Topic: Bitminter bitcoin mining pool - shutdown mining 2020-07-01 website 2021-06-01 - page 22. (Read 325001 times)

Thanks for the help everyone! I'll continue to simply buy BTC.

Increased transaction fee for "send coins"

The fee to withdraw coins using "send coins" has been changed to 0.0013 BTC (was 0.0009)

This is necessary as bitcoin transaction fees have skyrocketed lately. For a while the pool was paying 0.0036 BTC for a small transaction. There is still 77000 backlogged transactions in the bitcoin system, but the fees are on the way down. If this continues we can hopefully reduce the fee for "send coins" on our website again soon.

The pool still pays the transaction fee for you if you use auto cash out instead. This requires a minimum balance of 0.01 BTC.

I don't know of a calculator that does but https://fork.lol/reward/blocks show the $ total reward per block and https://fork.lol/reward/fees shows $ fees per block so I suppose it would be possible to do your own calculation from that.

No, it's 0.003384 - you're missing a zero in there.

Perhaps a simpler way to estimate earnings, use a bitcoin mining calculator. Here is a simple one: https://alloscomp.com/bitcoin/calculator

The results will be much too low now though, as it doesn't include income from transaction fees which have become very large. Our last block had more income from transaction fees than from newly generated coins.

Does anyone know of a calculator that includes tx fees?

I'm not sure if there are any easily available stats on tx fees per block, but this one shows transaction fees per day: https://blockchain.info/charts/transaction-fees
If we assume 144 blocks per day (difficulty not changing), then it is yesterday 4.27 BTC per block, 5.43 BTC per block the day before. If we get back to a more normal level where bitcoin is not completely overloaded then perhaps 1.39 BTC per block.

That's 34%, 43% and 11% extra earnings respectively, on top of the 12.5 new coins per block.

In the medium term I think I'd add 11% to what mining calculators say. It may look nice to earn 30-40% from tx fees on top of the 12.5 BTC per block. But I really hope this is not going to last. We have 100 000 backlogged transactions, transaction fees have skyrocketed and bitcoin has been almost unusable the last couple days.

If it seems too good to be true.....

Rather than explain where you went wrong it is a lot easier just to show you how to do it correctly. Here is a link to a mining profitability calculator. The major cost in mining is electricity and for the example I've used 12 cents per kilowatt hour as that's an average sort of price.

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4.7&HashingUnit=TH%2Fs&PowerConsumption=1293&CostPerkWh=0.12

It gives a profit of $66.39 a month which is $807.81 a year.

You do correctly identify the problem with these calculations in that difficulty goes up and the profit is reduced over time. It would be unlikely to recover the $750 in less than a year.

Hi all, trying to understand shift work as I dip my toe in the water. When I first looked at mining at the start of the ASIC revolution, it was more profitable to simply buy bitcoin than try to start mining with ASICs. Is that still the case?

If I buy a used S7 on ebay for $750 and turn it on using the correct power supply and high voltage, it should run at 4.7TH/s, or 4700 GH/s.

Shift payouts at https://bitminter.com/shifts say that pay per shift is somewhere between 0.00001-0.00002 BTC if you mined at 1 TH/s for 1 hour (with one shift being 10x that recently)? Do I have that right?

So let's do a simple case of 0.00001 BTC per 1 hour mining at 4.7 TH/s with the S7 being plugged in 24/7 and that shift taking ~72 hours:

0.00001 BTC * 72 hours * 4.7 TH/s = 0.03384 BTC per completed shift, which happens about once every three days? If BTC/USD stays anywhere near its current level, that's 0.03384 BTC/shift * 10 shifts/mo * $6500/BTC = $2200/mo? Then as difficulty goes up and 4.7TH/s becomes less impressive, it pays less over time?

Where am I going wrong? Seems too good to be true.

and many enemies 

many congrats and thanks

Yeah, nicely done Indss. 25.9 BTC from one block - that's quite good.

Bitcoin has some bad scaling issues.

Holey guacamole batman

All hail Indss

Miner of what I believe is the fatest block ever
in all bitcoin history 13.4btc in transaction fees

Thanks again Dr Haribo for all your work keeping
this pool running.

Hopefully this will bring some more hash power to
the pool, but I am more than comfortable mining
in this lotto pool either way, big or small

cheers

The Segwit2x hard fork has been cancelled.

It was announced here: https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html

Those worrying about replay attacks and how to split coins can rest easy.

Good point. The replay attack could happen before you even try to send the new coins. I edited the post above and added another replay attack check, so the check is now in two places.

Thanks.

With lack of replay protection with the b2x fork you have to check after your step 2 that the coins haven't moved on the fork as well. If that happens when you make your b2x wallet there will be zero balance in that too.

I took 5 minutes to write this suggestion on how to split coins. It may be safe or maybe you lose all your coins. Proceed at your own peril.

Splitting coins is a way to avoid transaction replays when a fork has no replay protection. See https://bitcoin.stackexchange.com/questions/61212/what-is-transaction-replay-and-replay-protection

Situation: Let's say a new coin, NOOB, forks off of the BTC chain without any replay protection. Before the fork you have moved all your BTCs to a wallet where you control the private keys.
What to do: To split your coins after a fork, move all the BTCs and move all the NOOBs to addresses where you control the private keys. Make sure all coins are moved.
Why: This way none of your coins will share an unspent transaction output (UTXO) on both blockchains, so transaction replay becomes impossible. Any transaction you make in the future will refer to outputs that do not exist on the other chain. The transaction is invalid on the other chain and cannot be abused there.

In detail, here is how you can split the coins. AFTER the fork happened:

• Make a new BTC wallet where you control the private keys
• Send all your BTCs from the old to the new wallet. Wait for 6 confirmations on the transaction. Your old wallet now contains 0 BTC.
• Make a new NOOB wallet where you control the private keys
• Import the private keys from your OLD BTC wallet into your NOOB wallet. Wait for blockchain sync.
• You should see the correct NOOB balance; the same as your original BTC balance. You may see a zero balance after syncing if there was a transaction replay attack. You can confirm this using a NOOB block explorer. Look up the BTC transaction ID or BTC address from point #2. If NOOBs moved to the BTC address there was an attack; go to point #7.
• Send all your NOOBs to new address(es). Wait for 6 confirmations.
• If your NOOBs didn't go where you wanted them, but instead moved to where you sent your BTC then you are victim of a transaction replay attack. You only lost the transaction fee though. Go back to point #1 and start over. Make a third BTC wallet. "old" now means the second wallet and "new" is the third. You don't need a new NOOB wallet though, just import the keys from your second BTC wallet after it is empty.
• All coins moved separately on the two chains? You made it. Celebrate with your favorite beverage.

Why do I need a new bitcoin wallet?

With the "bitcoin gold" fork there were fake wallets asking you to give them your bitcoins keys/seed to get your bitcoin gold. As soon as you did that they stole all your bitcoins. This scam can be expected to repeat every time a new coin forks off of the bitcoin chain.

Never give an altcoin wallet any bitcoin keys that still control bitcoins. Always move the bitcoins first and wait for 6 confirmations so that the keys no longer control any bitcoins.

I used a scam wallet and my coins are gone!

Be careful that you pick a safe wallet and not some malware. Malware can do other bad things besides the specific scam above. They can steal your NOOBs. They can attempt to steal a bitcoin wallet on the same PC. They can install a keylogger and other nasty things.

You may want to install new altcoin wallets in a virtual machine or an old garbage PC you have lying around. This way you can make it very hard for them to do any harm beyond stealing your NOOBs.

I have a better idea!

Post your comments below.

Thank you for the summary!
What is the best way to "split the coins"? Would it be to send mined coins to the BTC wallet, then wait for 20-30 confirmations before sending BTC out of the wallet? As far as I understand, that way the BTC inputs in a transaction would differ from the inputs on the B2X chain, correct?

UPCOMING FORKS

It's becoming popular to make new coins that share a history with bitcoin. If you have X bitcoins at the time of the fork, then you will have X amount of new coins as well, assuming you control the private keys to your coins.

At block 491407: BTG (bgold / "bitcoin gold"). Although the fork happens at this time, the new chain won't be public right away. First the people behind it are going to keep it to themselves so they can mine lots of free BTG. After that BTG will go public. This type of "pre-mine" usually indicates that the coin is just a pump-and-dump scam.

At block 494784: B2X (segwit2x). Their intention is for all bitcoin users to follow this fork to support 2 MB blocks. Many say they will stay on the old chain though, so it looks like we will end up with two coins.

BEFORE A FORK

Move your coins to a wallet where you control the private keys. Find a wallet: https://bitcoin.org/en/choose-your-wallet

AFTER A FORK

If the new coin has replay protection you should be good to go.

If the new coin does not have replay protection, you'll need to split the coins while still within your own wallet(s) before sending coins to anyone else. Otherwise that other party could copy the transaction over to the other blockchain and receive the same number of both coins. They "replay" a transaction from one chain on another chain. For example, 1 BTG turns out to be worth $1 and you send 1 BTG to someone - they take 1 BTC too, worth $6000. That's not good.

Both BTG and B2X may add replay protection. Let's hope so - it would make this much less messy.

WHAT IS BITCOIN

If everyone and their dog switch to B2X (segwit2x) then that will become bitcoin. This does not appear to be what's about to happen.

It looks like we'll soon have 4 bitcoins. BTC/XBT (bitcoin), BCH (bcash), BTG (bgold), B2X (segwit2x).

WHAT DO WE MINE

We are mining bitcoin. We may add support for other coins in the future.

Hay Doc, any advise on the 2 pending Bitcoin forks that are due to happen ?.

BitCoin Gold and segwit2x ?. I assume the pool is not going with Bitcoin gold or segwit2x ?.  Ive been reading that the Bitcoin gold fork will prob end up like the Bitcoin cash fork. However the segwit2x fork may be different. (is there any chance the segwit2x fork will end up taking the Bitcoin name ?.)

In both instances they are suggesting to keep your Bitcoin in a local wallet during these periods and not in an exchange. (so that you can control what happens with your coins).

Is there anything we should be doing to prepare for the 2 forks happening soon ?.

Trying to revive the minter on my pc just out of curiosity even for bradcrumbs of bitcoins

Is it normal that after ~1 hour of minting I don't even see stats of ghps on the worker? I've put my username and workername under Settings>Account and it's minting at an incredible speed of 0.39 Ghps

edit: nevermind, they just showed up.

Hard to say what will happen with bitcoin cash. We'll find out.

Do you foresee a significant amount of the Bitcoin hash rate getting moved over to Bitcoin Cash now that the price is going up again? It would be nice to see a pool as great as Bitminter offering Bitcoin cash mining.

Doc, you should thank me.  Right about the time I open my mouth and complain about something is when it fixes itself!