[ANN] CoinLab Protected Pool

[mendoza]

Just jumping on redeem pool   

[ChrisKoss]

Now that the block reward has halved, is there any reason NOT to redeem loyalty points? It seems like the prudent thing to do.

Nope, it should now be in your financial interest to start redeeming points.

EDIT: You can now earn more redeeming Loyalty Points than mining at 95% PPS. However, if you're still profitable it is probably in your interest to wait until you're not to start redeeming.

[TheHarbinger]

Now that the block reward has halved, is there any reason NOT to redeem loyalty points? It seems like the prudent thing to do.

It all depends on your operating cost and is different for everyone.  Personally, I am still profitable with my GPU rigs, probably will be until ASICs hit and drive the difficulty to the moon.  Then it will either be time to use loyalty points and CoinLabs yet to be released software, or part them out.

[yochdog]

Now that the block reward has halved, is there any reason NOT to redeem loyalty points? It seems like the prudent thing to do.

Nope, it should now be in your financial interest to start redeeming points.

I am still significantly profitable without using the redeem pool. 

Not all miners are equal......

[GenTarkin]

CoinLab ... think you guys need to update the pps rate on the ppspool =) Its still calculated @ 50coins / block

[ChrisKoss]

We've added per-share rates (to 8 decimals) to the web stats interfaces on our pools, and fixed the 50 coins/block bug.

[shmadz]

Thank you Coinlab for your efforts at clarifying this confusing time.

One more annoying question: Is there a deadline to using up my loyalty points? will they simply expire at some date if I haven't used them all yet?

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aside

This is kinda exciting/fun trying to figure out if I should wait until asics start up and drive the difficulty through the roof, or should I use up my points asap to get more bitcoins per dollar (if you were to speculate that the price of bitcoin is going up)

personally, I think the price will continue to slowly trend upwards with some rapid rises followed by corrections, perhaps $15 by summer 2013? maybe $20 by next winter?? right now I'm working under the assumption that unless the price were to hit triple digits in the near future, I will be better off waiting for the impending difficulty surge and cashing in my loyalty points at that time.

[ChrisKoss]

Thank you Coinlab for your efforts at clarifying this confusing time.

One more annoying question: Is there a deadline to using up my loyalty points? will they simply expire at some date if I haven't used them all yet?

-----------------
aside

This is kinda exciting/fun trying to figure out if I should wait until asics start up and drive the difficulty through the roof, or should I use up my points asap to get more bitcoins per dollar (if you were to speculate that the price of bitcoin is going up)

personally, I think the price will continue to slowly trend upwards with some rapid rises followed by corrections, perhaps $15 by summer 2013? maybe $20 by next winter?? right now I'm working under the assumption that unless the price were to hit triple digits in the near future, I will be better off waiting for the impending difficulty surge and cashing in my loyalty points at that time.

There is a two-year expiration date on loyalty points from the time we cross below the price floor.  Because the crossing of the threshold was caused by the block reward halving, Loyalty Points will expire two years from today - 11/28/2014.   

Interesting aside.    If I had Loyalty Points, I would probably wait until ASICs hit if I was still mining profitably. However, if I was planning on ebaying my GPUs before they become depreciated from obsolescence, maybe squeezing them for all they got as fast as possible is the way to go.  Tough call. I'd love to hear more about other people's strategies. 

[TheHarbinger]

There is a two-year expiration date on loyalty points from the time we cross below the price floor.  Because the crossing of the threshold was caused by the block reward halving, Loyalty Points will expire two years from today - 11/28/2014.   

Interesting aside.    If I had Loyalty Points, I would probably wait until ASICs hit if I was still mining profitably. However, if I was planning on ebaying my GPUs before they become depreciated from obsolescence, maybe squeezing them for all they got as fast as possible is the way to go.  Tough call. I'd love to hear more about other people's strategies. 

I don't think most miners that are on CoinLab are planning to Ebay their gear.  There is a rumor floating around about some company that is supposedly developing a custom client for GPUs to do HPC work.  No proof of this yet of course.   

[AmDD]

There is a two-year expiration date on loyalty points from the time we cross below the price floor.  Because the crossing of the threshold was caused by the block reward halving, Loyalty Points will expire two years from today - 11/28/2014.   

Interesting aside.    If I had Loyalty Points, I would probably wait until ASICs hit if I was still mining profitably. However, if I was planning on ebaying my GPUs before they become depreciated from obsolescence, maybe squeezing them for all they got as fast as possible is the way to go.  Tough call. I'd love to hear more about other people's strategies. 

I don't think most miners that are on CoinLab are planning to Ebay their gear.  There is a rumor floating around about some company that is supposedly developing a custom client for GPUs to do HPC work.  No proof of this yet of course.   

Ha!

My plan is to hang onto my points for a bit. Currently roughly 50% of what I make goes to electric costs and the rest is profit as my GPUs paid for them selves just recently  They are also helping heat the house this winter.

[Bitcoin_Bing]

I'm mining my ass off to get just enough BTC to buy at least a BFL Jalapeno.

Just to stay in the game. :-)

[Chaplin]

If I had Loyalty Points, I would probably wait until ASICs hit if I was still mining profitably.

That's what I plan to do. I'm not paying for electricity, and either way, the rigs keep my dorm nice and toasty.

Question about redeem: In the first post, you state that "Loyalty Point credits can only be redeemed through our custom mining client." and "Loyalty Points are redeemed automatically whenever you mine and the market rate for Bitcoin mining is below $2.50 per GH/s-day." I'm guessing #2 just needs to be removed to reflect the existence of the redeem pool, but is #1 still part of the game plan eventually?

Also, I asked awhile back about the possibility of a guide to what kinds of hardware we should look to acquire for your HPC work. Any chance you guys will put one of those out? An informal forum topic with a few pointers and someone to answer questions would work equally well for me.

[chungenhung]

Thank you Coinlab for your efforts at clarifying this confusing time.

One more annoying question: Is there a deadline to using up my loyalty points? will they simply expire at some date if I haven't used them all yet?

-----------------
aside

This is kinda exciting/fun trying to figure out if I should wait until asics start up and drive the difficulty through the roof, or should I use up my points asap to get more bitcoins per dollar (if you were to speculate that the price of bitcoin is going up)

personally, I think the price will continue to slowly trend upwards with some rapid rises followed by corrections, perhaps $15 by summer 2013? maybe $20 by next winter?? right now I'm working under the assumption that unless the price were to hit triple digits in the near future, I will be better off waiting for the impending difficulty surge and cashing in my loyalty points at that time.

There is a two-year expiration date on loyalty points from the time we cross below the price floor.  Because the crossing of the threshold was caused by the block reward halving, Loyalty Points will expire two years from today - 11/28/2014.   

Interesting aside.    If I had Loyalty Points, I would probably wait until ASICs hit if I was still mining profitably. However, if I was planning on ebaying my GPUs before they become depreciated from obsolescence, maybe squeezing them for all they got as fast as possible is the way to go.  Tough call. I'd love to hear more about other people's strategies. 

The loyalty points expiring in 2 yrs would only be true IF coinlab is still in business by then.
I am using up my loyalty points asap, in fear of coinlab going belly up.
And if coinlab makes it, then there's no need to save the loyalty points, as they would have HPC work for us.

[Bitcoin_Bing]

Question:

I noticed a certain pool (other than coinlab) has a  PPS RATE: 0.00000705 BTC.

If ASIC's hit the market and skyrocket the difficulty, what will happen to pools like these? Will they adjust their pps rate or just shut down?

[Graet]

Question:

I noticed a certain pool (other than coinlab) has a  PPS RATE: 0.00000705 BTC.

If ASIC's hit the market and skyrocket the difficulty, what will happen to pools like these? Will they adjust their pps rate or just shut down?

PPS rate is adjusted each time difficulty changes (and when reward halvings occur - less frequent)
there would be no reason to change what they do now.

[Bitcoin_Bing]

I understand that.

But what will happen when ASIC's drive the difficulty way up. That  PPS RATE of 0.00000705 BTC will surely come down fast. Will they amend the pps rate or will it eventually reach a flat zero?

[imsaguy]

I understand that.

But what will happen when ASIC's drive the difficulty way up. That  PPS RATE of 0.00000705 BTC will surely come down fast. Will they amend the pps rate or will it eventually reach a flat zero?

Well, the pools have been using diff 1 shares, but are slowly migrating to higher diff shares.  When they increase the share diff, the pps goes up.  It avoids the roundoff to 0 issue.

[monstrs]

So is it possible now to mine on redeem pool and redeem those loyality points, or is it necesary to wait for hpc client?

[GenTarkin]

So is it possible now to mine on redeem pool and redeem those loyality points, or is it necesary to wait for hpc client?

You can redeem now w/ cgminer and just mining on that pool. Any shares submitted to redeem pool get counted towards ur banked shares and ur paid at the stated rate.

[jjshabadoo]

I don't see how loyalty points will help that much. I've been mining steady here since their announcement and it seems I only have enough loyalty points to mine about $350 worth of BTC ? I've been at or around 7-8GH since the beginning.

So this will buy me about 2 maybe 3 weeks of mining ?

How does this entice anyone to keep their rigs going without any HPC work ?