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Author Topic: Bitminter bitcoin mining pool - Pays TxFees, Merged Mining, Fair PPLNS rewards  (Read 307642 times)
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DrHaribo
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November 02, 2017, 07:11:05 PM
 #1341

With lack of replay protection with the b2x fork you have to check after your step 2 that the coins haven't moved on the fork as well. If that happens when you make your b2x wallet there will be zero balance in that too.

Good point. The replay attack could happen before you even try to send the new coins. I edited the post above and added another replay attack check, so the check is now in two places.

Thanks. Smiley

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DrHaribo
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November 08, 2017, 06:13:03 PM
 #1342

The Segwit2x hard fork has been cancelled.

It was announced here: https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html

Those worrying about replay attacks and how to split coins can rest easy.

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November 12, 2017, 04:32:41 AM
 #1343



Holey guacamole batman

All hail Indss

Miner of what I believe is the fatest block ever
in all bitcoin history 13.4btc in transaction fees

Thanks again Dr Haribo for all your work keeping
this pool running.

Hopefully this will bring some more hash power to
the pool, but I am more than comfortable mining
in this lotto pool either way, big or small

cheers



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November 12, 2017, 09:13:18 AM
 #1344

Yeah, nicely done Indss. 25.9 BTC from one block - that's quite good.

Bitcoin has some bad scaling issues. Sad

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November 12, 2017, 11:41:53 AM
 #1345

Yeah, nicely done Indss. 25.9 BTC from one block - that's quite good.

Bitcoin has some bad scaling issues. Sad


and many enemies  Tongue

many congrats and thanks

I do not accept segwit outputs as payment, nor send them.
~14 easy tricks to save your bitcoin http://trilema.com/2013/how-to-airgap-a-practical-guide/ The auditable hardware RNG http://nosuchlabs.com/
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November 14, 2017, 11:52:45 PM
 #1346

Hi all, trying to understand shift work as I dip my toe in the water. When I first looked at mining at the start of the ASIC revolution, it was more profitable to simply buy bitcoin than try to start mining with ASICs. Is that still the case?

If I buy a used S7 on ebay for $750 and turn it on using the correct power supply and high voltage, it should run at 4.7TH/s, or 4700 GH/s.

Shift payouts at https://bitminter.com/shifts say that pay per shift is somewhere between 0.00001-0.00002 BTC if you mined at 1 TH/s for 1 hour (with one shift being 10x that recently)? Do I have that right?

So let's do a simple case of 0.00001 BTC per 1 hour mining at 4.7 TH/s with the S7 being plugged in 24/7 and that shift taking ~72 hours:

0.00001 BTC * 72 hours * 4.7 TH/s = 0.03384 BTC per completed shift, which happens about once every three days? If BTC/USD stays anywhere near its current level, that's 0.03384 BTC/shift * 10 shifts/mo * $6500/BTC = $2200/mo? Then as difficulty goes up and 4.7TH/s becomes less impressive, it pays less over time?

Where am I going wrong? Seems too good to be true.
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November 15, 2017, 07:05:55 AM
 #1347

Where am I going wrong? Seems too good to be true.

If it seems too good to be true.....

Rather than explain where you went wrong it is a lot easier just to show you how to do it correctly. Here is a link to a mining profitability calculator. The major cost in mining is electricity and for the example I've used 12 cents per kilowatt hour as that's an average sort of price.

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4.7&HashingUnit=TH%2Fs&PowerConsumption=1293&CostPerkWh=0.12

It gives a profit of $66.39 a month which is $807.81 a year.

You do correctly identify the problem with these calculations in that difficulty goes up and the profit is reduced over time. It would be unlikely to recover the $750 in less than a year.



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November 15, 2017, 07:12:25 AM
 #1348

0.00001 BTC * 72 hours * 4.7 TH/s = 0.03384 BTC per completed shift

No, it's 0.003384 - you're missing a zero in there.

Perhaps a simpler way to estimate earnings, use a bitcoin mining calculator. Here is a simple one: https://alloscomp.com/bitcoin/calculator

The results will be much too low now though, as it doesn't include income from transaction fees which have become very large. Our last block had more income from transaction fees than from newly generated coins.

Does anyone know of a calculator that includes tx fees?

I'm not sure if there are any easily available stats on tx fees per block, but this one shows transaction fees per day: https://blockchain.info/charts/transaction-fees
If we assume 144 blocks per day (difficulty not changing), then it is yesterday 4.27 BTC per block, 5.43 BTC per block the day before. If we get back to a more normal level where bitcoin is not completely overloaded then perhaps 1.39 BTC per block.

That's 34%, 43% and 11% extra earnings respectively, on top of the 12.5 new coins per block.

In the medium term I think I'd add 11% to what mining calculators say. It may look nice to earn 30-40% from tx fees on top of the 12.5 BTC per block. But I really hope this is not going to last. We have 100 000 backlogged transactions, transaction fees have skyrocketed and bitcoin has been almost unusable the last couple days.

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November 15, 2017, 07:29:43 AM
 #1349

Does anyone know of a calculator that includes tx fees?

I don't know of a calculator that does but https://fork.lol/reward/blocks show the $ total reward per block and https://fork.lol/reward/fees shows $ fees per block so I suppose it would be possible to do your own calculation from that.

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November 15, 2017, 09:50:30 PM
 #1350

Increased transaction fee for "send coins"

The fee to withdraw coins using "send coins" has been changed to 0.0013 BTC (was 0.0009)

This is necessary as bitcoin transaction fees have skyrocketed lately. For a while the pool was paying 0.0036 BTC for a small transaction. There is still 77000 backlogged transactions in the bitcoin system, but the fees are on the way down. If this continues we can hopefully reduce the fee for "send coins" on our website again soon.

The pool still pays the transaction fee for you if you use auto cash out instead. This requires a minimum balance of 0.01 BTC.

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November 16, 2017, 01:43:06 AM
 #1351

Thanks for the help everyone! I'll continue to simply buy BTC.
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December 02, 2017, 01:40:27 AM
 #1352

The fee to withdraw bitcoins with "send coins" has been reduced from 0.0013 BTC to 0.0005 BTC.

As always, if you have 0.01 BTC or more then you can withdraw for free using auto cash out instead.

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December 05, 2017, 05:20:49 AM
 #1353

With BitMinter, if my rig discovers a new block, do I receive half of it like Slushpool, or just a proportion of my work for the discovery? TIA!
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December 05, 2017, 05:22:12 AM
 #1354

With BitMinter, if my rig discovers a new block, do I receive half of it like Slushpool, or just a proportion of my work for the discovery? TIA!
That doesn't happen on slushpool either.

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ZERO FEE Pooled mining at ckpool.org 1% Fee Solo mining at solo.ckpool.org
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December 05, 2017, 05:29:55 AM
 #1355

With BitMinter, if my rig discovers a new block, do I receive half of it like Slushpool, or just a proportion of my work for the discovery? TIA!
That doesn't happen on slushpool either.

Hmmm, I was thinking that one did that - it's been a couple years since I mined a lot. For some reason, I was thinking you got 12.5 BTC if you discovered a block.
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December 05, 2017, 08:17:33 AM
 #1356

With BitMinter, if my rig discovers a new block, do I receive half of it like Slushpool, or just a proportion of my work for the discovery? TIA!
That doesn't happen on slushpool either.

Hmmm, I was thinking that one did that - it's been a couple years since I mined a lot. For some reason, I was thinking you got 12.5 BTC if you discovered a block.

Thats solo mining, not regular pool mining. So you either mine on your own, against your own bitcoind or there are a couple of solo pools that have setup all the infrastructure for you to mine against, they may charge a small fee but you get nearly all of the 12.5BTC if you find the block.

They are promoted in this very forum.

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If anyone wants a £100 bitmain coupon free please pm me.
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December 05, 2017, 09:28:24 AM
 #1357

No, we don't have solo mining.

12.5 BTC is not half a block, it's 100% of the new coins in the block currently. In addition to this there is also income from transaction fees.

Yes, it used to be 25 new coins per block, and 50 before that. This is halved approximately every 4 years. Watch the countdown on bitcoinclock.com

It would be possible to have a pool where you paid over 50% in mining fees and you got half the income from the block when you found one. But I don't think there's a market for it.

You can instead put 50% of your hashpower on Bitminter and use the other 50% for solo mining.

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December 05, 2017, 02:22:43 PM
 #1358

With BitMinter, if my rig discovers a new block, do I receive half of it like Slushpool, or just a proportion of my work for the discovery? TIA!
That doesn't happen on slushpool either.

Hmmm, I was thinking that one did that - it's been a couple years since I mined a lot. For some reason, I was thinking you got 12.5 BTC if you discovered a block.

Thats solo mining, not regular pool mining. So you either mine on your own, against your own bitcoind or there are a couple of solo pools that have setup all the infrastructure for you to mine against, they may charge a small fee but you get nearly all of the 12.5BTC if you find the block.

They are promoted in this very forum.

Awesome. Thanks you very much for the input!
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December 05, 2017, 03:22:21 PM
 #1359

No, we don't have solo mining.

12.5 BTC is not half a block, it's 100% of the new coins in the block currently. In addition to this there is also income from transaction fees.

Yes, it used to be 25 new coins per block, and 50 before that. This is halved approximately every 4 years. Watch the countdown on bitcoinclock.com

It would be possible to have a pool where you paid over 50% in mining fees and you got half the income from the block when you found one. But I don't think there's a market for it.

You can instead put 50% of your hashpower on Bitminter and use the other 50% for solo mining.


Awesome. Thanks you very much for the input!
DrHaribo
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December 08, 2017, 09:39:36 PM
 #1360

Fee to use "send coins" on our website now adjusted to 0.0011 BTC.
There has been a flood of transactions on the bitcoin network and there is now a big backlog. We'll adjust the fee again once bitcoin is back to normal.

If you have stuck transactions, many are in the same boat. Thankfully the backlog seems to be shrinking - things may be back to normal within a few days.

Remember, if you have 0.01 BTC then you can cash out for free using auto cash out. That's under "my account" -> "overview" in the website menu.

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