KanoPool since 2014 🐈 - PPLNS and Solo 0.5% fee - Worldwide - 2437 blocks

[nhando]

Bitcoin is too new for IRS which moves at snail pace to catch up.  From what I'm hearing from my CPA is that, I need to pay him to research it in more detail as it's busy tax season right now and he doesn't have the cycles.  However he said regardless if I use him or another CPA, for now,  I must keep track of when I "get paid" and it's market value at that time.  I would translate that as when I get that BTC get paid into my Wallet as all transactions will be tracked at the wallet level.  So if I can set it similar to Slush pool where I can set it to pay out when it's 1 BTC for example, it would reduce the number of transaction making it to document.  Coinbase is not very good at organization or filing / exporting. 

Right now Kano is still small so there's not too many transactions yet but the pool is growing at a rapid rate (double already), I would expect the pool to find many more blocks per day soon at this rapid expansion rate.  That would create much more documentation effort whether I use a CPA or do my own filing.

[ZACHM]

Hi Zach,

What exchange rate are you using here. Is it BTC to CAD on specific day? How does it work?

I actually store everything in my database as the USD (because I'm in the US   ) rate at the time the block is found.
(that comes from https://bitcoinaverage.com)

Then I use: https://currency-api.appspot.com
To get the current USD to WhateverCurrency rate to convert to your currency for display.

So the conversion of USD to "YourCurrency" is based on todays value of that.
But the BTC/USD is based on the time the block is found.

[Moria843]

Bitcoin is too new for IRS which moves at snail pace to catch up.  From what I'm hearing from my CPA is that, I need to pay him to research it in more detail as it's busy tax season right now and he doesn't have the cycles.  However he said regardless if I use him or another CPA, for now,  I must keep track of when I "get paid" and it's market value at that time.  I would translate that as when I get that BTC get paid into my Wallet as all transactions will be tracked at the wallet level.  So if I can set it similar to Slush pool where I can set it to pay out when it's 1 BTC for example, it would reduce the number of transaction making it to document.  Coinbase is not very good at organization or filing / exporting.  

Right now Kano is still small so there's not too many transactions yet but the pool is growing at a rapid rate (double already), I would expect the pool to find many more blocks per day soon at this rapid expansion rate.  That would create much more documentation effort whether I use a CPA or do my own filing.

Wrong on most counts. I would fire your CPA and start doing your own research if you're doing "serious" bitcoin mining or transactions. The IRS regulations caught up a while back and transactions were supposed to be reported starting in 2014.

https://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance

[nhando]

He linked the same info and 2014 date.  As you can see from the site info, the rulings are very vague.  This is why he said most CPA who doesn't specialized in virtual currency will not be caught up to speed with it and will require charging for the time to learn about it.  That's why he suggested I find another CPA who specialize in this or pay for his research time.

[cryptichermit]

He linked the same info and 2014 date.  As you can see from the site info, the rulings are very vague.  This is why he said most CPA who doesn't specialized in virtual currency will not be caught up to speed with it and will require charging for the time to learn about it.  That's why he suggested I find another CPA who specialize in this or pay for his research time.

Don't pay him for research time!

Any CPA worth their weight in salt would gladly research it in order to expand their repertoire.  Keep up with the times or lose clients both now and future.

[Real-Duke]

block baby!

Here we go 

[bctmke]

Block party    Keep em rolling

[winspiral]

yessss
thanks

[VRobb]

BLOCK-TASTIC!

Thank you sir, may I have another?

[clgrissom3]

bitminerpro keeping us going again! Thank you!

[AriesIV10]

Bring it on!!  Block Party!

[kano]

I feel somewhat traumatized since I started to mine here and already suffered through two blocks of about 250%, that said, Isn't it a good timesaving idea to write out the duration for every finished block on the Pool/Blocks page ?

I know I can calculate it myself, but with all this trauma after those devilblocks it´s not that easy.

... has a very good "recent blocks" page :

...

Startingtime just as kano but also the Duration which I think is good.

Their "recent blocks" page is terrible IMO.
It hides all the information about stale/orphan/rejected blocks that are very important to know about with any pool.
It has no useful statistical analysis of the pool's performance.
If you look on there you'll see only luck%, no diff% ... and in the past week there's 35.9%, 32.4%, 23.4%, 34.3% luck%
Do those numbers matter? No idea, you'd have to convert them to useful data and then maybe do something useful like a CDF[Erl] on them.

Firstly, looking at those numbers you should actually wonder is everything ok there? ...
what they mean in Diff% is: 278%, 308%, 427%, 291% ...
Their CDF[Erl] for the last 25 blocks is 0.878721941 ... pretty high ...
I wonder what that is for larger block counts ... they don't want you know ...

--

Anyway, back to the kano.is page

The time length of a single block is not really relevant since it is directly dependent upon the pool's hash rate.
Go way down the bottom to the first blocks and that will show a good example.
Block #2 took over 12 days, but everyone who mined that full block and got paid by that block got a bit over 12 days worth of pay, it's easy to see that coz the Diff% is less than 100% i.e. it took less shares than expected.
Block #3 took 1 day 17hrs, but that one was even better since the number that matters, Diff%, was only 42% and that means that eveyone mining for that 1 day 17hrs got paid more than double since less than half the work needed was sent.

The Diff% is actually the number that is used in all valid statistical calculations for blocks for all pools.
The CDF[Erl] is actually the most relevant number there on the page.

So, since the blocks page is short on space, there's really not a lot of space to throw in yet another field.
I'll add it onto my "galaxy far far away" todo list

[kano]

Hello Kano,

Is there a way to add a feature where you can set up how much BTC is in the account before it gets paid to your wallet similar to Slush pool?  This helps minimize record keeping for miners who runs it as a business.  Please let me know.  Thanks.

The pool currently pays every blocks found unless you are under 10,000 satoshi, then that ends up in your 'dust' fund to be paid 'some' time in the future once I add code to total that 'dust' correctly.

The total pool 'dust' since kano.is started is under 2.3BTC
Once people start putting numbers like 1BTC in their limits, I start having a pool wallet with a LOT of BTC in it, which is something I don't want.
It's a pool, not a bank

Some time in the future I'll probably allow a minimum payout of maybe 0.01 or 0.001 (somewhere in that range) once I have ckdb accounting payouts.
But certainly not much higher.

Before that happens, and assuming the pool continues to grow, I will have moved to doing 1 payout a day so that will also reduce the amount of 'dust' and reduce the fragmentation of each miner's payout most days.

[ZemCoin]

Some time in the future I'll probably allow a minimum payout of maybe 0.01 or 0.001 (somewhere in that range) once I have ckdb accounting payouts.
But certainly not much higher.

Newbie question so be gentle.

Why we wait for 101 confirmations before the payout? Is it because it takes that much for you to receive BTC reward?
Thanks

[Mikestang]

The pool currently pays every blocks found unless you are under 10,000 satoshi, then that ends up in your 'dust' fund to be paid 'some' time in the future once I add code to total that 'dust' correctly.

I look forward to this "sometime" in the future, I hope it's way way way out when btc is worth a ton of fiat and then we all get these paydays of like 0.1btc, but it's actually worth several thousand dollars or something.

Newbie question so be gentle.

Why we wait for 101 confirmations before the payout? Is it because it takes that much for you to receive BTC reward?
Thanks

That's exactly why, the coinbase transaction that generates the 25btc into the wallet is not valid until 100 confirmations, you cannot move or spend the coins before 100 confirmations.

[nhando]

Hello Kano,

Is there a way to add a feature where you can set up how much BTC is in the account before it gets paid to your wallet similar to Slush pool?  This helps minimize record keeping for miners who runs it as a business.  Please let me know.  Thanks.

The pool currently pays every blocks found unless you are under 10,000 satoshi, then that ends up in your 'dust' fund to be paid 'some' time in the future once I add code to total that 'dust' correctly.

The total pool 'dust' since kano.is started is under 2.3BTC
Once people start putting numbers like 1BTC in their limits, I start having a pool wallet with a LOT of BTC in it, which is something I don't want.
It's a pool, not a bank

Some time in the future I'll probably allow a minimum payout of maybe 0.01 or 0.001 (somewhere in that range) once I have ckdb accounting payouts.
But certainly not much higher.

Before that happens, and assuming the pool continues to grow, I will have moved to doing 1 payout a day so that will also reduce the amount of 'dust' and reduce the fragmentation of each miner's payout most days.

This would be an excellent start.  Combined per day is good.  Hoping we hit 10 blocks a day soon.

[ZemCoin]

Hey team,

Can you recommend good bitcoin mining calculator which can be used with Kano's pool. I am toying with an idea of buying few Antminers S7's, but it looks like that I will never get my money back.

What are your thoughts on crazy rising difficulty and halving mid year? How it will affect us?
Basically, question is how do you guys fare against the earnings calculators.

I could:

- Invest in rigs
- Deal with the power bill and the noise
- Hope for the best

Or, try something like NiceHash and pull if it get too crazy.

Should I wait and see for halving or.... I tried Tradeblock calculator.

Thanks

[AriesIV10]

This is my 4th Day at 5Nd = 7 blocks found so far...

[ZACHM]

Something fun to look at:

http://ckpoolmonitor.zachmonroe.com/index2.php

[mavericklm]

https://bitcoinwisdom.com/bitcoin/calculator i always use this one!