Topic: [4+ EH] Slush Pool (slushpool.com); Overt AsicBoost; World First Mining Pool - page 302. (Read 4382801 times)

I stand corrected. 

So as I understand it if you have say 1TH/s at the moment you should expect to receive say about .005 per block (excuse the crude figures but they are really for explanation purposes only), and if we currently gat an average of about 5 blocks a day, you earn about about .025BTC per day.

If the difficulty increases then as long as everything else stays the same you should expect about a 20% drop in revenue, this means that you will only see an average of 4 blocks a day, so now you are looking at about 0.20 btc a day.

Now what really happens is that as difficulty increases people invest in new hardware and push up their hash rates to continue to earn more than the electric costs. If you leave your has rate the same your share of the block will decrease in real terms. So what happens is that difficulty goes up and hash rate goes up leaving us still finding about 5 blocks a day but if you haven't increased your hash rate then your earnings will actually go down by 20% per block. In other words your reward per block will drop to .04 and we will still find about 5 blocks a day.

Your cloice is ever decreasing revenues until the revenue is less than the electric cost, at which point you need to retire your equipment (unless you expect BTC prices to increase dramatically), or an ever increasing spend on equipment in the hope that you can play the margins and make more than you spend.

If like me your doing it because its fun, and you hope to make your money back when BTC are worth $1,000,000 each then just keep your old kit and wait, if however this is a real money making exercise then you must increase your hash rate and keep an eye on energy prices if you want to turn a profit.

Not correct, increasing difficulty will not alter your slush reward per round - just makes blocks harder to find and hence you find them less often...

If your hash rate stays the same but the pool hash rate goes up then - your reward per round goes down

If slush's pool hash rate remains the same but the overall network hash rate goes up - your reward remains the same but slush finds less blocks

If your hash rate, the pool hash rate and the network hash rate ALL remain the same, but difficulty goes up - your reward remains the same but slush finds less block...

Please explain where my stupidity is misguided. My impression was that if the pool hashrate did not change, but the difficulty went up (due to the target number of blocks "found" occured earlier than the target time) that your "reward" per block would not change, but the number of blocks the pool would resolve would be lower due to the increased difficulty, thereby reducing your "daily reward". That being said, the reason that the Cryptocurrency miner would have to continually increase their hashrate (buy more equipment or OC their current stock) would be to increase the pool hashrate such that the number of blocks "found" by the pool would increase to the point where the "Number of blocks found" x "the reduced reward$" would equal the previously established "Daily reward", thereby maintaining the status quo. Further detailed explaination is anticipated with great eagerness!

If the difficulty goes up and u have 900 gh and receive .01 as reward per block found does the reward for your work drop as the difficulty goes up?

Thank you!

I'm having trouble remembering if bitcoind/bitcoin-qt prioritized older coins (high coin age) or fewest inputs (least tx size).  I don't THINK it will automatically figure out the way to make one qualify for no fee.

Unfortunately, I'm not familiar enough with 3rd party wallets to identify which ones (if any) will let you pick which inputs to use for making your transaction, or if any of them have been designed to attempt to prioritize making a transaction qualify for no-fee.

Thank you so much!!!

It makes lot of sense now to me. Is there a wallet software, that will "show" which coins are qualifying for a fee free transaction?

Good info to know! Thanks for posting this 

When you try to send coins, you do so by picking inputs (payments you've received) which are equal to or greater than the amount you want to send.  The extra amount is sent back as change to yourself, and sometimes a piece of your inputs are used to pay a transaction fee.

The need to pay a transaction fee is based on the priority of your transaction.  This is determined by the "coin age" of your inputs.  Generally, "1 coin day" worth of age is high enough to avoid fees, as long as the transaction isn't huge.  A "coin day" would be 1 BTC with 144 confirmations, which is the target number of blocks in an average day.  If your input is 0.5 BTC, it would need 288 confirmations.  If it's 0.1 BTC, 1440 confirmations.

There's a few other caveats to a "no fee" default transaction.  These are:  All the outputs are at least 0.01 BTC and the transaction is under 1 KB in size.  Both of these are fairly easy to meet as long as your wallet isn't full of small inputs.

More detail is included here: https://en.bitcoin.it/wiki/Transaction_fees


Keep in mind that these are the default rules.  There's a few other things that can create delays, such as other similar "qualified free transactions" with a higher priority than yours.  By default bitcoind only allocates a specific amount (17 KB IIRC) to processing no-fee + high priority transactions.

I just wanna know, how you manage to transfer BTC, without paying fees. Lets assume I have 1 BTC, which I received from my pool with one single transaction. What do I do (beside changing transaction fee to 0 in the wallet settings), to transfer 0.5 BTC without paying a fee? Will this be confirmed? When?

These questions bother me a lot, cause the way I understood the TX fee process, is that miners choose which TX to include in their blocks. And if someone is not paying the fee, the TX might not be confirmed at all...

Thank you.

I'm looking to sell my 2 s1 units and my 760GH asic mining rig

Are you looking to sell any of them? Electricity doesn't cost me a thing so I might be interested.

I guess I was lucky in that I prepaid for a Cointerra TMIV 1.6 TH/s back in November at the all time high, so that $6,000.00 machine only cost me just a little over 6 BTC including shipping. I received the machine at the end of March, so the machine was well paid for including the used electricity by the beginning of June with a little profit as well and it still is quite profitable consuming only $180.00 of electricity per month and netting, at the new higher diff, 1.8 BTC per month. I must be one of the lucky ones.

I set my payout to 1 BTC, I use to get 4 per month now I get two. when it goes down to 1 per month I may set the threshold to .5 BTC if I don't upgrade my hardware. when I go to spend those BTC, I do so with no fees. I don't know what kind of example you are looking for.

I have not searched the thread, but what about 2 levels of login, I'm really tired of having to relogin about 10 times per week just to see my miner status with captcha and all!

50% if I'm lucky, and I've got free power.  IMHO the numbers went bad two jumps ago. Even an S2 upgrade to 2Th/s at < 1 BTC won't ROI. The boat done sailed on home mining as far as straight profit goes. Even the equipment flip is looking shaky to me.

I retired 18 Erupter Blades a few weeks ago and my S1's will no longer be profitable soon as well. The blades were running since September of last year and did well, the S1's covered their cost and just a little over. It makes me wonder how the guys who spent >$2,000 on terrahash units will be doing in a couple of months, do you think they'll manage to recover 50% of cost before they are fully depreciated?

Can you please explain on an example, how exactly you do that?