BitcoinV - Bitcoin with Variable Block Rewards

[zoneterror]

• New pool for BitcoinV :  

MiningPool.host

• 0.24% fee


• Payouts every 30 minutes for balance above 0.0001


• -a x11 -o stratum+tcp://miningpool.host:3533 -u <walletaddress> -p c=STOREL

DISCORD

Happy Mining

[zoneterror]

Pool operators are free to setup the multiplier in anyway they choose. The GUI pull down menu works well, there is also an RPC call that can be made at runtime. If the community wants a configuration file option to modify the Block Multiply, we can code this feature.

PLEASE do it !!! We can't use the multiplier yet on bitcoin-cli and we got good hashrate to use in our pool

[zoneterror]

The config file option has been integrated a long time ago. Look at the command line options and you will find:

setvbrmultiplier=<n>

Set the Variable Block Reward (VBR) multiplier for mining. Value <n> will automatically be rounded to the nearest lower power of 2

If you want to mine for x512 for a 50BTCVx512=25600BTCV per block reward then add this line to the bitcoin.conf file:

setvbrmultiplier=512

But,where can we find other command line options ?  In a specific text file or something :O ?

In the meanwhile, i'll try the setvmultiplier right away

Thank you

[zoneterror]

Holy cow it really works lol !


I've tried x16 first but with the 60Th/s that we have we couldnt get a block in 40 minutes.


And just tried it at x2, already found a block confirming that it works.



EDIT: after 30 minutes at x2, with 60-70 Th/s, still only found one block. Difficulty is now at 6.5 mil. Is it normal :O ?

[zoneterror]

Holy cow it really works lol !


I've tried x16 first but with the 60Th/s that we have we couldnt get a block in 40 minutes.


And just tried it at x2, already found a block confirming that it works.



EDIT: after 30 minutes at x2, with 60-70 Th/s, still only found one block. Difficulty is now at 6.5 mil. Is it normal :O ?

Of course it works. As the block reward increases, so does the time to mine a block. Check out some nice LOTTO winnings in the block explorer, here is one:

http://explorer.bitcoinv.org/block-height/12102

Over 1 million BTCV mined! This was much easier because the difficulty was low.

There is a trick for the early miners like yourself, If you let the difficulty level drop low, you can then pump up the hashrate to 1PH/s and put the multipler to 32768. You will get huge rewards. As miners start coming onboard, this will have to be done by increasing the hash power; it will be impossible  to tell everyone to stop mining to drop the difficulty in the future. Mine as many large blocks as you can right now.

Oh i see, good idea !

I couldnt right now as diff jumped to 6.5mil, but it started decreasing now, and as i've put back the multiplier at x1, i started getting blocks again.

And i cant put if off as i already have miners in the pool on it....


But i can still mine at home with the QT wallet version tho.


I believe the lottery option is not available for pool. isnt ?

[zoneterror]

You can decrease the difficulty by setting the multiplier to a higher value such as x512. The miners on your pool will find fewer block (with larger rewards); this will cause the difficulty level to start dropping. You could try and repeat this strategy by putting the multiplier to x2048. The rewards will get larger and fewer blocks will be found; this will cause the difficulty to drop again. At some point you are challenged by other miners who start rising the difficulty level and force you to try a different multiplier to try and optimize your rewards. Remember, the system is trying to maintain 6 blocks per hour; whether they are paid at 50BTCV or a much higher amount is up the miners. It is a game of greed (GoG).

Also, it may be beneficial to buy some BTCV on Graviex right now and then start mining.

https://graviex.net/markets/btcvbtc

Hi !

Why would it be beneficial to buy if i can mine them :O ?

Oh ok i see for the decreasing and difficulty thing !


How can we mine on windows with the wallet-qt by the way ? If i mine with asics i meant, i cant possibly connect my asics because the wallet doenst have the "server" option, even if i put the server=1 in the .conf file isnt?

I've tried it and by many other way it really doenst work !

Thanks!

[zoneterror]

BitcoinV is 99.9% the same code as Bitcoin. I always mine using the linux qt wallet and this:

https://github.com/zone117x/node-stratum-pool

Try and use the node-stratum-pool above on windows and see if your asic miners can mine using the Windows qt wallet, it should work.

Oh ok i'll try that ty !


Also we got a problem with the payment from the pool.

Everything should work fine but payment for BTCV wasnt send..

So i've tried to send some coin manually and i got the error saying that :


error -4: fee estimation failed. fallbackfee is disabled. wait a few blocks or enable -fallbackfee


So i've re-started the bitcoind with the option -fallbackfee as it is mentionned for BTC aswell, but still after that i cant send anything.

If i try to tell the bitcoin-cli the fees, (tried with 0.0002 as it is by default) with   bitcoin-cli settxfee 0.0002

i got the error :  

error -32601: method not found


Like the same code saying to put off the getinfoblock thing.


Any idea how to solve this ?

thanks !


EDIT :  NVM i solved it !!  My bad i shouldnt had to put "bitcoin-cli" while trying to set the :  bitcoin-cli settxfee 0.0002  , so just   settxfee 0.0002 and it worked.

I'll check if the settxfee stays for the payments, because right now it was only to make a test by sending coins manually

Also i had to do the same for the bitcoin-qt too!

[zoneterror]

Also what will happen if, we've found like almost 18 coins in less than one hour.


But you said 6 blocks per hour.


And then now we change the multiplier, which is at only default x1, to x512.


As we had a lot of block in tiny amount of time, does it mean we 're not going to have block for like 3 hours ?


Because 18 = 6  x 3     -   18 blocks we already found ,   6 blocks per hour default  and 3 hours without block.


Does it make sense :O ?



Thank you

[zoneterror]

The difficulty level adjustment algorithm does not prevent a miner from mining blocks at a very fast rate, it only tries to adjust the difficulty over time to try and maintain 6 blocks per hour. It will never get an exact 6 blocks per hour.

The multiplier makes it harder to mine blocks. It you are mining at x1 and find B blocks per hour, you would expect to find B/2 blocks per hour if mining at x2 with the same difficulty level.

There is an incentive to mine for a multiplier of at least x32: (2^5). Take a look at the code and you see some extra mining power added to make it a little easier for you to mine
https://github.com/bitcoinVBR/bitcoinV/blob/master/src/variable_block_reward.cpp

I see!

Thanks !!


Your coin rocks by the way !


Gotta love that multiplier option :p

[zoneterror]

Thanks! Happy to hear!

The coin is still young and unknown. The multiplier option not only gives variable block rewards, but can create a more decentralized form of Bitcoin by incentivizing SOLO miners to keep trying to mine for a very large block reward.  As mentioned earlier, take advantage of boosting the block multiplier while few miners are mining. Once many more miners come onboard it will be more difficult to mine the larger block rewards.

Oh yes i 've tried of the course x1, then the x2 for around 3 hours it was really well.

And now we're trying the x16.


There is one thing tho, is that we still need block confirmations tho, and as we are the only one, or almost, mining it and giving it some hashrate, no blocks are getting discovered as long as we put a too high multiplier.


I think i'll go for x16 now, and then put it back at x1 to confirm it during one hour or so.


And then try again something higher, like x32, or probably more, will see i guess.


Are you mining too ?


Thanks

[zoneterror]

Experimentation is part of BitcoinV mining. Mining at x32 is 32 times more difficult than x1. If you mine about 32 blocks every hour, expect about 1 per hour if you change the multiplier to x32. The early miners should really try and mine high reward blocks, but the current difficulty is too high, try lowering the difficulty level before mining really high multipliers. (Yes, you can lower the difficulty).

We just find a block with x16 in less than 40 minutes that's great !


To lower the difficulty we would have to just mine for a while with x1 ?


Or just don't mine at all until difficulty goes down ?



Thanks

[zoneterror]

Also, is it possible to put the pool's core to the 'jackpot block reward' option ?

[zoneterror]

No, you would mine at a higher multiplier such as x16 until the difficulty level goes down to a level you like. Keep in mind this is only really possible in the early stages of the coin (like right now). Once the difficulty level gets low (around 200k) you could crank up the hashpower and the multiplier to x4096 or something even higher and start mining a ton of coin.

But i've tried from x1 to x16 and the difficulty remains the same.


I guess i would have to wait more ?

[zoneterror]

Also, is it possible to put the pool's core to the 'jackpot block reward' option ?

You can put the multiplier to 2^20 if you'd like(JACKPOT). You probably will never mine a block, its like the lotto, you don't expect to win but you can't win if you don't play.

Haha yes indeed

[zoneterror]

Oh by the way, everytime i have restart the bitcoind, i have to type back in console :  settxfee 0.0002      otherwise the payments would not occur.


To solve the problem with the fees not set up with     fallbackfee      that is not installed.



Also the bitcoin-qt.exe in windows, i must start it with     -fallbackfee     to make withdraws transactions possible.


IT's no big deal tho

[zoneterror]

 

We added BitcoinV

  MiningCoins.ca   

• 0.19% lowest fee on the market


• Payouts every 30 minutes for balance above 0.0001


• -a sha256 -o stratum+tcp://miningcoins.ca:3332 -u <walletaddress> -p c=BTCV

--> DISCORD <--

Thank you

[AmoreJaz]

more decentralized than Bitcoin but how many are actually using this coin for the same purposes of Bitcoin? are miners the only ones who are interested on this?
wondering how far is the scope of this coin?

[Jayansyah]

Beyond Measure.
I should go to BitcoinV.

The world has to know this.

Thanks BitcoinV.

[adanjr]

for a non miner what do i expect in collecting this coin and how do you encourage people like me to be in Bitcoin V?

[calem]

Oldschool. I like the idea of this. Get people talking. Start a conversation...