Topic: Bitminter bitcoin mining pool - shutdown mining 2020-07-01 website 2021-06-01 - page 81. (Read 325004 times)

Try us2.bitminter.com - it has extranonce2 size of 4 bytes.

I'll be switching mint.bitminter.com (us1) from 6 to 4 bytes in the future.

"Error: Extranonce1 size and extranonce2 size greater than 8"

Like right now we have 3 blocks confirming but I can't see what I earned for each anywhere until they confirm and then auto pay.

Hey, Doc, I just wanted to say thanks for this very educational post.  I'm still thinking about it, days later.  Part math, part psychology, and a great lesson in thinking rationally.

Here's how the psychology of variance works.

The situation: you work for one hour and get nothing, then you work another hour and get double of normal pay.

People perceive this in different ways.

Overly negative person (very common): "OMG! I worked a whole hour and got nothing!". Those people can earn millions and still feel they are losing, because there was that one little thing which was not perfect. That's why they paid a 10% fee to mine PPS at Deepbit. After months of mining it felt like nothing had gone wrong, there was not a single moment with horrible pay. That was their only focus and they were happy. Overall they got the lowest mining payouts in the history of Bitcoin.

Overly positive person (common with gamblers): "I got double pay! I really hit the jackpot this time!". These people can gamble away their entire life savings and still feel that they are winning, as long as they get a small win every once in a while in between the huge losses. That's how casinos make a lot of money. They let players win small sums frequently. That keeps them hooked and makes them gamble away all the money they can get their hands on. Even the casino making it look like the player "almost won" counts as a win in the head of some players.

The reality? Overall you got average pay. This is where rational thinking is, and this is where you want to be.

Notice how those other two people looked at only part of the picture and then got very emotional about it, while you looked at the whole picture and stayed rational. This difference is important. There are entire businesses built around taking advantage of the psychological weaknesses of those other two people.

Interesting.   So, it is basically gambling (unless the rental cost is priced lower than the expected value), correct?   If it is priced exactly equal to the expected value than it is more a variance gamble?  Right?
So, your expected value of buying 24 hours of 1 PH/s would be:  1 (the amount you purchased) /  254 PH/s (the network size) X 3600 (approx bitcoins per 24 hour period) X 0.98 (bitminter keeps some money) = Expected number of BTC returned.
How does the pricing offered compare to the above?

PS.   I understand that hashing (and not solving) helps others solve the block, that was not my implication.   Everyone doing work helps whether they are the block solver or not.

I have never seen a swing that large but he was obviously renting.  I was renting at the same time on the same site and seeing their hash rate drop as I increased mine.  Depending which rental site they are using it can swing easy if he is being outbid.  Some rental sites you rent/hour and others you pay a certain amount and if you are highest you get it.  Others can outbid you.

Oo the economics of it I'm up over 200% on my renting in the last few days (2 btc in and 4.2 btc out) so if they are going after the same thing I am then I can understand.  It is definitely luck chasing though.  If we hit back to back reds then I would be down.  But it does only really take 1 block to almost break even.  If we hit 2 or more it is all bonus money.  it all depends on how much you pay for the rentals.
AS you can also see both them and myself renting have not actually helped hit a block either.  At least not the way that I think of blocks anyways.  We did work to solve  blocks but didn't specifically find one ourselves.
Fahlcor

Only him can answer that, unless he's running after luck.

Only him can answer that, unless he's running after luck.

What would the explanation for that be?   One that makes economic sense.   That was more my question.

NetDomain hashrate move from 150TH to 900TH.

What is up with the large swings in average TH/s per shift?   Why does is it swing that much?

That's where it is. There is one payout per block found.

But I think pay per work done is more useful, which you find on the shifts page, is better than pay per block.

Hey Doc is there a place to see what we earned/block?  All i can see is in the transaction history on the payout.

Let's hope they're not pool hoppers, a boost for us all for sure.  Almost doubled the pool speed.

Do they (he/she?) have a voice on this forum?

The Docs re-worked 3hr shifts now down (as I write) to 1hr 53mins.

Bitminter is quite fun right now 

awesome hash rate!! keep it going! 

The actual earnings aren't known until a shift stops receiving payments.  DrHaribo made the right choice (one I might copy for my pool) by simply showing a '?', to avoid people complaining about the earnings on recent shifts before they've matured.

Out of curiosity, why under Shifts, does the Pay/Hour at 1 TH/s show "?" for the last 10 shifts?   Does it eventually populate when a block is found?