Imagine the shipment of your new shiny ASICs has just arrived. You open their boxes, plug them in and open your web browser to their interface. You are asked to choose your mining pools to mine with. Now you would could just use that pool you have been mining with all those years (and maybe just pick a couple of backup pools) and enter its address to all of your ASICs. Maybe you could just opt for the "safety" of a reputable PPS pool which offers steady payouts with no luck involved, although you pay a 4% fee for your peace of mind. Or maybe you want to try a new pool, with lower fee and higher potential overall income.
Our new tool does exactly that: help you answer the question which pool(s) to join maximize your profit with the lowest
risk possible. Available at
http://smart-miner.com/ and based on academic work (link in the website), it models this question as an optimization problem.
Using this tool you can get the optimal distribution of your hashpower by choosing among the most well-known Proof of Work cryptocurrencies and their associated well-known mining pools (if our tool does not include some specific mining pool you want to consider, you can always manually add it). Our tool automatically fetches all the required parameters for those cryptocurrencies and mining pools - all you need to do is
- choose your cryptocurrency (or cryptocurrencies)
- choose your mining pools
- enter your power in hashes/second
- your risk-aversion value (smaller values indicate higher risk, higher values indicate lower risk)
Then our tool will output the optimal way to distribute your power. We even take cross-chain mining into account, for example you might want to mine Bitcoin with one pool and Bitcoin Cash with another one.
You might now think of what is the actual potential benefit for you as a miner if you use our tool. First of all we do not promise that you will double your rewards if you mine for a couple of weeks - you probably know already that cryptocurrency mining involves luck, which varies especially for smaller mining pools. However in our work we show the potential benefit for the miner in a longer term period (e.g. 4 months or more). Specifically, we made several instances of retroactive comparisons in Bitcoin between a “passive” miner who just picked some pool to consistently mine on, and an “active” miner who used our tool every few days to optimally distribute his power. In all those instances (each involving a wide range of different problem parameters), there was a substantial benefit for the miner in terms of reward value over income variance.
Note that our tool is an early version - most likely there is still room for improvements. We welcome your comments and suggestions!
Disclaimer: This article is based on academic work. We do not suggest or advertise for (or against) specific mining pools in any cryptocurrency.
