Some truths about GHash.io

[cyberpinoy]

First let me tell you how i found this out, I had a problem where for 6 hours my miner was getting paid for only 10% of his hashrate, the support team has still made it like it was on my end, during this time their own servers were going up and down, my miner would not failover to another pool because in my cgminer it was connected and hashing,thus a failover would not happen, During this problem I pointed my miner in other places for a test like they asked me to and finally pointed it back to ghash.io and mined a whole 4 hour block.

I then noticed my 50ghash/s cloud I have with them was charged a maintenance fee for 177,624 shares mined that block

I will list a few things for you to determine yourself, along with screenshots to back it up.

My miner report for that block
(5s):1.023T (avg):1.022Th/s | A:3322712 R:5120 HW:22 WU:13.6/m

This was the payout report
17732 2014-08-24 09:49:25 317250 25.0550 1/120 4 hours 46.77 Ph Your shares 1523536/75000007950 0.00% 168878284227 0.00050896

Here is the report from the block cloud mined and its fees.
2014-08-24 18:34:54 0.00050896 BTC   0.00050977   MINING-Block #317250, Reward: 0.00050896
2014-08-24 18:34:54-0.00010196 BTC   0.00040781   MAINTENANCE-Shares 177624 , Cost: -0.00010196

Now if we do a simple mathematical equation it will tell us something interesting

If you can mine 177,624 shares with 50ghash/s of mining power in a 4 hour block, how many shares can you mine with 1000Ghash/s of mining power in a 4 hour block?

Solution 177,624(20) = 3552480

Wow how ironic to see that mathematically the numbers match very closely to what my miner stats output was huh?



So from this we can clearly assume Ghash.io is paying us less than 50% of what we mine, and make many excuses and avoid this situation in customer support. his first response was

Derrik G
Today at 01:59
Hi,

Whats your error rate on your machines? We are not a pay per share pool but a PPLNS pool so your only going to see shares credited towards blocks solved within the last 10 previous shift scores.

Try pointing your miners to nl1.ghash.io:3333 either as a primary or backup pool.

Best Regards,
Derrik G.
CEX.IO Support

Please view the same picture submitted to him NOTICE the pool I am mining in HAHAHAHA.  Also, understand I already told him I had not subtracted the rejected shares from the 3+millions shares provided but even if I did it would still leave my shares provided at over 3 million.

Your thoughts??

[1714708435]

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[KriszDev]

Shares that you see in miner is diff 1 shares pool use diff 16 to write your shares. But yea cex pay nothing. This fee is almost more what you can mine with 1Gh/s.

[iluvpie60]

mining isn't really worth it anymore unless you have a tonnnn of bitcoins. if you had like 40 bitcoins to drop into mining you would basically buy up that much worth of GHS, hold on to it for like 4 to 10 hours, sell it again because price might go down and you might lose a ton of bitcoin and you keep doing that. you are seriously better off trading back and forth on t he highs and lows of bitcoin if you are trying to earn some extra at this point.

also try an ad campaign or try out prime dice

[cyberpinoy]

mining isn't really worth it anymore unless you have a tonnnn of bitcoins. if you had like 40 bitcoins to drop into mining you would basically buy up that much worth of GHS, hold on to it for like 4 to 10 hours, sell it again because price might go down and you might lose a ton of bitcoin and you keep doing that. you are seriously better off trading back and forth on t he highs and lows of bitcoin if you are trying to earn some extra at this point.

also try an ad campaign or try out prime dice

If you are a greeedy scam pool like Ghash.io is it more than worth it to mine today.

You dont dare want to drop 40BTC on CEX.io/Ghash.io cloud GHS. the maintenance fees will eat that 40BTC right up. They charge roughly 62% of your earning in maintenance fees, then if you compare your earning minus the fees against what was actually deposited to your balance you will see you actually only got around 48% of the earnings that were left over after the fees. there are also many times where your earnings are lower than the fees thus they take BTC out of your account to pay for the fees on the GHS you just purchased.

The bottom line thruth bout this pool is they are making more than the miners in a big way and they hve only about 1/3 of the hashing power of the pool. Another member said they have only 13Phash. so because of this they have to charge its members more than its worth. Our math has figured they make roughly 8+ BTC per block found. That is a pretty nice income for a Pool actually who only owns 1/3 of the hashrate in the pool. And the best part even that hash was paid for by the members.. Well done CEX.io WELL DONE!