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Post by briant073 on Feb 24, 2014 13:59:30 GMT
This is all great, but where are MY Bitcoins???
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Post by Admin on Feb 24, 2014 14:16:34 GMT
Sorry I thought I mentioned, the programmer is working on the distribution system, basically to make sure everyone gets the correct amount. Initially you will receive a larger sum than later on since there is this delay for now, but it will be remedied soon.
I guess the initial test payment wouldn't work for regular payments, so we're updating it. So far we're earning bitcoins for Cointraction, Excavator, and Minero.
I'll keep everyone updated here.
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Post by Admin on Feb 24, 2014 14:45:40 GMT
I want to pay for my programmer to finish it even faster (he's been working on it), but I would have to pay $45 instead of $25 an hour to make it a priority. If everyone is willing we can pay a portion of what we earn to get it done faster at $20 more an hour (I'm covering the first $25) let me know, I'd be happy to work with it either way.
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Post by unordinateur on Feb 24, 2014 15:58:34 GMT
(right now Eligius is one of the most efficient pools but that's like 90% efficiency, I'm not sure why pools are like that). Essentially that's because there's a luck factor associated with mining. A given hashrate will result, on average, in a given reward, BUT there will always be a "luck" factor that can slightly increase or decrease the reward (but it would be surprising that it goes more that 10% over or under). Pools need to consider that. A pool that always rewards work at it's true "average" value would necessarly not have enough money anymore, as it is statistically certain that sometime, you'll have a long stream of bad luck; and the the pool's earnings will be less than what it pays out to miners. Various methods have been devised to find a way to reward miners in a fair way, while not exposing the pool to a too great risk. Eligius's method is to record every work you submit, and try to pay it it's true "average" value every times it gets a reward, starting with the most recent submitted work. In a unlucky round, some submittet shares won't be rewarded, but the pool will remember them. During a lucky rounds, it'll pay all the shares of the round, plus some unpaid shares from the earlier unlucky round. (If you stop mining on eligius, it will slowly catch up on the reminder of your unpaid shares.) On our group's miner page, eligius.st/~wizkid057/newstats/userstats.php/13zxWKU9oAuxDLDPfi2xXnggSCMmeTBFj3 , if you click on the button "Toggle graphing of Maximum reward", you can see on the bottom graph our accumulated reward: The purple line is what we were actually rewarded, and the green line is what we would have been rewarded if the pool had perfect "average" luck. As you can see, for the fisrt day, the pool was lucky: Our work was always completely paid. But on the 21th feb, it got an unlucky round, an thus some of our work could not be paid. But since then, it has been slowly catching up. Oh and for those wondering why the bitcoin prices went down, I think it's the Cointerra buyers wanting to sell as fast as they can to pay off their debts or whatnot, the prices already started to jump back up some. I think (and hope) this'll continue for awhile. For me (not financial advice) I plan on holding onto my coins for a bit. The market is realy sensitive to rumours and speculation. Two weeks ago, a major exchange (Mt.Gox) has announced it would lock bitcoin withdrawals while they investigate a bug. They claimed there was a flaw in the bitcoin protocol, but it turns out there was none, they just misunderstood the specifications and were lousy programmers. Anyway, they have not re-enabled withdrawls since, and people are beginnig to fear that they might be insolvent. Such a bad press pushes the price down, even if the problem themselves does not affect the average user (except those who did buisness with that exchange), because most of the Bitcoin price is due to hype. un_ordinateur I was unable to message you, can you create an account and message me? Done!
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Post by unordinateur on Feb 24, 2014 16:18:33 GMT
Also, AGAIN about Eligius (I don't want to be unpleasant, it's just I've known the pool for a while so I can pass on some tips) If you go to eligius.st/~wizkid057/newstats/mystats.php?cmd=options you can change a few options about your "account" on Eligius. The most interesting one is "NMC Merged Mining Addr": Namecoin is another "cryptocurrency" which was designed to work with Bitcoin; so a BTC miner can mine NMC at the same time. Eligius implemented that; so if you put in there an NMC address, you can get some NMC. There are worth a lot less that BTC, but still, if you go exchange them on markets like Cryptsy, VirCurex, etc, and exchange all them for BTC, it's a extra 1-2% mining income. (Eligius reports no stats on NMC mining though. It justs sends payout from time to time) Also, and it is purely an esthetic thing, you could put in something in "Nickname", like "Dell's pool" ou "Hopmarks mining operation", or whatever. So the stats page is titled like that instead of just a cold number. Since the pool is no-login, there is a mechanism to prove you own a given mining address when you try to change an option, since if there wasn't anybody could change the options. Most, if not all BTC wallet include a mechanism to "sign" messages with your address's private key. Once you're happy with your settings, you copy whatever is written in the "Message to Sign with 13zxWKU9oAuxDLDPfi2xXnggSCMmeTBFj3:" field and paste in into your wallet; and sigh it. Your wallet will generate a string of characters you'll copy back in the field "Signature:", then click "submit changes". If it has worked, the page will refresh and it should be written somewhere near the top of the page "Signature passes!" (Unfortunately, it is not easy to notice; it is not written in giant blinking letters)
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Post by Admin on Feb 25, 2014 4:38:02 GMT
Hey Thanks Unordinateur, those are great tips. I'm going to take a look at those right now, also I'm glad that not just anyone can force us to provide donations under the options. Glad they took the time to make all this practical. Thanks again! Dell
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Post by unordinateur on Feb 25, 2014 18:59:31 GMT
I've seen you have changed the settings. Nice! Is there any way to have an expected timeframe for the first payout? Also, how often to you expect to payout when the system will be done? weekly? It would be great if your system sent an email or something with some details at each payout; something like: "You own a certificate for 10 Gh/sec. Our mining group has a total of 1 Th/sec, so you own 1% of the group. This week, the pool mined 10 BTC. An amount of 0.1 BTC is removed to pay for electricity. 9.9 BTC are thus redistributed to certificate holders. You get 1% of that amount, so you get 0.099 BTC this week." Finally, for the NMC payout, are you gonna sell them and add them to mining production to be redistributed to us?
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Post by TimOTaySWM on Feb 26, 2014 0:31:22 GMT
I think you over estimated that amount, regardless. GLAD TO SEE YOUR ON LINE. Glad you went with eligius.st finally. But I have to say it, since I said it in when Sept 2013, or was Nov, any way.... CONGRATZ.
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Post by Admin on Feb 26, 2014 3:05:17 GMT
Estimated payout date will begin within 1 week for the machines that have arrived. As I'm typing the programmers are working on the finishing touches to make this work automatically.
Basically you're right on the equation to some degree, it first finds the fee 20 cents per GH per month (based on 30 day month period yw) then divides what was earned based on the total portions at the time of the mining. If you own .9284% of the total GH when it gets distributed it funnels through.
When crunching numbers keep in mind a 1.75 TH machine yields about 1.5 TH estimate from Eligius, so if you have 10 GH that would be around 8.5714 GH measured on Eligius. Eligius and other pools I've ever tried all seem to be off that way, but Eligius seems to get the most accurate readings that I could tell.
Dell
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WhatAboutTheNMCPART
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Post by WhatAboutTheNMCPART on Feb 26, 2014 5:03:19 GMT
i SEE YOU have N4pdfAoQzb6aQ2kz4z7uZtvDFDL686bXMu wallet address on there. So are we going to get any of that, basically 5%
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Post by Admin on Feb 26, 2014 13:58:00 GMT
i SEE YOU have N4pdfAoQzb6aQ2kz4z7uZtvDFDL686bXMu wallet address on there. So are we going to get any of that, basically 5% Thanks for looking into, but It's a little off, It's not 5%, one digit off, it's .5% so 1/2 of a percent. but actually its more like .6% or 3/5 of 1%. I wasn't going to worry about it, because I don't have an easy way to pay everyone and didn't think it would be worth the costs it would take to do that since it's so small. I'm hoping this can offset the loss I took when cointerra reduced the GH by about 15% so I can take a 14.4% loss instead of 15% loss (your welcome for not extending the losses on you guys). If anyone is interested in the 15% Cointerra coupons, I don't really want them, (if I ever get them). I'm not sure the coupons are transferable but if they are I'd like to give some away in a raffle, to someone who can use it. From here on out we're looking to the most reliable supplier of Bitcoin machines thus far of KNCMiner, not only did they deliver at better times (only 2 weeks late about) they provided accurate GH/s. I've purchased from both companies and I feel that our investments are better off with KNCMiner.com. It's easier now to select reliable suppliers in hindsight, so things are looking up.
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Post by mjlilley on Feb 26, 2014 14:09:57 GMT
Dell, Your hashrate is increasing to a point where it may be more profitable to solo mine for a couple of weeks or a month prior to a difficulty increase. Would that be an option at some point? Perhaps your investors could vote. It would be more of a gamble, but the payoff would be great.
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Post by Admin on Feb 26, 2014 14:22:00 GMT
Dell, Your hashrate is increasing to a point where it may be more profitable to solo mine for a couple of weeks or a month prior to a difficulty increase. Would that be an option at some point? Perhaps your investors could vote. It would be more of a gamble, but the payoff would be great. I plan on solo mining at some point, but not yet, Eligius is very stable with payouts, and we're still a little small. Eventually though I think that's a great idea and we will likely implement it. My guess is that we will be slightly more efficient overall, but I can't be certain. But yes, let's rule the Bitcoin world together and get our own pool of goodness. Also I'd like to start new topics on the forum to discuss certain bitcoin related topics. I want the topics to be clean, informative, and with the mentality to help others. Topics could include investing, Bitcoin Value estimates, clean bitcoin sites (please no gambling though), basically anything to expand anothers mind on wholesome bitcoin goodness. I'd like to open up one moderator position as well. If you're interested email me at admin@hopmarks.com I'm sorry I've been away from the forum as much as I had earlier, Now that things are getting set up and running I'd like to get things back on track a little more. Dell
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Post by unordinateur on Feb 26, 2014 17:00:16 GMT
Dell, Your hashrate is increasing to a point where it may be more profitable to solo mine for a couple of weeks or a month prior to a difficulty increase. Would that be an option at some point? Perhaps your investors could vote. It would be more of a gamble, but the payoff would be great. We currently mine at about 6 Thash/sec. The network power is 28 000 Thash/sec, so we have 0.02% of the network. That means we would find a block every 35 days, on average. But network's power increases exponentially, about 1.7% per day. (Source: bitcoin.sipa.be/). Over the next few weeks, Dell's will recieve his last machines, so he will maybe double his power, but still, his share of the network will rapidly decrease after that. But currently, 35 days is way too long, considering that it covers almost 3 difficulty change. Don't forget that 35 is an -average- value, and that there is huge variance to consider unless your represent a substantial part of the network. (For 35 days, considering no difficulty change, there is about 16% chance it will take longer that 36 days to find a block. But if you consider difficulty adustement, these odds get much higher, the average expected time to get a block gets more around 45 days, atc...) This is an interesting read on the subject: thegenesisblock.com/reader-requested-mining-solo-vs-joining-a-bitcoin-mining-pool/In any case, since Eligius has -no- fees, I don't see why we should not mine on it: Our expected income is exactly the same, but the variance is much lower.Anyway, I don't know for the other in the group, but I strongly dissagree with solo mining unless we get to an average block time of a few days, because I'm really against gambling, especially since the advantage of it are marginal considering the current situation.
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Post by unordinateur on Feb 26, 2014 17:20:54 GMT
When crunching numbers keep in mind a 1.75 TH machine yields about 1.5 TH estimate from Eligius, so if you have 10 GH that would be around 8.5714 GH measured on Eligius. Eligius and other pools I've ever tried all seem to be off that way, but Eligius seems to get the most accurate readings that I could tell. That's weird... What hashrate does the machine report? (Not the advertised hashrate, but the actual hashrate the machine reports while running!) What is the stale/invalid shares ratio? What program do you use to operate the machine? cgminer? bfgminer? The machine is autonomous and directly connects to the pool? Do you know what protocol you use to connect to the pool? Use stratum if possible. If your machine only supports getwork (i'd be surprised, but it might), use a stratum proxy. I've increased my miner's hashrate by 10% that way. For big mining operations, network latency can cause problems: If your miner finds a share, but while it was transmitting it, the network found a block, your share will be stale, and will not count. If you have a high stale share count, a stratum proxy might help too, for it will get work from the pool only once, then share it between all your machines.
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