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Author Topic: [Pool closed. Withdrawals closed] litecoin.miningpool.com,% donated to charity  (Read 15195 times)
burnside
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May 31, 2012, 04:14:02 AM
 #61

Thanks Gladamas.

I'm out of newbieville now.  ;-)  Anyone have any pointers?  The automatic payout seems broken or something.  I'm new to mining though so I'm not sure if there's something I'm missing or something.

Thanks!

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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froggy
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May 31, 2012, 05:30:40 PM
 #62

Eeek, I've just checked the database and in a number of rounds, which seem to have started 22 May, the pool has over-allocated litecoins to what appears to be (from first checks) all miners mining in those rounds.  As a result the pool doesn't have enough litecoins to pay out 9623 currently.  You're one of those who was overallocated litecoins, burnside so your final true figure will be less than 9626. 

I'm taking the pool down and will try to work out correct allocations of litecoins over the weekend. Mining may not come back but once the correct allocations have been worked out I'll get the site back up so that people can withdraw their balances. It looks like this is going to bankrupt my own litecoin balance and I'm going to have to buy a good few litecoins for this on top.  Something similar happened in the first version of the pool but I though that I'd fixed things.  Sadly it appears bugs have returned.  I think it may be time to call it a day. 

burnside
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May 31, 2012, 05:40:48 PM
 #63

I can't seem to log into the interface right now to give you exact numbers, but I suspected something might be out of wack.  I had only been mining about 24 hours and I could see near the top that it was saying I had mined XXX amount in the last 24 hours, which was like 1/3 or 1/4 of the total balance.

In any case, go ahead and take my whole balance as a donation.  It's only 24 hrs of mining, and it sounds like it may help you balance things out.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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May 31, 2012, 08:30:50 PM
 #64

Wow, thanks Burnside - that'll help hugely.  I've taken the whole site down for now but will make it available again (without actual mining) for final withdrawals at the weekend (I'll keep it open to give members the chance to withdraw for a couple of weeks or so).  Not sure what I'll do with the site after that.   
burnside
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May 31, 2012, 09:00:30 PM
 #65

Sounds like it may cost more to run it than it brings in?

I have to be honest, I'm very green when it comes to (bit|lite)coin, how hard is it to run a mining op?

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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May 31, 2012, 09:37:08 PM
 #66

I've been running it on 2 nodes at vps.net (originally plans were to use more nodes, but I had a pay cut in my day job, so had to cut down to 2 nodes to minimise outgoings).  You're very correct - even at just two nodes costing £28.00 (UK pounds) per month the monthly cost for those nodes has still been far more than the pool ever brought in.  

Between November and the end of April the total donations in to the pool were about 1950 litecoins (sincere thanks to those who donated).  From this, about 1168 litecoins were paid out from the pool to good causes, leaving about 782 litecoins income, which is about $1.93 or £1.25 UK pounds during that whole period .  Server costs were £168 for that November to April period.  I had been hoping litecoins may increase in value to eventually make it financially viable but unfortunately there's not much sign of that at the moment.

Running the mining op is pretty staightforward, but it's setting it up in the first place and ensuring everything works together that's the tricky bit.  With litecoin.miningpool.com this meant getting pushpool to interact with bitcoind as the "backend" and then getting a "front end" to work (user member area, stats and full working database to share out the coins properly).  I started out with simplecoin for the "front end" but ended up rewriting most of it from scratch....twice...which was more work than I had expected.  Things seemed to be going fine in this second version of the pool until those glitches which started 22nd May.  Unfortunately I don't really have the time to go through all of the code in the hope that I can fix the error (and don't want to risk the potential cost of things glitching yet again).  It's sad as I'd hoped to do good with the pool and the "good causes" donations, but I guess I need to be practical too.
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June 01, 2012, 05:56:39 AM
 #67

I cannot connect my litecoin miner to the pool. I am receiving 30 sec errors.

I was able to connect the miner to slush and was mining for about 2 minutes.
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June 01, 2012, 06:06:29 AM
 #68

I cannot connect my litecoin miner to the pool. I am receiving 30 sec errors.

I was able to connect the miner to slush and was mining for about 2 minutes.

See froggy's post:
I'm taking the pool down and will try to work out correct allocations of litecoins over the weekend. Mining may not come back but once the correct allocations have been worked out I'll get the site back up so that people can withdraw their balances ... Something similar happened in the first version of the pool but I thought that I'd fixed things.  Sadly it appears bugs have returned.  I think it may be time to call it a day.

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burnside
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June 01, 2012, 07:44:03 PM
 #69

How many kH/s would a litecoin pool have to sustain over a month to be able to cover the hosting costs?

Doing some (very rough) math, it seems to me that:

a decent fully dedicated (non vps) server would run ~$100/mo.

if you're running a 1% commission, you would thus have to mine $10,000/mo worth of LTC.

at the current exchange rate, $10,000 USD/m ~= 4,000,000 LTC/m.  (or ~133,333 LTC/d)

in my (2 days ;-) of mining experience, ~ 3000kH/s roughly translates to 2600 LTC/d.  if you use that ratio, you would then have to mine at an average of 154,000kH/s to mine 133,333 LTC/d.

Thus, at the current exchange rate, with $100/mo expenses, and a 1% commission, your mining pool would need to be averaging 154,000kH/s to break even.

Extrapolating that out, even at a 5% commission, you'd still have to mine at 31,000kH/s as a pool to make $100/mo... are there any litecoin pools pulling that off?

Could someone check my math?

Seems like most of the pools are banking on a better exchange rate I guess?
 

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
Cosbycoin
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June 02, 2012, 01:56:04 AM
 #70

How many kH/s would a litecoin pool have to sustain over a month to be able to cover the hosting costs?

Doing some (very rough) math, it seems to me that:

a decent fully dedicated (non vps) server would run ~$100/mo.

if you're running a 1% commission, you would thus have to mine $10,000/mo worth of LTC.

at the current exchange rate, $10,000 USD/m ~= 4,000,000 LTC/m.  (or ~133,333 LTC/d)

in my (2 days ;-) of mining experience, ~ 3000kH/s roughly translates to 2600 LTC/d.  if you use that ratio, you would then have to mine at an average of 154,000kH/s to mine 133,333 LTC/d.

Thus, at the current exchange rate, with $100/mo expenses, and a 1% commission, your mining pool would need to be averaging 154,000kH/s to break even.

Extrapolating that out, even at a 5% commission, you'd still have to mine at 31,000kH/s as a pool to make $100/mo... are there any litecoin pools pulling that off?

Could someone check my math?

Seems like most of the pools are banking on a better exchange rate I guess?
 

If you look back at bitcoin in the early days there was little money being made in terms of exchange. heck one guy bought a pizza for like some ungodly amount of BTC which at the time was about $30-$40.

No one really knows the future of any of these cryptocurrencies. Time will tell given there is no historical record to look to other than back to 2009 when bitcoin started.
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June 02, 2012, 06:19:18 PM
 #71

Okies folks, the site is back up for final withdrawals.  I haven't messed around trying to fix the glitched allocations - consider any extra that you may have been allocated as a parting gift to thank you for mining at the pool (that includes you, burnside).   Smiley

To withdraw your Litecoins, please ensure that you have a valid Payment Address on your Account Details page, and that your Automatic Payout amount is set to 0.001 . Automatic payouts of any final balances are sent every 40 minutes.

Please ensure that you have withdrawn your Litecoins by 21st June 2012, at which time all functionality will cease
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June 02, 2012, 06:30:59 PM
 #72

Sorry to see you go froggy - all the best in your future ventures Smiley

How many kH/s would a litecoin pool have to sustain over a month to be able to cover the hosting costs?

Doing some (very rough) math, it seems to me that:

a decent fully dedicated (non vps) server would run ~$100/mo.

if you're running a 1% commission, you would thus have to mine $10,000/mo worth of LTC.

at the current exchange rate, $10,000 USD/m ~= 4,000,000 LTC/m.  (or ~133,333 LTC/d)

in my (2 days ;-) of mining experience, ~ 3000kH/s roughly translates to 2600 LTC/d.  if you use that ratio, you would then have to mine at an average of 154,000kH/s to mine 133,333 LTC/d.

Thus, at the current exchange rate, with $100/mo expenses, and a 1% commission, your mining pool would need to be averaging 154,000kH/s to break even.

Extrapolating that out, even at a 5% commission, you'd still have to mine at 31,000kH/s as a pool to make $100/mo... are there any litecoin pools pulling that off?

Could someone check my math?

Seems like most of the pools are banking on a better exchange rate I guess?
 
Interesting math, though a Litecoin pool will run happily on a decent vps - you can get them for a few Bitcoins per month Smiley
Different pools, different setups,etc, for us it was pretty easy to split a vm off our US BTC server to run the LTC pool, extra cost involved- some time Wink




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pekv2
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June 02, 2012, 10:05:50 PM
 #73

I'm new at litecoin but not bitcoin, where else can I mine litecoins at? Is it anywhere? like slush's or deepbit?

If not, could someone link up a litecoin pool.

If not to any pools around, then litecoin is dead?
Blazr
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June 02, 2012, 10:15:44 PM
 #74

I'm new at litecoin but not bitcoin, where else can I mine litecoins at? Is it anywhere? like slush's or deepbit?

If not, could someone link up a litecoin pool.

If not to any pools around, then litecoin is dead?

You need to mine at a litecoin pool, a Bitcoin one is no good.

Check out the signature in the post above yours:

https://lc.ozco.in for Litecoin mining fee free proportional

Busy ATM.
pooler
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June 02, 2012, 10:53:36 PM
 #75

I'm new at litecoin but not bitcoin, where else can I mine litecoins at? Is it anywhere? like slush's or deepbit?

If not, could someone link up a litecoin pool.

https://github.com/coblee/litecoin/wiki/Comparison-of-mining-pools

BTC: 15MRTcUweNVJbhTyH5rq9aeSdyigFrskqE · LTC: LTCPooLqTK1SANSNeTR63GbGwabTKEkuS7
Gladamas
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June 02, 2012, 11:03:59 PM
 #76

I'm new at litecoin but not bitcoin, where else can I mine litecoins at? Is it anywhere? like slush's or deepbit?

If not, could someone link up a litecoin pool.

If not to any pools around, then litecoin is dead?

http://p2pmining.com:9327 uses P2Pool if you're too lazy (like me) to set up a Litecoin P2Pool node yourself. Also take a look at:

Some miner programs:

https://bitcointalk.org/index.php?topic=55038.0 - I use this one, a very optimized miner
https://bitcointalk.org/index.php?topic=62414.0 - Litecoin GUI miner
http://www.litecoinpool.org/miner - Web miner

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pekv2
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June 03, 2012, 12:00:30 AM
 #77

Alright, cool, Thanks, guys. Terrific.

I am now mining. gotta few question but I'll post up new thread.
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June 03, 2012, 12:07:02 AM
 #78


Busy ATM.
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June 03, 2012, 09:51:47 AM
 #79

Froggy man, thank you for the service you provided for the Litecoin community.
Sorry to see you close the pool and yes, it was my favorite LTC pool.  Cry

Cheers.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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June 03, 2012, 11:37:48 PM
 #80

Thanks EskimoBob, that really does mean a lot.  I'll always have good memories of the pool and its great members. 
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