Bitmark

[tdokta]

₥

history

* The mill or mille (₥) is a now abstract unit of currency
* It was a notional unit equivalent to 1⁄1000 of a currency unit
* full article

Repurpose

* The mark (₥) is 1⁄1000 of a BTM

Thank you history for abandoning something else useful to our project. We have been very fortunate with our choices.

it even has a check/mark through it

cross over maybe ..?

mazacoin has a similar concept with the checked M see https://bitcointalk.org/index.php?topic=725479.msg8436167#msg8436167

[1713929359]

1713929359

[1713929359]

1713929359

[coinsolidation]

Repurpose

* The mark (₥) is 1⁄1000 of a BTM

cross over maybe ..?

mazacoin has a similar concept with the checked M see https://bitcointalk.org/index.php?topic=725479.msg8436167#msg8436167

Perhaps, let's see if it is a problem as we progress, I see little incorporation of it within their project, it's not in the logo, and we do not know whether that project will mature or slowly die. Possibly some alt coins in addition to mazacoin have proposed or used it too.

My own sentiment is that it's not trademarked, or associated with anything to people's common knowledge, and the domain we will use it in is not really this forum. Put another way, if we looked at font-awesome or an icon pack and saw it listed associated with a company/tech/org then we'd have to abandon, if it's just in a line of text of an alt on a small forum I am not so concerned. Such things are claimed by association through usage, so let's use it and let it be associated with marking in people's minds, usage will claim this little ₥ for us if it is to be.

[Este Nuno]

Repurpose

* The mark (₥) is 1⁄1000 of a BTM

cross over maybe ..?

mazacoin has a similar concept with the checked M see https://bitcointalk.org/index.php?topic=725479.msg8436167#msg8436167

Perhaps, let's see if it is a problem as we progress, I see little incorporation of it within their project, it's not in the logo, and we do not know whether that project will mature or slowly die. Possibly some alt coins in addition to mazacoin have proposed or used it too.

My own sentiment is that it's not trademarked, or associated with anything to people's common knowledge, and the domain we will use it in is not really this forum. Put another way, if we looked at font-awesome or an icon pack and saw it listed associated with a company/tech/org then we'd have to abandon, if it's just in a line of text of an alt on a small forum I am not so concerned. Such things are claimed by association through usage, so let's use it and let it be associated with marking in people's minds, usage will claim this little ₥ for us if it is to be.

Also, considering it was actually in usage historically it's similar to using the dollar sign for anything that has the word "dollars" in it. Multiple currencies use the dollar sign, it's not restricted to single use. If they had designed the symbol themselves that would be different of course.

[coinsolidation]

Also, considering it was actually in usage historically it's similar to using the dollar sign for anything that has the word "dollars" in it. Multiple currencies use the dollar sign, it's not restricted to single use. If they had designed the symbol themselves that would be different of course.

A fine point EsteNuno. We can also consider that we are using the symbol inline with it's time gained meaning too, to denominate 1/1000 of our currency, rather than completely re-purposing it mean a brand. We are just rather fortunate that when you look at the thing it expresses a 'mark' by containing a mark /  being a little m and meaning 1/1000.

[Este Nuno]

Also, considering it was actually in usage historically it's similar to using the dollar sign for anything that has the word "dollars" in it. Multiple currencies use the dollar sign, it's not restricted to single use. If they had designed the symbol themselves that would be different of course.

A fine point EsteNuno. We can also consider that we are using the symbol inline with it's time gained meaning too, to denominate 1/1000 of our currency, rather than completely re-purposing it mean a brand. We are just rather fortunate that when you look at the thing it expresses a 'mark' by containing a mark /  being a little m and meaning 1/1000.

Yes, it's amazing. All these little coincidences coming together like that.

[Androidicus]

Network Hashrate: 1.2687 Gh/s

Clearly folks are jumping on and off with difficulty changes...  

[82ndabnmedic]

Network Hashrate: 1.2687 g/his

Clearly folks are jumping on and off with difficulty changes...  

I hope everyone that is mining with this inconsistency understands that it is counterproductive for the following reasons:

1. Not as Profitable

2. Not as Productive

3. Not as Efficient

A 1.0 GH miner that attacks the network in short bursts when the difficulty drops would earn Less BTM profits than A 50 MHs Miner that mines consistently for longer periods of time.

Remember Bitmark requires a 720 confirms, at this rate miners would not receive their BTM for almost 2 days, or more.

Why not mine consistently without having to account for huge difficulty changes, this provides a secure and stable BTM network for everyone.


* To everyone that is mining consistently, Thank You

[coinsolidation]

Network Hashrate: 1.2687 Gh/s

Clearly folks are jumping on and off with difficulty changes...  

Thankfully we have min and max diff adjustments, so it looks like we'll be in a 60-240 cycle for a while.

A positive side is that it means currency is being minted far slower than the schedule, and newly minted currency can be taking 4-5 days to be usable, which leads to a nice low volume stable market. We don't want too much currency being sent out to speculators. Mining is after all a service not a a free money printing machine, so our configuration seems to be rewarding the former whilst voiding the efforts of the latter.

If the network were busy with users we'd have to do something drastic, but for now all it's doing is slowing production and dumping, which is not the worst problem to have.

[Androidicus]

Network Hashrate: 1.2687 Gh/s

Clearly folks are jumping on and off with difficulty changes...  

Thankfully we have min and max diff adjustments, so it looks like we'll be in a 60-240 cycle for a while.

A positive side is that it means currency is being minted far slower than the schedule, and newly minted currency can be taking 4-5 days to be usable, which leads to a nice low volume stable market. We don't want too much currency being sent out to speculators. Mining is after all a service not a a free money printing machine, so our configuration seems to be rewarding the former whilst voiding the efforts of the latter.

If the network were busy with users we'd have to do something drastic, but for now all it's doing is slowing production and dumping, which is not the worst problem to have.

This is the upside, without a doubt... unfortunately, the 'free money printing machine' ethos seems to endure. And so I am glad of the cycle

[coinsolidation]

The optimal network hashrate is easy to calculate, say the three day average price (you must work on averages for such a currency with a long maturation) is 0.00019.

Then all you need to do is (14400*0.00019)/price-per-gh. So just now if the network were say at 6 GH/s and stayed at that, then it would be fairly profitable for the average miner, and have optimally timed blocks.

[neleonele]

Network Hashrate: 1.2687 Gh/s

Clearly folks are jumping on and off with difficulty changes...  

Thankfully we have min and max diff adjustments, so it looks like we'll be in a 60-240 cycle for a while.

A positive side is that it means currency is being minted far slower than the schedule, and newly minted currency can be taking 4-5 days to be usable, which leads to a nice low volume stable market. We don't want too much currency being sent out to speculators. Mining is after all a service not a a free money printing machine, so our configuration seems to be rewarding the former whilst voiding the efforts of the latter.

If the network were busy with users we'd have to do something drastic, but for now all it's doing is slowing production and dumping, which is not the worst problem to have.

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

[coinsolidation]

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

[neleonele]

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

Not yet my friend,
we didnt resolve electricity,avocations,private stuff,etc...
only few of them works here:D
But in 10-12days will be much more....36kw/h.....industrial.....all time

[82ndabnmedic]

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

Not yet my friend,
we didnt resolve electricity,avocations,private stuff,etc...
only few of them works here:D
But in 10-12days will be much more....36kw/h.....industrial.....all time

Congrats Neleonele, I hope you get all your rigs running smoothly very soon.

[neleonele]

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

Not yet my friend,
we didnt resolve electricity,avocations,private stuff,etc...
only few of them works here:D
But in 10-12days will be much more....36kw/h.....industrial.....all time

Congrats Neleonele, I hope you get all your rigs running smoothly very soon.

Thanks Medic,
we didnt calculate power costs in California with first purchase from Zeus and we bought 8thunders,
then we got them,but mining with 8kwh per 0.16$/kw is to expensive....and electricals company for instalations wonna take 3000$!!!So,now we made special deal with Zeus and bought 18 thunders more...
Now we wait to move miners in to the industrial zone,where we dont need instalations.The owner of that place is on avacation,here in Serbia.

Best way to success is meeting people

@Mark,my friend You dont have idea what power will mine BTM

[statdude]

Whats the most reliable link for network hashrate?

Edit:

Also I am getting a little confused with the difficulty retargets being extremely slow, and what this means for if everyone jumps off as soon as the difficulty increases?

Is it better to mine with a high or low hashrate to difficulty ratio? Haven't thought this one through, although I'll try 

[coinsolidation]

Whats the most reliable link for network hashrate?

Edit:

Also I am getting a little confused with the difficulty retargets being extremely slow, and what this means for if everyone jumps off as soon as the difficulty increases?

Is it better to mine with a high or low hashrate to difficulty ratio? Haven't thought this one through, although I'll try  

For almost exact numbers you need to visit the pools and add the rates together.
bitmark.co/statistic/health updates every 60 blocks
in the client you can do 'getnetworkhashps xx' where xx is a number of blocks, advise over 20 due to the randomness of finding blocks.
there are data sources too under bitmark.co/statistics/data/ if you need them.

The difficulty retarget is every 720 blocks, and currently everybody is jumping off, they'll jump back on when it changes I'm sure. So it looks like for a while the difficulty is going to quarter and later quadruple until the cycle is broken by increased demand. The down side of this for miners is that they're making it more expensive for themselves and locking up their newly mined btm for ages. The upside for everybody else is that btm being minted is effectively slowed 2,3,4,5x and new currency minted is locked so can't make it to market. This helps stabilize market prices.

As for your last question, if we simplify it you can mine twice the blocks at half the speed or half the blocks at twice the speed. which is more 2*0.5 or 0.5*2? The percentage of BTM you gain on average correlates directly to your percentage of network hashrate. Difficulty determines the speed at which blocks are found by the network on the whole, it is a target hashrate for the network to reach based on the last 720 blocks average.

The answer to all of the questions succinctly, is that the optimal current network speed for miners is 6 GH/s to maintain a health stable network and fair profit, anybody who mines consistently regardless of network speed or difficulty will always have the lowest overall cost, anybody who jumps on and off will have the highest.

There appears to be a huge amount of misinformation given to miners, even things like profitability calculators, to calculate a profit on currency which cannot even be moved for days with fluctuating markets is pure speculation at best, outright lies at worst.

[statdude]

Whats the most reliable link for network hashrate?

Edit:

Also I am getting a little confused with the difficulty retargets being extremely slow, and what this means for if everyone jumps off as soon as the difficulty increases?

Is it better to mine with a high or low hashrate to difficulty ratio? Haven't thought this one through, although I'll try  

For almost exact numbers you need to visit the pools and add the rates together.
bitmark.co/statistic/health updates every 60 blocks
in the client you can do 'getnetworkhashps xx' where xx is a number of blocks, advise over 20 due to the randomness of finding blocks.
there are data sources too under bitmark.co/statistics/data/ if you need them.

The difficulty retarget is every 720 blocks, and currently everybody is jumping off, they'll jump back on when it changes I'm sure. So it looks like for a while the difficulty is going to quarter and later quadruple until the cycle is broken by increased demand. The down side of this for miners is that they're making it more expensive for themselves and locking up their newly mined btm for ages. The upside for everybody else is that btm being minted is effectively slowed 2,3,4,5x and new currency minted is locked so can't make it to market. This helps stabilize market prices.

As for your last question, if we simplify it you can mine twice the blocks at half the speed or half the blocks at twice the speed. which is more 2*0.5 or 0.5*2? The percentage of BTM you gain on average correlates directly to your percentage of network hashrate. Difficulty determines the speed at which blocks are found by the network on the whole, it is a target hashrate for the network to reach based on the last 720 blocks average.

The answer to all of the questions succinctly, is that the optimal current network speed for miners is 6 GH/s to maintain a health stable network and fair profit, anybody who mines consistently regardless of network speed or difficulty will always have the lowest overall cost, anybody who jumps on and off will have the highest.

There appears to be a huge amount of misinformation given to miners, even things like profitability calculators, to calculate a profit on currency which cannot even be moved for days with fluctuating markets is pure speculation at best, outright lies at worst.

Thanks Mark:
The answer to my question was obvious, all that is effectively happening is the slowing of blocks.

Thanks for the handy equation for equilibrium hash as well, very useful.

[gotthemeaning]

So renting a mining rig would be unprofitable?

[82ndabnmedic]

So renting a mining rig would be unprofitable?

This varies largely on the Market price. When your BTM makes it to market, more than 24 hours have passed and the conditions that existed when you started mining may no longer exist.

That being said, mining Bitmark will always be most efficient & profitable if done in longer increments (3 or more days of consistent hash)