Topic: Bitmark - page 139. (Read 622213 times)

Here is the Bitmark Release if that is what you are looking for.
To get some BTM at a fair cost you can either mine it directly, or indirectly through the ipm pool test as detailed in the previous post.

How to get Bitmark?

The full details of Bitmark can be found on the first post in this thread, a list of all milestones and updates is also provided and kept up to date.

Decentralization of Supply and Distribution and Spreading out the Bitmark Network Update
Yesterday we started and completed our first effort to decentralize the hashing power of the Bitmark Network.

1. xHash.net have added a Bitmark Pool and the process went smoothly, Thank you.
2. P2Pool is ready. Thank you to TheDirector helped with this work.
3. Our checkpoints were updated on github if you are building from source, further solo miners joined our network.
4. miningpool.co continued to prove stable and it's cumulative hashrate dropped to well under 50%.
5. The Investor Public Mining Pool Test has completed two rounds, and development of the automated IPM Pool is well under way.

This was a big day for the Bitmark Network, I wish to thank everybody for their efforts, and for their fair distribution of hashing power. It will serve well for our future.

Investor Public Mining (IPM) Pool Test Update

First Round Funds Distributed
The results of the First Round have been distributed.

Second Round Results
The second IPM Pool test went well, performing as expected, and again minting 608 BTM for the investors and 32 BTM for the Bitmark Foundation.

Round Three Estimate

Round Four Estimate

The Investor Public Mining Pool Test will conclude after Round Five, in 2 days.
There is still space available if you would like to help us test and acquire some BTM at a cost close to that of production.
The available investment slots cumulatively total 0.95 BTC, you can reasonably expect to receive 1 BTM per 0.00012500 BTC. Investment Slots are issued on a first come first served basis.
If you would like to join in the BTC address is 18rai2ichzUfXG6PVmUQLNPqBjtctnVRAD and I require your Bitmark address by return to send the BTM minted to you.

It should be made clear that the IPM Pool is non-profit, the word Investor is used to describe the role those using the pool see themselves in.

My time is running out on my leased rig. I'm going to rent another one, but I'm not sure how much time I should rent it for since I want to switch over to the IPM when I can. Any estimates so I don't make a lease that's too long?

I would like to invest 0.2 BTC into IPM pool. Where should I send BTC and when I will get Bitmarks mined for it?

The last round consisted of 30 hired mining rigs and on average they performed exactly as required.
Could you provide more details as to how it was not hashing so great, was it rejects or a the difficulty inappropriately set or something else?

I will post the details of the last round very shorty.

He Mark are you intentionally preventing me from mining BitMark by renting my rig again? (Joking)
Glad you like the rig. Currently not hashing so great..... Is that due to a test you are running?

Checkpoints: I have updated the checkpoints now that we are a few days in, if you are building from source or run a pool, please update as you see fit.

P2Pool
https://github.com/project-bitmark/p2pool is ready for testing if anybody would like to run it.
One node is up on the dedicated server.
Follow the install instructions including scrypt support. Then start with "--net bitmark".

Thank you to TheDirector for his help in both initiating and setting this up.

Once we have P2Pool mined a block I will submit a pull request to the main project.

IPM Pool
My concerns with our stratum pool have now been addressed.
The next three hour test updated 08:30 UTC is now underway, the IPM Pool is hashing at 430MH/s.
There will then be a twelve hour test before the next change. Followed by two full mining day tests.

The difficulty determines the production cost of a Bitmark each day.
Supply and Demand determines the price tag.

If demand for the Bitmark is greater than the supply, then the price tag on markets goes up. More people try to provide the supply which pushes the difficulty (and therefore production cost) up.
If supply for the Bitmark is greater than the demand, then the price tag on markets does down. Less people try to provide the supply which pushes the difficulty (and therefore production cost) down.

Demand is driven by the usefulness and adoption of Bitmark.

From a price tag perspective the IPM pool:
 * allows people to see the production cost transparently and see it changing each day.
 * allows some investors to purchase a fair share of each days Bitmarks at a price close to that of production.
 * provides a measure of confidence in Bitmark, that people are willing to pay slightly more than the base production cost to ensure the longevity of Bitmark.
 * reduces downwards changes in difficulty, cushioning the blow to markets and producers (miners).
 * reduces the ability for multipools and private farms to exploit the value of the coin, as when they drive up production cost the variable hashrate of the IPM pool keeps production higher than pools alone can, reducing it back down softly, which makes it harder for these bad actors to repeat the exploit.
 * encourages honest miners who mine to hold and support as they can, which reduces some downwards pressure on markets.
 * reduces the ability for anybody to hoard, ensuring distribution is fairer and limiting ability to corner the market, manipulate it or price fix, or acquire an unfair amount.
 * encourages user adoption by cushioning the effects of difficulty adjustments to keep confirmations at an average speed even when under attack.
 * reinforces security by making a 51% attack almost infeasible, as any attacker would have to out power the miners and the variable hashing power of investors seeking to protect their investment.

The IPM Pool combined with both our block chain configuration and the way the project is focussed, attempts to balance the interests of miners, investors, development team, so that we can offer the user a stable and balanced experience.

Isn't this way setting a price for Bitmark?

IPM Pool Test Update

I have ran the first IPM Pool Test round for a period of 3 hours.
Some settings need changed on the Pool server, and I need to speak to both the rig rental company and the stratum-mining team about some issues.
Additionally the difficulty is too low and the network speed too high after changes today.

The first test went well, performing exactly as expected, and minting 608 BTM for the investors and 32 BTM for the Bitmark Foundation.

First Round

Once the difficulty changes again I will run the next test for another 3 hours.

Next Round Estimate

The IPM Pool proposal has more information on BTM production cost according to network difficulty.

check this out https://twitter.com/bit_mark

Been busy with work the last couple of days, and I return to see Bitmark doing quite well   

IPM here I come...

No it is not possible sorry. I am not home currently, otherwise I could have 'pulled the plug'. And due to the heat here I turned off everything but the miner, so no way to remotely log in. You could set up an extra pool on mining rig rentals and switch over for the last hour. Mine something for yourself  
Sorry for the inconvenience.

I do like the non-prefixed title. Much cleaner.

Sorry, but if possible could you remove the extra hour?

I am very grateful for your sentiment, thank you.

For the next 2-3 days I am trying to manually complete the IPM Pool process and implement it at the same time. The exact figures are very important to have and quite complex to calculate, any additional free time added will skew the figures and potential lead me to make a mistake.

Again, thank you, perhaps as we progress a fixed fee hashing power arrangement could be made. If the IPM Pool has constant demand and bitmark continues to grow as it is, the hashing power needed could require more than the hashing power that is available to lease from all the services combined. As such, prearranged fixed fee hashing may need to be considered in the future.

Just gave you an extra hour. Enjoy

Thank you. That saves me a PM. Already the IPM Pool has mined 140 BTM, and counting.


That is good to know, and thank you for sticking with it. I will update the OP as it needs freshened up and to be more relevant to the current status. The project is moving fast.


Confirmed: A2 Mini 29MH/s, rental id 34790

Mark

Coinsolidation just rented my rig  
https://www.miningrigrentals.com/rigs/3166
I was already mining Bitmarks  

When you confirm you are mining Bitmarks with it I will give you half an hour extra  

well for me the non prefixed and standard OP made me realize what this coin's about and made me mine and stick with it