It is very stupid to switch 400khs mining power to any coin if there is a profit goal. There will be much more coins mined if he will just put a stable long running 10khs there. But he is free to do what he wants.
Hi,
We see this also sometimes on our CryptoNote coin, BipCoin....We see people spending more money on rented hashing than they can make selling the coin, and way more than they need to mine the same amount. At first I thought "Well, they're doing it to mine the coin and hold on to it for if the price going up." But no, they could buy it cheaper and just hold it if that was their goal. Then I thought "Well, maybe they don't know how much hash power to rent" But then I realized that anyone spending lots of money on mining can probably do the 8th grade math to figure out the max they'll need. Do that plus 5%. Not that plus 300%. lol.
I think these huge hash powers, like 4x as much as they need, is an attempt at an attack to make it hard for other miners and hope it will drive people away from the coin. Either by people holding large amounts of other CryptoNote coins....Or by people holding a lot of Bitcoin who don't want truly anonymous coins catching on in a big way....or maybe some state actor who doesn't want truly anonymous coins catching on in a big way.
By the way, a friend of mine who runs a CryptoNote pool (that included a Xcicoin pool, a BipCoin pool and a Karbowanec pool) was hacked last weekend. He's fixed it and has posted that he got hacked, so people know.
Info is here:
https://bitcointalksearch.org/topic/m.17206508Anyway, I figured it's about time to come talk to y'all. Always happy with CryptoNotes catching on.
Take care and I wish your coin well success.
-MWD
BipCoin BipDev team
My pool:
http://cryptonotepool.com/#pools was hacked on Saturday 10 December 2016. The crackers changed the payout addresses for Xcicoin and Karbowanec to steal the coin to someone else.
The pool fee (then paying to the hackers) was also made larger.
The fee was made larger on the BipCoin pool, but the address was not changed.
I believe this was a successful attempt to steal coin, and then try to make this pool look dishonest, by not changing one of the payout addresses.
On 15 December 2016 I've fixed it, hardened against future attempts, and added alerting systems for future problems. All pools should have all this, and not many do.
The amount of all three coins not paid out to miners combined wasn't much. It totaled about the price of two people eating dinner in a cheap restaurant.
I apologize.
To try to win back the public's trust, I am admitting the error, and making the pool fee for all 3 coins ZERO for one month. After that time it will go back to 1.5%.
I run this pool mainly to support CryptoNote and usually only make about enough money to cover the servers. I do hope I can win back your trust.
Thank you.
This looks
very suspicious...
We need an investigation and some proof of hack ...
Why should miners believe you? What was the way of hacking? How did you noticed that and when? What is your pool mining address? (this will not tell us something, but as far as you were hacked we should know all the info). What pools were hacked - Bip? KRB? XCI?
Before any hack proof and investigation I suggest to stop mining on cryptonotepool.com.That is why solo mining is a perfect for both network and miner. We will update the XCI guides with solo mining guide very soon.
And take it easy, bro, I see your point and you are probably right.