Oh hey! I just thought of a brilliant idea for us to counter our price-capping miner friend! Thanks to a little something called greed, our mystery buddy, let's call him*... "Party Pooper" or PP for short, has slowed his mining since it is no longer profitable because people are not putting that price back up, we're all onto his game and are choosing not to play it. But isn't there something we can do??? And the answer is YES!!! Take those bitcoins sitting on the sidelines and go rent a NiceHash contract to mine.
Now that the difficulty has dropped substantially thanks to PP's exiting that side of the game, it's actually equivalent to mine than to buy right now so you can get two benefits out of doing this:
- 1. Continue acquiring SLR at an equivalent market price until the fork with the satisfaction of NOT having to buy them from PP AND it prevents him from mining all of them himself while we dawdle our thumbs and wait it out.
- 2. Secures the network into the fork so PP doesn't have an opportunity to REALLY screw us over! Would he? Maybe, if I keep pressing his buttons like this.
But that's a risk I'm willing to take!!!
It's win/win for us and status quo for him (he may perceive it as negative though because this will stop his profits, even though it won't take from him unless he does something stupid like sell them all in a rage quit/Leroy Jenkins kind of way...)
The thing is, if we force him to exit by
NOT playing his game, that's actually a win for him too even though he won't see it that way. If he would step aside and let this project play out naturally, it would actually be a bigger monetary gain for him because this project
IS going to succeed. I think that is the key to PP's actions. He's not a believer even though I think a part of him would like to be.
So? How about it? I've already started. 50 GHs on cryptopoolmining for 10 days. That's my latest
financial contribution to the future of this coin.
If you're hesitant because mining is still a mystery to you, don't be! It is
really easy. I'll lay it out for you:
1. Go to
https://www.nicehash.com/index.jsp and create an account
2. Go to either cryptopoolmining or MiningPoolHub and create an account. For this example, let's assume I chose "Epiphany" as a username. Here are the links:
https://v2.cryptopoolmining.com/slr/index.php?page=loginhttp://solarcoin.miningpoolhub.com/3. Once the account is created:
3.1 go to Edit Account and enter the SLR address you want the mined coins sent to, be anonymous or not and update the account.
3.2 go to My Workers and pick and worker name along with a worker password and Add New Worker (this is important on NiceHash). Let's say you use the word worker for both as we continue with instructions.
3.3 Go to Help/Getting Started, you need the info on this screen to set up your NiceHash contract.
4. Go back to NiceHash (maybe those slow BTC have finally arrived by now???
)
4.1 Go to Orders page and see what the rental prices are. Today 0.38 BTC/GHs/Day seems to be the average, so we'll use that.
4.2 Once your BTC arrives, go to Account -> New Order and enter the following in the Boxes:
Algorithm -> Scrypt
Pay (Incl fees) -> 1.0 (I'll use 1 BTC to make it easy)
Limit hashing speed (0 for no limit, min. 0.05) -> 0.05 (BE CAREFUL HERE!!! 0.05 is 50 MHs, don't fat finger it and put 50.0, your BTC will be gone in an hour! Yes, it can happen. LOL)
Price -> 0.38
This will give you 52 days of hashing power!!! So let's turn that up a notch and use 0.25 (or 250 MHs), this would last just over 10 days and line up perfectly with the fork.
4.3 Slide down the order page and enter the mining information from the account created in Step 2 and enter the following:
For cryptopoolmining:
Stratum hostname or IP -> eu1.cryptopoolmining.com
Port -> 5108
Username -> Epiphany.worker
Password -> worker (this is the worker password from step 3.2)
For Miningpoolhub:
Stratum hostname or IP -> us-east1.solarcoin.miningpoolhub.com
Port -> 20468
Username -> Epiphany.worker
Password -> worker (this is the worker password from step 3.2)
4.4 Click Create New Order at the bottom of the page and you're done!
Now you can have fun watching the mining dashboard and finding yourself a little more interested in how all of this stuff works under the hood. It will be a great and entertaining learning experience, I promise!
As for things to keep an eye on. Monitor NiceHash rental prices, they may increase on you. If they do, you'll have to go to your order and increase the price if the mining stops. Also, you can change the hashing power up or down at any time, just remember that those changes affect the time remaining to mine. You can always send more BTC too and refill the order at a later date if you want more hash power for some reason.
Getting familiar with this can also help you play around with some other scrypt coins out there. Once we switch to PoS, this kind of PoW mining no longer works. But you can still apply the knowledge you've gained to mine other coins, there are still lots of them. It really can be alot of fun.
So that's my idea. Let's rally the troops and have some fun with this. Let's put to the test whether we can fend off an attack in the making! We have even given the enemy an advantage by openly telling him the plan too, why hide?
And when we win?
We all win. Even PP. And I'm A-OK with that outcome.
Share this, spread this, let's see if we have the collective power for an awesome coup!!!
*(Side note: I chose not to call him ghost.trader because I just can't believe he would do this to us. I prefer to think of ghost.trader as our secret protector, so that will be my truth, right or wrong!)PS: I knew my awesome Civ4 skillz would come in handy if I thought it through. LOL
This is great stuff.