Topic: [ANN][BEE]BeeCoin - Launched/5 EXCHANGES - page 69. (Read 123078 times)

Giving Bee a try. Buzzzzzzzzzzzzzzzzzzzz

My payout at Steadymining even though it is a lot longer wait is 10X more minimum than at updamoon

I am quite content

Actually you do not need to do a very deep analysis - the simplest way to check if there is something "off" with a certain pool is to look at a very simple comparison that every pool displays (just need to check 2 webpages, sometimes it is on one page)
- the pool hash rate (make sure that you know the average, some pools have a few big miners that are not mining continuously,
for example Steadymining had this morning only 3 workers active, after a few large contributors dropped off, so for several hours I was contributing 10% of the total pool hash rate and received rewards of 9k coins instead of the usual 2k coins - but with many hours between eeach reward since it took much longer to find blocks. Anyway, the other statistic is in their overview of blocks:
- nr of blocks found (for example, in the last day)
On Steadymining I saw that the ratio between these two was in the order of 2 blocks/day per Mh/s, since they had found 16 blocks in the last 24h and the pool hash rate had been constant at 8Mh/s
However, when I looked at Updamoon, I saw that they had a staggering hash rate (I forget how much exactly, but I believe it was 300Mh/s since I was concerned that they are getting close to 50% of the hash rate when block reward is low and the network hash rate is around 0.8 Gh/s)
However, when I looked at the nr of blocks found, I saw that it was only around 200 in the last day, which means that they find about
0.7 block/day per Mh/s or about 1/3 the blocks (and rewards) for your hashing power when mining with Updamoon, compared to mining with Steadymining.
Disclosure: I have not relation to either pool or user and have no financial ties - I don't care which pool you are mining with - if you switch then my rewards will not change. If the hash rate of Steadymining goes up then I get smaller rewards more frequently, on average it stays the same!
The only thing that I find hard to swallow is that Updamoon statistics claim that they provide over 90% of network hash power in times of low network hash rate (pool hash rate >600 while network hash rate ~650) so that means that they should find almost all blocks, but their finding rate is between 10 and 20%. Of course, we see the network hash rate jump to almost 4Gh/s when a profitable block is coming up, but even calculating with an average 2Gh/s, Updamoon is providing more than 30% of the average hash rate and the block finding rate is about half that rate.
I have seen this same behavior with other pools for other coins, what I believe is going on here is that the pool operator is creating fake workers who inject shares into the pool *without supplying actual results*, since it is simply an administrative task to maintain the database, it is simple to have one or more processes running on the pool server that are *not* hashing, but are only injecting shares in the database for fake workers.
This means that the block finding rate does not go up, but the shares do, so all rewards to all real miners get diluted by the fake workers and the pool operator will keep all these rewards. In the case of Updamoon (and other pools that I monitored and mined with) the rewards for the  pool can be more than *half* the total pool revenue.
In the case of Updamoon, if they *should* have found 400 blocks in a day based on the displayed pool hash rate but the pool only finds 200 blocks, because half the claimed shares are fake, so no blocks are found by half the pool hash rate, that means that the pool only gets 200 rewards per day and half those rewards are paid out to fake workers (=pool operator) so that is half of 20M coins per day. All shares that are not actual miners are stealing from the miners in a pool (lowering the rewards for the miners) so that is why I do this calculation regularly for each pool that I consider joining. Note that there may be other reasons why the pool hash rate is higher or rewards are lower, eventually the best indicator of a good pool is how many coins you receive for a certain hash rate after a day. That is also why I published the exact numbers of how many coins I received and how much hash rate I have, so you can compare exactly to the rewards you are getting. I invite pool operators to give their opinion and proof of how their pool is actually running - independent review of the code that the pool is actually running (or any other processes that have access to the database with shares) would be good, but I have no illusions.
So, barring that, all you can do is look at payout rate and do your own due diligence by calculating how many coins you *should* be getting, compared to what the pool gives you. BTW, do not look at what the pool *expects* that you shoudl receive, since this software is often not updated from the pool running for a different coin, which means that the expectation can be several times higher than what you get or even (in the case of Steadymining) it is a small fraction of what I am receiving simply because the pool was still configured for a different coin that has a 1k reward instead of 100k average as BEE, so it shows that I can expect 20 BEE for the next block, while I see payouts in the order of 2000 BEE per block.
NOTE: I see that the pool hash rate is now higher than I have seen any time before - apparently people are actually switching pool based on the information that I am providing here. Cool!
Please make sure that your miner is running well (no HW errors and as high as possible WU/min rate for getting the best results, don't just look at hash rate - I can get higher hash rate but screw up the Work Units per min so I cannot contribute as much as with my current 210kh/s. If you have more than 1% stale rate then you should instruct your miner not to submit stale results and check ping time - is there a stratum server closer by with lower response time? No point in submitting bad shares and polluting the pool.

thanks  for it.

hmmm, i will look at this since i am mining there...

how is the LUCK of steady mining compared to updamoon?  how much out are updamoon?

what smart math dude can tell us the probability of such bad luck vs steady miners good luck?? does it look fishy or not?

I seem to be having lots of bee's rolling in, however i will take a look now a little deeper.

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You should look at the statistics of SteadyMining.com, I am getting 53k BEE after 35 hours of mining with only 210kh/s
which is over 7 Bee per kh/s per hour.
Since the network hash rate jumps up and down from 3.5Gh/s all the way down to 0.9, it is hard to calculate if this is a fair amount.
The reason for these jumps are the same as with Doge (which also has variable rewards) and so each minute the switching pools will
turn their hash power to this coin or elsewhere, depending on the calculated reward for the next block!
Assuming that the average reward is 100k and 120 blocks/h, the amount of BEE is 12M per hour. With an average net hash rate
of 2Gh/s then a 1kh/s means an expected reward of 12M/2,000,000 = 6 coins per kh/s per hour.
This means that Steadymining is apparently pretty lucky or the net hash rate is a little lower than 2Gh/s on average.
I am very happy with SteadyMining.com (after checking 2 other pools that did not calculate to the same level of "luck".
BTW - I don't believe in luck for big numbers. This is more proof that some pools are not paying fair shares, as I have seen
also happen with other pools - but how to prove it if the code of a pool is not reviewed and the operator would be the one
to benefit from dishonest ways of tapping pool funds, for example by injecting fake shares?

yeah, i feel what you're saying cryptohunter, and to a large extent i believe you. my only issue is that the one "major" pool that i can see, updamoon, is consistantly getting TERRIBLE luck.

something feels "off" about this, i can't seem to figure it out, i've never ever seen ANYTHING this bad in my entire year of mining alt-coins:

http://imgur.com/jKWNo5Q (taken 2 minutes ago... very indicative of overall luck)

it seems that even with the KGW in place, there is either some big solo miner, or a multipool able to swoop in and claim alot of these early coins. i've been watching this coin from launch, and i've never seen such a terrible bad luck streak before...

anyone else have thoughts on why this is? i'd like to mine some, but this is just throwing away my hash at this point

Didn't know this existed. Thanks for the heads up!

the great thing about this coin that we need to get out to other people is this.

Right now and at any point until the first 100k blocks are mined, a new miner can join and will get exactly the same chance to get coins at the same diff and block reward as basically anyone here from the launch.

This coin rocketed to around about the same diff it is now within a few mins.

So mostly when you see a coin is released you think to yourself, nah won't mine now because i have missed out on the easy coins.

However with beecoin, there really was no easy coin, the difficulty increased so rapidly that even putting 25-30MH on it from even below block 20 didn't even matter.

So really nobody has missed anything. They can mine now and it will be as if they are starting right from the start. Not many other coins can you say that for.

BEE/BTC
https://coin-swap.net/trade/publickey/95cdSK5L/
https://coin-swap.net/trade/publickey/e0nnYWcq/

BEE/DOGE
https://coin-swap.net/trade/publickey/EPwmvPUd/
https://coin-swap.net/trade/publickey/H9WKZh0F/
https://coin-swap.net/trade/publickey/E9wrfvKT/
https://coin-swap.net/trade/publickey/OXTxHAkT/

I very very very like bee

I just put in a pretty big buy order. This coin is going places I can feel it

Indeed. +1

Cryptohunter on the ball once again, giving the haters what they deserve! 

Ok well in that case this is LESS of a scam than 99% of these others.

It was announced ahead of time and provided EXACTLY what it said bang on time.

I have never seen 30 second block times that are exactly 30 seconds bang on launch. The diff increased so fast that nobody got hardly any solo blocks before the pools were there. It was in the GH in moments. The distribution here is as fair as any coin and way fairer than most.

lol i'm not pumping anything, also there isn't such a thing called "fair launch"

there is nothing fair about those coins they are all scam

This guy is one of the worst instaminer pump and dump scammers on here. Look on every high block reward instamine scam shitcoin. You will notice him on the first few pages. He talks up most instamined shit so he can dump his coins.

Sorry but there is no instamine possible here, so he won't like this coin.

This price of 20 is too low for this coin. It will rise. I see 1.5GH constantly on this coin and peaking to 3GH sometimes.

DO READ THIS THREAD THERE ARE NO PEOPLE WITH THE MAJORITY OF BEECOINS - THAT IS THE POINT IT WAS 100% FAIR RELEASE, NOT LIKE UNANNOUNCED SHIT COINS LIKE THE OTHERS I SEE YOU PUMPING.

stupid pump made from the one that have the majority of the coin, they wait until the noob is sucked in to it and bam scam

nice coin,how can that price can be in exchangers?relate for what?

agreed, be good if the bee dev keeps active though.

also this pool although i have not used them before have been very good so far.

updamoon.com