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Question: I would purchase mining time with...
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Author Topic: GPUMAX | The Bitcoin Mining Marketplace  (Read 200324 times)
pirateat40
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December 27, 2011, 07:52:45 PM
 #1

Forum Members and Friends
   
In today's market there are miners working to get paid today and those mining for the future. With the mining market growing every day, we felt a need for miners to seamlessly mine on their own while still being able to take part in the growing market for leased hashing power.

Today, there are a group of people that either can’t afford, don't want equipment and those just looking for some additional power.  It was this group that encouraged us to build the most sophisticated mining management system and marketplace for miners and the public.

Introducing www.GPUMAX.com
GPUMAX is the first full scale mining management system and marketplace. While we know there are many options available to manage hashing power, there are a few things that set us apart from what’s available today.



For Miners - Free
  • Manage your miner(s) on our website
  • Manage and track pools, shares, speeds and public work income. (See Below)
  • Lease your miner(s) to others earning additional income by setting a PPS price on your account that we pay directly to you when we use your miner(s) for public work sold through the website.
  • You will never make less than mining on your own.
  • Paid for public work with Bitcoins.

Note: You will only be paid for accepted shares on public work.  (With the exception of our system determining that bad work is being sent to your miner(s).

We Support:
  • Miners
    • CGMiner
    • Phoenix
    • More to come
  • Share Management (Public Release)
    • Fail-Over - Primary and secondary pools in case of an outage.
    • Load Balance - Split shares over all your pools evenly or by %.

For Buyers - Pay Per Share Pricing
  • Easy setup and purchase. (Very limited technical knowledge required.)
  • Pay with Bitcoin. (Mt. Gox codes coming soon.)
  • No need to purchase your own hardware.
  • Access to the largest hashing pool available for leasing.
  • You only pay for accepted shares. (With the exception of our system determining that bad work is being sent by your pool or server.)
  • Setup when and where you want to mine and our system handles the rest.
  • Fully Supported Pools
    • Deepbit
    • BTCGuild
    • Eligius
    • Ozcoin
    • Eclipse
    • BitMinter
    • 50BTC
    • Bitlc
    • MaxBTC
  • Non Supported Pools
    • Slush - High Stales/Rejects
    • BitHopper - High Stales/Rejects
    • MTRed - High Stales/Rejects
    • Bonus PPS Pool - High Stales/Rejects
    • BTCMine - High Stales/Rejects
    • BitParking- High Stales/Rejects
    • Bitlc.net - Banned
    • P2Pool - Not Compatible
    • Private/Solo Mining - Not Compatible

Frequently Asked Questions
  • Q: How fast will my purchased shares be completed?
    A: Our system assigns work as soon as it’s received. So the speed and availability of our connected miners will determine the time required to complete your work request.
  • Q:  How do I mine at my pool if my miner(s) are pointed to you?
    A: GPUMAX allows you to manage your miner(s) remotely on our website.  So your miner(s) connects to us and we simply relay the work wherever you want it (Pool/Solo). By setting a PPS price in your account you can make additional income when we use your miner(s) for public work.  This requires no additional work on your side.  Your miner(s) never stop working and seamlessly switch between your pool and public work.
  • Q: What if I don’t want to sell my hashing power to the public?
    A: GPUMAX makes it easy to make additional money by using your miners on public work, allowing you to make more income than you're being paid now.  If you don’t wish to take part in public work simply disable the option and enjoy our free web management service.
  • Q: How am I paid for public work?
    A: Payments are made by GPUMAX to your account each day for the public work done on the previous day.  We accept both USD and Bitcoin payments for public work, but miners are paid with Bitcoins.
  • Q: How do I know you’ll pay me on shares I do for the public?
    A: Since your miner(s) are connected to our system, every share you submit is tracked and visible on our website.  Making it easy for you to check your earnings against your pool or paid by us.
  • Q: Can I just set a really high price and make lots of money?
    A: You’re free to set any price you wish for public work, but know that our system assigns work to miners based on a couple of factors. We take the average price from miners accepting public work to set our price.  Then, work is assigned to miners based on their price and speed.  So, miners with a lower price will be assigned more work.
  • Q: Can’t I just watch when my miner(s) is doing public work and then raise the price?
    A: Our system is completely dynamic, so raising your price in the middle of doing work will stop or reduce the shares being sent to you.
  • Q: How does GPUMAX make money?
    A: Our primary service is providing the public (our clients) the ability to purchase hashing power on-demand.  Our system calculates a price based on the miners connected.  GPUMAX makes money from the difference between our costs being paid to the miners and the price paid by our clients.

Limited Invite Only Beta
Due to the anticipated demand and to ensure our system is ready for the masses, only a limited number of users will be invited to join .You can sign up today at www.gpumax.com to join our waiting list.  Once our beta testing is completed, we will open the site up to everyone.

We look forward to working with you and would like to thank everyone that helped us fitness test our system.

More coming soon!


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bulanula
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December 27, 2011, 07:59:53 PM
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Nice concept !

Great job spotting a gap in the leasing marketplace.

Hope I get invited for being first to post Tongue !
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December 27, 2011, 08:00:25 PM
 #3

Heeell yes!  Grin This is going to be epic.

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December 27, 2011, 08:12:51 PM
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Wow. I mean....just wow. Wow.

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December 27, 2011, 08:13:43 PM
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w00t!
jamesg
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December 27, 2011, 08:16:29 PM
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Let me in already!!!!!  Grin
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December 27, 2011, 08:28:29 PM
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can i has invite? Grin

It is pitch black. You are likely to be eaten by a grue.

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December 27, 2011, 08:36:36 PM
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Interesting concept. Kinda of a meta pool. I wouldnt mind connecting one mining rig to kick the tires.

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December 27, 2011, 08:42:22 PM
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I am very concerned that this service serves NO legitimate purpose except enabling people to purchase attacks against bitcoin.

Asking on IRC about it on I'm told:
< pirateat40> gmaxwell, you can't blame someone for building a way to do it.

Pools have to build up trust in order to get enough hash power to be viable, but some guy who pushes "buy hash power now" has no trust at all.

I sure hope like hell a significant majority of the bitcoin hash power isn't stupid enough to fall for this... otherwise bitcoin is done.

(edit: to be clear, the monitoring stuff is probably perfectly useful to people, though it would better and more reliably be accomplished with local software rather than a DOS vulnerable central service, the ability to redirect hash power is what is that existential risk to bitcoin)
pirateat40
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December 27, 2011, 08:44:57 PM
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Invites will go out once we get a good idea of how many sign up for the beta.  Enjoy

bulanula
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December 27, 2011, 08:45:24 PM
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I am very concerned that this service serves NO legitimate purpose except enabling people to purchase attacks against bitcoin.

Asking on IRC about it on I'm told:
< pirateat40> gmaxwell, you can't blame someone for building a way to do it.

Pools have to build up trust in order to get enough hash power to be viable, but some guy who pushes "buy hash power now" has no trust at all.

I sure hope like hell a significant majority of the bitcoin hash power isn't stupid enough to fall for this... otherwise bitcoin is done.


Maybe this is the establishment's way of bringing down BTC. Oh noes ... Roll Eyes
pirateat40
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December 27, 2011, 08:47:10 PM
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I am very concerned that this service serves NO legitimate purpose except enabling people to purchase attacks against bitcoin.

Asking on IRC about it on I'm told:
< pirateat40> gmaxwell, you can't blame someone for building a way to do it.

Pools have to build up trust in order to get enough hash power to be viable, but some guy who pushes "buy hash power now" has no trust at all.

I sure hope like hell a significant majority of the bitcoin hash power isn't stupid enough to fall for this... otherwise bitcoin is done.


You took that comment out of context.  I was referring to a way for people to easily purchasing mining power.  Like I've told you, I am sorry that you are not a fan but there is a need for a service like this and we are here to provide it.

pirateat40
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December 27, 2011, 08:51:43 PM
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Being able to purchase all of the hashing power connected to us would be near impossible, since the system works on all of the public contracts at the same time.

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December 27, 2011, 08:55:05 PM
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You took that comment out of context.  I was referring to a way for people to easily purchasing mining power.  Like I've told you, I am sorry that you are not a fan but there is a need for a service like this and we are here to provide it.

I don't think I did.  I've put the whole log up for anyone who cares to read it.  http://pastebin.com/Uhsz1S3D


When people purchase long term mining contracts from people they are using it as a potentially more efficient way of purchasing bitcoins.   Using bitcoin to buy hashing power doesn't have the same applications.   It makes no economic sense to pay X bitcoins for a less than sure chance to get less than X bitcoins. To do so is to throw money away.

There is no need to purchase all the hashing power to attack bitcoin. You can make modest attacks, e.g. finny attacks and fake chains for isolated nodes, without anything like a majority of the hash power, and this "service" would enable anyone who wants to pay a small premium to get all that they need.
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December 27, 2011, 09:36:08 PM
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Interesting concept. Kinda of a meta pool. I wouldnt mind connecting one mining rig to kick the tires.
I would also, Enjoy, Kicking the tires, Hell, If i could just toss 1ghash overthere, Correct me if im wrong, But whats BASICALLY going to happen is that:

"ladeeda mine mine mine" "hey buddy i see your GPU is up for rent, Can i rent it for xyz?" "Sure" "Ladeeda Now public mining"

My question, Is where is my Original hash power going to be directed to, Do i just Aim at deepbit TRHOUGH GPUMAX, and therefore whenever im Not being rented GPUMAX will tell my miners to go back to deepbit?

Im alittle confused as to how im going to recieve extra amounts by renting out my hashpower, Errr.

Guy rents gpu.. For the PPshare performance cost... Wich gets sent to me.. Annnd thennn.. My running GPU.... Mines for him? at the PPshare price being sent to me?

Breakdown please?

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
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December 27, 2011, 09:39:40 PM
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You took that comment out of context.  I was referring to a way for people to easily purchasing mining power.  Like I've told you, I am sorry that you are not a fan but there is a need for a service like this and we are here to provide it.

I don't think I did.  I've put the whole log up for anyone who cares to read it.  http://pastebin.com/Uhsz1S3D


When people purchase long term mining contracts from people they are using it as a potentially more efficient way of purchasing bitcoins.   Using bitcoin to buy hashing power doesn't have the same applications.   It makes no economic sense to pay X bitcoins for a less than sure chance to get less than X bitcoins. To do so is to throw money away.

There is no need to purchase all the hashing power to attack bitcoin. You can make modest attacks, e.g. finny attacks and fake chains for isolated nodes, without anything like a majority of the hash power, and this "service" would enable anyone who wants to pay a small premium to get all that they need.


If that's the case, preaching about a "dangerous" service to bitcoin doesn't seem like the right way to go about fixing this. Even if you can convince pirate to not provide the service, it'd be fairly simple for someone shady to do the same thing, in a different community, for more nefarious purposes. If bitcoin's security fundamentally depends on convincing people to do the right thing, then that seems like a bug in bitcoin that should be addressed. You might be able to convince upstanding community members to introduce simple safeguards to workaround known protocol issues, but as interest grows, so will people doing things like this.
pirateat40
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December 27, 2011, 09:45:34 PM
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Having thought more about gmaxwell's point, we may need to restrict public work mining to "Trusted Pools" to prevent abuse of the system.

We're also looking into USD payment options for purchasing mining contracts.

I want to say that we're not in this game to kill Bitcoin.  As most of you know I do a lot of Bitcoin business and wouldn't do anything to allow someone to destroy the very reason we're all here.  

I do appreciate the comments and suggestions, keep them coming.  We're here to improve not destroy.

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December 27, 2011, 09:58:51 PM
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Your site will be a hacker magnet.

I sure hope anyone thinking of using this service to give a second thought.


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December 27, 2011, 10:03:29 PM
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Your site will be a hacker magnet.

I sure hope anyone thinking of using this service to give a second thought.


Just because it may attract hacker-types does not mean that it is necessarily vulnerable. The infrastructure behind this is actually quite good.

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December 27, 2011, 10:37:50 PM
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If that's the case, preaching about a "dangerous" service to bitcoin doesn't seem like the right way to go about fixing this. Even if you can convince pirate to not provide the service, it'd be fairly simple for someone shady to do the same thing, in a different community, for more nefarious purposes. If bitcoin's security fundamentally depends on convincing people to do the right thing, then that seems like a bug in bitcoin that should be addressed. You might be able to convince upstanding community members to introduce simple safeguards to workaround known protocol issues, but as interest grows, so will people doing things like this.

I welcome "fixes", but they really aren't possible.  Bitcoin is a decentralized system— but it's not decentralized anymore if you put control of it up for grabs in real-time by the highest bidder.  This is true for _any_ decentralized system.

Some of the security of bitcoin comes from the fact that it's economically more sensible to cooperate than to defect— that doing nasty things to the system will _lose_ money for the people who have the ability to do it (e.g. blockchain bloating attacks, and transaction prohibition attacks).  But a key element in that is educating people about whatever is in their best interests.  As a miner, it's not in your interest to cause increased centralization or enable attacks.  

There are many techniques which can be applied to resist centralization. Bitcoin is more than a piece of software. More than a protocol. It's an ecosystem, an economy. And education is part of our defenses.

Here is a more scary and concrete example.

Lets imagine that meta-pool services with open mining policies became very popular and together represented >50% of the hash power.    I, the evil attacker, setup a copy of bitcoin to perform the timewarp attack:  I will lie about the timestamps in my blocks in such a way to drive down the difficulty to 1 while massively cranking up the block rate.    I then go to the mining loan services and purchase all the hash power they have available offering 0.0001 BTC/share.  This astronomical rate will get me all the hash power I need, and I'll easily be able to pay for it because I'll be making 0.02 BTC/share once I get the difficulty down to 1.

Normally we're resistant to the timewarp attack because anyone who controlled >50% of the hash power would find it not in their best interest to blow up bitcoin. But in this case, my investment would only be the funds I needed to front to start the attack. The miners themselves wouldn't get a chance to disagree with this policy because I will have bought their mining on the open market, and carried out my attack before they even noticed— perhaps I could even manage to cash out some of the spoils of the attack before bitcoin collapsed completely, making it all quite profitable for me... and leaving miners with a bunch of worthless gpus.

(which is also why the fact that I could go out and buy lots of hash power isn't a problem)

All this is also an argument why any consolidation is bad— but in the case of pools they see substantial continued income by sitting back and not being evil compared to being evil and potentially getting a lot of money quickly but then being out of the game.. The incentives are not the same for market purchases. There is no harm in trying a little evil, even if you're not sure you'll be successful... because you'll only lose the small premium you had to pay to try.

Of course, if the service is more conservative about where the hash power can go— then thats a big improvement. And I'd withdraw most of my objections there. (though not all— the service is itself more consolidation that we don't really need)
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