http://www.pyramining.com/ - Discussion thread (no advertising here)

[bradyon]

By default Bitcoin will not created blocks larger than 250kb even though it could do so without a hard fork. We have now reached this limit. Transactions are stacking up in the memory pool and not getting cleared fast enough.

What this means is, you need to take a decision and do one of these things:

• Start your node with the -blockmaxsize flag set to something higher than 250kb, for example -blockmaxsize=1023000. This will mean you create larger blocks that confirm more transactions. You can also adjust the size of the area in your blocks that is reserved for free transactions with the -blockprioritysize flag.
• Change your nodes code to de-prioritize or ignore transactions you don't care about, for example, Luke-Jr excludes SatoshiDice transactions which makes way for other users.
• Do nothing.

If everyone does nothing, then people will start having to attach higher and higher fees to get into blocks until Bitcoin fees end up being uncompetitive with competing services like PayPal.

If you mine on a pool, ask your pool operator what their policy will be on this, and if you don't like it, switch to a different pool.

I´ve just seen this thread:  Re: Soft block size limit reached, action required by YOU

I´m not an expert but looks like spam transactions are getting a problem to the bitcoin sustainability and usefulness.

Will pyramining make some mining settings to help avoiding this problem?

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[jargoman]

I've read through some of the past posts and I'm confused, can payout addresses be changed? I read something about sending a signed message, how would I go about doing that?

[pyra-proxy]

By default Bitcoin will not created blocks larger than 250kb even though it could do so without a hard fork. We have now reached this limit. Transactions are stacking up in the memory pool and not getting cleared fast enough.

What this means is, you need to take a decision and do one of these things:

• Start your node with the -blockmaxsize flag set to something higher than 250kb, for example -blockmaxsize=1023000. This will mean you create larger blocks that confirm more transactions. You can also adjust the size of the area in your blocks that is reserved for free transactions with the -blockprioritysize flag.
• Change your nodes code to de-prioritize or ignore transactions you don't care about, for example, Luke-Jr excludes SatoshiDice transactions which makes way for other users.
• Do nothing.

If everyone does nothing, then people will start having to attach higher and higher fees to get into blocks until Bitcoin fees end up being uncompetitive with competing services like PayPal.

If you mine on a pool, ask your pool operator what their policy will be on this, and if you don't like it, switch to a different pool.

I´ve just seen this thread:  Re: Soft block size limit reached, action required by YOU

I´m not an expert but looks like spam transactions are getting a problem to the bitcoin sustainability and usefulness.

Will pyramining make some mining settings to help avoiding this problem?

I think pyraming uses abcpool for its mining, and that pool is a proxy pool which at minimum uses oz coin, not sure which others... due to this you have to ensure that the upstream pools ook at these options not pyramining.

[pyramining]

I've read through some of the past posts and I'm confused, can payout addresses be changed? I read something about sending a signed message, how would I go about doing that?

It is not possible to change the payout address of an account, this is a protection against thefts. However, try to write a private message explaining your reasons and we will find out what can we do.

[pyramining]

I think pyraming uses abcpool for its mining, and that pool is a proxy pool which at minimum uses oz coin, not sure which others... due to this you have to ensure that the upstream pools ook at these options not pyramining.

Correct. Most of the hashing power goes to ABCPool right now. Things will be different when ASICs will be set up, we will go solo-mining then.

[pyramining]

ASIC update: first units will be deployed during mid April, software will need some refinement, probably a couple of weeks, and then mass deployment will be done.

[pyra-proxy]

ASIC update: first units will be deployed during mid April, software will need some refinement, probably a couple of weeks, and then mass deployment will be done.

Great news!  Any plans to halt new fpga purchases and use all new funds for asics since we are only a month out?

[Akka]

ASIC update: first units will be deployed during mid April, software will need some refinement, probably a couple of weeks, and then mass deployment will be done.

Great news!  Any plans to halt new fpga purchases and use all new funds for asics since we are only a month out?

Yes, that would not be such a bad idea. I still see active accounts increasing on a daily basis.

Probably most new people joining don't get the point that they also could invest in ASICs so maybe it could be time to thread all deposits as ASIC deposits.


Another point:

Pyraming, if you plan to go solo, what will be your policy on transaction space?

As you might have seen we have hit the 250kb softlimit.

Would you stick with it? Increase it?

How much space would you allow for free transactions?

Example: 500kb max. 200kb free high priority transactions rest paid transactions.

Also if you really want to go solo, keep in mind that a fast connection is required and Bitcoind should have as much connections as possible. Otherwise you will probably end up producing a lot of orphan blocks.

[pyramining]

Great news!  Any plans to halt new fpga purchases and use all new funds for asics since we are only a month out?

Yes, that would not be such a bad idea. I still see active accounts increasing on a daily basis.
Probably most new people joining don't get the point that they also could invest in ASICs so maybe it could be time to thread all deposits as ASIC deposits.

It would be difficult to switch all the deposit to ASIC if they are not available right now: there are people who want to start mining immediately and they would get disappointed. Or nested account that would not work as they should.

To invest into ASIC there are already two ways: 1) hold the funds until ASICs will be deployed. 2) Deposit using the final "1111" amount.

Pyraming, if you plan to go solo, what will be your policy on transaction space?
As you might have seen we have hit the 250kb softlimit.
Would you stick with it? Increase it?

Since the hashing power is here for the members, I think it would be fair to let you discuss/choose what you would prefer, and I try to satisfy the requests in the best way possbile.

Also if you really want to go solo, keep in mind that a fast connection is required and Bitcoind should have as much connections as possible. Otherwise you will probably end up producing a lot of orphan blocks.

Not a problem. I have 100Mbit/s connection and in a couple of months it will become 20 times that, so I don't think having a well interconnected bitcoind is an issue! ;-)

[gektek]

ok...please don't shoot me out of the forum stratosphere for asking this one but I have a feeling I may not be the only noob with this question/comment so here goes...

So I've been 'investing' in pyramining since August of last year and I am a whopping 4 btc in atm (ALL mined with my measly home operation running at 500Mh/s tyvm! ) so I'm chugging along at uh...42.6Mh/s with pyramining. The question is...when your ASICs launch...will the measly 4 btc that I have invested continue to 'earn' at the same rate with the FPGA cards or...well...I just don't know what the 'or' would be I guess. Point being I'm a little fuzzy on what is going to happen to the non-ASIC investors that have already been earning with the current system.

And yes, a simple link to the page where this question is answered will suffice and I apologize in advance if that is the case. Thanks for your time!

[links-pyramining]

And yes, a simple link to the page where this question is answered will suffice and I apologize in advance if that is the case. Thanks for your time!

Here it is: https://bitcointalk.org/index.php?topic=80845.msg1272352#msg1272352

[simonk83]

I also have a stupid question     I'm a little unclear on how this works, but I'm tired, and sick, so that's my excuse and I'm sticking with it.

Say I stick 100BTC (arbitrary number) into Pyramining, that will give me x amount of hashing power.  I then receive 1BTC each time I hit that amount, back into my wallet.   Is that 1BTC just coming off the initial 100 (so that leaves me 99 to go), or is it on top of...?     So I get these 1BTC rewards from mining every so often, then at the end of my time, I also get the initial 100BTC back?     Or am I just slowly working off that 100BTC that's getting drip fed back to me in 1BTC increments (in which case I don't really see the point).

Told you it was a stupid question!

[gektek]

And yes, a simple link to the page where this question is answered will suffice and I apologize in advance if that is the case. Thanks for your time!

Here it is: https://bitcointalk.org/index.php?topic=80845.msg1272352#msg1272352

BAH...I'm too used to FaceBook...was looking for a damn like button Anywho, ty ty!!!!!

[links-pyramining]

I also have a stupid question     I'm a little unclear on how this works, but I'm tired, and sick, so that's my excuse and I'm sticking with it.

Say I stick 100BTC (arbitrary number) into Pyramining, that will give me x amount of hashing power.  I then receive 1BTC each time I hit that amount, back into my wallet.   Is that 1BTC just coming off the initial 100 (so that leaves me 99 to go), or is it on top of...?     So I get these 1BTC rewards from mining every so often, then at the end of my time, I also get the initial 100BTC back?     Or am I just slowly working off that 100BTC that's getting drip fed back to me in 1BTC increments (in which case I don't really see the point).

Told you it was a stupid question!

The first one.

You receive 1BTC each time you hit that amount and then you have 109 to go (not 99), due to pyramining +10%.

When you invest in Pyramining, you buy hashing power, so your hashing power will be x till your complete reward. Though, x is not a fixed amount, it changes on pyramining total hashing power growth. I think it's more correct to say that you buy a quote of hashing power proportional to your bitcoin, the total bitcoin deposited in the project and the total hasing power.

The more bitcoin are involved in the project, the less is your quota, but the bigger is the total hashing power! So, your equivalent HP will stay more or less the same. In fact, until now we have seen a steady decrease in GH/s cost and then a steady increase equivalent HP.

With ASICs I think there will be a giant growth in total hashing power against a not so big total bitcoin deposit. The effect will be an equivalent hashing power growth for every one.

Please, correct me if I'm wrong.

[simonk83]

I also have a stupid question     I'm a little unclear on how this works, but I'm tired, and sick, so that's my excuse and I'm sticking with it.

Say I stick 100BTC (arbitrary number) into Pyramining, that will give me x amount of hashing power.  I then receive 1BTC each time I hit that amount, back into my wallet.   Is that 1BTC just coming off the initial 100 (so that leaves me 99 to go), or is it on top of...?     So I get these 1BTC rewards from mining every so often, then at the end of my time, I also get the initial 100BTC back?     Or am I just slowly working off that 100BTC that's getting drip fed back to me in 1BTC increments (in which case I don't really see the point).

Told you it was a stupid question!

The first one.

You receive 1BTC each time you hit that amount and then you have 109 to go (not 99), due to pyramining +10%.

When you invest in Pyramining, you buy hashing power, so your hashing power will be x till your complete reward. Though, x is not a fixed amount, it changes on pyramining total hashing power growth. I think it's more correct to say that you buy a quote of hashing power proportional to your bitcoin, the total bitcoin deposited in the project and the total hasing power.

The more bitcoin are involved in the project, the less is your quota, but the bigger is the total hashing power! So, your equivalent HP will stay more or less the same. In fact, until now we have seen a steady decrease in GH/s cost and then a steady increase equivalent HP.

With ASICs I think there will be a giant growth in total hashing power against a not so big total bitcoin deposit. The effect will be an equivalent hashing power growth for every one.

Please, correct me if I'm wrong.

Hmm.   So essentially, you deposit 100BTC, and you end up (a year or so later) with your original 100 back, plus 10%?    So it's a 10% total reward over a year.

Better than shares I guess, but I'm not sure I want to tie up my BTC for a whole year for "just" 10% (especially with the rapid growth right now).   You could make 10% in a day or two lately (though I realise there's no guarantee of that).

If it was deposit 100 BTC, and get that 100 BTC back in a year, PLUS all the 1BTC rewards when you've "mined" enough, that'd be worth doing (so you essentially double your money I guess).

[bradyon]

ASIC update: first units will be deployed during mid April, software will need some refinement, probably a couple of weeks, and then mass deployment will be done.

Any estimations about break even time of accounts, difficulty increasing, reward due to transaction fees, Gh/KW, lifespan of devices or any other you can tell us now?

This is getting more exciting each day!

[pyramining]

Any estimations about break even time of accounts, difficulty increasing, reward due to transaction fees, Gh/KW, lifespan of devices or any other you can tell us now?

At the current conditions full reward may be probably reached in less than 2 months. Estimated power consumption is around 900GH/s per kW.

I can't guess how difficulty may increase. It depends on if and when other ASIC vendors will deliver their products.

This is pure speculation so please don't take it as pure "truth": I expect that BFL could add around 200TH/s to the network. Another 300TH/s from bitfury,100THmine, and related ones. Then there is Helveticoin talking about 1 peta hash/s. If all these ones will deliver as promised we will see an increase of difficulty in the next months up to 1.5PH/s.

In such an adverse scenario, with 1.5PH/s (peta hashes / sec) of global hashing power, breakeaven would still require less than 1 year. However by the time all this hashing power will be delivered, we should already completed all our current accounts.

[Akka]

If you are really getting that much hashing power online I expect that people will invest like crazy (see the Asicminer craziness, people are buing for 8 Times the IPO Price ).

In such a scenario I can Imagine is that people will invest until you have no equipment left to add and the reward time increases again significantly.

Do you have any plan in case that happens?

Like putting new deposits in a pre-purchase buffer like with the current ASIC orders as soon the point is reached where you can't add any new hardware.


Oh, and awesome news by the way.

[bradyon]

Absolutely! Awesome news!!! Even in that adverse scenario, breakeven will take a reasonable time. So looks like the only thing we have to worry about is maybe the next halving isn´t it? ...well let´s see how things develop.

Thanks again for your dedication to this project, pyramining!

[symbot]

The burning question of the moment: 

Is Pyramining still on 0.7, or on 0.8?