NastyMining - Free Electricity, No Fees, NastyFans.org

[OgNasty]

Update on the BitFunder NastyFans Pass-Thru situation:

Status: UNWINDING - You will receive a final BTC payout of +133% your share from the "last" price on NastyFans.org within the next 24 hours.

Final payout made.  I have asked Ukyo to destroy this asset.  My apologies to anyone who was caught up in that failed BitFunder experiment.  I'm doing my best to liquidate our other holdings at reasonable prices and will use the funds to pay down our debts.  Now back to our regularly scheduled programming.

Thanks again to nonnakip for tossing us a life preserver in the ocean of drowning BTC assets.  

[pyra-proxy]

I do not decide yet what to do with extra alt-coins. Ideas are welcomed.

I'd recommend a vote for this but for excess alt-coins here are options I'd like to see in a vote:
-Save for more Nasty Fan mining hardware, owned by Nasty Fans
-Save for hardware upgrades/backups for the pool servers
-Donated to nasty fans seats monthly/weekly
-Nasty fans seat repurchasing to remove seats from the market place until seat price is more ideal, the proceeds of profits from this then to be voted upon, but in the interim donations from these seat purchases used to buy additional seats off the market.

[OgNasty]

I do not decide yet what to do with extra alt-coins. Ideas are welcomed.

I'd recommend a vote for this but for excess alt-coins here are options I'd like to see in a vote:
-Save for more Nasty Fan mining hardware, owned by Nasty Fans
-Save for hardware upgrades/backups for the pool servers
-Donated to nasty fans seats monthly/weekly
-Nasty fans seat repurchasing to remove seats from the market place until seat price is more ideal, the proceeds of profits from this then to be voted upon, but in the interim donations from these seat purchases used to buy additional seats off the market.

The question here to me is who should benefit from any excess alt coins.  Should they be distributed to miners as a bonus to encourage more pool use?  Should they be saved with the rest of our alt coins for future use?  Should they be distributed to NastyFans via the usual distribution method?

[pyra-proxy]

I do not decide yet what to do with extra alt-coins. Ideas are welcomed.

I'd recommend a vote for this but for excess alt-coins here are options I'd like to see in a vote:
-Save for more Nasty Fan mining hardware, owned by Nasty Fans
-Save for hardware upgrades/backups for the pool servers
-Donated to nasty fans seats monthly/weekly
-Nasty fans seat repurchasing to remove seats from the market place until seat price is more ideal, the proceeds of profits from this then to be voted upon, but in the interim donations from these seat purchases used to buy additional seats off the market.

The question here to me is who should benefit from any excess alt coins.  Should they be distributed to miners as a bonus to encourage more pool use?  Should they be saved with the rest of our alt coins for future use?  Should they be distributed to NastyFans via the usual distribution method?

The options I were suggesting was to the benefit of the pooled miners in the sense that they would collectively own the purchased seats/hardware, with the exception of donating proceeds to nasty fans seats.  I would discourage hoarding these excess alt coins but it's an option.  But notably the last option to purchase seats off the market place benefits everyone since higher seat prices help regular nasty fans seat owners as well as the collective ownership of the pooled miners.  Direct distribution of proceeds to the pool will be difficult unless you database shares accepted vs. excess alt coin proceeds and apply a proportional payout scheme to the addresses mining into the nasty fans pool, possible but I suspect not trivial....

[OgNasty]

I do not decide yet what to do with extra alt-coins. Ideas are welcomed.

I'd recommend a vote for this but for excess alt-coins here are options I'd like to see in a vote:
-Save for more Nasty Fan mining hardware, owned by Nasty Fans
-Save for hardware upgrades/backups for the pool servers
-Donated to nasty fans seats monthly/weekly
-Nasty fans seat repurchasing to remove seats from the market place until seat price is more ideal, the proceeds of profits from this then to be voted upon, but in the interim donations from these seat purchases used to buy additional seats off the market.

The question here to me is who should benefit from any excess alt coins.  Should they be distributed to miners as a bonus to encourage more pool use?  Should they be saved with the rest of our alt coins for future use?  Should they be distributed to NastyFans via the usual distribution method?

The options I were suggesting was to the benefit of the pooled miners in the sense that they would collectively own the purchased seats/hardware, with the exception of donating proceeds to nasty fans seats.  I would discourage hoarding these excess alt coins but it's an option.  But notably the last option to purchase seats off the market place benefits everyone since higher seat prices help regular nasty fans seat owners as well as the collective ownership of the pooled miners.  Direct distribution of proceeds to the pool will be difficult unless you database shares accepted vs. excess alt coin proceeds and apply a proportional payout scheme to the addresses mining into the nasty fans pool, possible but I suspect not trivial....

A seat buyback plan is interesting.  That would be a unique feature with some benefits down the road.  What I don't like about that option, is it takes the decision to reinvest out of the seat owner's hands and forces it to a small extent.  I'm leaning towards thinking it should be paid back to miners via some sort of unique and fun process.  That way, people are encouraged to mine with us even if they aren't in a position to be acquiring more and more seats.  The 2.1% fee is already helping the seat owners, so I say we create a new and exciting way to let miners in on some Nasty fun to encourage pool growth.  The more fun miners are having, the more that 2.1% will help NastyFans.  More thoughts on this subject are certainly welcome.

[pyra-proxy]

A seat buyback plan is interesting.  That would be a unique feature with some benefits down the road.  What I don't like about that option, is it takes the decision to reinvest out of the seat owner's hands and forces it to a small extent.  I'm leaning towards thinking it should be paid back to miners via some sort of unique and fun process.  That way, people are encouraged to mine with us even if they aren't in a position to be acquiring more and more seats.  The 2.1% fee is already helping the seat owners, so I say we create a new and exciting way to let miners in on some Nasty fun to encourage pool growth.  The more fun miners are having, the more that 2.1% will help NastyFans.  More thoughts on this subject are certainly welcome.

You could consider each accepted share like a raffle ticket and have a monthly/weekly drawing to earn the proceeds of excess alt coin sales, payout would then go to the address which was used to mine with?

[kroneko]

I'd agree with putting it up for a vote, but my thought would be to exchange them for bitcoins and apply them toward a share buy back.   Then hopefully for our next round of hardware fundraising we could issue them out again hopefully at a considerable profit.  In the interim it'll help break up the current wall at .15 btc

[pyra-proxy]

Another consideration to enhance this pool with is to offer multiple-head chains, while bitcoin is King some of the other chains move in and out of mining favor i.e. PPCoin, Terracoin, Freicoin and these can all be merge mined with the alts you are mining already as well (in fact can even use the same daemons "free of charge", the only added overhead is multiple instances of p2pool), by opening some or all of these as head chain options you potentially welcome other miners which enhances your alt mining power for the pool and bring more awareness to nasty mining.  Also, some/all of these have p2pool implementations (at least Terracoin and Freicoin).  I suspect these alts will get stronger as asic mining technology continues it's rampant progress and people look to disperse their mining power to get maximum use out of it.  Even though many will just be dumped, the liquidity factor for speculators at minimum will have some curb appeal.

[Jeagle]

Just wanted to say thank you to Nasty, Carnth and nonnakip that my transfer from nasty.pt --> direct nasty seats worked perfectly 

[shbtc]

A seat buyback plan is interesting.  That would be a unique feature with some benefits down the road.  What I don't like about that option, is it takes the decision to reinvest out of the seat owner's hands and forces it to a small extent.  I'm leaning towards thinking it should be paid back to miners via some sort of unique and fun process.  That way, people are encouraged to mine with us even if they aren't in a position to be acquiring more and more seats.  The 2.1% fee is already helping the seat owners, so I say we create a new and exciting way to let miners in on some Nasty fun to encourage pool growth.  The more fun miners are having, the more that 2.1% will help NastyFans.  More thoughts on this subject are certainly welcome.

Roughly what percentage of the pool's mining yield is alt coins? I think reducing the pool fee by this amount and using the alt coins for a portion of management and Nasty Fans cut would be the best option. This encourages people to use the pool and would be the easiest to implement since you wouldn't need to convert as often. If you only need to convert the .9% monthly, you could wait for a preferable exchange rate.

[nonnakip]

I think reducing the pool fee by this amount and using the alt coins for a portion of management and Nasty Fans cut would be the best option. This encourages people to use the pool and would be the easiest to implement since you wouldn't need to convert as often.

I really like this idea! Server costs are fixed. Increased hashpower can bring more extra alt-coins. The extra alt-coins of 1 month can reduce the 3% pool fee for next month. If pool gets big enough the fee can disappear and alt-coins cover server costs and 0.9% to P2Pool development and 2.1% to nastyfans. And if pool gets even bigger with already 0% fees we could decide on what to do with "extra extra" alt-coins.

[nonnakip]

Distribution 262991 complete. To our donators, we thank you.

[CumpsD]

I added 30GH/s to the pool this evening, received 4 BitBurner XX miners from Burnin

[OgNasty]

I added 30GH/s to the pool this evening, received 4 BitBurner XX miners from Burnin

Awesome!  Thanks!  It looks like the new server is about 9% more efficient according to the P2Pool stats and includes merged mining.  Very nice.

176.28.50.57:9332  <-- The new Nasty Pool server. OP updated.

[OgNasty]

I came across this today:
https://bitcointalk.org/index.php?topic=310196.msg3331076#msg3331076

We would only need an AVR Dragon to get a possible 35-49GH/s increase... Is this something we should try?

[silverfuture]

I came across this today:
https://bitcointalk.org/index.php?topic=310196.msg3331076#msg3331076

We would only need an AVR Dragon to get a possible 35-49GH/s increase... Is this something we should try?

If they are around 50$ it seems like it would be a no brainer unless there is sufficient risk in harming the existing equipment. I don't know any company who offers 35GH/s delivered for 50$ right now.

[Newar]

[...]  Just make sure to watch the Temps and have proper cooling because these Chips get very hot.

I guess the question is how long did you expect them to run when you got them and how long do you want them to run until their hash rate becomes insignificant because of difficulty increase? I realise there is no fixed number or answer for both of these questions. I guess I'm trying to say that an overclocked device will not have the life span of a regular clocked one.

[maqifrnswa]

I flashed my jally to go from 4.5 GH/s to 7. It was really easy - but singles were supposed to be harder since they already used the tweaks I applied to the jally, the benefit would be smaller. If you have a dragon, it's worth a try.

[Squirrel Dearing]

I understand the points about longevity / life span of the boxes.. I guess my only question would be, would that void any warranty from BFL?  We already had one go down and they took care of it..

Anyway, if it doesn't screw up a warranty, I'd say that more hash power sooner is better than hashing longer... With difficulty climbing and KnC delivering their products, well, I'd rather see us hash stronger sooner.

[edit]And if it does void the warranty, well, then we should still weight the option carefully[/edit]

[OgNasty]

It definitely voids the warranty. Perhaps I'll hold off and keep my eye out for any steals on a Dragon that may present themselves. If our Monarchs arrive soon I guess 30GH/s won't make much of a difference anyway.