Topic: Bitminter bitcoin mining pool - shutdown mining 2020-07-01 website 2021-06-01 - page 46. (Read 325004 times)

Cool, thanks for the answers.

What are the physical locations of us1.bitminter and us2.bitminter?  Is one better for west coast?

Your more likely to get some coin here on those old miners.

any chance to override/lower the var min diff.. Got some old USB miners that 64 diff is too high  for more poor old miners..

Thanks

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Thx Doc. I appreciate the detailed and great response. You're right about the negativity bias and how it fools the human mind.



Yes- IMO, it would better to double the shift length. ( I don't mind that it would double the ramp-up and ramp-down times. That's offset by halving the chance of unpaid shifts.)

PS: I'd love to see what you have in the pipe. You have great reputation. I'm sure it will be good for everyone.

I pointed my dust miners here to check it out, I like what I see so far.  Electricity is too high where I live to mine for profit, so I have a solo lottery S5 and a bunch of usb miners (another ~70GH) that I dust mine with because it's fun to see a little coin trickle in.  The dust miners have been on kano.is but since that pool grew so much recently I am below the payout threshold over there, so hoped them over here to hopefully start seeing payments again.

Question about the perks, Prepay BTC specifically: "Immediate pay for bitcoin blocks. No waiting for confirmations. No lost coins if the block is later orphaned. Note: does not apply to stale blocks."  Am I understanding this correctly that, if you select this perk, the pool will pay out your share of the block reward prior to the 100 confirmations it takes for the 25btc reward to be generated?  And the part about the lost coins is confusing, does this pool pay orphaned blocks?  If you do not select the perk do you then lose coins if a block is orphaned?  Thanks in advance.

This is the wrong approach. Instead of asking "what is a place where the Bad Thing never happens?" you should ask "where do I get a good end result after good and bad are added up?"

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I have some cool stuff in the pipeline. But in the mean time:

Would it be better to double the shift length? This would halve the chance of unpaid shifts but also double the ramp-up and ramp-down times.

Hehe, yep


You don't have to hit a block, you get paid if others in the pool find one too. But yeah, it's all about the odds.

LOL Doc... looks like we were both thinking about the casinos

It is gambling that your rented hash is going to either a) hit a block (not extremely likely), or b) come close to breaking even, or c) all of your rented hash is wasted.

I have been reading this thread, especially this latest part about renting hash, with much interest.

I decided it based on which one gave me payouts for all my shares. I think that's why many chose kano over bitminter.

the ramp up time to when you reached max payouts for all your hashing power deceased a lot

If you did that on Slush or Bitminter, you could lose all those shares after 2 days if a block isn't found. So kano is lower risk. Correct me if I'm seeing this the wrong way.

Glad I could help.
Just remember that your rentals need to cover at least 24 hours, if not more, as each shift is 1/10 of your work, and is approx 6 hours each at the current time.
Its better to rent smaller for more hours, than to send 1pt for 6 hours..
Ex.( 1 pth would be 33% aprrox of pool, but 33/10 when your rental runs out and you get all 0's for the remaning shifts would equal only 3.3% of the 25 btc reward = 0.825 btc.
I can run 150 th for 24 hours for around .5btc, and get all shifts around 4%, therefore 25 x 4 %  = 1 btc, and if we hit two in a 24 hour period, well that's 2 btc, a 150% profit.

Just making it easier to understand for everyone.  Your not competing against the User hash-rate roster, just the total pool hash-rate.

Yup- i know what you mean about Slush and their ramp up. Kano's ramp up is way better as you never lose the shares you submitted. At first it feels like you are getting underpaid but once you hit the 5ND, you are rolling along nicely and get sustained payouts for the earlier shares..ie: shift over shift for several shifts. If you happen to leave kano, you will still get payouts for awhile.

In many ways, bitminter is as good a pool or better than kano. Organofcorti's stats show it as being better much of the time. However, with the shorter period for the shares remaining valid for payout, it scares off miners who test it and see that happening. So it will be very hard for Bitminter to attract a ton of miners the same way that kano has over the past 3 months.
Remember these 2 pools were about the same sizer at one time. I coudln't decide which one to go with when i left the "big 3". I decided it based on which one gave me payouts for all my shares. I think that's why many chose kano over bitminter.
Then, as kano grew quickly, it would find blocks more frequently. This decreased the 5ND from 4+ days back in December to about 2 days now. In other words, the ramp up time to when you reached max payouts for all your hashing power deceased a lot. Also, with finding more blocks each day, the variance in payouts decreased a lot. Overall these 3 factors (shorter ramp up to payment for all shares, no shares lost, and lower variance) are giving kano and a strong edge over anyone else. Heck you can rent hash for a day and if the pool doesn't find a block, you will still get something for your submitted shares even a few days later. If you did that on Slush or Bitminter, you could lose all those shares after 2 days if a block isn't found. So kano is lower risk. Correct me if I'm seeing this the wrong way.

My point is that I see a good future for Bitminter...but it won't happen as the pool can't grow. Why? too many miners get a "bad taste in their mouth" during their testing period when they see the pool not find a block for 2 days or so and their shares become worthless after 10 shifts. So they don't stay here. Now in these times, all pools are having "hard luck". So it's not unreasonable for a smaller ppol to go a few days with no block finds. That's pretty much understood by anyone whose been mining for a long time. The problem is when you lose shares you submitted  after 10 shifts (~2 days) and the pool takes longer than that  to find a block. The longer it takes the more shares you lose. For me that hurts way too much.

I think that's how most miners see it too... and they just don't day anything verbally. They make their statement by not staying at Bitminer.

TLDR: 

In short, Bitminter has a world of potential and could become a significant player with at least 10% of the total network hash rate. However, it's reward system scares miners away before any potential growth can be attained. People don't like submitting work, then losing shares that are older than 10 shifts especially during a time when it's harder for any pool to find blocks. No-I'm not a psychologist. I'm just old and have seen how little it takes to upset people. Not getting paid for work is one of those that pushes peoples' buttons faster than anything else.