Bitminter bitcoin mining pool - shutdown mining 2020-07-01 website 2021-06-01

[AriesIV10]

My Miners are being delivered today so, should have them online here within a day.   WoooHooo!   


Difficulty Adjustment Update as of 13:25 EST on 17Mar16:

Bitcoin Difficulty:   158,427,203,767
Estimated Next Difficulty:   165,315,993,538 (+4.35%)
Adjust time:   After 99 Blocks, About 15.9 hours

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[gt_addict]

Bravo Th1nk3r!!! No surely it's time for me to get a block with my mini mining menagerie 

[gt_addict]

Well I've rented 5th and spent 0.05BTC on it. It's covered 4 shifts and still got 1day 15houts remaining. Thanks to bguillot I've earns half of that back so far. It's the first time it's ever looked likely to break even or make a profit! 

[wmabern]

It certainly makes me sad to see 11+% worker shift scores fall off the eligible for pay board without making anything.

You mentioned in a previous post that you had some things in the works for the website.
Would any of those things include extending shift time or enabling pay for, say, 5 more shifts to remain active.

I can't begin to say I know the technical and financial inner workings of how all of this works. But in the unlikely case I'm ever asked, I would vote for the adding of 5 more payable shifts. I think that would extend the payable from approximately ~55 hours to ~ 82.5 hours.
Fewer 11% shifts falling by the wayside. Just a thought.

[gt_addict]

Although not 11% shifts my best shifts (thanks to the rental) have just all disappeared aswell. Back to dust payouts for me 

[Mikestang]

I think that would extend the payable from approximately ~55 hours to ~ 82.5 hours.

If I understand PPLNS correctly, which I doubt I do, you would be extending the number of payable shifts, but each shift would also be worth less, so your net in the end would be the same (?).  Is that correct?  I don't think there's a way for you to magically get paid more BTC for doing the same amount of work.

[wmabern]

You may be completely correct. I don't know.

The only thing I see (from my point of view only), is that I have 10 work shifts consisting mostly of 11+% work shares and that slowly falls away to become 10's and 9's.

Well, another block was just found as I was writing this. Congratulations Fefox.

I wish I knew what your settings were

** The BTC block was marked as stale at first. Then it changed to 99 confirmations left. Also, don't see any payouts. Not sure I understand. Oh well, I'm new at this.  

I suppose the block needs more confirmations to be payable. So payout is now pending.

[DrHaribo]

I think that would extend the payable from approximately ~55 hours to ~ 82.5 hours.

If I understand PPLNS correctly, which I doubt I do, you would be extending the number of payable shifts, but each shift would also be worth less, so your net in the end would be the same (?).  Is that correct?  I don't think there's a way for you to magically get paid more BTC for doing the same amount of work.

You are correct. If you have 1% of the pool hashrate then you get 1% of the coins that are paid out. It's that simple if you mine 24/7, and you don't have to worry about shifts.

For part time miners if I increase the shifts then the variance goes down. That includes people renting hashes for a limited time. If you rent someone's hashing for a few hours then if we have long shifts you are more likely to have an average payout. If we have short shifts then you are more likely to have a very high or very low payout. Longer shifts even out the payouts more for those who don't mine 24/7.

But most importantly longer shifts would help with the negative psychological effect of seeing a shift with zero pay. Because of negativity bias (known deficiency of the human brain) people will over-focus on the unpaid shift even if it was a lucky day with high payouts overall. It makes people feel like they are losing when they are winning. This has caused people to leave the pool or send in angry complaints even at times when we have great luck and higher payouts than any other pool.

I suppose the block needs more confirmations to be payable. So payout is now pending.

Payouts happen after just a few seconds if you have the pre-pay perk enabled at the time when the block is found. Otherwise it happens when the confirmations have counted down.

[wmabern]

I do understand, Doc.

I was just commenting on the sadness of seeing 11% shifts drop off.

I do have the prepay perk and the transactions fees are already in my wallet.

I mine full-time, but only with 2 S7's, the rest is rented. Just wish I was one of the lucky ones finding blocks. It seems to be many of the same people finding blocks even at much lower hash rate than I have been putting in for a few weeks.

I suppose it is a fallacy that the more hash you add to the pool, the more likely it is you will find a block. Just luck and some people appear to be much luckier than others.

I have never found a block and would certainly enjoy the thrill of that happening!
Thanks.

[gt_addict]

You may be completely correct. I don't know.

The only thing I see (from my point of view only), is that I have 10 work shifts consisting mostly of 11+% work shares and that slowly falls away to become 10's and 9's.

Well, another block was just found as I was writing this. Congratulations Fefox.

I wish I knew what your settings were

** The BTC block was marked as stale at first. Then it changed to 99 confirmations left. Also, don't see any payouts. Not sure I understand. Oh well, I'm new at this.  

I suppose the block needs more confirmations to be payable. So payout is now pending.

The more hash power the pool has the more shares it has to divide the block by. I only have 2xS3's so my share is 0.0255% so I don't get a lot. But if someone jumps on the pool or switches gear over and suddenly there's another 200-300Th then my share drops down to 0.0187% which is obviously quite a chunk. There will always be fluctuation with share percentage as the pool hashrate is always changing depending on if bitminter is a failover pool for some peoples miners.

In regards to payouts take a look at your translation history on the website it should list exactly what you have received and what has been paid out to your btc address that you should have provided.

[wmabern]

Yes, I completely understand that. Thanks.

[DrHaribo]

I was just commenting on the sadness of seeing 11% shifts drop off.

Yeah, when renting a lot of hashpower for a short time there's a good chance you either double your money or lose it all.

I could double the size of each shift and we can see how that works out. I get the impression that most people renting hashes for Bitminter would prefer that. And those mining 24/7 with the same hashpower aren't affected much.

Are there anyone who would be unhappy with doubling the shift size? It would make unpaid shifts much more rare.

I suppose it is a fallacy that the more hash you add to the pool, the more likely it is you will find a block. Just luck and some people appear to be much luckier than others.

Yeah. Over time it certainly evens out for the big miners. But we have done these "mint races" where the one to find the "best block" (lowest hash) is the winner. And tiny miners have won those. On the other hand many small miners never find a block. Mining really is a lottery.

[wmabern]

I try to rent my hash power to last anywhere from 3-5 days depending on the completed duration of the block being worked on. (As it seems 5 days and some hours is the longest without a block being found on average.)

Personally, I would not be adverse to lengthening the shift size. I don't know what others think. But that's just me.

I also don't know the ramifications of doing that. So may the more knowledgeable minds prevail.

Thank you for the reply.


P.S. Yes, I suppose I am a small miner because I only have two s7's running 24/7. But I have been trying to increase my hash by renting enough hash to cover what "may" be the length of time to find a block. I have recieved some nice payouts on on my combined hash power. But I'm still shooting for that elusive block to call my own. 

[Mikestang]

I suppose it is a fallacy that the more hash you add to the pool, the more likely it is you will find a block.

I may be misunderstanding your intent with this statement, but it is not a fallacy and in fact the sole and only thing you can do to increase your chance of solving a block is to add more hash power.

[wmabern]

I suppose it is a fallacy that the more hash you add to the pool, the more likely it is you will find a block.

I may be misunderstanding your intent with this statement, but it is not a fallacy and in fact the sole and only thing you can do to increase your chance of solving a block is to add more hash power.

Adding more hash was my intent to increase my chances of finding a block. I was assuming that was correct. But since it hasn't worked out for me (so far), I will patiently await that moment.

It has, of course, increased my payout when others find a block. But I want to find my first block. Patience and luck are the keys I suppose. Mostly luck, it seems!

I will add additional hash as long as feasible.

[scyth3]

I was just commenting on the sadness of seeing 11% shifts drop off.

Yeah, when renting a lot of hashpower for a short time there's a good chance you either double your money or lose it all.

I could double the size of each shift and we can see how that works out. I get the impression that most people renting hashes for Bitminter would prefer that. And those mining 24/7 with the same hashpower aren't affected much.

Are there anyone who would be unhappy with doubling the shift size? It would make unpaid shifts much more rare.

My vote would be to leave it as-is. Don't fix what ain't broken.

[in2tactics]

Are there anyone who would be unhappy with doubling the shift size? It would make unpaid shifts much more rare.

The point of this debate should be about netting the pool a higher average hashing rate. Increasing the shift size will decrease the chance for unpaid shifts, but it will also decrease a renters potential maximum payout as it is tied directly to the shift size.

My vote would be to leave it as-is. Don't fix what ain't broken.

I do concur with scyth3. However, based on my previous assessment, I would also opine that having a greater risk versus reward ratio will attract more renters looking for a higher potential payout and will therefore increase the pool's average hashing rate.

[wmabern]

Doc,

I have heard you say previously that both US1 and US2 are located on the east coast. Also, that Bitminter is just an alias for one of the pools.

Could you give the locations of the pool servers or just the name of the server that is located the farthest west, please?

I'm getting lots of stale date, not much difference between the pools I try.

Perhaps the server that is farthest west will give me lower latency. I'm on the east coast, somewhat, but renting hash from the west coast.

If you have a different alternative for closer hash rental I'm all ears and will give it a try.

Thank you for any info you can share.

[gt_addict]

I get a fair bit of rejected work when I rent. I rent nicehash in Europe and point it to bitminters eu server but still get more than I normally do on my own gear. Must be something to do with what miners are selected and if they keep switching miners to keep you at your Th/s request.

[wmabern]

Makes sense. Sure wish I could cut down on them!!