NovaBlock, The Most Profitable Mining Pool

[Artemis3]

To everyone else:

If anyone is interested or has any questions regarding our pool, please don’t hesitate to contact us.

Please send me a PM or email me at vincent.v@novablock.com if you are interested in testing out our pool. We prefer senior members of the community and will offer 0 fees for a certain time period. Additionally, we can offer a permanent reduction in pool fees based on your review. We have a review guideline that can be provided.

Do you have any plans to start a signature campaign promotion? Would be nice to have pools do this as well.

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[MoparMiningLLC]

I got an email from them - From what I gather they are on a temp ban - too many pm's - got flagged for spam.

after my first 8 days, I have the following stats:



3 of the 8 days ViaBTC has been more profitable, the other 5 days NovaBlock has been more profitable.

the first day maybe should not be counted as I started about 2 hours into their "day" but I left it in just the same. I will update the table again next week.

[Steamtyme]

Looking good Stryfe, I just finished a rotation so I haven't started tracking any of my rewards yet. I started my review here. I have some initial questions and findings that I'll be checking in with the pool about. Overall it's been pretty smooth.

I forgot to ask them, any idea how long the Ban was for?? I'm guessing it may be a couple weeks to a month.

[MoparMiningLLC]

Looking good Stryfe, I just finished a rotation so I haven't started tracking any of my rewards yet. I started my review here. I have some initial questions and findings that I'll be checking in with the pool about. Overall it's been pretty smooth.

I forgot to ask them, any idea how long the Ban was for?? I'm guessing it may be a couple weeks to a month.

This is what I got from Vincent on Sept 22nd. So looks like 2 more days for their ban. But he makes it sound like its just a ban for PM's? and forums show they have not been on the forums since that same date.

Hey Stryfe,

This is Vincent from Novablock. We got PM banned on our account for 7 days and just want to let you know that if you want to communicate with us to message on telegram for now @vvuong or through email, vincent.v@novablock.com

Sorry for the inconvenience and appreciate the valuable feedback you are providing to us.

Regards,

[ogv]

Hi, everybody.
I have pointed 216 TH/s to the NovaBlock pool two days ago. Can someone tell the exact time when the pool make btc payments within the day in GMT?

[MoparMiningLLC]

Hi, everybody.
I have pointed 216 TH/s to the NovaBlock pool two days ago. Can someone tell the exact time when the pool make btc payments within the day in GMT?

unless mistaken, it should be right around 8pm eastern when the calculate the day so if you have met the threshold set for payment, it should be at that time. I should have gotten payment last night though if that was correct.

correction: I am just below the payment threshold I have so I should hit that mark tonight and then payment should issue.

[NovaBLock.com]

so what if he did? pm'ing someone about a new pool who is offering 0% fees (only for a month - its 3.5% after that) is not a crime. Hell, not one of the 3 he pm'd took the offer, Phil did not even take the offer.

Just for clarification, as an opening bonus, we are reducing the fees for any early miners with us to 2.5% until we reach 2000 PH.

I got an email from them - From what I gather they are on a temp ban - too many pm's - got flagged for spam.

after my first 8 days, I have the following stats:

https://i.ibb.co/yS3SZ8L/comparison.jpg

3 of the 8 days ViaBTC has been more profitable, the other 5 days NovaBlock has been more profitable.

the first day maybe should not be counted as I started about 2 hours into their "day" but I left it in just the same. I will update the table again next week.

Just letting people know I have pointed 2 machines at Novablock pool. I plan on reviewing my experience there in a separate thread in Service Discussion. I pointed ~95 TH there last night and will update regularily over the next month. I did receive the offer for 0% fees for the month to perform this review, and will obviously factor that into the comparisons, I will do a side by side comparison with ViaBTC as I left ~31 TH there.
I do still have 31 TH at kano pool, but will not be factoring that into the comparison as the PPLNS payment structure and 5nd, are quite different and you can't grab the full scope of that in a short period of time to compare against PPS+. I'll update here when I get my review up and running.

Thanks NovaBlock for the opportunity. This review will be an unbiased account of my experience. There is no further talk of compensation at this point, they did state after the review I may still receive a discount on mining; this will not affect my review.

To Stryfe and Steamtyme,

We appreciate the opportunity to have you guys review our pool. These two have been amazing in giving in-depth and information questions and answers regarding our pool. We understand we are a new mining pool and have lots to work on so we are glad that some members of the community were willing to give us a shot.

As we aim to become the largest mining pool in North America, we would love to hear more feedback on what you guys look for in a mining pool and how we can improve our service.

Do you have any plans to start a signature campaign promotion? Would be nice to have pools do this as well.

Hi Artemis3, we are currently working out a plan and budget on how we plan on expanding our advertising. I will take this into consideration, thank you for the suggestion.

[ogv]

Hi, NovaBlock.com !

I clearly don't understand why you did not release my payment from 09.28?
The account name is nmclub. The balance of my account is 0.01028044 BTC. The threshold is 0.005. Payment is still in a "Payout will be made within the day." state.
https://drive.google.com/file/d/12r8WeglDpt56v2JtZR0gVnDyiYEWhv0z/view?usp=sharing
What wents wrong, guys ?

[MoparMiningLLC]

Hi, NovaBlock.com !

I clearly don't understand why you did not release my payment from 09.28?
The account name is nmclub. The balance of my account is 0.01028044 BTC. The threshold is 0.005. Payment is still in a "Payout will be made within the day." state.
https://drive.google.com/file/d/12r8WeglDpt56v2JtZR0gVnDyiYEWhv0z/view?usp=sharing
What wents wrong, guys ?

that should have released at 4 am

I also hit my threshhold with the mining for 9.29 (8pm eastern 9.28 to 8pm eastern 9.29) but payment was not issued until 4am 9.30

if you thought you were to get paid yesterday - you most likely got paid at 4am today.

[NovaBLock.com]

Hi, NovaBlock.com !

I clearly don't understand why you did not release my payment from 09.28?
The account name is nmclub. The balance of my account is 0.01028044 BTC. The threshold is 0.005. Payment is still in a "Payout will be made within the day." state.
https://drive.google.com/file/d/12r8WeglDpt56v2JtZR0gVnDyiYEWhv0z/view?usp=sharing
What wents wrong, guys ?

Hi ogv,

I will check with our technical team to see what the issue is, I hope it is resolved like Stryfe says and you receive payment by 4 AM. If you believe you are missing payment for any reason whatsoever, please let us know and we will reimburse any costs


What is NovaPPS+ and how does it compare to other reward systems?

We have received a couple of questions regarding what our NovaPPS+ method is and how we calculate what to reward to our users. We will also explain why different pools can offer different pool fees and which pools are more risky to the users.

We are proud to be a North American mining pool and try to improve transparency behind our operations and fees.

The definition of theoretical and actual are required to help distinguish the most popular payout methods of today for mining pools. The basic formula for how a reward is calculated is found below, mining pools use a variety of methods and combinations to determine their reward.

Reward = Block Reward (Theoretical/Actual) + Transaction Fee (Theoretical/Actual/Not included) – Pool Fee (This number can vary for both the block reward and transaction fee)

Theoretical – When mining pools are paying based on theoretical results, this means that you will earn regardless of whether a block is found or not. Additionally, this means this ensures the greatest stability.

Actual – Your payouts will vary depending on the actual amount of shares, amount of block reward or amount of transaction fees that are found per block.

Methods

PPS – Pay Per Share Method (Theoretical)
This method pays out the block reward theoretically based on the miners hashrate proportional to the overall hashrate in the pool. This takes the risk away from miners because even if no block is found, they will pay. The downside to PPS is that it does not include the transaction fees in the reward.

PPLNS – Pay Per Last N Shares (Actual)
This method calculates the miners hashrate proportional to the overall hashrate in the pool; however, this method will only pay out when a block is found. This increases the risk to the miners if there are no blocks found for an extended period of time. PPLNS payout method may or may not include the transaction fee as part of the reward.

PPS+ - Pay Per Share Plus (Theoretical and Actual)
This method is very similar to the PPS method in which it pays the block reward theoretically. The main difference is that PPS+ will share the transaction fee but only if a block is found. This method shares the same amount of risk as PPS for the miners with the additional benefit of the transaction fees if a block is found. These pools generally have higher fees than other pools.

NovaPPS+ - NovaPPS+ (Theoretical)
The NovaPPS+ method pays out the block reward AND the transaction fee theoretically. This reward is based on the miners hashrate proportional to the overall hashrate of the pool. This reduces the risk from miners entirely because even if no block is found, they are rewarded for BOTH the block reward and transaction fee. This method of payout is also known as FPPS and generally has a higher pool fee since the pool operators are taking on more risk.

Take advantage of our low 2.5% pool fee while it is available! Ensure that all of the rewards are shared with miners (block reward and transaction fee). Your profit is always our priority. Use NovaBlock to ensure steady payouts and never let bad luck affect your profits.

A summary table can be found below for your convenience:

https://imgur.com/a/cbMYgvc

Mine on!
Vincent

PS: If anyone can help me post this picture, that would be very helpful

[kano]

Firstly, you ignored the risk of the pool going broke.

And you are incorrect about PPLNS.

PPLNS is based on block+transaction fee reward for most PPLNS pools and since their pool fees are based on that, it is exactly clear how much PPLNS pools are charging you.
The pool income is indeed the total reward of the blocks found, and their profit is the exact fee % they charge on those blocks.

PPS/PPS+/PPS* pools make much more profit when luck is high and less profit when luck is low but also make much more profit when transaction fees are higher.
Overall it's next to impossible to tell how much fees they are making since the actual income and total payout of the pool is hidden.

The risk of the pool going broke on ANY PPS/PPS+/PPS* payout is related to the pool fees and how much BTC the pool keeps in their wallet.
This requires millions of dollars worth of BTC to be kept in the pool wallet, and high fees, to lower the risk of the pool going broke.
The 'expected' fee is the % of the total block+transaction fees they keep and if they correctly adjust that with EVERY block the pool finds, since the total reward on EVERY block found varies.

So if they were actually ONLY taking 2.5% of all the blocks total reward found, then they are at a high risk of going broke.
This is all discussed here with examples based on 12.5BTC, so can be adjusted when the average reward is higher.
https://bitcointalk.org/index.php?topic=104664.msg48795003#msg48795003

[NovaBLock.com]

Firstly, you ignored the risk of the pool going broke.

And you are incorrect about PPLNS.

PPLNS is based on block+transaction fee reward for most PPLNS pools and since their pool fees are based on that, it is exactly clear how much PPLNS pools are charging you.
The pool income is indeed the total reward of the blocks found, and their profit is the exact fee % they charge on those blocks.

PPS/PPS+/PPS* pools make much more profit when luck is high and less profit when luck is low but also make much more profit when transaction fees are higher.
Overall it's next to impossible to tell how much fees they are making since the actual income and total payout of the pool is hidden.

The risk of the pool going broke on ANY PPS/PPS+/PPS* payout is related to the pool fees and how much BTC the pool keeps in their wallet.
This requires millions of dollars worth of BTC to be kept in the pool wallet, and high fees, to lower the risk of the pool going broke.
The 'expected' fee is the % of the total block+transaction fees they keep and if they correctly adjust that with EVERY block the pool finds, since the total reward on EVERY block found varies.

So if they were actually ONLY taking 2.5% of all the blocks total reward found, then they are at a high risk of going broke.
This is all discussed here with examples based on 12.5BTC, so can be adjusted when the average reward is higher.
https://bitcointalk.org/index.php?topic=104664.msg48795003#msg48795003

Thanks for letting us know about PPLNS. We have corrected the wording since some PPLNS pools do not include the transaction fees.

I notice that this is a common issue that you bring up within pool threads. There is no worry about going broke because we are not only a mining pool. We have multiple avenues of business such as: consulting, own/operate mining farms, design and construction of mining farms, hardware sales and more. In addition to this, we have strong financial backing so the risk of us going broke is very low.

Our vision is to become the largest mining pool in North America, this is not a short term plan.

[ogv]

Yes, finally a recieved my payment.
But this delay is pointing that your NovaPPS+ is a very strange reward system.
So i would recommend to think twice before point any ASIC gears to this pool.
Thanks.

[Steamtyme]

Yes, finally a recieved my payment.
But this delay is pointing that your NovaPPS+ is a very strange reward system.
So i would recommend to think twice before point any ASIC gears to this pool.
Thanks.

Was your payout delayed beyond the 4 am timeframe? If not then there really wasn't any issue, I've been on a few pools in the past that had a batched payout time each day; some allowed you to manually withdraw and pay a TX fee. The Nova PPS+ wouldn't have affected that; unless it caused the pool to become insolvent as Kano has mentioned with the pool assuming risk in these payout structures.
Either way glad you got it sorted out.

[Freemine-001010]

so i really like the North American Pool Idea !!  any way to verify this ?

i would also like to point my 90th away from the china pools

can i take advantage of the 0% fee for a detailed review,

all of my S9's are running the brains os with cron tabs to adjust cgminer

periodically throughout the day

Thanks for joining the fun !  

[MoparMiningLLC]

Was your payout delayed beyond the 4 am timeframe? If not then there really wasn't any issue, I've been on a few pools in the past that had a batched payout time each day; some allowed you to manually withdraw and pay a TX fee. The Nova PPS+ wouldn't have affected that; unless it caused the pool to become insolvent as Kano has mentioned with the pool assuming risk in these payout structures.
Either way glad you got it sorted out.

^^^ this.

the payments are calculated and paid out at different times.

The below is on their FAQ page - payments confirm at 00:00 GMT and payouts are between 02:00-04:00 (GMT) so that can be 2 to 4 hours after you see the confirmation.

3. Your bill for yesterday's reward will be confirmed by 00:00 (GMT). And the payout time will be 02:00 – 04:00 (GMT). In case of special circumstances, our payout time may be delayed.

As Steamtyme asked - when was your payment made? between 2 and 4 GMT after your confirmation? and then even once they issue the payment, it can take time (out of NovaBlock's control) for the transaction to be picked up and and processed/completed.

Can you post the Transaction id so that we can see?

[kano]

Firstly, you ignored the risk of the pool going broke.
...

The risk of the pool going broke on ANY PPS/PPS+/PPS* payout is related to the pool fees and how much BTC the pool keeps in their wallet.
This requires millions of dollars worth of BTC to be kept in the pool wallet, and high fees, to lower the risk of the pool going broke.
The 'expected' fee is the % of the total block+transaction fees they keep and if they correctly adjust that with EVERY block the pool finds, since the total reward on EVERY block found varies.

So if they were actually ONLY taking 2.5% of all the blocks total reward found, then they are at a high risk of going broke.
This is all discussed here with examples based on 12.5BTC, so can be adjusted when the average reward is higher.
https://bitcointalk.org/index.php?topic=104664.msg48795003#msg48795003

Thanks for letting us know about PPLNS. We have corrected the wording since some PPLNS pools do not include the transaction fees.

I know of only one - AntPool's PPLNS where they claim they give those millions of dollars every month to the developers ... lol.
What are the other ones that actually find blocks?

I notice that this is a common issue that you bring up within pool threads. There is no worry about going broke because we are not only a mining pool. We have multiple avenues of business such as: consulting, own/operate mining farms, design and construction of mining farms, hardware sales and more. In addition to this, we have strong financial backing so the risk of us going broke is very low.
...

It's an issue that exists with PPS style pools.
... and yet it is quite simple to point out that the statistics about that risk are what matters, rather than pretending it doesn't.

Block finding is a random event that can indeed send a PPS style pool broke or make them delay payouts if they don't have the BTC due to a down turn in luck.
Hopefully that person above isn't getting delayed payouts for that reason ...

You'd need to prove you have this backing and how much it is, since the amount of that money directly affects the risk of the pool going broke and that risk can also be directly calculated as given in my examples using Meni's paper.
Pretending it's something you don't have to worry about should be a concern to your miners ...

[MoparMiningLLC]

Hopefully that person above isn't getting delayed payouts for that reason ...

I believe his delay is that they calculate the payouts at one time and the payments are made at another time - all clearly stated in the FAQ's.

I initially saw a delay in my miner's payment but realized it is because they calculate rewards and process payments a few hours apart.

[DaveF]

Which when you think about it is probably a good / smart thing if they are doing it properly.

1) It allows time for a human to look at the numbers and see if anything seems off.
2) It allows people to possibly contact them and report a low payout amount before they are made.
3) If they keep their hot wallet low it gives more safety. Alice in payouts has to get BTC moved from Bob in accounting. Just another layer

Not saying that is what they are doing it, just that if I was doing it that is how I would.

-Dave

[NovaBLock.com]

Yes, finally a recieved my payment.
But this delay is pointing that your NovaPPS+ is a very strange reward system.
So i would recommend to think twice before point any ASIC gears to this pool.
Thanks.

Hi ogv, I have confirmed with my technical team that as of October 1, 12:12 AM PST, the reward was paid out to your account. I do not believe the delay is due to our rewarding system as outlined by everyone else above. If there are ever any issues, please don't hesitate to reach out and we'll make it right by compensating you for any losses

so i really like the North American Pool Idea !!  any way to verify this ?

i would also like to point my 90th away from the china pools

can i take advantage of the 0% fee for a detailed review,

all of my S9's are running the brains os with cron tabs to adjust cgminer

periodically throughout the day

Thanks for joining the fun !  

Hello Freemine-001010,

Our servers are in North America and our office is in San Jose California. The technical team resides in San Jose/San Francisco and additionally, on our team page you can see where the core members are located as well. I am based in Canada and we are looking for to partner with some larger well known companies in Canada and USA so keep an eye out .

Unfortunately, we are mainly offering our review to select individuals but you are definitely allowed to join the pool at the 2.5% fee that is currently set. If you send us an email at support@novablock.com and follow the instructions in the first post you may win the chance to have 0 fees.

Thank you for the warm welcome and we hope you join us on NovaBlock!

[...]

Hi Kano,

We aren't pretending its not something to worry about, but we have 700 PH on our pool that we are paying daily with no issues so no one else should worry here as well. We are only planning from growing by developing strategic partnerships so that our payouts and rewards can become more and more stable. If we ever see that we are going to be running into issues, we plan on providing everyone on the pool with some notice.

By the way, I thought the first rule of BTC was to never share how much BTC you own


To anyone attending WDMS in Frankfurt this year, the entire NovaBlock team will be attending, please send us a PM on here and we can try to arrange a meet up.

Thanks to everyone for being so welcoming to our pool.