[ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer!

[MOCKBA]

how much khash do you guys get? I got an old Core i5 750 and I have 4 x 0.45khash. Is that even worth mining? ^^

That's what I have been running (same hash rate) since block ~170 and have not found any blocks in about 15+ hours.

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[Givatoshi_Moremoto]

ok I did 3 burns before I went to sleep

3 slm
3 slm
6 slm

after burning I waited for 6 burn confirms, looked like I wasted my coins and went to sleep
I woke up just now, and I found 2 transactions of

80.32 and 64.62

so I'm guessing those 2 are POB transactions.
what I don't understand is when does the burn transaction come in? I thought it was immediately after the POW block? which meant I waited to to see that since I waited until burn was confirmed 6 times.
does effective burnt coins and decayed burnt coins have something to do with that?
effective burnt coins meaning its hash is still effective in finding POB block? decayed meaning it is spent?

[tz]

Is there any external miner that works with this coin? Mining with the wallet is annoying like hell for me...

[prix]

Dev, if I burn some coins (17 SLC as example) they will participate in the generation of POB block until they decay?
How long? How can i calculate this? What is the rate of decay?
If I send to burn 17 SLC now and network state will not change (difficulty, burn coins count, etc) how many POB blocks I find this month, a year?

I can calculate my profitability for POW mining, but in the case of POB is a lottery for me.

It would be great to see a detailed example with formulas.

[primer-]

Dev, if I burn some coins (17 SLC as example) they will participate in the generation of POB block until they decay?
How long? How can i calculate this? What is the rate of decay?
If I send to burn 17 SLC now and network state will not change (difficulty, burn coins count, etc) how many POB blocks I find this month, a year?

I can calculate my profitability for POW mining, but in the case of POB is a lottery for me.

It would be great to see a detailed example with formulas.

Good luck getting an answer...

[slimcoin]

Dev, if I burn some coins (17 SLC as example) they will participate in the generation of POB block until they decay?

Coins decay steadily, halving in effectiveness every ~1 year. Here is the exact formula from the source code comments:

Code:

  /*slimcoin: a burn hash is calculated by:
   * hash = (c / b) * 2 ** ((nPoWBlocks - M) / E) * [Hash]
   *
   * Where: c = BURN_CONSTANT
   *        b = amount of coins burned
   *        nPoWBlocks = the number of proof of work blocks between (not including)
   *                     the blocks with heights last_BlkNHeight and burned_BlkNHeight
   *                         where
   *                             last_BlkNHeight = the height of the last block in the chain
   *                             burned_BlkNHeight = the height of the block at the time of the burning
   *        M = BURN_MIN_CONFIRMS (6), the required amount of proof of work blocks between (not including)
   *                                   the block at the time of burning and the last block in the chain
   *                                   The offset by M allows for the first burn block the burnt coins
   *                                   can hash to be at 100% strength and decay from there, instead of having
   *                                   the coins slightly decayed from the beginning
   *        E = BURN_HASH_DOUBLE (350000.0), an exponential constant which causes 
   *                                   burnt coins to produce slightly larger hashes as time passes
   *
   *        [Hash] = Hash(burntBlockHash ++ burnWTx.GetHash() ++ hashBestBlock)
   *        Where: burntBlockHash = the hash of the block the transaction is found ing
   *               burnTx.GetHash() = the hash of this transaction
   *               hashBestBlock = the hash of the best proof-of-work block in the chain at the time of hashing
   */

If I send to burn 17 SLC now and network state will not change (difficulty, burn coins count, etc) how many POB blocks I find this month, a year?

A PoB block is found every 1-3 PoW blocks, (every 90-270 seconds). Currently there are 3130 burnt coins, burning 17 coins means that out of every 200 PoB blocks, about 1 will be yours. It would take about (at the absolute worst of 270 seconds between PoB blocks) 15 hours for you to get 1 PoB block. That number may vary as the difficulty may go up, or you get lucky and hit 2 PoB blocks in that time.

[glop]

Is there any external miner that works with this coin? Mining with the wallet is annoying like hell for me...

https://github.com/slimcoin/slimminer

[Givatoshi_Moremoto]

how to do check for total burnt coins?
after getting my return and clearer explanation on how pob works
I decided to burn all of my 2 mined blocks that matured.
which is 51.59 coins.
I'm trying to calculate probability of hitting pob blocks with my investment

[BitcoinFX]

Dev, if I burn some coins (17 SLC as example) they will participate in the generation of POB block until they decay?

Coins decay steadily, halving in effectiveness every ~1 year. Here is the exact formula from the source code comments:

Code:

  /*slimcoin: a burn hash is calculated by:
   * hash = (c / b) * 2 ** ((nPoWBlocks - M) / E) * [Hash]
   *
   * Where: c = BURN_CONSTANT
   *        b = amount of coins burned
   *        nPoWBlocks = the number of proof of work blocks between (not including)
   *                     the blocks with heights last_BlkNHeight and burned_BlkNHeight
   *                         where
   *                             last_BlkNHeight = the height of the last block in the chain
   *                             burned_BlkNHeight = the height of the block at the time of the burning
   *        M = BURN_MIN_CONFIRMS (6), the required amount of proof of work blocks between (not including)
   *                                   the block at the time of burning and the last block in the chain
   *                                   The offset by M allows for the first burn block the burnt coins
   *                                   can hash to be at 100% strength and decay from there, instead of having
   *                                   the coins slightly decayed from the beginning
   *        E = BURN_HASH_DOUBLE (350000.0), an exponential constant which causes 
   *                                   burnt coins to produce slightly larger hashes as time passes
   *
   *        [Hash] = Hash(burntBlockHash ++ burnWTx.GetHash() ++ hashBestBlock)
   *        Where: burntBlockHash = the hash of the block the transaction is found ing
   *               burnTx.GetHash() = the hash of this transaction
   *               hashBestBlock = the hash of the best proof-of-work block in the chain at the time of hashing
   */

If I send to burn 17 SLC now and network state will not change (difficulty, burn coins count, etc) how many POB blocks I find this month, a year?

A PoB block is found every 1-3 PoW blocks, (every 90-270 seconds). Currently there are 3130 burnt coins, burning 17 coins means that out of every 200 PoB blocks, about 1 will be yours. It would take about (at the absolute worst of 270 seconds between PoB blocks) 15 hours for you to get 1 PoB block. That number may vary as the difficulty may go up, or you get lucky and hit 2 PoB blocks in that time.

For a moment you had me thinking that this did not work how I originally assumed that it did. It does, in fact, work very well indeed.

New release of the year imho - congrats! " Let it Burn " - https://www.youtube.com/watch?v=_Ahc-oEFQ7k  

[slimcoin]

how to do check for total burnt coins?

Type getburndata in the debug console, look at the entry "Formatted nEffectiveBurnCoins"

[prix]

Dev, thanks for explanation.

If I understand correctly, the most profitable strategy for the long interval of time will burn all the coins without delay?

[primer-]

Someone has just burned 400 coins. Is it safe to burn all mined coins as interest will be returned via PoB blocks via the next 200 PoB blocks ?

[Givatoshi_Moremoto]

how to do check for total burnt coins?

Type getburndata in the debug console, look at the entry "Formatted nEffectiveBurnCoins"

Thanks you

my probability is about 1.47% which is about 3 outta 200 POB block.

[prix]

Someone has just burned 400 coins. Is it safe to burn all mined coins as interest will be returned via PoB blocks via the next 200 PoB blocks ?

Current burnt coins count is: 3503.602781
With 400 you get every ninth POB block if the number of burnt coins will not change.

[primer-]

Someone has just burned 400 coins. Is it safe to burn all mined coins as interest will be returned via PoB blocks via the next 200 PoB blocks ?

Current burnt coins count is: 3503.602781
With 400 you get every ninth POB block if the number of burnt coins will not change.

Just a warning to everyone, i've burned 370 coins in the last 3-4 hours and have not seen a single PoB block come in 'out of schedule'. I;ve only received PoB rewards right after the burn.

[glop]

Someone has just burned 400 coins. Is it safe to burn all mined coins as interest will be returned via PoB blocks via the next 200 PoB blocks ?

Current burnt coins count is: 3503.602781
With 400 you get every ninth POB block if the number of burnt coins will not change.

  But it quickly will !!!

[prix]

Just a warning to everyone, i've burned 370 coins in the last 3-4 hours and have not seen a single PoB block come in 'out of schedule'. I;ve only received PoB rewards right after the burn.

It's strange. Dev can you explain this?

[TheMightyX]

What is the benefit of mining with the slimminer?
any increased efficiency?

[kdfspam]

Any pool on the horizon?  I've come up completely empty so far.

[glop]

What is the benefit of mining with the slimminer?
any increased efficiency?

I compiled slimminer on Windows (it's my first compiled program on C for last 10 years)
and I found no difference in performance: about 0.45 kH/s per amd core.

  Normal i think, because wallet uses slimminer....itself ?