Topic: Eligius: 0% Fee BTC, 105% PPS NMC, No registration, CPPSRB - page 237. (Read 1061843 times)

I hear the miners over at CoinEX where there's no minimum are especially happy.

Makes sense. Thanks

The 0.04194304  is just the default. You can lower it further to the minimum.

I think the minimum was recently decreased and the help wasn't updated to reflect it.

M

Oddly enough I'm able to change it from user options. So now it says:

Note: Your minimum payout was customized to 0.01048576 BTC under 'My Eligius'.

This doesn't correspond to what you said. Just confusing I guess. Anyways, doesn't really matter too much. I've always been paid by the pool

If you're a new user it really is 0.04194304 BTC so if you're in a hurry it's far better to mine on another site to get paid much faster.

Plus, any residual fractions of a coin that you have mined on Eligius get paid out usually at the end of the month so you won't lose anything. I know loads of people who have started mining on Eligius who got really annoyed about the 0.04 BTC initial payout threshold that they abandon mining here and now happily mine elsewhere.

Worse still, they then end up ridiculing the Eligius pool and miners merely because they wanted paid promptly for their work

I get a little fed up explaining it sometimes.

 

Question on the min payout these days: is it 0.04194304 BTC as per the home page or is it really 0.01048576 BTC as per the options page.

Tx

Yeah, but at least I don't get wiped out in about 3 month like bitcoin tho...  Most rigs go from definite payout to dubious payout due to the hash rate arms race...

PoS - then we can have real purpose for those massive farms, to pay us interest to our wallets 

The rising difficulty, the corporatisation of mining, the deflationary structure of bitcoin and the ipso facto transition of bitcoin as currency to bitcoin as commodity prevent any revolution.

If there was a 'bitcoin revolution' it was last year in 2013 with the adoption by the masses, reasonable returns from mining and the price spike verses fiat.

Now, if there is any possible zeitgeist, it's in another form of crypto... and if the popularity of DOGE is anything to go by, it suggests that even crypto-currencies have to be inflationary to act as currency otherwise the greed/foresight/speculation/horde mentality transforms the currency into a commodity.

Where is Bitcoin 2.0 or 3.0 or 4.0?

Whatever that is, perhaps, is where the 'revolution' lies.

 






["Coin, Coin!" http://www.youtube.com/watch?v=sr9SuvBsw-8 ]

I just want to say that mining is not intented as a way to create richeness of enable the common man to get money. Nor is it intended to get the corporations richer too. It's sole purpose is to secure the network. That the hashing power comes from the common man, or a company, does not matter. The block reward is quite high in the beginning, but will decrease fast; the block reward is not the ultimate purpose of mining.

No, all that "bitcoin" as an ideal cares, is that the network has the highest possible hashrate, so that nobody, be it an indivudual, a corporation, or a goernement, may compete against it. If corporations are willing to invests millions on mining , then good!

The bitcoin revolution, the change for the common man, will comm from the bitcoin economy, from the transactions. That is what will change things.

You get paid out once your mining contribution reaches the minimum amount, which is about 0.04BTC. You will be entered into the queue after reaching threshold and will get paid for all work done including work done between entering the queue and being paid.

hi, may i ask
how is payout at eligius work ?

Here's an idea: Instead of trying to get rich quick, get a job.

Scrypt mining is starting to tank... value of the garbage coins keeps decreasing for some reason.

M

It's just plain stupid to ask for "bonus" when you found a block when you are mining at a pool that dedicates on paying everyone exactly the same per each share they do...

Are you willing to accept LESS when you don't find a block, so that the pool can fund the bonus paid to the one that found the block?  Hummm? Don't think so...


Just go mine on your own and see if you will ever find a block.


Personally tho, I might be leaving the bitcoin mining scene soon, due to the rather crazy increase in difficulity, perhaps Scrypt rigs might be a better idea, tho it takes a long time for them to pay off..

btw, total network hashpower has not more than doubled in the last two weeks.  Else we'd be facing a huge difficulty increase, and the last increase was about 11%.

http://bitcoin.sipa.be/

Two weeks ago it was about 30PH.

M

TodaysGandalf:  You seem to have shot yourself in the foot by jumping into the fray without a firm grasp on the concept of mining.  Quite frankly, there was *no* business case for mining when you jumped in, the capital and energy costs were too high to begin a new operation.

Hell, I wouldn't have jumped into myself, but Mt Gox actually made it feasible.  By the time they drove the price in the dirt you could buy cheaper bitcoins to buy gear from Bitmain, who hadn't adjusted their pricing in response to the market.

End sum:  sometimes you just have to accept that you missed the boat and stay on the sidelines.  And, sometimes, things happen that give you an opening.  Either way, you need to be patient, and you need to know definitively what the range of parameters you can still turn a profit on, considering both global hash rate and market price.  And even then, as Mt Gox showed, things can still be a bit of a gamble.

Ultimately, take responsibility.  The "corporations" aren't the evil here, it was your own lack of planning, preparation, and knowledge.  I'm a way smaller fish that you are (in terms of hash rate), but I only risked what I could afford to lose, while timing the market to give me the best possible ROI.  I fear we're only in the beginning stages of a parabolic curve in the global hash rate, but I'll still be in the black by a slim margin if we have 20% increases every eleven days through the end of the year.

But, man, did I spend some serious hours with both code & spreadsheets just to make sure it was doable...

I will note that these huge corporations are also the ones who enabled you to be mining at 1.2TH. 

Of course, if you are the typical mining rig buyer, then you probably got screwed by those corporations, in that your investment will probably never pay off in BTC; but that depends on the details of your rig, how much you paid, and when you started mining.

I will also note that many of these companies were not started or funded by "the rich and powerful".  A lot of them were just nerdy guys, hardware engineers, who got into Bitcoin back when CPU mining was possible, then GPU mining, then they pooled their resources and built some ASICs.  Intel, AMD, nVidia, ARM, none of the big multi-billion-dollar chip manufacturers has dared to step their toes in these waters.  And I haven't heard of any bitcoin ASIC company worth 100 million dollars, or any bitcoin-related company that has actually spent 100 million dollars on anything.  (Some may own 100M worth of BTC currently, but they bought them much cheaper.)  I think the 10 million dollar range was about the highest that I've heard of.  But I could be wrong.  But the point is, these guys may have been fairly well-off to begin with, but they were not your hedge fund, media mogul, Davos types.

And I will FURTHER note that pooled mining has been pretty much the only decent option, going back pretty far.  If you were CPU mining, or were one of the first to GPU mine when everybody else was on CPU's, or one of the first to ASIC mine when everybody else was on GPU's, then maybe it might have made sense to mine solo.  Or maybe if you had a datacenter setup with, say, a full rack of machines all hashing away.  Then maybe you could mine solo.  But if you are just the "guy in his garage" even with a decent number of machines, pooling has been by far the most consistent way to earn BTC for a couple of years now... well before the evil "CORPORATIONS" got involved.

Do you see to the right, the "R:35+5(.53%)" and "HW:916/(.74%)" information?  That stands for "Rejects" and "HardWare errors", respectively.  These are NOT accepted or counted as valid shares.  They have to be subtracted from your true hashrate in order to get your pool-reported hashrate.  This happens with all pools on all kinds of coins.

Also, the pool has no idea what your actual hashrate is, but must estimate based on the frequency of of the shares that you submit, and their difficulty.  You are mining for the pool at difficulty 16, so any shares over difficulty 16 are reported to the pool.  These are multiplied by some factor to get your raw shares number, equivalent to what your shares would be if they were all difficulty 1.  Some miners with lower powered systems might be mining at difficulty 1, so all of their shares would be submitted and counted individually, with no multiplication factor. 

This is a way for the pool to avoid being overloaded... if all of the powerful miners were submitting at difficulty level 1, the server would go crazy handling all of the connections.  So the pool throttles your difficulty upwards so that you send a steady stream of results, but not too much.  Again, all pools do this.