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

[DrHaribo]

ON the accounts page what does the future column represent?

Future is just current balance + unconfirmed income. Just so you don't have to add the numbers yourself. If you use the prepay perks then unconfirmed is always zero and future is always the same as your current balance.

[1713511019]

1713511019

[1713511019]

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[1713511019]

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[theweiss]

So who is this Roberto185 miner?  Is this someone who was already in the pool that is scaling up or should we roll out the welcome to Bitminter red carpet?  Either way, it nice to see another 50-60 Th/s joining to cause!!!!!

[Minor Miner]

Has anyone else had problems when updating the FW on SP10s?   Three of them did not start back up mining after it and it says they are waiting or unable to find the pool.    The pool settings have not changed.    These things were zero maintenance and I am an idiot for updating the FW, but anyone else with same problem and/or solution?

[Walter Rothbard]

I just wanted to post a note of endorsement and recommendation for BitMinter.  DrHaribo is very helpful and BitMinter is probably the most enjoyable pool to mine with.

I didn't get paid for saying this; it's just the unvarnished truth.

[gb1971]

I just wanted to post a note of endorsement and recommendation for BitMinter.  DrHaribo is very helpful and BitMinter is probably the most enjoyable pool to mine with.

I didn't get paid for saying this; it's just the unvarnished truth.

i totally agree

[theweiss]

I just wanted to post a note of endorsement and recommendation for BitMinter.  DrHaribo is very helpful and BitMinter is probably the most enjoyable pool to mine with.

I didn't get paid for saying this; it's just the unvarnished truth.

Varnish is overrated!  I couldn't agree more!!!!

[DrHaribo]

Thanks, guys. That is very much appreciated.

And thanks to all who mine here - you are the pool

[rockby11]

Thanks you, I am glad to be with this pool.

[marklyon]

I had a bit of API fun an made a simple push notification using YO.

Send a YO to BITMINTED to subscribe. You'll get a YO when a new BTC block is mined on BitMinter (accurate to within 15 minutes, does not send multiple notifications if more than one block found each 15 minutes).

[DrHaribo]

I had a bit of API fun an made a simple push notification using YO.

Send a YO to BITMINTED to subscribe. You'll get a YO when a new BTC block is mined on BitMinter (accurate to within 15 minutes, does not send multiple notifications if more than one block found each 15 minutes).

Cool! Gonna give this a try

[marklyon]

If you decide it's something you like, I'll happily pass control of the account to you. 

Right now it's just a little python script on my pc, checking the ID of the most recent block through your API and comparing to the last value seen. Adding the YO API call to your codebase should be easy (it's just a post to a specific URL) if you want to notify as soon as a block is successful.  You can also send a URL or only YO specific users (for example, you could notify an individual when auto cash out succeeds).

[Fahlcor]

Wow that last bump in difficulty really pushed up the shift length.

[DrHaribo]

Friday October 3rd we'll reduce shift sizes to 25% of what they are now. That means the amount of work in 10 shifts will be 1x difficulty rather than the 4x difficulty we have presently.

[DrHaribo]

For those who prefer Linkedin, a Bitminter Linkedin page has been created at https://www.linkedin.com/company/bitminter

[Fahlcor]

So does that mean on longer blocks we will be doing work without any credits? I could see that working if we were doing blocks faster.  If we are still getting credit for the last 10 shifts then that would be roughly 10 shifts a day.  And when a block takes 3 days like it is currently then that means 3 days of work with only 1 day of pay?

Or are you hoping the faster shifts will bring in more miners?

[DrHaribo]

This change reduces the time it takes from you do some work until it is fully paid. That's a good thing. Also, 10 shifts taking over 5 days has been a problem for newbies and for people who (wrongly) believe you have to work 10 shifts before getting proper pay. With the new setting it will happen more often that there is a shift without pay, but also shifts with very high pay. However, this doesn't change anything if you are mining in the pool 24/7, you earn the same anyway. It only creates short-term variance.

The size of the shifts is not really a big deal. If you have 1% of the pool hashrate then you get 1% of the payouts. That's not changing.

I'm mostly trying to find a balance between the wrong belief that "short shifts give me unfair low pay" and the wrong belief that "long shifts give me unfair low pay". So I don't have to explain things as often.

[DrHaribo]

Here's how the psychology of variance works.

The situation: you work for one hour and get nothing, then you work another hour and get double of normal pay.

People perceive this in different ways.

Overly negative person (very common): "OMG! I worked a whole hour and got nothing!". Those people can earn millions and still feel they are losing, because there was that one little thing which was not perfect. That's why they paid a 10% fee to mine PPS at Deepbit. After months of mining it felt like nothing had gone wrong, there was not a single moment with horrible pay. That was their only focus and they were happy. Overall they got the lowest mining payouts in the history of Bitcoin.

Overly positive person (common with gamblers): "I got double pay! I really hit the jackpot this time!". These people can gamble away their entire life savings and still feel that they are winning, as long as they get a small win every once in a while in between the huge losses. That's how casinos make a lot of money. They let players win small sums frequently. That keeps them hooked and makes them gamble away all the money they can get their hands on. Even the casino making it look like the player "almost won" counts as a win in the head of some players.

The reality? Overall you got average pay. This is where rational thinking is, and this is where you want to be.

Notice how those other two people looked at only part of the picture and then got very emotional about it, while you looked at the whole picture and stayed rational. This difference is important. There are entire businesses built around taking advantage of the psychological weaknesses of those other two people.

[DevonMiner]

I'm mostly trying to find a balance between the wrong belief that "short shifts give me unfair low pay" and the wrong belief that "long shifts give me unfair low pay".

This is a good news, so many must look at pools with 1hr+ shifts and jump in, thinking BitMinter with its 12hr+ shifts will take days to fill.

The psychological angle is HUGE, good move Doc.

[theweiss]

I had a bit of API fun an made a simple push notification using YO.

Send a YO to BITMINTED to subscribe. You'll get a YO when a new BTC block is mined on BitMinter (accurate to within 15 minutes, does not send multiple notifications if more than one block found each 15 minutes).

This sounds way cool.  I'll give it a try too!  Thanks for setting it up.

[Hunyadi]

4d 22:14 and still going...