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

[Thracian]

Our combined hashpower should give a block every 1.35 days. (32 hours)

BUT we got 3 blocks in 24 hours(!) and we got 6 blocks in two and a half days.

We would be above or on the average, even if this block takes 7 days to complete!

Just relax and let the averages work for you...

4d 22:14 and still going...  

[1713309729]

1713309729

[Hunyadi]

I know, I know, but it is still a brutal block.

[theweiss]

Yep, this is a really brutal block but overall this month has been great.  You gotta take the good with the bad, no way around it.

[Fahlcor]

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.

If the law of averages prevails here why not just make it 20 mins like the big pools? heck even 10?  worst case we get some pool hoppers and start catching blocks faster than 5 days....

[DrHaribo]

If the law of averages prevails here why not just make it 20 mins like the big pools? heck even 10?  worst case we get some pool hoppers and start catching blocks faster than 5 days....

The shift size isn't going to affect pool hopping, PPLNS is still safe from pool hopping.

Making the shift size extremely small I think would be a bad idea. It would scare the ones that are shocked to see a shift with zero pay. I have to balance between that and the people who think if 10 shifts take 5 days it means they have to mine 5 days with lousy pay before proper pay starts. So I try to keep it somewhere in the middle.

[gb1971]

"So I try to keep it somewhere in the middle."

https://www.youtube.com/watch?v=DohRa9lsx0Q

 

[christhegoth]

Much as I'm not a Pool Hopper ( I'm a bet-spreader, not a luck chaser ) I can now no longer make a profit mining BTC.

I bought at £1 / GH, and mined at 1w / GH, but this price crash ( £380 is now only £230 ) has got me.  I'm having to switch off.

A 40% price drop is a killer.  Even with kit only 2 months old.  I mine at break even now.  And all that running around for zero cash seems pointless when there are bills to pay and other sources of revenue I can chase.

Very disappointing I have to say.  Let's hope enough other miners survive.



Thanks for the good service Doc!  I know that my wording is not ideal, but averaging over a months is how this pool does best

[HerbPean]

Much as I'm not a Pool Hopper ( I'm a bet-spreader, not a luck chaser ) I can now no longer make a profit mining BTC.

I bought at £1 / GH, and mined at 1w / GH, but this price crash ( £380 is now only £230 ) has got me.  I'm having to switch off.

A 40% price drop is a killer.  Even with kit only 2 months old.  I mine at break even now.  And all that running around for zero cash seems pointless when there are bills to pay and other sources of revenue I can chase.

Very disappointing I have to say.  Let's hope enough other miners survive.



Thanks for the good service Doc!  I know that my wording is not ideal, but averaging over a months is how this pool does best

If you're still break even at the moment, you should keep going. The price should rise up again. (just my 2 cents)

[DrHaribo]

Much as I'm not a Pool Hopper

I don't think there's any pool hopping happening anymore. Probably not enough pools left that are vulnerable to pool hopping.

[Flattire]

The shift size isn't going to affect pool hopping, PPLNS is still safe from pool hopping.

Making the shift size extremely small I think would be a bad idea. It would scare the ones that are shocked to see a shift with zero pay. I have to balance between that and the people who think if 10 shifts take 5 days it means they have to mine 5 days with lousy pay before proper pay starts. So I try to keep it somewhere in the middle.

To be honest?  That is exactly what I thought... It is what as been keeping me from bringing more gear online on this pool.  At this rate, I'd use up half a difficulty level bringing up my "share per shift" and I just can't afford it.  In my other pool I'm being paid per share and if I add more I get paid more. 

Where can I read how this actually works? 

[DrHaribo]

At this rate, I'd use up half a difficulty level bringing up my "share per shift" and I just can't afford it.

Instead of looking at how much you get for a block, it's better to look at how much you get per proof-of-work that you mined in each shift. To shift the focus over to this view, which people can understand, and away from the confusion that pay-per-block makes, I should probably remove the "expected per block" info on the website, and add info about what the pay was per proof-of-work in each shift.

Seeing this from the point of view of the work you are doing, not the blocks that are found: there is a delay from you do some work until it is fully paid. If you mine for 1 hour, we find a block, and you get a small payout, what does that mean? It doesn't mean you got a really bad pay for your 1 hour of work and you need to work for 5 days until you start being paid properly. It means your 1 hour of work just began receiving pay and it will take 5 days until that 1 hour of work is fully paid.

You also see this when you stop mining, and you keep getting paid for 5 more days. That's not the pool compensating you because it punished you in the beginning. It's the delay from work to pay.

If you do some mining on monday, you won't know what pay you get for it until friday.

Reducing the size of the shifts so you get paid 1 to 2 days after the work is done instead of 5 days and some hours later, will make this look less bad for people who misunderstand. And the website changes I am thinking of above will make it less likely that people misunderstand.

I want people to think "I did X amount of work in shift Y. How was the pay for that." Seeing mining from this angle leads to sound logic.

I don't want people to think "I got X pay for this block. Looks like I have to ramp up to full hashrate in 10 shifts before the pool pays me properly." Seeing mining from this angle leads to utter confusion and misunderstandings.

[Fefox]

got some Spondoolies online today... hopefully they can help power thru this block now. 

[Cheeseater]

Hell for a minute I thought they did
Blockchain fails again... what a let down

Edit: Yeah they did

5 days, 13 hours and 22 minutes 138,964,201,926 hashes till PasProfeta made the one that mattered. I need to sell my miners and move on with life.

[cenicsoft]

got some Spondoolies online today... hopefully they can help power thru this block now. 

Yeah you did!  Good to see some heavy hitters sticking around through the good and bad luck. 

[ichtus27]

Hey Fefox, is that allso the hash power you talked about almost a year ago??

Nice to see you got more power working, hope to have more hash power hopefully around Januari my self.

[Fefox]

Hey Fefox, is that allso the hash power you talked about almost a year ago??

Nice to see you got more power working, hope to have more hash power hopefully around Januari my self.

I canceled a bunch of hardware and went with spondoolies, also had to do a massive electrical upgrade that took forever to complete.  still have loads of hardware to get online this winter

[theweiss]

got some Spondoolies online today... hopefully they can help power thru this block now. 

Yeah you did!  Good to see some heavy hitters sticking around through the good and bad luck. 

I'd like to second this.  Glad to see you guys around and involved. 

[ichtus27]

Nice job Fefox, as i said, i hope to upgrade soon from the 190gh i have my self.

[HerbPean]

Anyone else got their miners jumping in and out of the Pool ?

[HerbPean]

Anyone else got their miners jumping in and out of the Pool ?

All good now