Topic: Bitmark - page 108. (Read 622228 times)

looks seamless, like it already exists .. just to bring it to the people

Perfect!

 

Marking explained in three images... reputation+money.





Transferable earned reputation, with crypto abstracted away. Each mark is earned, capturing and reflecting that earned value over time as it gets more distributed.

For any general cryptographic currency mining is profitable in three circumstances:

1. As a consistent service offered, choosing the optimal time to sell percentages of the currency you are mining
2. Occasionally if you are an investor in the currency who has determined that it will be cheaper to acquire what you want by renting hashing power rather than buying on market
3. As an exploiter of new currencies (stealth launches) or by catching the a low difficulty AND low network hash of currencies with a quick coin maturation.

For Bitmark:

1. as above
2. as above
3. NO - cannot be done, we are neither new nor do we have a quick coin maturation, nor is our network ever low difficulty AND low network hash at the same time.

We have crafted bitmark in such a way to make 3 impossible.

If you are a miner then you have one profitable option, to mine as a service and choose the optimal time to sell some of what you mined.

If you are a consistent service miner, and you are frustrated by large difficulty changes, the only way to prevent them is to stay on the network and be consistent. If you remove hashing power then the difficulty will drop lower and the cycle of diff changes will have a greater negative impact on you, the only way to break the cycle and limit the impact (and earnings / incentive) of misinformed category 3 miners, is to be consistent.

Finally, I repeat again, those who mine consistently over long periods of time always have the lowest average production cost, and therefore the most average profit. If you mine in any other way, inconsistently, you are doing yourself (only) a great disservice.

This varies largely on the Market price. When your BTM makes it to market, more than 24 hours have passed and the conditions that existed when you started mining may no longer exist.

That being said, mining Bitmark will always be most efficient & profitable if done in longer increments (3 or more days of consistent hash)

So renting a mining rig would be unprofitable?

For almost exact numbers you need to visit the pools and add the rates together.
bitmark.co/statistic/health updates every 60 blocks
in the client you can do 'getnetworkhashps xx' where xx is a number of blocks, advise over 20 due to the randomness of finding blocks.
there are data sources too under bitmark.co/statistics/data/ if you need them.

The difficulty retarget is every 720 blocks, and currently everybody is jumping off, they'll jump back on when it changes I'm sure. So it looks like for a while the difficulty is going to quarter and later quadruple until the cycle is broken by increased demand. The down side of this for miners is that they're making it more expensive for themselves and locking up their newly mined btm for ages. The upside for everybody else is that btm being minted is effectively slowed 2,3,4,5x and new currency minted is locked so can't make it to market. This helps stabilize market prices.

As for your last question, if we simplify it you can mine twice the blocks at half the speed or half the blocks at twice the speed. which is more 2*0.5 or 0.5*2? The percentage of BTM you gain on average correlates directly to your percentage of network hashrate. Difficulty determines the speed at which blocks are found by the network on the whole, it is a target hashrate for the network to reach based on the last 720 blocks average.

The answer to all of the questions succinctly, is that the optimal current network speed for miners is 6 GH/s to maintain a health stable network and fair profit, anybody who mines consistently regardless of network speed or difficulty will always have the lowest overall cost, anybody who jumps on and off will have the highest.

There appears to be a huge amount of misinformation given to miners, even things like profitability calculators, to calculate a profit on currency which cannot even be moved for days with fluctuating markets is pure speculation at best, outright lies at worst.

Whats the most reliable link for network hashrate?

Edit:

Also I am getting a little confused with the difficulty retargets being extremely slow, and what this means for if everyone jumps off as soon as the difficulty increases?

Is it better to mine with a high or low hashrate to difficulty ratio? Haven't thought this one through, although I'll try 

Thanks Medic,
we didnt calculate power costs in California with first purchase from Zeus and we bought 8thunders,
then we got them,but mining with 8kwh per 0.16$/kw is to expensive....and electricals company for instalations wonna take 3000$!!!So,now we made special deal with Zeus and bought 18 thunders more...
Now we wait to move miners in to the industrial zone,where we dont need instalations.The owner of that place is on avacation,here in Serbia.

Best way to success is meeting people

@Mark,my friend You dont have idea what power will mine BTM

Congrats Neleonele, I hope you get all your rigs running smoothly very soon.

Not yet my friend,
we didnt resolve electricity,avocations,private stuff,etc...
only few of them works here:D
But in 10-12days will be much more....36kw/h.....industrial.....all time

I guess you have balls then, didn't you get 300MH/s of ASICs and point them at BTM!?

Hehehe,just looking....
Here is no quick money.
regards to all loyalty miners.

720confirms,remeber....no multipools.
If u have balls u will mine BTM.

The optimal network hashrate is easy to calculate, say the three day average price (you must work on averages for such a currency with a long maturation) is 0.00019.

Then all you need to do is (14400*0.00019)/price-per-gh. So just now if the network were say at 6 GH/s and stayed at that, then it would be fairly profitable for the average miner, and have optimally timed blocks.

This is the upside, without a doubt... unfortunately, the 'free money printing machine' ethos seems to endure. And so I am glad of the cycle

Thankfully we have min and max diff adjustments, so it looks like we'll be in a 60-240 cycle for a while.

A positive side is that it means currency is being minted far slower than the schedule, and newly minted currency can be taking 4-5 days to be usable, which leads to a nice low volume stable market. We don't want too much currency being sent out to speculators. Mining is after all a service not a a free money printing machine, so our configuration seems to be rewarding the former whilst voiding the efforts of the latter.

If the network were busy with users we'd have to do something drastic, but for now all it's doing is slowing production and dumping, which is not the worst problem to have.

I hope everyone that is mining with this inconsistency understands that it is counterproductive for the following reasons:

1. Not as Profitable

2. Not as Productive

3. Not as Efficient

A 1.0 GH miner that attacks the network in short bursts when the difficulty drops would earn Less BTM profits than A 50 MHs Miner that mines consistently for longer periods of time.

Remember Bitmark requires a 720 confirms, at this rate miners would not receive their BTM for almost 2 days, or more.

Why not mine consistently without having to account for huge difficulty changes, this provides a secure and stable BTM network for everyone.


* To everyone that is mining consistently, Thank You

Network Hashrate: 1.2687 Gh/s

Clearly folks are jumping on and off with difficulty changes...  

Yes, it's amazing. All these little coincidences coming together like that.