[ANN] Zimstake (ZS) - PURE POS - No IPO / PreMine - SHA-256

[Biomech]

re: multipool

i don't have hashing power, but i'll consider donating BTC. i'm also looking to see who wants to mine on it. and more importantly, who is providing exactly how much hashing power guaranteed. running your own multipool is hard because you actually have to have enough hash power to find blocks. if you're not finding blocks it's a giant moneysink. profit-switching relies on pretty frequent blocks being found, as the coin could be changed every 15 minutes. if you didn't find a block for whatever coin it's mining in those 15 minutes, then it's pointless.

i'd say at least a gigahash scrypt should be what we're aiming for, if we can't consider that a realistic goal, then we might be premature with this idea. we need heavy-hitter miners to make it work.

Hey djslick,

These are all great points. In regards to the maintenance of the pool, that's something that we at chunky would take care of ourselves. In regards to profit switching, we use our own custom in house metrics. We've been mining and trading for a long time, and in my own experience I've found it's much more profitable to switch once or twice per day only. Price fluctuations as well as network fluctuations are common.

We maximize our returns to our users by employing two principal tactics:

1. Ensuring no hashes are wasted.
2. Avoiding dumps on the alts mined wherever possible. We generally list as sell orders rather than use the buy column.

#2 gives you the added benefit of reducing any potential negative impact on other coin communities. These methods for running a multipool actually wind up making is to that the alts being mined are granted an easy rise in price and added volume on their exchanges, while giving buy support and volume for your own coin.

For choosing what coins we mine, we factor in a few things:

1. Exchange volume: Are people actually buying the coins we mine? Often the top profitable coins on coinwarz have no buyers.
2. Network difficulty: block times are a serious issue. If we're not going to find a block within 6 hours, then daily returns can be severely impacted.
3. Market Depth: If we're forced to dump (IE, a coin we're mining is on a downtrend), will the end of our dump significantly impact the price?
4. Actual returns: Is the current price of the coin along with its difficulty in line with good average returns?

The community co-mining aspect is also what addresses the "getting started" issue. We already have 475 MH on our community multipools right now, and our unique coding allows for your community's hash to be combined with what's already being mined by our other users.

1 GH is an excellent target and would have a significant impact on markets. 1 GH is also enough to mine very high difficulty coins.

All the best,

Chris

All of the above looks good. I have a technical question for ya, though it don't require a technical answer. On coins where it's possible, do you have merged mining? It seems to me that doing so would increase the profits by a decent amount.

[mogonzo]

re: multipool

i don't have hashing power, but i'll consider donating BTC. i'm also looking to see who wants to mine on it. and more importantly, who is providing exactly how much hashing power guaranteed. running your own multipool is hard because you actually have to have enough hash power to find blocks. if you're not finding blocks it's a giant moneysink. profit-switching relies on pretty frequent blocks being found, as the coin could be changed every 15 minutes. if you didn't find a block for whatever coin it's mining in those 15 minutes, then it's pointless.

i'd say at least a gigahash scrypt should be what we're aiming for, if we can't consider that a realistic goal, then we might be premature with this idea. we need heavy-hitter miners to make it work.

Hey djslick,

These are all great points. In regards to the maintenance of the pool, that's something that we at chunky would take care of ourselves. In regards to profit switching, we use our own custom in house metrics. We've been mining and trading for a long time, and in my own experience I've found it's much more profitable to switch once or twice per day only. Price fluctuations as well as network fluctuations are common.

We maximize our returns to our users by employing two principal tactics:

1. Ensuring no hashes are wasted.
2. Avoiding dumps on the alts mined wherever possible. We generally list as sell orders rather than use the buy column.

#2 gives you the added benefit of reducing any potential negative impact on other coin communities. These methods for running a multipool actually wind up making is to that the alts being mined are granted an easy rise in price and added volume on their exchanges, while giving buy support and volume for your own coin.

For choosing what coins we mine, we factor in a few things:

1. Exchange volume: Are people actually buying the coins we mine? Often the top profitable coins on coinwarz have no buyers.
2. Network difficulty: block times are a serious issue. If we're not going to find a block within 6 hours, then daily returns can be severely impacted.
3. Market Depth: If we're forced to dump (IE, a coin we're mining is on a downtrend), will the end of our dump significantly impact the price?
4. Actual returns: Is the current price of the coin along with its difficulty in line with good average returns?

The community co-mining aspect is also what addresses the "getting started" issue. We already have 475 MH on our community multipools right now, and our unique coding allows for your community's hash to be combined with what's already being mined by our other users.

1 GH is an excellent target and would have a significant impact on markets. 1 GH is also enough to mine very high difficulty coins.

All the best,

Chris

All of the above looks good. I have a technical question for ya, though it don't require a technical answer. On coins where it's possible, do you have merged mining? It seems to me that doing so would increase the profits by a decent amount.

Hey, yeah for the very technical answers I'll need to consult my senior dev. But luckily for me in this case this is a question I've gotten before

Merged mining is possible for our software but generally we only employ it when the community pools go above 1 GH. What we can do is direct the amount of workers we have to different coins. Splitting 1 worker's hash across many coins is something we've worried is risky for record keeping purposes. So our merged mining works like so:

Let's say we have 300 workers and 1 GH on the community scrypt ports, and we're showing 2 coins with nearly identical profitability numbers. One coin has high difficulty, the other lower. In that case, we'll point 250 of the workers to the high difficulty coin, and 50 to the lower difficulty.

Then everyone mines into one pot while their hashes are accurately recorded, and all users split the difference having worked together. Basically, we're recording everyone's hashes as accurately as possible, and then averaging out everyone's returns in the database after the fact.

All the best,

Chris

[Gologuzan]

one s1 here for multipool,
and can donate bit of btc....

[djslick]

i thought merged mining was some secret ninja sauce where your hashes counted twice, ie. mining 2 coins at once. not load-balanced, but actually getting a net of >%100.

also, your comment on the community mining pool which is already at 475MH? so you're saying that we could be apart of that, so our low hash numbers wouldn't matter, we'd just get an even cut of that pool? and obviously the BTC gained would still go towards buying ZS.

i guess the obvious questions are:

- what are your profitability numbers looking like? link please.
- how often are payouts?
- what does 0.5 BTC buy us, and for how long?
- what happens when there is a problem, ie. late payouts, technical issue resulting in lost mining time for us?

[bluewhackadoo]

If there is a Zimstake multipool how many of you will point your miners at it?
And how many are prepared to donate a small amount of btc towards getting it up?

we only need .5 btc in total.

ZimStake multipool creation fund:
1MUPqK2THXTDbUAvvMumhtynfGQyyTiddF

I was very active (hashrate-wise) in the first attempt @ a ZS Multi-Pool and could guarantee 40 - 60 MH/s on the x11 algo at launch, have also looked at purchasing (2) Antminer S3 in the near term and would use those to benefit Zimstake if the MP is live.

My BTC-flow is poor at present as everything is tied up in Alts, but should that change I will definitely make a straight donation to the cause. 

[mogonzo]

i thought merged mining was some secret ninja sauce where your hashes counted twice, ie. mining 2 coins at once. not load-balanced, but actually getting a net of >%100.

also, your comment on the community mining pool which is already at 475MH? so you're saying that we could be apart of that, so our low hash numbers wouldn't matter, we'd just get an even cut of that pool? and obviously the BTC gained would still go towards buying ZS.

i guess the obvious questions are:

- what are your profitability numbers looking like? link please.
- how often are payouts?
- what does 0.5 BTC buy us, and for how long?
- what happens when there is a problem, ie. late payouts, technical issue resulting in lost mining time for us?

Hey,

I'll breakdown the answers by topic here.

Re Community Mining: Yes, you'd be teaming up with the other communities that use our system, and the returns are divided according to the shares generated by each user. The concept is that by teaming up, your first miners aren't risking wasting their hash, and in general returns are brought more regularly as well as the possibility of mining higher difficulty coins.

Re profitability numbers: our transparency re profitability is done via the convertable balance of a miner on our account screen. So while you're mining, even before a payout, you can see exactly how many of a given alt you've mined. This way each miner is able to keep track of their exact amounts themselves. We will be implementing a page that displays our daily average returns, sells, and buys, in the very near future.

Re the .5 BTC: That pays for initial hosting costs, developer time to build your community's pool, and maintenance/staffing. Its a figure designed to protect us for the first month in mining, as not every community's pool is successful. Right now, for example, we have a bonuscoin multipool, however bonuscoin has been delisted and there are no longer any trades happening, as such the miners went off that community pool a couple of months back. We kept it alive so long as the exchange was operating in case their community came back. Essentially, your pool will operate so long as their are miners active on it and your coin is alive on exchanges.

Re Technical issues: They do occasionally happen, but we pride ourselves on accurate hash recording and have very little downtime in our history on the back end. The onus of course remains on miners to set failovers in their rigs in case the worst occurs, as there is no such thing as a perfect system.

Re Payouts: We've just instituted a scrypt system this week that enables us to do payouts once approximately every 24 hours with very little manpower involved. The beauty is, that we're doing buys/sells all day every day using our high return trading methods, so even if there is a payout delay, miner's returns are not impacted. If we experience a payout delay (I do not expect them to be a regular thing), we'll try our best to notify users in a timely manner. With close to a year of operation behind us, we have an established history of always ensuring our users are paid their earnings no matter what. From time to time, if we are expecting a serious pump or price rise in the coin we're mining, we may delay payouts for a very brief period in an attempt to maximize returns to our users.

A multipool, as opposed to a standard "get your rewards as each block confirms" is a very complicated beast. We have to balance many variables to ensure regular payouts and maximized returns to our users. In that regard, I feel it's very important to stress to here that there are occasional hickups in any system, even the biggest pools and exchanges must occasionally enter maintenance mode, etc.

Hope that clears up your questions!

Best regards,

Chris

[mogonzo]

I feel I should add, that average return reporting for community based coins can be a bit complicated, which is why we've been proceeding carefully on that front.

The big multipools that payout only in BTC have the beauty of paying out in the "US Dollar" of crypto, so in terms of the measurement against alts BTC is quite solid.

But altcoins have a great deal more volatility day by day in their prices.

Take our UVC pool: UVC fluctuates so much day by day, and is currently struggling to maintain its volume (their original devs took off). When we do a payout, we can provide the average returns at that exact moment. But two hours later the price of UVC could be drastically altered, leading to a possible great deal of confusion among our customers.

In that regard, that's why we opted for the "convertable balance" option customized to each user. Because some of our users are being paid out in WhiteCoin, others in UniversityCoin, and hopefully soon more in Zimstake, we felt the best way to measure returns for our users was by showing the directly how many altcoins they mined in a given payout period.

We'll be engaging with our users as we move to implement more data reporting features, to determine what is the best, fairest, and most accurate way we can represent our average returns.

The level of complexity in multimining is why you don't see a "PoS Multimined" section on coinwarz or whattomine.

All the best,

Chris

[lin0sspice]

I can put as much as 5 ant s1 on multipool.

[powersup]

If there is a Zimstake multipool how many of you will point your miners at it?
And how many are prepared to donate a small amount of btc towards getting it up?

we only need .5 btc in total.

ZimStake multipool creation fund:
1MUPqK2THXTDbUAvvMumhtynfGQyyTiddF

I have been lurking in the background.  I will say I'm very glad to see the Zim community sticking together.  I'm still holding over 13K of zim and no intention of selling any time soon.

I will gladly donate to a multipool and can spare some SHA and scrypt power.

Keep up the community spirit, long live ZIM!

[SrsCrypto]

I guess i will start of with donating

im sending over 0.05 right now to 1MUPqK2THXTDbUAvvMumhtynfGQyyTiddF

So that leaves 0.45


^{please always check how much is already donated, and post here if and how much you donate so we can keep track.}

[Biomech]

I guess i will start of with donating

im sending over 0.05 right now to 1MUPqK2THXTDbUAvvMumhtynfGQyyTiddF

So that leaves 0.45


^{please always check how much is already donated, and post here if and how much you donate so we can keep track.}

2cfa46af961568253c8a0383505c4d761e357f87c4210cd86b265c35d83a7ffe

I'm broke, but there's a small amount. .001 sent.

[Gologuzan]

sent 0.05btc.

[djslick]

last questions mongonzo,

1) i think it was mentioned that you accept scrypt and SHA at the moment, what about x11, x13, and now x15? i heard you have plans for these in the future, what is your timeline. and do you accept X11 now? i know alot of users with GPUs cannot mine scrypt or SHA in the summer.

the community pool we'd be apart of was 475MH scrypt correct? what about the SHA pool? what about x11? etc. could you provide those numbers too?

2) do you have a pool percentage fee for mining after we have paid the 0.5 BTC? if so how much is it?

thanks for all your help.

[djslick]

sent 0.08552492 BTC

[mogonzo]

last questions mongonzo,

1) i think it was mentioned that you accept scrypt and SHA at the moment, what about x11, x13, and now x15? i heard you have plans for these in the future, what is your timeline. and do you accept X11 now? i know alot of users with GPUs cannot mine scrypt or SHA in the summer.

the community pool we'd be apart of was 475MH scrypt correct? what about the SHA pool? what about x11? etc. could you provide those numbers too?

2) do you have a pool percentage fee for mining after we have paid the 0.5 BTC? if so how much is it?

thanks for all your help.

Hey djslick,

Great questions, thanks very much you're really helping me explain all this

1) We do currently offer an X-11 port on multipools, with X-13 and X-15 planned soon, hopefully within the next 15-30 days.

Hashing power: Of course, these numbers will vary from day to day, (overnight we saw a bit of change) but as of right now:

Scrypt: 325 MH
X-11: 256 MH
SHA: 100 GH (approx, we're currently working to implement front end hash reporting for sha-256)

2) Yes, sorry you're right this is an important one. Due to the level of labour required we charge 2% fees on multipools. Considering the unique crowdsourced method your community is using to fund this, I'd happily offer a two month no-fee pass to anyone who donates.

By the way the account shows approximately .21 BTC donated, fantastic stuff, very impressed by this community!

All the best,

Chris

[jc12345]

ZS is still in 4th place on coinpayments.net.

[mogonzo]

Wow, already up to .32917316 BTC raised, almost there!

[djdizzymok]

i wish i could donate but i dont have anything free at this time..im in - on some coins hopefully soon things will change for the better

[jc12345]

CryptoGir was on IRC today. He is back and he said he will update soon.

[djdizzymok]

glad to hear hes back

where are all the FUD'ers now with their bullshit..taking advantage over someone dealing with private issues...all over a little bit of profit..

may zim have mercy on your souls