Topic: [0Th]Ozcoin Pooled Mining |DGM 1%|Stratum+VarDiff port 80|NEW CN mining| - page 91. (Read 398185 times)

2 times hardly anything usually ends up being ... hardly anything

Since NMC are free to get if you merge mine BTC, I wonder why anyone actually pays anything for them ...

I thought Namecoin blocks (as of now) have a lower difficulty than Bitcoin blocks; this would mean more NMC blocks are found per BTC block found, on average, therefore increasing that extra BTC/block. Is that correct?

ahh ok
I see now
will check into it
thanks
Graet

Graet,

share value 0.00002103 BTC

current PPS rate 0.00002168 BTC

Best regards.

spiccioli

sorry, not sure I follow
The "Unpaid Balance" ? is awaiting your threshold
https://www.ozcoin.net/content/bitcoin-pps shows completed payouts
Graet

While we're at it Graet,

https://www.ozcoin.net/content/bitcoin-pps

PPS payout differs from the one on the right "frame" User PPS Statistics.

spiccioli

welcome spiccioli

eu.ozco.in is currently having some issues, we are investigating currently, my miner just failed over to a different node.
edit: and now fixed

Graet,

thanks for the explanation.

spiccioli.

Hi spiccioli
maybe later.

The PPS story at Ozcoin
I was approached by several miners that wanted to mine at Ozcoin but were unsure of the DGM payout method and variance.
After some conversations I reluctantly agreed to offer a very basic form of PPS with minimal stats,no merged mining payouts, no extra donations and a 5% fee
Also as a lot of Ozcoin miners come through a proxy and have higher than normal stale shares we wont be paying for stales.

We do plan to sort the API out a bit better and maybe in time will add more PPS stats, but DGM development is our main focus for at least the next couple of weeks

Best wishes
Graet

Graet,

I've switched to PPS to give it a try, I see that on PPS there are no stats compared to DGM, no shares per block, no last 24 hours cumulative earnings and so on, the only available data is PPS per share value (BTW api key returns a different value) and running payout between payouts.

Do you plan to add them sooner or later?

spiccioli

heh well
With a whole block on NMC worth
;;calc 50 * 0.00178605
0.0893025
currently
Paying out txn fees is currently a higher reward than the NMC side of merged mining returns
IRC bot displays block reward + txn fees - will get it up on site soon for all to see

Quote from: [Tycho] on August 22, 2012, 08:35:10 PM

Quote from: Graet on August 22, 2012, 07:12:05 PM

a few months ago Deepbit had a block with 15BTC txn rewards - just an example of what will happen over time as transactions on the network increase

Currently such fees are only accidental, added by mistake or by software bugs
It's still long time until real fees will reach this level.

Thanks [Tycho]
But it is an example of what can be expected sometime in the future if Bitcoin continues to grow

Cheers
Graet

Currently such fees are only accidental, added by mistake or by software bugs :)
It's still long time until real fees will reach this level.

pretty much

So for right now, consider it as something that won't always make a significant impact, but an occasional 1-2% boost.

In recent times the rewards on top of 50BTC is between 0.01 and 0.5 BTC usually (last block Amount: 50.136425), best we have had so far is a little over 1BTC so yeah, pretty small atm, but with time they are increasing and with block reward halving coming up soon will be an essential part of miners pay
a few months ago Deepbit had a block with 15BTC txn rewards - just an example of what will happen over time as transactions on the network increase

Cheers
Graet

Depends on the block. I've seen a block with BTC30 in fees attached to it.

EDIT: Found it. http://blockchain.info/block-index/259429/00000000000004b58ac8327006d3076cb4c200fffb899b4a710af542dc826b03

Awesome! How much of an increase is this? Pretty small, right?

I am pleased to announce that Ozcoin is now paying out block reward transaction fees to DGM miners

I'd just like to take a moment to remind miners of some of Ozcoin's features:
- Staff in Australia, USA and Europe, between us we are able to offer 24/7 support and troubleshooting
- Pool does not rely on an individual, in case of accident/illness/other mishap there will always be competent people with sufficient access to continue the running of the pool.
- Currently 2 servers in USA (waiting for 3rd to come back online when upstream provider issues fixed) and 2 servers in Europe
- Established pool with experienced staff and a history of treating miners fairly and honestly
- Continual deveolpment and improvement - with the upcoming changes to the mining scene there is much work to be done by all pools.
- IRC channel is like a family - including our pet "ozbot" one of the smartest BTC centric bots on the freenode
- Ozcoin does not restrict the number of txns accepted into blocks.
- Merged mining with or without longpolls, to reduce Bitcoin stales

Some of the higher priotity development jobs include:
- Paying mined transaction fees to miners - something we did as a proportional pool and essential before block reward halving
- Higher difficulty shares to support faster mining hardware
- Pay valid block -> valid block for all miners and a "orphan bonus" to VIP members
Lower priority:
- more graphs and stats



On a more personal note
The decision to introduce fees was a hard one to make, I held off for as long as possible.
I felt sick in my guts for 2 weeks over this decision before I announced.
It would have been quite easy to close the pool and go back to being a miner, my wife would be ecstatic, but then I'd be looking for a good pool to mine on... back to why Ozcoin was opened in the first place
I had always hoped that miners that appreciated the service would contribute a litte back to cover costs. Some did, most didnt, and then  there is the issue of "proxy pools" mining on 0fee pools, contributing nothing and charging their miners a fee - good business model for them I guess - something current donors and I cannot continue to subsidise.
I expected our hashrate to drop off after the introduction of fees, as a result I expect the pool hashrate to be more stable.I also expect in time miners will see the value that Ozcoin offers and our hashrate increase again

Along with the demise of proportional pools and as mining becomes more "professional" and mining "companies" demand more resources I expect 0fee pools will either introduce fees or become unsustainable to the point of closure. Sad but true.

I am excited that Ozcoin now has a viable future and will be able to continue to offer quality mining and transaction verification services to the Bitcoin community.

Thanks for reading,
Best Wishes
Graeme Tee
Graet
Managing Director
Ozcoin Pooled Mining Pty Ltd

As shown on the main website (servertime) its CET time. Afaik this should be equal to GMT+ 1, so 1 hour off your timezone.