Topic: A dream of having a new pool - page 2. (Read 1687 times)

"I am still not familiar with the terms in Bitcoin. And I still do not understand all about mining business."

Really.... well, well.

So you go from being annoyed at not being able to set your minimum difficulty to wanting to start your own pool.

You have been building to this through your other posts.

Go have a chat with Nexious, Im sure he will be able to help.

How does a minimum difficulty of 512 make a pool not "fair"?

Well, everyone can dream I suppose.  I'm not really sure why the inability to set your minimum difficulty to 512 would have been a reason to quit a pool.  I find it especially curious that the very reason for you leaving a pool is not even listed as a requirement for your dream one.

Why do you want to attract pool hoppers?
How would your pool provide an advantage to miners with low hash rates?

I don't understand your payout scheme at all.  Way too many weird things going on...

Huh?  Makes zero sense.

Wait... first you state the payout is based on previous hour's shares.  Alright, so you only count an hour's worth of mining?  Weird... but fine.  But wait, how then can I tell if a miner has been inactive for the previous 2 hours?  If I'm paying and resetting every hour, then I have no way to know if somebody was dormant for the hour prior.

I am a new hobbyist miner with only 150 Gh/s total hashrate. I have been searching for pool that can give me the highest payout in the last 5 months, but I still cannot find the right one for me. The pool that I have been mining on the longest is Eligius. But I still don't see it to be a fair pool for me as I cannot set my difficulty to below 512. So I am dreaming to have my own pool.

I am still not familiar with the terms in Bitcoin. And I still do not understand all about mining business. So I would like to get inputs from all of you on this.

If I would make a public pool with the objectives, requirements and payout scheme as below, do you think I would reach my objectives? Do you think the requirements and payout scheme make sense? And what do you think we could improve to reach the objectives?

Objectives:
- Decentralise Bitcoin network, so it will only support Bitcoin
- Attract miners with low hashrates and pool hoppers
- Provide more advantage to miners with low hashrates
- Transparent information on the reward payout
- The pool must not make any profit but it must not go bankrupt

Requirements:
- Miners do not need to register to the pool
- Miners can only use Bitcoin address to mine
- Bitcoin address of the miners will be validated
- Miners with invalid Bitcoin addresses will be rejected
- Minimum accepted hashrate per Bitcoin address is 100 Gh/s
- Maximum accepted hashrate per Bitcoin address is 1000 Gh/s
- Miners with hashrates lower than 100 Gh/s must join a group and mine with a single Bitcoin address
- The distribution of payout on the miners' group should be managed by the group
- Miners will submit approximately the same shares managed by vardiff
- The fee for the pool maintenance is 0.05% of the total reward
- All 99.95% of the reward must go to the miners
- The minimum payout for each Bitcoin address is 0.001 BTC
- The payout will be rounded down to the nearest 0.000001 BTC
- The remaining dust payout will go to the pool maintenance account

Payout scheme:
- All miners will get the payout based on their porpotional and bonus shares
- The coinbase transaction of the miners' Bitcoin addresses will be updated each hour
- The payout will be based on the total shares recorded on the previous hour
- The shares that have been paid out will be reset at the time the payout is being executed
- When the total shares of miners remain the same on previous 2 hours, they will be set as dormant miners
- The total share of each dormant miner will be deducted by 1% and they will be distributed to all active miners on the next hour as bonus share
- The dormant miners will be changed back as active miners when their total shares on previous 2 hours keep increasing