Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?
When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years. Bitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism — known as proof-of-work — to help secure the Bitcoin blockchain. In return, participants receive compensation in bitcoins (BTC). When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at 12.5 BTC — as well as the transactions fees for the transactions included within the block. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort. bitcoin mining hardware Mining Hardware The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019. Bitcoin uses SHA256 as its mining algorithm. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin. Although it is technically possible to mine Bitcoin on your current computer hardware — using your CPU or GPU — this will almost certainly not generate a positive return on your investment and you may end up damaging your device. The most cost-effective way to mine Bitcoin in 2019 is using application-specific integrated circuit (ASIC) mining hardware. These are specially-designed machines that offer much higher performance per watt than typical computers and have been an absolutely essential purchase for anybody looking to get into Bitcoin mining since the first Avalon ASICs were shipped in 2013. When it comes to selecting Bitcoin mining hardware, there are several main parameters to consider — though the importance of each of these may vary based on personal circumstances and budget. Performance per Watt When it comes to Bitcoin mining, performance per watt is a measure of how many gigahashes per watt a machine is capable of and is, hence, a simple measure of its efficiency. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware. Ideally, your mining hardware would be highly efficient, allowing it to mine Bitcoin with lower energy requirements — though this will need to be balanced with acquisition costs, as often the most efficient hardware is also the most expensive. This means it may take longer to see a return on investment. In countries with cheap electricity, performance per watt is often less of a concern than acquisition costs and price-performance ratio. In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment. However, this may not be the case for those operating in countries with extremely cheap electricity — such as Kuwait and Venezuela — as even older equipment can still be profitable. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. Longevity The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. It’s always a good idea to do whatever possible to ensure it runs as smoothly as possible. Since mining equipment tends to run at a full (or almost full) load for extended periods, they also tend to break down and fail more frequently than most electronics — which can seriously damage your profitability. Equipment failure is even more common when purchasing second-hand equipment. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement. Price-Performance Ratio In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. In the case of cryptocurrency mining hardware, this is commonly expressed as gigahashes per dollar or GH/$. Under ideal circumstances, the mining hardware would have a high price-performance ratio, ensuring you get a lot of bang for your buck. However, this must also be considered in combination with the acquisition costs and the expected lifetime of the machine — since the absolute most powerful machines are not always the cheapest or the most energy efficient. Acquisition Costs Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio. Acquisition costs include all the costs involved in purchasing any mining equipment, including hardware costs, shipping costs, import duties, and any further costs. For example, many ASIC miners do not include a power supply — which can be another considerable expense, since the 1,000W+ power supplies usually required tend to cost several hundred dollars alone. Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. In addition, some miners may want to invest in uninterruptible power supplies to ensure their hardware keeps running — even if the power fails temporarily. asic mining Current Generation Hardware One of the most recent additions to the Bitcoin mining hardware market is the Ebang Ebit E11++, which was released in October 2018. Using a 10nm fabrication process for its processors, the Ebit E11++ is able to achieve one of the highest hash rates on the market at 44TH/s. In terms of efficiency, the Ebang Ebit E11++ is arguably the best on the market, offering 44TH/s of hash rate while drawing just 1,980W of power, offering 22.2GH/W performance. However, as of writing, the Ebang Ebit E11++ is out of stock until March 31, 2019 — while its price of $2,024 (excluding shipping) may make it prohibitively expensive for those first getting involved with Bitcoin mining. Another popular choice is the ASICminer 8 Nano, a machine released in October 2018 that offers 44TH/s for $3,900 excluding shipping. The ASICminer 8 Nano draws 2,100W of power, giving it an efficiency of almost 21GH/W — slightly lower than the Ebit E11++ while costing almost double the price. However, unlike the E11++, the 8 Nano is actually in stock and available to purchase. ASICminer also offers the 8 Nano Pro, a machine launched in mid-2018 that offers 80 TH/s of hash rate for $9,500 (excluding shipping). However, unlike the Ebit E11++ and 8 Nano, the minimum order quantity for the 8 Nano Pro is curiously set at five, meaning you will need to lay out a minimum of $47,500 in order to actually get your hands on one (or five). While the 8 Nano Pro doesn’t offer the same performance per watt as the Ebit E11+ or AICMiner 8 Nano, it is one of the quieter miners on this list, making it more suitable for a home or office environment. That being said, the ASICminer 8 Nano Pro is easily the most expensive miner per TH on this list — costing a whopping $118.75/TH, compared to the $46/TH offered by the E11++ and $88.64 offered by the 8 Nano. The latest hardware on this list is the Innosilicon T3 43T, which is currently available for pre-order at $2,279, and estimated to ship in March 2019. Offering 43TH/s of performance at 2,100W, the T3 43T comes in at an efficiency of 20.4GH/W, which is around 10 percent less energy efficient than the Ebit E11++. The T3 43T also has a minimum order quantity of three units, making the minimum acquisition cost $6837 + shipping for preorders. All in all, the T3 43T is more costly and less efficient than the E11++ but may arrive slightly earlier since Ebang will not ship the E11++ units until at least end March 29, 2019. Finally, this list would not be complete without including Bitmain’s latest offering, the Antminer S15-28TH/s, which — as its name suggests — offers 28TH/s of hash power while drawing just under 1600W at the wall. The Antminer S15 is one of the only SHA256 miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Like most pieces of top-end Bitcoin mining hardware, the Antminer S15 27TH/s model is currently sold out, with current orders not shipping until mid-February 2019. However, the S15 is offered at a significantly lower price than many of its competitors at just $1020 (excluding shipping), with no minimum quantity restriction. At these rates, the Antminer comes in at just $37.78/TH — though its energy efficiency is a much less impressive 17.5GH/W. Mining Hardware Mining Hardware Comparison Performance (GH/W) Price Performance Ratio ($/TH) Ebang Ebit E11++ 22.2GH/W $46/TH ASICminer 8 Nano 21GH/W $88.64/TH ASICminer 8 Nano Pro 19GH/W $118.75/TH Innosilicon T3 43T 20.4GH/W $53/TH Antminer S15-28TH/s 17.5GH/W $37.78/TH How To Select a Good Mining Pool Mining pools are platforms that allow miners to pool their resources together to achieve a higher collective hash rate — which, in turn, allows the collective to mine more blocks than they would be able to achieve alone. Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. If a pool contributing a total of 20 TH/s of hash rate successfully mines the next block, a user responsible for 10 percent of this hash rate will receive 10 percent of the 12.5 BTC reward. Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. Without operating through a mining pool, many miners would be unlikely to discover any blocks at all — due to only contributing a tiny fraction of the overall Bitcoin hash rate. While it is quite possible to be successful mining without a pool, this typically requires an extremely large mining operation and is usually not recommended — unless you have enough hash rate to mine blocks on a regular basis. Although it is technically possible to discover blocks mining solo and keep the entire 12.5 BTC reward for yourself, the odds of this actually occurring are practically zero — making pool collaboration practically the only way to compete in 2019 and beyond. Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Because of this, we have broken down the qualities you should be looking for in a new pool into four categories; reputation, hash rate, pool fees, and usability/features: Reputation The reputation of a pool is one of the most important factors in selecting the pool that is best for you. Well-reputed pools will tend to be much larger than newer or less well-established pools since few pools with a poor reputation can stand the test of time. Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. By using only pools with a great reputation, you also ensure your hash rate is not being used for nefarious purposes — such as powering a 51 percent attack. When comparing a list of pools that appear suitable for you, it is a wise move to read their user reviews before making your choice — ensuring you don’t end up mining at a pool that steals your hard-fought earnings. Hash Rate When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. Because of this, one of the major features you should be considering when selecting your pool is its total hash rate — which is often closely related to the proportion of new blocks mined by the pool Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features. Sometimes, some of the largest pools have a minimum hash rate requirement ù leaving some of the smaller miners left out of the loop. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo. Pool Fees When choosing a suitable pool, typically one of the major considerations is its fees. Typically, most pools will charge a small fee that is deducted from your earnings and is usually around 1-2 percent — but sometimes slightly lower or higher. There are also pools that offer 0 percent fees. However, these are often much smaller than the major pools and tend to make their money in a different way — such as through monthly subscriptions or donations. Ideally, you will choose the pool that offers the best balance of fees to other features. Usually, the pool with the absolute lowest fees is not the best choice. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most. Usability and Features When first starting out with Bitcoin mining, learning how to set up a pool and navigating through the settings can be a challenge. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources and prompt customer support. However, for more experienced miners, simple pools don’t tend to offer a variety of features needed to maximize profitability. For example, although many mining pools focus their entire hash rate towards mining a single cryptocurrency, some are large enough to offer additional options — allowing users to mine other SHA256 coins such as Bitcoin Cash (BCH) or Fantom if they choose. These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation. bitcoin mining pool Best Mining Pools for 2019 The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey. Slushpool was the first Bitcoin mining pool released, being launched way back in 2010 under the name “Bitcoin Pooled Mining Server.” Since then, Slushpool has grown into one of the most popular pools around — currently accounting for just under 10 percent of the total Bitcoin hash rate. Although Slushpool isn’t one of the very largest pools, it does offer a newbie-friendly interface alongside more advanced features for those that need them. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U.S., Europe, China, and Japan — giving it a good balance of fees to features. BTC.com is another potential candidate for your pool and currently stands as the largest public Bitcoin mining pool. It is responsible for mining around 17 percent of new blocks. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made. Image courtesy of Blockchain.info. BTC.com is owned by Bitmain, a company that manufacturers mining hardware, and charges a 1.5 percent fees — placing it squarely in the middle-tier in terms of fees. Unlike other platforms, BTC.com uses its own payment structure known as FPPS (Full Pay Per Share), which means miners also receive a share of the transaction fees included within mined blocks — making it slightly more profitable than standard payment per share (PPS) pools. Another great option is Antpool, a mining pool that supports mining services for 10 different cryptocurrencies, including Bitcoin, Litecoin (LTC) and Ethereum (ETH). AntPool frequently trades places with BTC.com as the largest Bitcoin mining pool. However, as of this writing, it occupies the title of the third-largest public mining pool. What sets Antpool apart from other pools is the ability to choose your own fee system — including PPS, PPS+, and PPLNS. If you choose PPLNS, using Antpool is free but you will not receive any transaction fees from any blocks mined. Antpool also offers regular payouts and has a low minimum payout of just 0.001 BTC, making it suitable for smaller miners. Last on the list of the best Bitcoin mining pools in 2019 is the Bitcoin.com mining pool. Although this is one of the smaller pools available, the Bitcoin.com pool has some redeeming features that make it worth a look. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. According to Bitcoin.com, they are the highest paying Pay Per Share (PPS) pool in the world, offering up to 98 percent block rewards as well as automatic switching between BTC and BCH mining to optimize profitability. Electricity Costs While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. With electricity costs often varying dramatically between countries, ensuring you are on the best cost-per-KWh plan available will help to keep costs down when mining. Most commonly, large mining operations will be set up in countries where electricity costs are the lowest — such as Iceland, India, and Ukraine. Since China has one of the lowest energy costs in the world, it was previously the epicenter of Bitcoin mining. However, since the government began cracking down on cryptocurrencies, it has largely fallen out of favor with miners. Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. Despite this, importing mining hardware into the country is a costly endeavor, making it impractical for many people. Finding ways to lower your electricity costs is one of the best ways to improve your mining profitability. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term. if you are looking to buy bitcoin mining equipment here is some links: Model Antminer S17 Pro (56Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 56Th/s for a power consumption of 2385W. https://miningwholesale.eu/product/bitmain-antminer-s17-pro-56th-copy/?wpam_id=17 Model Antminer S9K from Bitmain mining SHA-256 algorithm with a maximum hashrate of 14Th/s for a power consumption of 1323W. https://miningwholesale.eu/product/bitmain-antminer-s9k-14-th-s/?wpam_id=17 Model T2T 30Tfrom Innosilicon mining SHA-256 algorithm with a maximum hashrate of 30Th/s for a power consumption of 2200W. https://miningwholesale.eu/product/innosilicon-t2t-30t/?wpam_id=17 mining wholesale website: https://miningwholesale.eu/?wpam_id=17
I am interested in hashing buyer stories and how you made something profitable our of nicehash? For example, as we speak: - 1000$ USD of Equihash will give you 106 000 h/s for a day (0.7 Bid) - That will generate 16.71 Zencash 'raw' - You loose 20% from PPLNS or Nicehash reporting too high number from what they actually give you. - Final: 13.37 * 54$ (bittrex) = 721$. - Net loss: -27% I made recently some money on Zclassic and Zencash with a really good timing. Pure luck, but I did make 20% less than I was supposed to, mostly because PPLNS pool makes you lose a lot of Hash from nice hash but also because the difficulty skyrocket on the coin about the same time it started to get high. So all in all, for all the risk and the time, Buying it in bitcoin and holding it for 8h would have been the same, actually even more profitable. The 20% lost of hash power is based on 5 nicehash test run. Every time nicehash reported higher number than my output in coin. Even if the bid goes as low as 0.5 you are still losing money and these are the best coin on Equihash right now. So... who the hell buy at this price??
Where to mine BCPT, Suprnova or Coinblockers? That is the question
Well what’s up miners and minets? Let me tell you a bit about my experiences with both of these mining pools. I mined with each of these pools for exactly 24 hours with the same exact equipment and same configuration with my 8 1070 ti. Whattomine.com said I should get about .37 BTCP in the 24 hour period, which on Suprnova I got .26 BTCP. They take a 1% fee for the mined BTCP which imo it’s ok, it’s a business and shouldn’t be free. They use a pps (pay per share) or pplns (pay per last n shares) payment method, which pays per round. In order for you to use their service you have to set up a username, password, and create a miner. If you want to mine other coins you will have to go through the same process for each coin. Now for Coinblockers I mined .365. Pretty damned close to what whattomine said right!!!! I’m pretty happy with how they have their setup. You pick a server, add it to your miner of choice, add the wallet address and get mining. They have a few other coin choices as well such as: Hush, BTG, Zelcash, etc. Now as for their payment method, they use the prop (proportional to when block is found). Their setup by far is one of the easiest setups around and it’s anonymous. Also the best part is they only charge a .05% fee Down below I will post a few links: one for Coinblockers, Suprnova, and a link for the different payment methods available. I did the time to see what the differences are and now just go mine wherever you feel comfortable. And if you feel generous you can send me a bit of love to my BTCP address below! Happy mining! https://coinblockers.com https://www.suprnova.cc https://en.bitcoin.it/wiki/Comparison_of_mining_pools Tip or donate to: b1L5SRZAsBTNVVvG1ybew23ZQcCf4jZYE9q
Announcing new LTC pool! stratum, getwork, sms/mail notify, and more!
Greetings fellow miners, I've been working with Bitcoins a while now, but I got tired, so I've started with Litecoins. But none of the existing pools offered all of the services I wanted, so I decided to setup my own. Currently I'm developing the frontend to provide a better user experience. Requests for popular or usefull features can also be added on demand. The pool is quite new and the first block is not yet found, but all calculations I've done indicates that the first block will be found in one week, with only myself mining. Currently, it's a PPLNS reward system, but I'm planning to make it possible to choose between PPLNS and PPS per pool worker. I also plan to rewrite the whole frontend in the future. The url is: https://coinpool.in Features:
Mmcfe forked frontend with my modifications
Stratum + getwork (w/longpool) protocol support
International SMS & Email notifications (Free sms, with a daily limit based on donation percentage)
Server located in both Western Europe and in the US
Available on TOR and I2P
In constant development (own development environment)
Only 0.7% fee
On demand and automatic payouts
IPv6 support on getwork protocol
IRC channels are available on Freenode (#coinpool.in) and I2P (#coinpool), and I will add forum if needed. I'll hope you join me! Best regards, Meeh https://coinpool.in
P2Pool, much fast, very doge. Wow. I just switched from a pool to my own P2Pool server and I have to say, I'm getting at least the same, and more than some full days of mining with only 12 hours on the p2pool! I myself am only currently sitting at 450kH/s and getting 170 DOGE/h so far today, so even Shibes under 1MH/s can benefit from it! TO THE MOOOOOON!!!! http://i.imgur.com/LZPq4mj.png If any Shibe is interested in joining, the server address is http://soulphalanx.com:22550. Just set your username as your doge wallet address and password as anything. The block rewards will go straight into your wallet!! ZERO FEES for ALL SHIBES on my node!!! Pool stats page is http://soulphalanx.com:22550/static/index.html. Donations are welcome! Please let me know if you need help with your settings. Other notes, make sure to ping http://soulphalanx.com and see if you're under 100ms for the best results. P2Pool relies on fast responses to be efficient. I myshibe am sitting at around 50ms ping. EDIT: Even if you are over 100ms ping, please still try and see what percentage shares are stale or orphaned. As long as it's lower than the p2pool network, you're FINE!! Check your dead % @ http://soulphalanx.com:22550/static/index.html#activeminers EDIT2: Don't worry about not getting your rewards initially, P2Pool uses a Pay-Per-Last-N-Shares (PPLNS) system to prevent pool hoppers. YOU MUST BE A PATIENT SHIBE. Rewards only start coming AFTER your first share, which may take a couple hours especially if you have low hashrate! A share will expire after 12 hours, so there will be periods where you will not get any doge at all, but that's because it's being offset and will average out when you find a share and receive a bunch!! Also, don't worry about stale or orphaned shares. P2Pool uses a totally different system than traditional pools. Shibes can read more about it at https://en.bitcoin.it/wiki/P2Pool.
Building Whalesburg We are getting questions from investors and bloggers who are not professional miners. They know in common words what it means, what hardware miners use but are not so familiar with numbers of this field. We regularly get questions how much profit Whalesburg will bring to our customers. So we decided to write a post which explains the basics of mining ROI.
This article is not for skilled miners; some details are not covered here!
What is typical ROI in mining, how Whalesburg will improve it? Mining ROI hardly depends on the hardware you use (GPU or ASICs), cryptocurrency prices, network difficulty, hashrate and other variables, which changes over time. It means that real data may hardly differ from those provided in this article. Let’s refer to a well-known website Cryptocompare.com on the page of Antminer S9 (https://www.cryptocompare.com/mining/bitmain/antminer-s9-mine). This website is quite popular and has an API used by thousands, so the data seems to be trustworthy. It tells that the price of a single piece of S9 is $2,725, its power consumption equals 1,375W, return per year is $3560 (incl. electricity costs) and ROI equals 130%. This way you will get $3560 — $2725 = $835 net income at the end of the first year if variables below will remain same. The second year will bring you $3560 more. Note calculations was made using price of 1 BTC = $10516, electricity price $0.12 per kW/h and network difficulty = 18,633,837 PH/s. Now let’s take a look at whattomine.com website on SHA 256 algorithm: screenshot is in a Medium post As you can see, there is an option to mine UNIT which more profitable than BTC by 31% (!!!). So switching some of the pool’s hashpowers to this coin and converting UNIT to BTC on the fly could increase miners profit. This is the main concept of Whalesburg smart mining pool. There is another problem — low UNIT’s network hashrate which can prevent this coin being such a profitable one if we will switch all our powers to it. We are developing an algorithm which will vary hash powers among new coins and split profits between all participants. So, if someone will mine COIN1 with 130% BPR (BTC Profit Rate) and other will mine Bitcoin with 100% BPR — each of them both will get 15% more profit than just mining BTC. A module which responds for payouts will convert them to BTC by intent and split rewards among participants with PPLNS method. Same picture we can see on other algorithms. For example our MVP use Ethash: screenshot is in a Medium post Will your partners who are mining hosting companies hold WBT or they will propose Whalesburg to their clients? All partners will have a will to hold WBT tokens for their clients, and they agree to such terms. The fee of 0,45% is cheap; additionally, they get a monitoring tool built to fulfill their needs. It is a win-win deal. Clients of our partners are investors, not IT geeks. They don’t need to hold these tokens to see increased ROI in reports. We offer services to any size mining facilities. They will want to hold our tokens and use our software. Can you make some more concrete arguments in favor of Whalesburg regarding time-saving and increased ROI? Time-saving: Now miners need to set a bunch of tools like EthMiner, Autominer, Claymore, Afterburner, and others. We incorporate all this functionality in one. Miners need to analyze the profitability of dozens of coins, look for good pools, create and run a .bat or .sh file to stop/run miners. They need to understand this all! Miners need to monitor the state of their hardware manually, and if something happened (drops of hash rate), they need to become a hardware doctors and to heal their farms. Let me tell you a story. Miner has a mining rig built with 8 GPU cards. He mines ETH with X MH/s. Suddenly he finds that hash rate become 0.6X MH/s — this is a 40% drop!!! But all the cards are working, responding at the same delay and have the same hash rate which is (0.6X)/8 MH/s. So Miner takes out GPUs one by one and restarts this rig until he founds one GPU card which causes a problem. He replaces this card with another one, and his rig’s hash rate returns to X MH/s. He still doesn’t know what is wrong with his GPU card. The Whalesburg monitoring tool can prevent failures and diagnose problems automatically and notify Miner. Even try to heal it disconnecting card programmatically. Return rate: A long time ago we experimented with my friends who own mining rigs and who were mining ETH. We’ve chosen most popular “smart mining pools” like Nicehash, Miner gate, suprnova.cc and solo mining mode with Claymore miner. The last mode was to mine with Whalesburg proof-of-concept solution — it was EthMiner + Autominer which connects to a pool of the most profitable coin among EtHash algorithm. So we connected five mining farms of the same hash rate to each of these modes and start to gather live statistics. A week was gone, and we calculated profits, rates, metrics: Lowest was solo mode mining with Claymore (obvious reasons — low hash rate, high difficulty). And still it brought to rig owner around 80% to average experiment income; Then go Nicehash and Minergate with 90% of average income, and both more-less were looking similar. Suprnova.cc was the best among all the previous and gave 115% of average experiment income. Whalesburg.com chart was hopping from one coin to another frequently at the start, then it stabilized and showed 125% of average income. Why we generate more profits, strong part: The first server-side auto-witching algorithm. The one in the world — all other smart pools leave this to a clients side. Transparent fees. Blockchain-based accounting shows we are not hiding a penny and using actual exchange rates. We have more Ethash coins already, at the start. We have other architecture that other mining pools, the proprietary software we coded our own from scratch. To be confident we can promise at least +15% income to whatever they use now. Weaknesses: Whalesburg is in the early stage. We have just released an MVP. Our pool’s hashrate on start will be low comparing to the biggest pools on the market. This is what we need to work out, but it will be easy. — Whalesburg team — Join telegram chat: https://t.me/whalesburg Test our MVP: http://pool.whalesburg.com Stay tuned!
Repost for a nice not-so-new pool looking for hashrate !
Hello guys. I'm doing a repost of our old thread regarding Hypernova (https://hypernova.pw) : http://www.reddit.com/litecoinmining/comments/1dcvcv/ann_ltceuusrbpps_hypernova_your_brandnew_mining/ It's been quite 1 month since we announced our opening. We and our fellow users thought it might be a good idea to talk about it again since the pool's maturity increased and features added up to the list (like replacing proportional reward system with CPPSRB) Let me show you the main features ! A nice looking and efficient web interface We'red tired about these copy-paste pools using the mmcFE-litecoin project. We've wanted something beautiful, original and useful. Soak managed to bring you the best web interface he could. Use it on your computer, phone, phablet, android, iphone, ipad, refrigerator, lawn-mower... Starting everything from scratch was our choice - and our pride. Capped Pay Per Share with Recent Backpay Reward System We didn't find something else longer to spell. You may have already seen this reward system currently live on the Bitcoin mining pool Eligius. To be short : it's a system that tries to be close of the classic PPS reward system. The main difference is : the pool pays the miners with the solved blocks funds. The pool doesn't take risks on short/long rounds. When a round's unlucky and the pool can't pay anymore for the work, we shelve your shares for further backpay. As the formula calculating PPS price is based on a ~60% luck assumption (It is the same formula for every classic PPS pool), mathematically we should end up with more frequent lucky (with no shelves) rounds than unlucky. With that system the pool doesn't take the risk of being bankrupt. So what we have there is a nice compromise between PPLNS with high variance and PPS with null variance (which is balanced by higher fees and a risk of bankruptcy for the pool operators). Custom difficulty choosable per worker We heard that a bunch of you doesn't like vardiff or fixed diff pools. That's why we let you the choice. Either you're a tiny cpu miner or a cowboy with GPU farms, you're free to choose your worker difficulty from 8 to 128. Sweet pool efficiency We've worked hard on our infrastructure implementation and Stratum. Our general overall efficiency always have been above 99%. At the time I'm writing these lines it is at 99.47% accepted shares versus 0.53% rejected. We're aware about the latency challenge. That's why we opened 4 nodes around the world to ensure the lowest round trip time : mining.eu.hypernova.pw (Europe, France) mining.usa.hypernova.pw (USA, New York) mining.usa.dallas.hypernova.pw (USA, Dallas) mining.usa.la.hypernova.pw (USA, Los Angeles) A helpful and nice community We're always happy to help you. By mail on [email protected] or on IRC Freenode's channel #hypernova with the pool operators and our fellow miners. Keep in touch with us, we're nice people always trying to crunch our 7950 to the best ! 1% fee Using a nice PPS reward system with a good compromise allows us to lower the fee thus allowing to help us pay for the servers and infrastructure. API with JSON encoded values So you're the cowboy with a farm of 7950 ? Enjoy our API to monitor your rigs ! How to join us ? Give a shot to the website : https://hypernova.pw and create an account. Once you created a worker, point your miner toward your nearest node and shout us your best battle cry at #hypernova on Freenode ! EG (for cgminer) : cgminer -o stratum+tcp://mining.eu.hypernova.pw:3333 -u JohnDoe.myWorker -p 12345 --scrypt ... Help us to spread the word ! We've put online a page especially for that : https://hypernova.pw/spread/ with links to every of our threads and useful buttons for Facebook/TwitteGoogle spreading. Message for those that were with us from the beginning Thank you ! We're happy to see our project moving forward. We wouldn't have been that far without you supporting us. Thank you again and see you in the future. So far, 2130 Litecoins redistributed to our fellow miners. Still counting... ! Hope to see you soon on Hypernova.. And sorry for the noise :)
Ethereum is a decentralized programmable platform that utilizes that allows for the application of blockchain technology in many facets of life.
Like Bitcoin, Ethereum utilizes a blockchain for security and transparency. Ethereum, like Bitcoin, is also tradeable directly as Ether (ETH). However, Ethereum also allows for the creation of “smart contracts”, allowing developers to use blockchain technology, via Ethereum, in their own programmable applications.
What is Ether (ETH)?
Ether, or ETH for short, is the currency Ethereum uses. Ether is generated via algorithmic mining, and is the basis of the Ethereum network. Ether serves as the basis for Ethereum “smart contracts” which often utilize “tokens”, an abstraction of Ether.
How can I purchase Ether (ETH)?
Depending on your geographical location, your options for purchasing Ether may vary.
Purchasing Ether through Coinbase.com, using USD or BTC is a very popular method of obtaining Ether
Gdax.com allows for more rapid exchange of currency, and is connected directly to Coinbase.com
Alternatively, Poloniex.com, Kraken.com (EUR), and Bitfinex.com (USD) are popular exchanges.
Best places to buy EtheBTC with debit cards or instant bank transfers:
MinerGate isn’t recommended if you plan to have dedicated mining rigs.
If, however, you wish to mine on an existing computer as a hobby, or out of interest, it’s perfect. While it does take a fee from your mining, it’s GUI is quick and simple to use and once install you can be mining instantaneously. It also has some challenges that encourage you to mine, and if you’re an absolute beginner, then the simplicity of this software will have you jumping for joy.
Other ETH mining pools include:
ethereumpool.co/ – 0.8% fees. Payouts released 2 times a day for balances higher than 0.5 ETH.
dwarfpool.com/ – 2% fees. Payouts released 4-6 times a day for balances higher than 1 ETH.
weipool.org/ – 0% fees. Payouts released every 24 hours for balances higher than 1 ETH.
ethpool.org/ – Predictable Solo Mining pool. 0% fees. Payouts after 10 confirmations.
nanopool.org/ – PPLNS 1% fees. Payouts released 2 times a day for balances higher than 0.1 ETH.
www.alpereum.ch – 0% fees. Payout every 30 minutes for balances over 0.2ETH.
Cryptowat.ch is a popular website to track the price of Ether (ETH). In addition to listing the price of ETH on the major exchanges, it allows for a wide variety of charting tools which can be used to trade ETH more effectively.
How is Ethereum different than Bitcoin?
Ethereum creates an ecosystem for the utilization of blockchain in everyday transactions and is designed with this intention. Bitcoin, on the other hand, was created as a form of electronic cash. Ethereum uses similar blockchain technology to maintain all of the benefits of Bitcoin, but also allows for an infrastructure of applications which can extend beyond the exchange of currency.
ERC20 tokens are Ethereum derivatives. Tokens allow for smart contracts to interface directly with the Ethereum blockchain. As such, they are exchangeable through Ethereum wallets.
Proof of Work vs Proof of Stake
Proof of Work is the current method used to generate ETH, the "Serenity" update will change this to a Proof of Stake system, the difference is explained below.
Proof of Work is the system by which most cryptocurrencies, including Bitcoin, manage their blockchains. Through a process known as mining, individuals contribute processing power to solve difficult, arbitrary calculations as well as to validate calculations to determine what the next block in the blockchain should be. Whenever a new block is added to the chain, whoever was lucky enough to be the person that created that block is rewarded with some amount of currency.
The difficulty of these calculations can be determined by the devs behind the currency to control the rate at which new coins are dispersed into the economy. The reason for the difficult calculations is to secure the network by making it difficult for an attacker to start adding invalid blocks to the universally accepted chain - in this system, the attacker would need to generate over 50% of the processing power in the entire network to have their malicious validation be accepted. A higher-level way to think about this is that processing power is what creates scarcity and is proportional to the odds of you getting the next reward. This has the unfortunate side-effect of giving a disproportionate amount of power, in regards to both reward and blockchain validation, to miners that control a large portion of the mining hashrate.
Proof of Stake rewards are distributed via proportional to the “stake” that validators have in the economy as opposed to the work you can do. Your stake increases based on the amount of currency in your wallet and how long it’s been there. The greater your stake, the higher the odds are that you will receive a reward for the creation of the new block on the chain. In contrast to PoW where scarcity comes from processing power, in PoS, the scarcity comes from the currency itself.
As of June 2017, Ethereum is using a Proof of Work system. By the Serenity update the platform will be updated to use a Proof of Stake system. As we get closer to that release we will learn more details about how the PoS system will work in Ethereum’s implementation, known as Casper.
Anticipated ETH Updates:
zkSNARKs stands for “zero knowledge Succinct Non-interactive ARguments of Knowledge”. They allows us to manipulate and translate calculations that need to be double-checked so that nothing on the network needs to know exactly what the original calculation was, but can still confirm whEther a result is correct or not. The details of how this works are too opaque for this guide, but what it means is that code deployed on Ethereum doesn’t have to be open-source and the details of transactions can remain completely secret. zkSNARKs will be implemented in the Metropolis update.
Metropolis is the next major update to the Ethereum network, the third of four phases that the developers have planned for Ethereum. This update will bring with it modifications to the way that applications interact with the network, making it simpler for developers to write apps on the platform. zkSNARKs will also be implemented in this update, opening up the Ethereum network to developers that want to keep their apps’ source code a secret and users that want greater privacy for their transactions.
This is the fourth and final major planned update to Ethereum. This is defined by two massive changes: transition from a PoW to PoS system using the Casper algorithm (described above), and sharding. Sharding will allow applications to be split into tiny pieces, or sharded, and distributed across the network. One calculation required to execute an app may happen on one machine (and then double-checked using zkSNARKs on several others), then the next calculation happens somewhere else, and so on. Not only does this improve performance by reducing the time it takes for apps to execute on the network, allowing network nodes to validate only shards of the blockchain means that new blocks can be added, and transactions confirmed, near instantly. This is the biggest update planned for Ethereum and has no release date yet determined.
where can i find info on setting up a mining operation? is that even what i should be doing?
what is the difference between BTC and other bitcoin exchanges using their own variant (eg. LTC http://bitcoinmining.co/?q=node/12)? should i even use something like that or should i be looking to make raw BTC with my own setup?
can i run multiple bitcoin clients from the same machine and it will allow me to contribute to multiple pools at the same time or should i be focusing my processing power into one pool?
I sort of understand that there is a physical file that i need to "store" in order for my BTC to be "alive"? is that right? or does some other entity record the BTC that i have "created"? really confusing...
any help would be greatly appreciated. as far as i could find i couldn't find a rubric for this sort of thing and i can't seem to find a "how to" that actually tells you HOW to do anything other then look for information. which when i look i dont quite understand what it is i am exactly doing. very disconcerting. im either being stupid or i am approaching this in the wrong way. i can't seem to figure out which.
This is a pre-release post to gather opinions from fellow Bronies. What do I need your opinions on? just about everything really 1) Do you agree with the amount of currency been mined yearly? 2) Do you think we can achieve better than the Doge meme community did with their currency? 3) Do you like the PoS/PoW advanced hybrid system or pure POW? 4) Do you think half the supply of Dogecoin is okay, or should we go even rarer supply with our currency? 5) Do you think merchants at Bronycon and other conventions would accept the currency as payment? 6) Would you use Bronycoin to tip your friends for art work and stuff? 7) Do you think the sub units 100 million parts that make up 1 Bronycoin, should be called Pegasisters or Bits?? 8) what do you believe is best way to insure only Bronies get free currency??? This is a mock up of this release post o_O note no download links or source till we're ready, but if you wish to test a crypto wallet to see what the competition has, Id say try Dogecoin as that's the currency we'll be looking to take over in market share. Bronycoin (BRO) like with the satoshi parts in a Bitcoin, the 100 million parts that make up each Bronycoin will be called Bits, Bits for short :) so 100 million Bits = 1 Bronycoin (Brony) Why Bronycoin? Because first of all, we don't like central banks and corrupt governments, and would love to see them lose the monopoly, Why shouldn't Bronies create and control our own currency? Bronycoin's goal is to be used for tipping other Bronies for Artwork and Fun on forums, social networks, darknets like I2P, Tor and others, as well as the normal Internet (clearnet) At the current moment it works with SOCKS over I2P/Tor. Native support for I2P should be in place soon. Its an advanced NeoScrypt PoW/PoS coin, and has some other nice features too. Such as transaction messaging and been (Turning complete) But the main feature is the large community of Bronies, something Doge could only dream of :eek: why should doge go down as the greatest meme in history just because somebody made a cryptocurrency of it??? Bronies create more memes daily than any dogers. Proof-Of-Stake Bronycoin's major distinguishing feature is that it uses proof-of-stake/proof-of-work hybrid system. The proof-of-stake system was designed to address vulnerabilities that could occur in a pure proof-of-work system. For example, there is a risk of 51% attacks in Bitcoin or Litecoin and Dogecoin resulting from a monopoly on mining power (a 51% attack is when a single entity possesses over a half of the network hash power), which would possibly allow this entity to double spend coins. With a proof-of-stake system, a network attacker would also need to gain a large quantity of coins. This has the effect of making a monopoly more costly, and stops the risk of a monopoly from proof-of-work mining shares. Digital money made for the Internet Bronycoin was born from the Internet, bringing the freedom of physical money to the virtual world, while making payments easier and more secure in both worlds. Bronycoin can offer an alternative to previous cumbersome and costly systems, and it can increase online business access to developing countries, as well as helping to advance open source freedom, and the Brony community world wide. SPECIFICATIONS Advanced hybrid proof-of-work (PoW) and proof-of-stake (PoS) 50 billion coins to be produced block hashing is BLAKE2s PoW hashing is NeoScrypt PoS hashing is SHA-256d 1 minute combined block target (3 minutes for PoW, 1.5 minutes for PoS) Re targets every block Time warp and instamining protection Advanced check pointing against 51% attacks Transaction messaging supported 6 confirmations for regular transactions 200 confirmations for minted coins Very low transaction fees (most transactions are free) No destruction of transaction fees (all collected by a block finder) The default P2P port is 15298, RPC port is 15299 I2P/Tor ready POS INFORMATION PoW and PoS blocks carry the same fixed reward of 5 Brony one of the 1st implementation of a fixed PoS block rewards STATS / RANKINGS http://coinmarketcap.com/all.html http://www.whattomine.com/ not on sites yet. DOWNLOADS Windows not released yet. Linux (i386) not released yet. Linux (amd64) not released yet. MacOS X (32-bit and 64-bit) not released yet. Source Code https://github.com/Bronycoins/Bronycoin Example Bronycoin.conf irc=1 dns=1 sse2=1 daemon=1 server=1 stakegen=1 logtimestamps=1 minersleep=2000 stakemindepth=5000 stakecombine=40 stakesplit=80 port=15298 rpcport=15299 rpcuser=someuser rpcpassword=somepassword PORTS (no released yet) POOLS http://www.dnb.io (0%, PPLNS) not yet but to be confirmed when released EXCHANGES useCryptos (BRONY/BTC, BRONY/EUR) Bleutrade (BRONY/BTC, BRONY/USD, BRONY/LTC, BRONY/DOGE) Not on these exchanges yet but its to be confirmed, that they'll be the first two. SOCIAL Twitter Facebook (not created yet) Forums (yet to be listed) SERVICES / OTHER Cointopay https://cointopay.com/ Cointopay is a powerful Merchant account provider in the cryptocurrency world, they've already confirmed that Bronycoin will be accepted once released. We'll hopefully find Brony merchants at conventions willing to accept Bronycoin as a form of payment, Its also hoped Bronycoin.com will exchange the Crypptocurrency version of Bronycoin, as well as its physical coins. 50% pre-mine for giveaways, merchants, services, and development. (Bronies unite) Because friendship is Magic. unfinished white paper https://dochub.com/bronypony/bYRREz/f9ffc385-0d9c-48de-b12b-d390295332eb
/r/bitcoin, Help me write my letter to Congress and the IRS
All, any constructive feedback on this letter appreciated. Thanks!
To whom it may concern, I am writing regarding the latest ruling of the Internal Revenue Service regarding Virtual Currency taxation (IR-2014-36). Due to several critical mistakes in this ruling, I am writing to recommend that the IRS suspend its guidance pending a period of public comment and Congressional oversight. Mistakes in the IRS guidance include giving the American public 20 days notice to calculate and pay $900 million dollars in new taxes, failing to provide any guidance on how to calculate the new tax, creating new tax law ex-post-facto, and ignoring the speculative nature of emerging markets. In 2013, 1.5 million Bitcoins were mined. In December of 2013, Bitcoins were traded for $1300/coin. At this exchange rate, Bitcoin mining in 2013 constitutes $1.9 Billion in wealth. The IRS has ruled that this wealth is to be taxed as gross self-employment income; for most individuals this will be a 32% marginal rate combined with a self-employment tax rate of %15 for a total tax treatment of %47, or $900 Million in new taxes. While potentially a bold move to solve the deficit, this guidance was released March 25th, twenty days before the $900 million bill is due. The IRS guidance advised that all Virtual Currency taxes were due on April 15th and that all penalties, including criminal, will apply for late payment. This timeline gives Bitcoin entreprenuers, lawyers, accountants, and tax software authors a timeline of 20 days to calculate and move nearly a billion dollars into the Federal Treasury. This guidance is neither feasible, reasonable, or in the best interests of the United States. To move nearly a billion dollars into the federal treasury in 20 days, tax must be calculated. The IRS has given the following instruction: "taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt". This simple guidance ignores the following facts of Bitcoin mining:
Virtual currency mining is done through anonymous cooperatives known as "pools"
Pools distribute partial payouts of virtual currency, when found, via complex share-based contributor contracts with various names, including PPS, PPLNS, and over 50 other contract types.
Depending on whether the IRS "Doctrine of Constructive Receipt" applies to virtual currency, a miner can be said to have received virtual currency at many points during the satisfaction of said contract, sometimes taking as long as a month. Receipt of currency could occur when accounts are credited, when blocks are found, or when wallets are credited. Today, no one knows when on this timeline the IRS intends to apply tax. The IRS refuses to answer the question of whether constructive receipt applies.
The speculative value of Bitcoin can and has swung up to 90% during the time intervals that pools use to distribute virtual currency, causing a corresponding 90% uncertainty in the amount of tax owed.
The IRS has released no guidance on this timing uncertainty, and has refused to answer all questions on the subject, include those posed by this author by phone and in writing.
As a result, taxpayers must calculate and pay nearly a billion dollars in new income taxes, in twenty days, on threat of criminal penalties, with no guidance as to how much tax is due and up to a 90% variance in the possible amount of tax due. This is not sound tax policy, imposes an unreasonable burden, and deprives even the most honest & compliant citizens of the ability to calculate and pay taxes. Finally, the new IRS guidance ignores the speculative nature of Virtual Currencies. All Bitcoin miners, this author included, had planned with their accountants to pay capital gains tax on any gained capital as a result of Virtual Currency sales. However, many miners chose never to sell virtual currency due to the lack of a robust or fair market. Of the two biggest Bitcoin exchanges in 2013, the first, Mt. Gox, has been shown to be a Ponzi scheme and has gone bankrupt, keeping all investor funds. The second, BTC-E, is located somewhere in Eastern Europe and its operators are unknown but rumored to be criminals. These are the markets that the IRS is endorsing in its guidance as "fair market". The IRS guidance requires Americans to sell $900 million worth of virtual currency on these markets in order to satisfy a new tax burden. Many miners see these markets as risky and emerging and have held virtual currency without spending it, cognizant that on any day, the value of Bitcoin may be zero. For most miners, this means that taxes on Bitcoins mined in 2013 will be taxed at their 2013 trade value of $1300/coin, and tax will be paid by selling at today's price of $400/coin. This means that most miners will owe more in taxes than their Bitcoin is worth, and will be paying taxes out of their life savings on income they never earned. This is what I will be doing on April 15th. The IRS has purchased a massive "short sale" option against the American people, assessing tax at a price over twice as high as the price Americans are now forced to sell. No bitcoin miner would have entered into this agreement knowingly. Like many miners, had I known that 46% tax would be assessed at speculative prices, I would never have entered into such a liability. The option of being forced to sell half of my Bitcoins every day on foreign exchanges operated by criminals and moving thousands of dollars into overseas accounts was not a risk I was willing to take. This risk is what the IRS has required with its guidance. The IRS has classified mined Bitcoin as income retroactively, against all guidance and wisdom, and caused those who entered into this hobby to incur massive tax debt against gains they have never realized. This retroactive ruling bears all the worst elements of ex-post-facto tax law, a practice our Founding Fathers worked so hard to prevent. When the Internet revolution swept over America in the early 90s, Congress wisely allowed it to flourish and kept control of the Internet within the United States, control we still enjoy today. Like America's Mining Act of 1872, Denmark and other countries have opted to forgo a tax on Bitcoin mining due to its speculative nature, and instead tax only capital gained. Bitcoin is at the center of the virtual currency revolution, and the IRS has given miners, the core of this revolution, a choice of Denmark at 0% or the United States at 46%. We are chasing all the talent, investment, mindshare and control of an emerging revolution out of the country. We have created impossible, uninformed guidance and given America twenty days to pay a billion-dollar tax bill. We have placed a billion dollar "short sell" option against the American taxpayer and forced her to pay out of her life savings. We have engaged in the worst type of ex-post-facto lawmaking. The IRS must immediately announce suspension of its guidance pending a period of public comment and Congressional oversight. During this period of oversight, the following minimum reforms should be undertaken:
America should be given more than twenty days to assess taxes owed before penalties are incurred.
The IRS must answer basic questions about the amount of tax owed before imposing penalties for non-compliance.
Bitcoin taxes should be applied only from time of announcement forwards, allowing Virtual Currency users to make informed decisions.
Thank you, and God Bless America. Sincerely, -Truly, my name is Mike
New Dogecoin "user," pool payout system recommendations
Hi all, I've been taking a look at Bitcoin here and there, and later realized that there's other cyrptocurrencies, hearing about Litecoin. I also heard about Dogecoin, and thought of it as a funny joke (although I had no doubt that it was real). I started looking into cyrptocurrencies again this summer, and after some more reading into cyrptocurrencies that would be suitable for my desktop to mine, I decided to go with Dogecoin. Reason: [a seemingly] avid community. Bitcoin is infeasible to mine without an ASIC, and LTC is more or less a clone with a different algorithm. However, the "success" of these seem to be dependent on its value. If LTC or BTC burns, I think "they'd" loose more "users" compared to this community. Anyhow, I'm currently mining using my current desktop with cpuminer, getting around 13 k/hash. Once I get my older, stored desktop operational however, I'll be using that, and I think it gets around 1.2 k/hash. Yes, I know it's insignificant (I've read it everywhere, I know, electricity, etc.), but at least I have a "final use" for it. I have considered looking for a coin that's only CPU-minable, but I have yet to find one that's also easy to exchange to doge. (Unless any of you are aware of any?) I'd also like some advice as to which pool would be best for such low hashrates. While I'm currently in a multipool that has a 1% miner fee and a PPLNS payout, it's yielding slightly more than a pool I tried yesterday that had 0% fees but a prop payout. Thanks in advance for your replies!
Back in the mining business: I have some questions.
I haven't mined bitcoins in a while because my rig was broken, which didn't really matter because I was making like 0$ profit per day at the time (Before the drop to 25BTC reward). Now that mining is profitable once again I decided to fix the rig and fire up my GPUs. Now I have a few questions:
Is it worth mining on p2pool? I know it's good for the bitcoin network and decentralization, but if I make like 10%-20% less profit than on a centralized pool I'm not sure I want that.
I haven't used cgminer in the past. I really like it, but I'm not sure how to get the best performance out of my sapphire 6950s. Does anyone here have 6950s? What is the best cgminer config for these cards? They are watercooled, and I honestly don't care if they are still working in a few month, so I'm all for overclocking and almost-overheating them.
What hashrate do you get from your 6950s?
EDIT: Forgot a question:
Never heard of PPLNS before. What do you recommend, PPLNS or PPS?
Any help is greatly appreciated! PS: It feels so good to be back in the mining business. Once again I am generating money by heating my appartment. I'm really exited!
So, without further ado, here’s what to look for in a good Bitcoin Gold mining pool: Fees: This is probably the one feature that will make a difference from one pool to the next over the long haul. As you might have already guessed, the pools with the lowest fees, when all else is equal, are going to be your best choice. On average fees run about 1%, so anything below that is a good deal ... This small Bitcoin mining pool offers a PPLNS payment model, charging a 0.9% fee. With regard to payout, per each block found you will need to wait +101 block confirmations to get paid, which might take some time. The pool’s interface could do with an update as it’s not the most user friendly. It doesn’t have much in the way of features, but it does have two-factor authentication as an ... It is important which Bitcoin Cash mining pool you join, as they all have different characteristics. This article will provide you with all the information you need to choose the best pool option for you. You can also use the calculator to see how much profit can be made. ViaBTC is a newly launched Bitcoin mining pool consists of Bitcoin, Litecoin and BitcoinCash mining pool. ViaBTC follows PPS (4% fee) and PPLNS (2% fee) payment modes. The minimum payout offered by this site is 0.0001 BTC. The site works on stratum mining protocol and vardiff by offering sleek monitoring system and also provides merge mining. Pool mining was introduced during early Bitcoin mining days when solo mining became non-viable. The more powerful your hardware is, the more shares you’ll submit, the more shares you submit, the more you’ll earn. In order for the pool to pay its miners each pool uses its own payment scheme. Two of the most popular option is PPS and PPLNS.
Best or Worse Zcash / Bitcoin Mining Pool - Slushpool Review - Duration: 6:49. ... PPS vs PPLNS. How to choose a right pool? - Duration: 6:11. Graftmine.com 3,284 views. 6:11. Should I Choose PPS ... Bitcoin Mining Pool on Bitcoin.com OOS & And Mining Sites To Ignore ... Best Mining Pools PPS vs PPLNS - Duration: 18:17. VoskCoin 9,779 ... Bitcoin & Cryptocurrency Mining Pools Explained Best Mining Pools PPS vs PPLNS - Duration: 18:17. VoskCoin 6,097 views. 18:17. Monero Mining Guide: Mine XMR On Windows Or Mac, CPU And GPU Miner ... We discuss how mining in bitcoin works and the differences between SOLO MINING VS MINING POOLS. Hope this video brings you a lot of value! Let´s keep on learning! This past March Bitcoin.com launched its mining pool which has garnered quite a bit of hashrate since it started. This is due to the pool offering the best payout plans in the industry with a 110% ...