Bitmark

[statdude]

How is production cost determined on charts?

It is nice to see you here statdude.

Here is the source on github.

data/health.php is semi generic and can be used on any network. The script takes data samples of 60 blocks.
1. first block time
2. 60th block time
3. difficulty
4. network hashrate 2 hour sample, 4 hour sample, 8 hour sample.

inside health.html the data sample data is pulled, and the d3.js graphs are produced, the production cost (gray line) is calculated as

5. From this you can derive the average block time ([2]-[1])/60) in seconds
6. derive the megahashes per second required to generate a block at speed from [5]: ((hashrate-2-hour-sample/1000000) / 86400
7. multiply [6] by the average cost per MH/s of hashing for the specific algorithm
8. [5]*[7] is the BTC cost per block
9. [8]/block-reward is the BTC cost per BTM for the sample.
repeat.

The blue line is simply the sum of [9] for all samples divided by the total currency minted at sample time

The green line, the moving average, is an array which holds [9] for the last 84 samples, summed up and divided by 84*60*20 to get a 5 day average production cost.

If you would like me to make the charts more generic so that they can easily be used for any currency I would be glad to do this, if there are any other charts you think are useful I will produce them, and if you have any feedback or corrections please offer them up so I can make adjustments.

AMAZING response. Thanks Coin.

Yes, I'm definitely watching BitMark.

My only question is where are you deriving this value from:
7. multiply [6] by the average cost per MH/s of hashing for the specific algorithm

[1713493225]

1713493225

[1713493225]

1713493225

[statdude]

Proposal to establish a user 'price' for every day usage in transactions:

Code:

User Price = (5 Day Average Production Cost + 3 Day Average Market Price) / 2

I am thinking about providing a simple data api on bitmark.co which lists production cost and price tag averages for different periods of time, with the above as a proposed default for users and businesses.

What do you all think about this?

_{checkpoints updated at block 17500}

Nice idea for merchant adoption.

I'm in favor.

[coinsolidation]

AMAZING response. Thanks Coin.

Yes, I'm definitely watching BitMark.

My only question is where are you deriving this value from:
7. multiply [6] by the average cost per MH/s of hashing for the specific algorithm

You are very welcome.

The value for MH/day I selected was 0.001175 BTC for scyrpt. This is as close a 'guesstimate' as I can get, given that some people have older mining rigs, some people lease expensively, and some people have greatly reduced costs from ultra modern asics, or even free electricity.

A need we have is to find a good average cost of scrypt hashing power measured in $ or BTC, updated each week, as hashing cost per day will reduce over time. Any ideas?

[statdude]

AMAZING response. Thanks Coin.

Yes, I'm definitely watching BitMark.

My only question is where are you deriving this value from:
7. multiply [6] by the average cost per MH/s of hashing for the specific algorithm

You are very welcome.

The value for MH/day I selected was 0.001175 BTC for scyrpt. This is as close a 'guesstimate' as I can get, given that some people have older mining rigs, some people lease expensively, and some people have greatly reduced costs from ultra modern asics, or even free electricity.

A need we have is to find a good average cost of scrypt hashing power measured in $ or BTC, updated each week, as hashing cost per day will reduce over time. Any ideas?

Easy: why not just feed in the 24/hr average cost from NiceHash to rent?  I think you are a little high based on that. It usually is somewhere around 0.000550 btc / MH/day, but ranges higher or lower depending on Scrypt coin prices or new releases.

[deepcoreotc]

FOR
http://bit.ly/jaysjerky

SUPPORT YOUR BITMARK MERCHANT TODAY. GRAB AN AWESOME BAG OF JERKY!!!

[coinsolidation]

Easy, why not just feed in the cost from NiceHash to rent?

Massive fluctuation when new scrypt coins launch? Do you feel it is a good representative value?

It is a good idea to feed it in, perhaps we could take the average cost over different leasing providers, and also for some common and new rigs, then average it out?

http://bit.ly/jaysjerky

SUPPORT YOUR BITMARK MERCHANT TODAY. GRAB AN AWESOME BAG OF JERKY!!!

Good to see you present again deepcoreotc, has anybody bought jerky with BTM yet?

another discussion topic I was thinking about invoices, I saw a QR code on a bill last week...

[statdude]

Easy, why not just feed in the cost from NiceHash to rent?

Massive fluctuation when new scrypt coins launch? Do you feel it is a good representative value?

It is a good idea to feed it in, perhaps we could take the average cost over different leasing providers, and also for some common and new rigs, then average it out?

Yeah, I think it's solid. Spikes won't be more than a few hours with how short mining is on some of those coins.

However, I agree if you could feed in another source:

LeaseRig.net has a ticker and is closer to your value:

Avg. For Last 20 rentals: 0.00103203 BTC/MH/day

Also:
www.miningrigrentals.com
scryptery.com

Another way would be to determine the cost based on power rate at 0.082 + average hardware cost for that hash rate, averaged over X months (not sure what would be appropriate).

Nice response! 

[DannyElfman]

Will watch this carefully. Looks definately promising!

[coinsolidation]

Easy, why not just feed in the cost from NiceHash to rent?

Massive fluctuation when new scrypt coins launch? Do you feel it is a good representative value?

It is a good idea to feed it in, perhaps we could take the average cost over different leasing providers, and also for some common and new rigs, then average it out?

Yeah, I think it's solid. Spikes won't be more than a few hours with how short mining is on some of those coins.

However, I agree if you could feed in another source:

LeaseRig.net has a ticker and is closer to your value:

Avg. For Last 20 rentals: 0.00103203 BTC/MH/day

Also:
www.miningrigrentals.com
scryptery.com

Another way would be to determine the cost based on power rate at 0.082 + average hardware cost for that hash rate, averaged over X months (not sure what would be appropriate).

Nice response!  

If somebody would like to buy a domain and host it, say 'miningcosts.com' or something, I would be happy to make the foundation of a website where people could view and add their hashing costs for each algorithm. It would be interesting to see, and also useful data.

Production cost is very important, if a currency strays too far above it too quickly we know what happens, it also stops people paying over the odds in 'pump and dumps'.

For Bitmark, it would improve the quality of data we receive and give, in this instance to miners/traders/investors, and most pertinently the original question, how to provide a fair average price for businesses/users/services to use on a daily basis. This one

Code:

User Price = (5 Day Average Production Cost + 3 Day Average Market Price) / 2

another discussion topic I was thinking about invoices, I saw a QR code on a bill last week...

[Androidicus]

Easy, why not just feed in the cost from NiceHash to rent?

Massive fluctuation when new scrypt coins launch? Do you feel it is a good representative value?

It is a good idea to feed it in, perhaps we could take the average cost over different leasing providers, and also for some common and new rigs, then average it out?

Yeah, I think it's solid. Spikes won't be more than a few hours with how short mining is on some of those coins.

However, I agree if you could feed in another source:

LeaseRig.net has a ticker and is closer to your value:

Avg. For Last 20 rentals: 0.00103203 BTC/MH/day

Also:
www.miningrigrentals.com
scryptery.com

Another way would be to determine the cost based on power rate at 0.082 + average hardware cost for that hash rate, averaged over X months (not sure what would be appropriate).

Nice response!  

If somebody would like to buy a domain and host it, say 'miningcosts.com' or something, I would be happy to make the foundation of a website where people could view and add their hashing costs for each algorithm. It would be interesting to see, and also useful data.

Production cost is very important, if a currency strays too far above it too quickly we know what happens, it also stops people paying over the odds in 'pump and dumps'.

For Bitmark, it would improve the quality of data we receive and give, in this instance to miners/traders/investors, and most pertinently the original question, how to provide a fair average price for businesses/users/services to use on a daily basis. This one

Code:

User Price = (5 Day Average Production Cost + 3 Day Average Market Price) / 2

another discussion topic I was thinking about invoices, I saw a QR code on a bill last week...

I can hang the sub domain 'miningcosts' on one of my domains if this will help? No cost option! 

[deepcoreotc]

Easy, why not just feed in the cost from NiceHash to rent?

Massive fluctuation when new scrypt coins launch? Do you feel it is a good representative value?

It is a good idea to feed it in, perhaps we could take the average cost over different leasing providers, and also for some common and new rigs, then average it out?

FOR
http://bit.ly/jaysjerky

SUPPORT YOUR BITMARK MERCHANT TODAY. GRAB AN AWESOME BAG OF JERKY!!!

Good to see you present again deepcoreotc, has anybody bought jerky with BTM yet?

another discussion topic I was thinking about invoices, I saw a QR code on a bill last week...

yeah, sry I have not been a bit more involved, have been crazy busy.  To answer your question, no Bitmark order as of yet.

[coinsolidation]

Major Update

We have produced a third iteration of the bitmark branding, a combined stateful logo, iconset and prototype marking button.

Please view the Bitmark Version3 Concept for full details.

You can find more details of Project Bitmark on the wiki together with an expanded concept document which discusses all aspects of Marking.

Thank You.

[coinsolidation]

Thank you.

We have just added a second example button to clarify usage. link

[popolite11]

Proposal to establish a user 'price' for every day usage in transactions:

Code:

User Price = (5 Day Average Production Cost + 3 Day Average Market Price) / 2

I am thinking about providing a simple data api on bitmark.co which lists production cost and price tag averages for different periods of time, with the above as a proposed default for users and businesses.

What do you all think about this?

_{checkpoints updated at block 17500}

Nice idea for merchant adoption.

I'm in favor.

I too love the idea of merchant adoption.

[82ndabnmedic]

It is great to see how far Bitmark has come in the past month.

Having established Bitmark, as a reasonably stable currency platform and true alternative currency to fiat, The Bitmark Project Team moves forward with the development and implementation of an innovative ‘Marking’ initiative that strives to create a scalable and massively viral reputation backed monetary system. This marking system shall increase the fluidity of money via off chain micro-transactions between individuals, based on the value of their everyday activities and interactions.

We have one issue:

Mark (coinsolidation) has put all his time and effort into the creation of Bitmark - Bitmark.co & GetMarked.org. Yet, the Project Requires additional, Funding

...There are some new people in the community now and there will be even more shortly. So I wanted to make sure everyone is clear that this is a donation driven project that intends to have a fully sustained Bitmark Foundation with multiple developers one year from now. In the mean time to get us to that point anyone that is interested in seeing Bitmark become what we all want it to become, I'd ask you to consider supporting the development effort. Which right now is just Mark doing it all single handedly, full time, with a family.

Here is the funding BTC address: 18rai2ichzUfXG6PVmUQLNPqBjtctnVRAD   (or better yet check it on the first page of this post since you shouldn't trust someone else posting a BTC address on behalf of someone else )

[Este Nuno]

Perhaps add a shorter delay when restarting the counter on the giving button to make it more responsive?

[megashira1]

cool coin.

[coinsolidation]

Perhaps add a shorter delay when restarting the counter on the giving button to make it more responsive?

This is a good idea, several people have also corroborated your earlier comments in regard to speeding up donation amounts.

I would like to clarify - in case it is unclear - that the conceptual logo's are proposed to be adopted.

The buttons however are for illustrative purposes, to begin to convey the simplicity of the concept of marking. The implementation and user experience of many such buttons will be an ongoing focus of Project Bitmark, as they form a modular abstraction layer which hides the extensible uniformity behind, allowing Bitmark to be integrated everywhere.

Our goal quite simply, is to have ubiquitous adoption. Not some adoption, ubiquitous adoption, and enjoy the process of getting there.

[tdokta]

Major Update

We have produced a third iteration of the bitmark branding, a combined stateful logo, iconset and prototype marking button.

Please view the Bitmark Version3 Concept for full details.

You can find more details of Project Bitmark on the wiki together with an expanded concept document which discusses all aspects of Marking.

Thank You.

Great Stuff. the logos look really good, have a lot of integration for the future by the look so things.

i can see the usefulness and have a plan to get it into a site that is being built at the moment. i have just sent the links through to the site developer that i work with, we have been looking for a credit system and button for setting up a buy now and reserve now system for buy/sell and local information site.

keen to work further with bitmark on this project, as i think we can integrate this mainstream fairly easily, through website membership and bitmark wallet integration. thanks

[Este Nuno]

Coin added to mining pool hash-to-coins.com

Another pool, nice.

And I can see that according to the stats there mining BTM is 24% more profitable than LTC and pretty much the most profitable coin to mine out of all those scrypt coins! The only one high is FRK which sounds like Franko and I don't know if that's still active or not.