Nuv mining | Can You Creat a Ton Of Money Via Bitcoin Mining?
Consumers, investors, fanatics or even technology smart geeks may be wonderful Bitcoin enthusiasts. They can even follow all Bitcoin information as well as have a solitary inquiry in mind. People might simply want to figure out, whether an optimistic future can be taken of mining different cryptocurrencies. Well, it's not a trick or stunning paid announcement. Mining of cryptocurrencies can be a smart step, aside from being a financially rewarding one. And also the appeal of Bitcoin market can not be denied as well. The Bitcoin boom of 2013 and its huge rise in value brought about its reputation. The roller-coaster ride of Bitcoin as well as the other cryptocurrencies, called as Altcoins, discovered a location of reputation in each dictionary of the world. Digital currencies have actually earned adequate direct exposure, and a mining occupation including them can really supply earnings. The miners nevertheless, have to have three points - adequate time, adequate money and an unequaled perseverance. nuv mining The initial hurdle involves the option of a cryptocurrency. A fanatic can go on to mine Bitcoin. Or instead pick to extract other readily available cryptocurrencies, Dogecoin, Litecoin or Peercoin. In other words, miners have a lot of options. Comparable to stock, even cryptocurrencies have classifications, blue chip or dime. Mining the blue chip category is commonly associated with security, integrity and a greater amount of profit. Financial on these attributes, individuals are much more inclined towards Bitcoin mining, even if it includes utilizing an enormous computer power. Altcoins, on the other hand, can also offer a fair gain as algorithms are less complex. However with Altcoins, simplicity of mining as well as the potential gains are not always proportional. nuvmining Hardware is an element that begins to disclose the real examination. Also a techno-savvy miner can not refute the Bitcoin problem linked to brand-new block generation. The point is to decide upon the computing power to be used. For Bitcoins, algorithms have come to be difficult to hash. Thus, GPUs of gigantic power combined with high-end RAMs and also reputable hard disk drives have to do all the task. The point is to hash at a quick price. Several high-end GPUs running together can speed up block generation and also consequently the payouts. On the various other hand, picking an item of software could not be as tricky. Windows can be selected as the required OS, yet open-source Linux does a far better job. One more demand is a digital wallet. Extracted money have to be kept. One can keep it locally on hard-drive or remotely online. A miner just has to select wisely. With hardware and software in position, the task of mining begins. A miner may do it all alone, as well as collect all advantages. However the gear has to be tremendously effective. So it's fairly doubtful. Mining pools appear to be a sensible solution as people team up to contribute hash power and makers. Thus coins obtain extracted at a great speed. Collaborating has its advantages; miners get their reasonable share. Multipool is an economical choice. If Altcoin mining is to be embarked on, Middlecoin should be the miner's choice. So with all the active ingredients in place, a profitable mining gear can start. First investment may seem overwhelming, however the earnings are worthwhile!
A friend bought some hashlets then noticed their balance wasnt moving so they sent an email to GAWMiner and this is what they said. [10:15:32 AM] zelles .: "Thank you for contacting us! I have reviewed your account and your payouts are correct. The reason you are seeing payouts being 1 satoshi over the fee's is due to the pool payouts being lower than the maintenance fee's. You can verify this by looking at the current rate for your pool and the current value of BTC. If the current BTC value of $.08USD is more than your current payout per MH/s then we cover the loss and give you 1 satoshi extra. Unfortunately we do not control the value of BTC or the pool payouts but we will always do our best to prevent a loss for our customers. Thank you for your business! Thomas " lol why and the fuck are they still selling them?
[Dev] Halvening; what, when, why, and what it means
In slightly over a day, the 300,000th block will be mined and the mining rewards for Dogecoin will halve from their current levels. As of 300,001, miners will get 62,500 DOGE per block; you can see the full mining schedule in the README file https://github.com/dogecoin/dogecoin/blob/masteREADME.md This is a normal part of the process of reducing the Dogecoin rewards over time, as we move from a mining-heavy design to a functioning economy with coins being earned more through exchange of goods and services. The lead developer, langer_hans, wrote an excellent post on this last halvening, and I'm going to simply cut and paste much of it below with just minor updates. You can read the original at http://redd.it/2443w9 Should I be worried? No, you don't need to be. Everything happens automatically. Also you won't lose coins. I'm a X, what does it mean for me? Miner: For the same hashing power, you will get half as much Ð. If you got 1000 per day before, you'll now get 500 per day, presuming the difficulty stays the same. That said, with the drop in rewards, we may see a temporary dip in difficulty as miners move between coins, which should balance back out quickly. Trader: It's generally developer policy not to give trading advice, however looking back at the previous halvenings might provide some insights. The first halvening provided a dramatic price rise, but one which ultimately proved unsustainable and led to the current price correction. While reducing the rate of coin creation inevitably have an effect on supply, adoption of the coin likely to be the more significant factor. As always, you should be comfortable with your own trading decisions, and consult an expert if unsure. Shibe: Wow. Such halvening. Much excite. Very hype. Will this affect Multipools mining us? This remains to be seen. Multipools are profit switching pools. If you receive half the coins and in the same time their price in exchange to the pool's payout currency doesn't rise, the profit will be cut half too. That would probably make other coins more profitable to mine by them. If suddenly our price rises by 100%, I'd guess we see multipools again. Not really easy to predict. What does all that mean for the long term? Well, seeing how this halvening goes gives us some valuable insight of how the network reacts to this cut in profitability. This information should be helpful towards our decision what to do about the PoW/PoS/Merged mining/xyz discussion. Some more news The first 1.7.2 beta should be out tonight. We remain the fastest altcoin for merging in new patches from Bitcoin Core, as well as having one of the stablest clients. 1.7.2 primarily brings in bugfixes, although payment protocol is also enabled in 1.7.2 (it was taken out of 1.7 for further testing). I'll post more about payment protocol once the beta is out. The dev fund has passed the three million mark, which will primarily be used to support development of 1.8. Thanks to everyone who contributed! Edit: Dev fund, for those who asked, or I'll roll tips into the fund tonight for those who prefer to tip here: https://chain.so/address/devfund Edit 2: Corrected reward, was off by 250Doge
OK, let's try this again, as my first attempt was misunderstood... GHash.io is about to unleash multipool hell on dogecoin. Get of your rear ends and do something about it before we get screwed over just like we are with Wafflepool.
GHash.io (the single largest Bitcoin mining pool https://blockchain.info/pools) is currently beta testing a Scrypt Multipool that will mine Dogecoin, among others, and dump/convert to either BTC or LTC on their own CEX.io exchange. Nothing we can do will stop this. It's going to happen. However, if we as a community, could convince them to at least offer a payout in Doge as well as BTC & LTC at least that will minimize the damage somewhat. Because then other coins would be sold and converted to Doge resulting in less Doge dumped on the market. If I'm wrong here, please feel free to let me know. Otherwise, here is their twitter https://twitter.com/ghash_io or you could also sign up for an account and send a request to their support desk. A lot of people have been asking for something like this around here lately anyway (a multipool that pays out in Doge).
GAWminers.com / Paycoin / Josh Garza has the potential to destroy or gravely set back the cryptocurrency revolution. Here is why.
Gawminers right now is initiating fraud that is beyond the scope of most bitcoin scams, maybe second only to MTGOX. They are misrepresenting their products and fraudulently shifting hidden risks to customers. Here are my claims
They are selling virtual hashes without the actual machines backing it.
They falsify payouts according to pools that never existed or never received hashes from GAW.
They are known and have been caught using shill accounts. Not just the company but the CEO himself. Josh Garza.
They are just generally immature assholes that will ruin the fun for everyone because of their unethical character and greed.
Here are the reasons why I submit my claims based upon public evidence: Josh Garza publicly stated that the payouts from his virtual hashing machines are from a combination of mining, day trading, and private rentals. https://bitcointalk.org/index.php?topic=720844.msg8601489#msg8601489 Nothing on the product page mentions day trading and it is misrepresentation of risks by omitting such evidence. None of the pool owners listed on the gawminers website confirmed ever receiving hashes from GAWminers. You can go email them yourself. The most obvious reason they do not have physical mining hardware would be to read the gawminers TOS. Here: https://bitcointalk.org/index.php?topic=720844.msg8605520#msg8605520 Their Zenpool had consistently paid 2x more than other multipools during the beginning of the launch. Their fake zenpool speed counter went up to 300MHS when it was displayed publicly here: https://www.zenminer.com/pool/ until they realized they are claiming to own more than 50% of the total litecoin network at the time. That is when the counter disappeared when people began to question the enormous scope of their fake mining operation. The zenpool is a farce. It is fake and it just simulates ponzi payouts. Which was confirmed when the payouts predictably dropped more then 100% few weeks ago and even lower than some of the other multipools. Josh publicly stated this was because "investors" were not buying big contracts. He publicly stated this here: http://webcache.googleusercontent.com/search?q=cache:8j3lrbmknSgJ:https://hashtalk.org/topic/11712/zenpool-fluctuations-update-update+&cd=1&hl=en&ct=clnk&gl=us realized his mistake of making such statement and deleted the whole thread. If a pool requires investors to buy contracts for increased payouts, then you do not have a real mining pool with real mining machines. Josh Garza used shill accounts on bitcointalk.org here: http://share.pho.to/6pc3a/9a/original . I think he was caught publicly using shills twice. If anyone has proof, msg me and I will send you 0.25BTC. If this ponzi scheme collapses and if his claims that he sold over 120mm of products this year are true. Then the regulatory fall out will be ugly. This is not a small scam. It is huge and will give ammunition to people like Ben Lawsky to regulate us to death as this occured with a US company on US soil. It will be another Enron or worse. Please please please educate. The private evidence I have is much much more condemning. But it should be obvious enough what is already out there publicly. Also, please feel to present counter arguments.
Wafflepool & 51% attack - Don't panic. Here's what to do.
Hello, fellow shibes. Today, it seems we have another pool nearing the 51% hashrate threshold, as Dogehouse did in the past. We've had a lot of newcomers since, so I'll try to explain again what is the issue here, if it poses a real threat to the Dogecoin network, and what can be done. What is Wafflepool ? Wafflepool is, as its name suggests, a cryptocurrency mining pool (where several miners collaborate to ensure constant coin payouts). More precisely, it's called a "multipool", which means it alternates between several coins (like Dogecoin or Litecoin), to mine the most profitable one. As I write this, Dogecoin is the #6 most profitable coin to mine (according to this website) and thus is the current target of Wafflepool. They currently have a hashrate of about 33 GH/s, while the total hashrate of the Dogecoin network is about 80 GH/s. This means Wafflepool holds 41% of the hashpower of Dogecoin, and is nearing the minimal threshold for what is called a "51% attack". What is a "51% attack" ? The "51% attack" is a potential vulnerability in most cryptocurrencies. In this scenario, an attacker (in our case, a pool finely coordinating its workers) which holds at least 51% of the total hashrate of a cryptocurrency can create several anomalies in the coin's functioning. They could, for instance, reverse some transactions or disrupt other miners - which means they could destabilize the coin's overall network, and make its value plummet. Is this a real issue ? Yes and no. If a "51% attack" is successfully done, it may or may not be the end of Dogecoin - price falling through the floor, trust in the coin gone by the window, and investors fleeing like hell. This happened to other cryptocurrencies in the past. But most probably, this won't happen : firstly because Wafflepool has few reasons to initiate a 51% attack (yes, some Bitcoin users hate us, but they're probably a minority ; yes, they would probably make a quick cashgrab, but they'd probably be better mining Doge in the long run). Secondly, because Dogecoin won't suddenly explode when Wafflepool goes over 51% ; they have to be actively coordinating such an attack. Finally, even if that's what they want, we can (and will !) stop them. What can we do ?
If you have a potent computer, hit the mines ! Check this out, choose a pool, and start mining. You will earn dogecoins and help protect the network by increasing the overall hashpower.
Don't panic ! Don't go screaming around that the end of Dogecoin is near ; you'll only make the investors and miners run, which in turn will weaken the coin.
Do not spread FUD. This is a relatively new technology for most people, so newcomers are easily scared ; and since we need more blood for the Shibe god fresh recruits to keep the mining pools running, this will have a bad effect on the network.
If you spent money into Doge, if you believe in the future of the coin, and if you didn't invest more than you can afford to lose, don't panic sell. The people which became rich with Bitcoin were sitting on their coins, no matter what was happening. Don't have blind faith, but also don't get manipulated into selling your coins. Remember : if you're selling cheap, someone's also buying cheap.
That's all for now. If you have any questions, suggestions, criticism, or just anything to say, don't hesitate to tell me ; I (or another friendly shibe, we are all a great family !) will do my best to answer you. Further reading : 123
Ok, this is not meant to be demotivational. I really love the coin and the community. I want it to succeed as much as everybody else here. Do keep in mind that 1 doge = 1 doge. Right now there are several issues that are crippling dogecoin as a currency :
Multipools and dumping - every now and then, there is a huge sell wall
Outstanding number of trading bots on exchanges sites - They keep pushing the price lower so that their owners can make profits
The decrease in popularity and in morale - New coins are made everyday. Less people are mining doge everyday (the difficulty just hit the 800s).
The value of dogecoin is still determined by bitcoin's fate - No explanations needed here.
Right now, i feel like the value (and the fate, kinda) of dogecoin is controlled by small groups of people. Whatever we do, they will keep doing what they are doing right now for the sole sake of personnal profit. In that case can dogecoin really bounce back? Edit : i do not want to promote misinformation, tell me if i am wrong.
I have been missing the old mining days lately. Everyone, including myself, has moved away from doge mining directly due to unprofitability after AuxPow. What if we had a multipool Doge site that paid out in doge. I know this has been attempted before but I would love to connect my miners to something that auto traded for doge and delivered them to my wallet. Could this bring some Wow back? Current daily payouts: Antminer S3 : .0053 bitcoin or 8,153 doge gridseed blade: .1234 litecoin or 1,542 doge Antminer S5: .014 bitcoin or 21,538 doge NOte: I know Pandapool has some functionality but I have had issue connecting, it is limited to scrypt and not a Shibe oriented site.
Apparently, someone posted a link in /buttcoin to http://www.reddit.com/BitcoinThoughts/comments/296058/first_they_ignore_you_then_they_laugh_at_you_then/, which attracted 76 comments. Reading through the comments, it strikes me that the people there don't seem to hate bitcoins. It would be odd enough if someone who hated a concept but wasn't affected by it (as opposed to, for example, political decisions that increased their taxes) wasted their days lambasting it on a forum. It seems to me that people in /buttcoin simply hate /bitcoin. I can agree with them on that one, although my reasons are lack of moderation, rather than making fun of people who post there. _trp hits this one right on: "I don't like cosplay, but I don't spend all day on cosplay mocking adults for dressing up like power rangers, it isn't worth my or any rational persons time. They are people I have never met, so while I may mock it in passing, no drive exists in me to ridicule them day after day." However, his response doesn't go far enough. The correct response to /buttcoin is not to suggest that those people refrain from expressing their disdain; it's to suggest that their disdain is wrong in the first place. If your actions have no effect on anyone else, then it is highly arrogant of me to claim that I am any better than you or that my beliefs are correct. What people who post in /buttcoin are missing is that their views are not any more correct than the views expressed in /bitcoin. By putting others down for their behavior that is self-contained to another community, they are making a statement that their way of life is superior to the other group. Unless we are talking about the other group actively seeking to cause harm, that is an ethically wrong belief.
Who is the winning bidder?
At this point, we have many losing bidders having been announced, but no winning bidder. There must be a reason why there is no winning bidder at present. Some people subscribe to the conspiracy theory that the US Marshals Service has somehow lost all of their bitcoins. That seems like an odd argument for an agency that has, with one exception, appeared to execute the auction very well and obtained a high price for its assets. A more compelling argument is that the winners may be people who have never before been interested in bitcoins, but who have unannounced plans that need to be funded. eBay would be an example of a corporation that might want to acquire a large number of bitcoins to jumpstart a new service. People are saying that the reason that we don't know the winners is because the privileged information is the price. I believe the reason we don't know the winners is because the privileged information is who actually won. The winner might have no qualm about releasing the price, except that doing so would reveal who he or she is, which could create a competitive disadvantage.
An explanation for the stalling out (this time)
Last week, I stated that I was concerned because I predicted that people would find out what the bids were for the auction, and would raise the price in advance of the submissions. When that didn't happen, I said that there was something I didn't know. Now that time has passed, my theory is that what I didn't know is that the banks still wanted to obtain the same number of bitcoins, but they couldn't buy any because if they won the auction, they would end up with too large a stake. Therefore, they waited until they found out whether they won or lost, and then those who lost returned to the market to complete their purchases. It's too early to tell if the cycle resumes. If the bubble resumes rising until July 24, then this would be an example of how the auction itself wasn't really that important; all that matters to its results is the timing. The market simply found an excuse to adhere to the cycle. I'll talk more about that tomorrow.
Delayed bubble means suppressed demand; too long means no bubble
You'll notice that I never stopped counting down to the next bubble. Until the price breaks the lower boundary as defined by moral_agent, or a week or two after July 24 passes with no rise, the cycle is not broken. Some people creating charts in /bitcoin make a great point that seems to agree with moral_agent's reasoning. The longer it takes until the next bubble starts to form, the higher the peak will be. Previously, moral_agent predicted that the high for the bubble would be around $3k. However, with this delay, some commenters posit that the bubble will peak at $6k. It would be within reason to say that the next bubble could be late by a few days without breaking the cycle. If so, then the high would be higher than a quicker cycle would cause. This is common sense, as well. If the network continues to grow at a certain rate, and demand is held back for whatever reason, then the pent-up demand would be all released at the same time, driving prices up more than otherwise. I'm not going to talk about the news and the feedback loop and how all that feeds upon itself exponentially more with more pent-up demand, as you've seen that happen several times before. On the other hand, I don't believe that a two-month delay to September 24 with a peak at $12k, as some suggest, is reasonable, as that has never happened before. Some people, like lowstrife, are trying to explain that the cycle is still valid, just significantly delayed. You can't extrapolate a pattern into a new set of circumstances that don't fit the pattern, and then suggest that according to the previous pattern we will simply have a larger bubble. This is what some of the expert "TA wizards" on CryptoCoinsNews attempt to do. If nothing has happened by September, the bubble cycle has long been broken and we need a new model other than the bubble cycle to explain what happened.
Finding good friends
If you aren't interested in anything other than bitcoins, then feel free to skip the following two sections. I'm going to go a bit off topic, and in the past some people have become angry with me for doing that. Fortunately, this isn't /bitcoinmarkets and I won't be derailing other contributors' threads. I had an interesting thought experiment to post that I was exposed to a few days ago. A family member, who rents a house to a roommate, had an incident with the roommate. The roommate was climbing through the attic, when he stepped on the drywall and fell through the ceiling into the garage below. His fall was broken by an expensive piece of machinery, which caused $700 in losses. When the family member asked him to pay for the damage, he replied "you can't prove it." That's significantly different from "I didn't do it" or "Yes, I did it, and I'll make good on it." The family member, knowing him from a social circle, does not want to cause negative feelings amongst the friends by asserting herself against him to demand payment. We had a debate over this. She argued that it was worth losing the $700 in order to keep rumors and bad blood from costing her friendships. I believe that this is a situation where one needs to reevaluate what "friendship" means. Someone who is unwilling to take responsibility for his actions is not a friend, so I personally would not care what he thinks of the situation. Not only that, but anyone who sided with the "friend" against me without finding out both sides of the story is also not a friend. When you allow people to get away with things like this, you set a precedent that personal responsibility isn't important, and that is wrong. It will be interesting to see if there is anyone here who would actually suggest just throwing away the broken equipment and saving the "friendship."
Searching for miners
We're looking for a group of miners to provide us with data in preparation for our pool's launch. Only scrypt coins will be supported during the testing period, and the miners can have GPUs or ASICs. Testers will be able to play around with the unique features of the pool before anyone else. The goal during this testing period, which would begin in 3 or so weeks and could last a month, is to prove a few things. We first need to determine if there is any interest in the pool in the first place, or if all the testers will leave before the end of the test period. We need to determine what fee we need to charge and ask testers what they would be willing to pay. We need to figure out if our algorithms accidentally destroy coins when more miners are added or take out all the buy orders for weak coins. We need to compute what our hardware requirements are, and whether we need more servers or can optimize code. Finally, we need to examine user actions and determine if users are misunderstanding features or finding them difficult to use. If you are interested in being one of the testers, E-Mail [email protected] and ask to join. During the testing period, we will pay out 100% of everything we actually earn to the testers. There are a few caveats. If there are display issues that show that you earned more than we actually made, then you will still be paid what your miners actually contributed. We will stand by our product once it is released, but during the testing period it is possible that we will not be able to pay out more than other multipools due to bugs or downtime. If we receive too many testers, or the testers have too many hashers, we could politely decline some offers so as not to risk miners losing money. Finally, while you will be paid eventually, payouts could be delayed during the testing period because you can't truly test the payout algorithm until there is money to pay out. You'll be invited to a subreddit where you can offer comments and follow progress. Note that we are only collecting names at this time and it will be a few weeks until we are ready to get started. Right now, we are delayed mainly by factors outside our control: a bug in Cryptsy's system that is costing us 4.5% more in fees than we should be paying, and waiting for parts to arrive through the mail.
Multipool payouts using nTimelock to back Blackcoin and Blackcoin backing
Hey everyone, I've had an idea for a while about "backing" coins using the time lock. Its very simple. Blackcoin and Bitcoin make it possible to spend coins that cant be redeemed for a certain amount of time. For example, you can send 100,000 coins to yourself but make it so you cant spend those coins for six months or a year. So I was thinking two things. First, I can add this as one of Halos templates so that users can back Blackcoins by tying up their coins and we can monitor how many coins are locked and see how many coins are backing the currency. This reduces the supply and thus supply can be decreased to meet demand and influence price!! Also, I'm wondering why the multipool does not offer a slightly larger payout if a user decides to use nlocktime. This forces multipool users to HOLD their coins!! Now, the multipool does what it was supposed to do! Let me know your thoughts.
Coinmine over 50% of the network, spread your hashes around!
I've been following the official ANN post on bitcointalk and this seems to be glossed over. Thanks to CHAOSiTEC for providing the following link: http://darkcoin.mine.nu/poolhash.html When this happened to Bitcoin and Litecoin, the big pools shut off new registration but it doesn't appear that Coinmine is doing that. Help secure the network, spread your hashes around to the smaller pools! I just switched my miners over to P2Pool which is the ideal scenario, though the only downside is it takes about 24 hours to get your payouts up to their expected values. This is by design to keep multipools away from hopping on and off (as far as I understand it). No registration, just point your miners toward the node with your Darkcoin wallet address as username and anything as a password. Fees on each node are listed. Use the closest/lowest latency node as latency can affect rejects. P2Pool nodes: http://darkcoin.mine.nu/
This thread is going to be constantly updated with a list of services for Megacoin users. If you feel your service should be added to the list, just post or PM us. Exchanges • Cryptsy (MEC/BTC) An exchange with a wide selection of alt coins. • Cryptsy (MEC/LTC) Same exchange as above but trading for LTC instead of BTC. • CoinEx (MEC/BTC) Real time alt-coin exchange. • BTC38 (MEC/CNY) Popular Chinese exchange for cryptocurrencies. • Bter (MEC/BTC) Chinese crypto currency exchange Block Explorers • CoinPlorer • CoinWorld Mining Pools • Small Time Miner Proportional Payouts, Full Block Rewards Including Tx Fees, 1% Pool Fee • CoinEx PPLNS with 10min window. • MultiPool Multi-currency cryptocoin mining pool. • MinePool.net Stratum pool. Proportional payout per block after 120 confirmations and 5% reward to block finder. • MiningPool.co Multiple VARDIFF stratum servers. Proportional payments. Mining Profitability • CoinChoose Compares several cryptocurrencies all on the same page! • CoinWarz Watch the CryptoCurrencies battle each other in profit! • Where To Mine? Need to know where to mine? This page will tell you. Gaming • MegaDice Dice Game with 2% House Edge. • CoinWorld Lotto Megacoin Lottery, Several Prizes, Weekly Drawings. Shopping • Brown Box Tech Computer hardware and consumer electronics. • CryptoBooks Buy eBooks with with Megacoins. • Bitezze Buy precious metals with Megacoins. • Megacoin bumper stickers Bumper Stickers.
The Problem A typical profit-switching mining pool diverts all of its hashing power to whichever coin is most profitable at the moment. When that profitability calculation changes, even if another coin is only slightly more profitable, the pool will abruptly switch its hashing power to the next coin. This is bad for the alt coin community for a few reasons. It causes huge spikes in the network hash rate for the top coins, causing waves of blocks being generated too quickly with few meaningful transactions in each. The large sums of coins getting dumped onto the exchanges all at once causes huge drops and overall volatility in the coin price. Finally, once the dump occurs and the pool has moved on to pillage a new coin, the previous coin is left stranded with an artificially high difficulty and slower than average block time, which delays transactions until enough blocks generated to readjust the difficulty. The problem is one of misaligned incentives -- the incentive to mine on destructive profit-switching pools is too great. Coinshift's mission is simple: find a more sustainable way to mine altcoins profitably. The Solution Coinshift’s algorithm ranks all the alt coins who are more profitable to mine than Litecoin, and distributes its hash rate across them with a strong bias towards the more profitable coins. As the coins profitability changes, the algorithm shifts some of its hashrate over to the more profitable coins. This is great for the ecosystem because it helps miners follow changes in profitability without causing them. At the beginning, our allocations will look spiky like switching pools. Over time and as more miners choose Coinshift, our hash allocations will settle closer to equilibrium and help to smooth out hashrate spikes. Basic Pool Info
As a reward for taking a leap of faith and joining us, [b]fees will be 0% through March 9th[/b].
After that pool fee will be 2%.
We pay out every day if your balance is >0.01, so you don't need to trust us with holding your coins. We'll lower the minimum payout once the Bitcoin tx fee reduction takes effect.
We're launching strong, with stratum servers in us-west, us-east, and eu-west. We'll continue to add more as soon as we can!
We think profit-shifting should be as profitable as profit-switching, while contributing to more overall stability.
TL;DRCoinshift is a new kind of scrypt multipool that isn't so damaging to the ecosystem. Come mine with us!
GAWminer has good reviews/service on products in the past.
Does not payout in Dogecoin!
Probably won't make all your money back if you sell for fiat(USD) immediately.
Only mines multipools. (Can't mine Dogecoin directly)
0 miner pool fees but if you're mining through wafflepool, clevermining, or any big multipools they still take a 2% fee. (Zenpool reportedly has 0 fees)
Mines on multipools which mine Dogecoin and dump it on the market.
Summary: Easy way to get into mining and being paid in Bitcoin. You can always exchange it for Dogecoin on an exchange if you wanted. Would really love payouts in Dogecoin. They should also allow you the freedom to connect to any pool you want, not just the multipools they have listed.
X-Post: No profit.. There may be a way through market cap consolidation. Please hear me out.
Miners, Yes, this is a throwaway account. Yes, I already own a small amount of the coin I am about to "promote", (BlackCoin. It has been horribly over-hyped the last few days but please don't disregard the remainder of this message and write this off as more of the same crap jargon.) I am not here to promote the coin. I am here to promote a mindset. And that mindset is that as a miner, I support the concept of Bitcoin and I deserve a return that at a minimum covers my bills. I do not believe that speculators, specifically day-traders, have a right to a similar return. I believe it is the exchanges that are killing BTC currently. It is speculation and daytrading, not mining, that is hurting us, we, the community, the miners. To that end I believe there is still money to be made (not in excess but at least in subsistence, through market consolidation). We must consolidate the market caps of the multitude of coins by redistributing the wealth of the daytraders and speculators into the hands of the miners. Blackcoin, it seems, was designed specifically for this market consolidation. I would urge you all to look into the reasons for this on your own. I would point to the fact that it has a profitable multipool that pays direct to BC, no inflation (>1% annual), and thus a feedback effect that ensures the payout you get appreciates in value from the time it is generated to the time you sell it for BTC. It was designed to be a ‘cannibal coin’ with ‘parasitic mining.’ Frankly, desperate times call for desperate measures and I look forward to pulling the wealth away from the daytraders and back into my pockets. Call me selfish, whatever. I apologize. ;tldr I’m upset, daytraders ruin BTC, blackcoin is designed to consolidate the market and may be the best weapon we have as miners to stay profitable and I am going to become a cannibal and eat other coins. Sorry, I need to pay the bills. www.blackcoinpool.com Pool is growing every day as are payouts. (last 4 days average payout was 0.0049875 BTC/MHs. Selling today it's an average of 0.005565125 BTC/MHs.) Holding a small portion of each day to let feedback take affect (11% increase in this 4 day hold). www.poolpicker.eu has these stats.
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!
A dogeconomics proposition - on the effect of currency-switching miners and on when we will get to the moon!
I will try to figure out a way to explain the relative value of dogecoin and bitcoin. If you are looking for TL;DR, see equation #7. It just occurred to me... a function of crypto-currency-switching pools is to normalize all currencies (over the long term) with each other with respect to mining profitability (hash per payout)... because calculating people will maximize their gains (in so doing, minimize others'). Currencies which pay too much per hash will get pools like multipool to flood its hash market with computational power. Since these pools, having no royalty to the currencies that they mine, are prone to cash out, they increase the supply of these currencies (selling out their mined coins) until another more worthwhile target arises. I would argue that, therefore, any altcoin currencies' worth will therefore be limited to that of bitcoin. I use bitcoin as a measurement, because it has the largest market cap and is the most well-known. Arguably, all opportunistic miners will default to bitcoin if there are no other profitable crypto-currencies around, because people can most easily liquidate bitcoins. So, let's look at btc and doge. Obviously, both currencies have new coins created, programmed by the developers. They are set to a certain number of mined-btc or mined-doge per block. Since it's an average # of block per time, it's just mined-btc / time. Miners are converting their hash into mined-btc or mined-doge. (for a generic coin, crypto): 1. reward-rate = crypto / (hash) = new-crypto-per-block / (hash / block) Also, let exchange rate be: 2. exchange-rate = USD / crypto People need to pay bills (electricity, for the graphics card), so they want to maximize Pool switchers maximizes [ USD / time]. They have [hash / time]. (Hashing takes time and electricity, but we won't explicitly consider those here). Therefore, Pool switchers maximizes [ USD / (hash) ]. 3. USD / hash = USD x (CRYPTO / CRYPTO) / hash = (USD / CRYPTO) x (CRYPTO / hash) = exchange-rate x reward-rate (This should be intuitive). Then, let us call "hash-committed-to-mining-bitcoin" as hash(bitcoin) and similarly for doge, hash(doge). Pool switchers will be asking: how does "USD / hash(bitcoin)" compare with "USD / hash(doge)"?
The action of pool switchers will cause, an equilibrium... (assuming that neither dogecoin nor bitcoin completely implodes and become worthless). Under condition III, the short-term miners will get their doge and trade it back to USD or bitcoin, causing the supply of doge to increase until mining doge is no longer economical. The reverse may also be true, though it is likely that whoever would have switched to doge would be staying in bitcoin. Thus, Condition II is the long-term result. 4. USD / hash(bitcoin) = USD / hash(doge) Since equation 3 gave us a relationship for usd/hash, 5. exchange-rate(BTC) x reward-rate(BTC) = exchange-rate(DOGE) x reward-rate(DOGE) If you accept my premise there should be an equilibrium, then, for the foreseeable future... what it really just means is that the resting average to dogecoin's worth, per USD, can be calculated as: 6. exchange-rate(DOGE) = exchange-rate(BTC) * (reward-rate(BTC) / reward-rate(DOGE) ) Recall the reward-rated: 1. reward-rate = crypto / (hash) = new-crypto-per-block / (hash / block) Therefore, a substituted equation is: 7. exchange-rate(DOGE) = exchange-rate(BTC) * ( (BTC / hash) / (DOGE/ hash) ) But you know how much doge / hash is a variable... i.e. (DOGE / block) is programmed to change, e.g. such as being halved after block 100,000. Also, the rate of (hash / block) also depends on the global rate of hashes. 8. (DOGE/ hash) = (DOGE / block) / (hash / block)
1) After halving, the dogecoin gained per hash will fall to a half. The equilibrium on dogecoin is therefore doubled (equation 7)… so until then, you can’t expect appreciation until halving. 2) Since dogecoin gained per hash is divided by the total number of hashes, the more hash power in dogecoin pools, the lower the “dogecoin gained per hash” will be. (another way of thinking about it… the more hash power long-term shibes have, the less likely opportunistic miners will come into dogecoin, since it’s spread among more people). The equation also implies that more hash power causes dogecoin to appreciate against BTC. 3) The bitcoin’s side of the equation… the declining rate of bitcoin generation will also decrease the worth of doge… it encourages miners from bitcoin to flood the doge community. 4) Not surprisingly… The less dogecoin per hash (less new supply), the more doge can be worth! Each halving will get us closer to the moon! Disclaimer: this analysis only applies to the near-term situation. I don’t know what happens when bitcoin stops having new supply and becomes a deflationary currency. Also, this is a simplification… since scrypt can’t be run by hardware designed specifically for bitcoin... I don't expect the opportunistic miners to switch with complete flexibility. To the moon!
10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison)
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