reward, litecoinpool pays miners all 100% of the 25 LTC reward and then an extra 1%. This extra 1% (and litecoinpool's profit) comes from merge mining several other coins.

I have run some experiments solo mining to compare the rewards earned to what litecoinpool pays out and I can safely say it is paying out correctly.

Also, unless you've run a pool at the scale of litecoinpool.org, you can't begin to estimate the cost. You're clearly experiencing symptoms of the Dunning-Kruger effect.

Ouch that hurt. All I was asking was a simple question and all I get from you is an insult.

RTFM

[pooler]

Any chance you could add Canadian dollars as a Main Currency in the account settings.

Done!

[GatekeeperZA]

Hey guys firstly great pool. secondly could you kindly add ZAR South Africa Rand to the currency list please.

[pooler]

Hey guys firstly great pool. secondly could you kindly add ZAR South Africa Rand to the currency list please.

Done.

[WinMar]

Interesting to see that at this current difficulty and the price of litecoin. Everyone is losing money. I wonder how long people can afford to continue mining and losing money.

[Searing]

Hey Pooler,

I sold my 8,000mh of Bitmain L3's and L3+ scrypt-pow miners, so I'm off the pool. Thanks for the run. Back in the day I think I got as high as 25 on all time list and was 2 on the

daily list for a while....I made 12,700 some LTC on your pool and should have kept them ALL.....(sigh) like 99.99998% or so of LTC holders, before April 2017 when LTC was $4.15 usd

and below...I swap'd for BTC or spent it....alas...

anyway, with Bitmain controlling about 51% of the pools for BTC and 90% of scrypt-pow miners that are still mining.. and soon will be at 51% for a lot of scrypt-pow coins like LTC, I doubt I

will be back to scrypt-pow and LTC.

Bitmain has a method where they will mine the summer, IMHO, with NEW EQUIPMENT, supposedly, at 3x the speed now and the same power, more or less and as a 4 month or so pre-order

thus the game is they will further run the difficulty up 30% or more over the summer before you could even get their units..if this is the case (again IMHO)

Thus with 90% of LTC miners and scrypt-pow now being Bitmain L3 and L3+ units...IF they all have to shut off...I really, really doubt I'm gonna play Bitmain's game

and start from scratch with new units as a pre-order in the fall.

Thus a lot of folk on your pool may move on unless some competitor comes in and stifles Bitmain...but alas it is looking a lot like 2014 when small fry BTC miners went the

way of the dodo

anyway, what I see coming down the pike this summer..so I took the $$$ and ran like heck!

anyway, hopefully, I'm wrong..but my logic on what I see as MORE than a bit of 'centralization' on Bitmain's part of scrypt-pow and LTC at least for the next 6 months

anyway, thanks for the pool...if it ever makes sense to come back ..I will simply fire up my account and start it up again

brad

[pooler]

Hey Pooler,

I sold my 8,000mh of Bitmain L3's and L3+ scrypt-pow miners, so I'm off the pool. Thanks for the run. Back in the day I think I got as high as 25 on all time list and was 2 on the

daily list for a while....I made 12,700 some LTC on your pool and should have kept them ALL.....(sigh) like 99.99998% or so of LTC holders, before April 2017 when LTC was $4.15 usd

and below...I swap'd for BTC or spent it....alas...

anyway, with Bitmain controlling about 51% of the pools for BTC and 90% of scrypt-pow miners that are still mining.. and soon will be at 51% for a lot of scrypt-pow coins like LTC, I doubt I

will be back to scrypt-pow and LTC.

Bitmain has a method where they will mine the summer, IMHO, with NEW EQUIPMENT, supposedly, at 3x the speed now and the same power, more or less and as a 4 month or so pre-order

thus the game is they will further run the difficulty up 30% or more over the summer before you could even get their units..if this is the case (again IMHO)

Thus with 90% of LTC miners and scrypt-pow now being Bitmain L3 and L3+ units...IF they all have to shut off...I really, really doubt I'm gonna play Bitmain's game

and start from scratch with new units as a pre-order in the fall.

Thus a lot of folk on your pool may move on unless some competitor comes in and stifles Bitmain...but alas it is looking a lot like 2014 when small fry BTC miners went the

way of the dodo

anyway, what I see coming down the pike this summer..so I took the $$$ and ran like heck!

anyway, hopefully, I'm wrong..but my logic on what I see as MORE than a bit of 'centralization' on Bitmain's part of scrypt-pow and LTC at least for the next 6 months

anyway, thanks for the pool...if it ever makes sense to come back ..I will simply fire up my account and start it up again

brad

Thank you, Brad! (I also got your message on IRC, sorry I wasn't around to answer.)

[WaterTower]

Hey Pooler,

I sold my 8,000mh of Bitmain L3's and L3+ scrypt-pow miners, so I'm off the pool. Thanks for the run. Back in the day I think I got as high as 25 on all time list and was 2 on the

daily list for a while....I made 12,700 some LTC on your pool and should have kept them ALL.....(sigh) like 99.99998% or so of LTC holders, before April 2017 when LTC was $4.15 usd

and below...I swap'd for BTC or spent it....alas...

anyway, with Bitmain controlling about 51% of the pools for BTC and 90% of scrypt-pow miners that are still mining.. and soon will be at 51% for a lot of scrypt-pow coins like LTC, I doubt I

will be back to scrypt-pow and LTC.

Bitmain has a method where they will mine the summer, IMHO, with NEW EQUIPMENT, supposedly, at 3x the speed now and the same power, more or less and as a 4 month or so pre-order

thus the game is they will further run the difficulty up 30% or more over the summer before you could even get their units..if this is the case (again IMHO)

Thus with 90% of LTC miners and scrypt-pow now being Bitmain L3 and L3+ units...IF they all have to shut off...I really, really doubt I'm gonna play Bitmain's game

and start from scratch with new units as a pre-order in the fall.

Thus a lot of folk on your pool may move on unless some competitor comes in and stifles Bitmain...but alas it is looking a lot like 2014 when small fry BTC miners went the

way of the dodo

anyway, what I see coming down the pike this summer..so I took the $$$ and ran like heck!

anyway, hopefully, I'm wrong..but my logic on what I see as MORE than a bit of 'centralization' on Bitmain's part of scrypt-pow and LTC at least for the next 6 months

anyway, thanks for the pool...if it ever makes sense to come back ..I will simply fire up my account and start it up again

brad

I started mining with some moonlanders (totally not profitable with a high initial cost, but they were fun), but recently moved up to a Innosilicon A4+ and am pretty happy so far. Do you know for sure that there is a new machine coming out from Bitmain? Innosilicon seems to have the edge with hashrate efficiency for the time being, so its odd to see that Bitmain still is so dominant in the LTC space with their L3+. The difficulty seems to be pretty even lately, so what makes you think that Bitmain is up to their old tricks (and boy do they have a terrible reputation at that...). With the prices where they are, I assumed that the market is just saturated with machines and there isn't a huge incentive to come out with new hardware unless the price goes up a bit. Would love to hear more about your thoughts on it whole thing.

Pooler, how is the state of litecoinpool in terms of financial stability? I am hoping that it is making a nice profit to help keep the lights on and you interested in continuing its development!

[Searing]

Hey Pooler,

I sold my 8,000mh of Bitmain L3's and L3+ scrypt-pow miners, so I'm off the pool. Thanks for the run. Back in the day I think I got as high as 25 on all time list and was 2 on the

daily list for a while....I made 12,700 some LTC on your pool and should have kept them ALL.....(sigh) like 99.99998% or so of LTC holders, before April 2017 when LTC was $4.15 usd

and below...I swap'd for BTC or spent it....alas...

anyway, with Bitmain controlling about 51% of the pools for BTC and 90% of scrypt-pow miners that are still mining.. and soon will be at 51% for a lot of scrypt-pow coins like LTC, I doubt I

will be back to scrypt-pow and LTC.

Bitmain has a method where they will mine the summer, IMHO, with NEW EQUIPMENT, supposedly, at 3x the speed now and the same power, more or less and as a 4 month or so pre-order

thus the game is they will further run the difficulty up 30% or more over the summer before you could even get their units..if this is the case (again IMHO)

Thus with 90% of LTC miners and scrypt-pow now being Bitmain L3 and L3+ units...IF they all have to shut off...I really, really doubt I'm gonna play Bitmain's game

and start from scratch with new units as a pre-order in the fall.

Thus a lot of folk on your pool may move on unless some competitor comes in and stifles Bitmain...but alas it is looking a lot like 2014 when small fry BTC miners went the

way of the dodo

anyway, what I see coming down the pike this summer..so I took the $$$ and ran like heck!

anyway, hopefully, I'm wrong..but my logic on what I see as MORE than a bit of 'centralization' on Bitmain's part of scrypt-pow and LTC at least for the next 6 months

anyway, thanks for the pool...if it ever makes sense to come back ..I will simply fire up my account and start it up again

brad

I started mining with some moonlanders (totally not profitable with a high initial cost, but they were fun), but recently moved up to a Innosilicon A4+ and am pretty happy so far. Do you know for sure that there is a new machine coming out from Bitmain? Innosilicon seems to have the edge with hashrate efficiency for the time being, so its odd to see that Bitmain still is so dominant in the LTC space with their L3+. The difficulty seems to be pretty even lately, so what makes you think that Bitmain is up to their old tricks (and boy do they have a terrible reputation at that...). With the prices where they are, I assumed that the market is just saturated with machines and there isn't a huge incentive to come out with new hardware unless the price goes up a bit. Would love to hear more about your thoughts on it whole thing.

Pooler, how is the state of litecoinpool in terms of financial stability? I am hoping that it is making a nice profit to help keep the lights on and you interested in continuing its development!

My assumption is that Bitmain has a new unit out...now if they we're smart they would NOT release it IMHO, and just mine like heck at these prices with their advantage of not only

cheap electric but also the fact the equipment likely ONLY cost them 20c on the $1 at most, on top of that! Thus with everyone else (90% of all scrypt-pow (LTC) miners that are

still profitable to run at say 8c or less kWh electric) they can also take advantage of the difficlulty drop ...so if I was them I'd skip this generation of miners and pound it...going

full evil and all)

BUT, they made so many other asic miners of many flavors, I doubt they don't have something on the shelf ready to go

again, the danger is IF they release the 'supposed' 3x miner at the same watts say...they will be the only one mining pow-scrypt....all the L3+'s or 90% of miners still hanging on

would shut off...also in that case (wanted or not) Bitmain would probably over the summer fill their data halls with such and then say pre-orders in the fall...the pow-scrypt

miners would then WATCH as Bitmain raised difficulty 30% of more over the summer while they filled their data hall with new equipment and pre-order stuff in the fall...thus

the L3+ would NEVER catch up ..thus if you want to mine scrypt-pow YOU'D HAVE TO START ALL OVER AS A PRE-ORDER WITH BITMAIN EQUIPMENT end of fall...

so if they were smart they would hold off on such a product...unless they really do want 51% of scrypt-pow and LTC and other crypto's which would be damn easy to do

IF they blew out the L3+ till end of fall, before you could get a equiv unit.

But monopolies always eat their young and go too far..thus it is possible the above is true and would ramp out with new equipment as above

just saying...for what I got in price for my miners and the advantages i had with equip/tax and other tricks..it was a no brainer, so I punted

evil is as evil does...I still think they are dumb enough to think they can own the scrypt-pow and LTC networks for the summer, blow out all the old products like the L3+

due to difficulty and expect the 'sheep' to line up and re-build scrypt-pow miners again from them as pre-orders in the fall....again with no other mnfg's owning 90% of market

rinse/wash/repeat

I don't think people are that dumb and will walk..but we will see....

brad

[pooler]

Pooler, how is the state of litecoinpool in terms of financial stability? I am hoping that it is making a nice profit to help keep the lights on and you interested in continuing its development!

Our profits may not be as big as our competitors', but we are fully aware that financial sustainability is of the utmost importance for a PPS pool. We try to maintain a reasonable "buffer" at all times, so that we can sustain relatively long periods of bad luck.
Also I'd like to mention that, even though litecoinpool.org was never profit-oriented, it's always been one of my favorite projects. I've never given up on it just because there was a lack of profitability (and in over 6 years that happened quite a few times), and I still don't intend to.

[WaterTower]

Our profits may not be as big as our competitors', but we are fully aware that financial sustainability is of the utmost importance for a PPS pool. We try to maintain a reasonable "buffer" at all times, so that we can sustain relatively long periods of bad luck.
Also I'd like to mention that, even though litecoinpool.org was never profit-oriented, it's always been one of my favorite projects. I've never given up on it just because there was a lack of profitability (and in over 6 years that happened quite a few times), and I still don't intend to.

That is really great to hear! I love the community and litecoinpool, so I wanted to make sure that the project will continue well into the future.  Keep up the fantastic work, pooler! I will be keeping my single A4+ here as long as I can do so profitably!

[Searing]

Pooler, how is the state of litecoinpool in terms of financial stability? I am hoping that it is making a nice profit to help keep the lights on and you interested in continuing its development!

Our profits may not be as big as our competitors', but we are fully aware that financial sustainability is of the utmost importance for a PPS pool. We try to maintain a reasonable "buffer" at all times, so that we can sustain relatively long periods of bad luck.
Also I'd like to mention that, even though litecoinpool.org was never profit-oriented, it's always been one of my favorite projects. I've never given up on it just because there was a lack of profitability (and in over 6 years that happened quite a few times), and I still don't intend to.

I did not with my rant..mean to imply that litecoinpool has any issues as quoted above...but I do see a DOWNSIDE on scrypt-pow if Bitmain has new units and

releases now and other factors....we could have 6 months of turmoil on tall this ..reflected in high miner costs and low LTC prices...

On the other hand, I am hoping that Charlie Lee's buying partial into a bank with LTC foundation..will finally allow debit cards for LTC

https://oracletimes.com/litecoin-ltc-foundation-purchases-9-9-of-germanys-weg-bank-and-teams-up-with-tokenpay-tpay/


if that is the case..the next 6 months we may break even and at least be above water..if something like that was to come to pass soon

but with again Bitmain controlling 90% of the miners still doing LTC, and only game in town, along with LTC prices now...IF difficulty surpasses price

much more..they will be doorstops..which means NO ONE but bitmain ..is likely able to mine LTC, due to their low electric costs but mainly

with their 20c on the $1 advantage on equipment...it just does not bode well for LTC and scrypt-pow coins

so again at best I see 6 months of angst...till all this plays out...it is just gonna get ugly...I myself will not play Bitmain's pre-order game of 5 months

in advance, while they mine with equipment and shoot up difficulty over those months.. it's a fools game..but I expect they will try to do this anyway.

So anyway, litecoinpool will survive just fine...as to us mining LTC since 2014...well that is to be determined by a lot of stuff out of our control

brad

[AmDD]

Pooler, how is the state of litecoinpool in terms of financial stability? I am hoping that it is making a nice profit to help keep the lights on and you interested in continuing its development!

Our profits may not be as big as our competitors', but we are fully aware that financial sustainability is of the utmost importance for a PPS pool. We try to maintain a reasonable "buffer" at all times, so that we can sustain relatively long periods of bad luck.
Also I'd like to mention that, even though litecoinpool.org was never profit-oriented, it's always been one of my favorite projects. I've never given up on it just because there was a lack of profitability (and in over 6 years that happened quite a few times), and I still don't intend to.

This is one of the reasons Ive been here so long. Everyone likes profit but sometimes youre able to come across someone who isnt profit driven and will work a project just because they want to see it through. Thanks again, pooler, for being there for us over the many years!

[WaterTower]

That network hashrate has been bonkers lately. I really am starting to believe that bitmain is "testing" some new miners. What do you guys think?

[Searing]

That network hashrate has been bonkers lately. I really am starting to believe that bitmain is "testing" some new miners. What do you guys think?

Likely...I got out of mine at 5,350 USD sold the equiv of 16 L3+'s with Bitmain PSU's ..and feel lucky I got that...

but that was my bet...Bitmain being evil and all ..new equipment...thou if they are using the R3 chip like their USB hub miner there will not be THAT much

of a hash increase...we will see

but again I'm out (whew!)

brad