New Pool creation

[JohannisK]

Hi all,

I've recently started reading into bitcoins and started mining. I would like to try and set up a new pool. I've got a small test server to play with the configuration of the different services (currently running bitcoind, stratum-mining and mpos).

I see a lot of different payout methods described. Could someone point me to good documentation on the different payout methods?
I would also like some tips about the best payout methods for a starting pool. I would like to earn some money to keep the servers up and running, but first I would like to attract people so I want to payout most of the earnings of the pool.

Second question is what kind of server I should get for the starting pool. I currently have a 1 proc server with 1024MB memory and 1024MB swap.

I've almost finished downloading the blockchain, so I'll be testing the server with my own worker soon. Should this be succesfull, would some of you help me betatest the configuration?

Thnx for any advice!

JohannisK

[1714943967]

1714943967

[1714943967]

1714943967

[CozyLife]

You can learn what a lot of the payout types are on this site: http://www.bitcoinmining.com/bitcoin-mining-pools/

Most mining pools I've dealt with use PPLN or PPS. IMO the best way to start a pool would be to make it not have any fees at first if you can afford that. After you get maybe 100 miners on your network, bump the fees to 1% and leave it there. Let everyone know this is what you plan to do or all of your miners will leave and spout a bunch of FUD. (With good reason) People usually don't find free pools as it takes money to run them, but charging anything on only several miners isn't going to get you much money in the first place, so you should be able to get away with having your pool be free for a bit.

If your pool gains dubious amounts of miners, you'll get a lot of funds from just that 1%, so you might not need to ever increase that. Never go above 3% and only ever charge that if you're providing something no one else does. (Ex. IPOMiner searches for promising new coins so you can get in before the pump and you can profit from the dump. They're the only one I know of who does this and they can get away with a 3% pool fee.)

Your server should be fine to start with, though in time you'll be needing to upgrade most likely. I don't know much about running a pool, but I've been a miner for some time now and I know what makes for a good pool.

[JohannisK]

Hi CozyLife,

Thnx for your help. I've got the pool running, I'm currently testing with a small test worker, and it seems to work fine

Currently I'm testing if the coindaemon is setup properly (I've send it a test transacion so I hope my balance goes up soon)

Thnx

[MajidBC]

There are a lot of pools available and most of them are without any significant number of workers. I suggest you to have something new for your pool, otherwise why would someone mine on your pool while there are some well-known and experienced ones out there?

[thebfldoctor]

I suggest to do a 0.5% pool fee.
That is the lowest pool fee I ever seen so everyone will mine with your pool.

[abora]

 0.5% pool fee!! Very mouth watering but Would that not be too low?

[alwinlinzee]

I suggest to do a 0.5% pool fee.
That is the lowest pool fee I ever seen so everyone will mine with your pool.

Very encouraging pool fee it will surely pull in miners.

[BigMac]

I see a lot of different payout methods described. Could someone point me to good documentation on the different payout methods?

For non-technical description, you can refer to https://bitcointalk.org/index.php?topic=104664.msg1146110#msg1146110.
For in-depth analysis, you can refer to https://bitcoil.co.il/pool_analysis.pdf.

[Talukdar001]

0.5% pool fee!! Very mouth watering but Would that not be too low?

If you can really made a offer like this a lot of miners will be attract to mine with your pool.

[pejman]

Dear friends,

I am new to mining and after mining on my personal hardwares now i decide to run a pool,
I am interested to run a pool with highest quality available, on Gigabit connections and powerful server's hardware with very low latency on one of the best datacenters,

Every one is interested on my pool?

Just if i receive your feedback then i will begin the setup, also i hear your suggestions, i can run pool on both Windows or Linux platforms, i have experience for more than 7 years on web and server development and also i have CCNA certificate on network,
You can rely on my skills