Seems that like always, money is king!
After managing to stay a bit over 1ex, ocean is down to 600ph.
https://ocean.xyz/dashboard
Not surprisingly, when the reward is 3btc and the fees often climb above that why mine here?
You can't feed a family on principles and you can't pay your electricity bills with things you think are right.
It was a dad project from the start, you won't get people who don't want to spend 10$ on tax or buy a 4TB drive for larger blocks to spend $5000 on one machine and lose money every day on bills to keep fees low.
Topic: Eligius pool is back under the new name Ocean (Read 2082 times)
Anyone know how could it be possible to see how many of OCEAN's mined TXns are from this new BRC-20 like on-chain technology called RUNES? At least with other such spammy things so far it was pretty easy to notice them by pasting the block tx on ordinals.com. I'm pretty sure Ocean mines Runes but I am not sure how to check entire block so far...
Interesting, OCEAN has been sitting at ~1.25 Eh/s for a few hours with relative stability. Let's see if it'll last this time.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
I wonder what kind of miner decide to join OCEAN. Since OCEAN exclude Ordinals transaction, i only can assume it's someone who really hate Ordinals. It's also interesting this month they found 5 blocks, while last month they only found 3 blocks.
Anytime a block is found, the payment happens immediately and the rewards are distributed as soon as the block is there.
That means that if you had 1% of the share log at the time of hitting a block, you get ~1% of the rewards.
This has both its advantages and disadvantages. The good thing means that you get fully rewarded for block finding luck.
So if a block is found earlier than expected, that means that you get all the rewards you could from the potential luck.
That means that right now OCEAN is a favorable pool for miners that feel lucky.
Edit:
I think though this is supposed to change after the 8th block is found? (Still waiting on the extended version of how the TIDAL payment model works in depth btw)
From what I've read in OCEAN's group the 8th block marks the ending of this "bonus" program and now payments will span 8 blocks.
Supposedly now the share log spans 8 blocks? Luke and Co. have been on twitter spaces every other day but here we have only this thread and I'm not their rep so idk.
Interesting, OCEAN has been sitting at ~1.25 Eh/s for a few hours with relative stability. Let's see if it'll last this time.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
I wonder what kind of miner decide to join OCEAN. Since OCEAN exclude Ordinals transaction, i only can assume it's someone who really hate Ordinals. It's also interesting this month they found 5 blocks, while last month they only found 3 blocks.
Interesting, OCEAN has been sitting at ~1.25 Eh/s for a few hours with relative stability. Let's see if it'll last this time.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
As it's pretty natural with mining most of the hashrate comes from the top miners by hashrate, even though the pool has more than 400 individual miners active.
Also this time around the hashrate increased by many new miners tuning in around at the same time. So it might as well be the same operation just using different addresses.
With OCEAN these things can be observed from the pools page which monitors each address' activity very thoroughly.
You also should consider that at times the cost of energy exceeds the rewards from mining also resulting in mining farm curtailments regardless of energy sources.
What part you don't understand exactly?
The BTC network is decentralized, which means ASICs can turn on and off regularly on demand (depending on power sources).
Yeah, right, no!The BTC network is decentralized, which means ASICs can turn on and off regularly on demand (depending on power sources).
Mining is a business, ASICs are like airplanes, you stop then (you ground them) you lose money!
And it has nothing to do with decentralization, that's the blockchain, this is $!
That's part of the business...
If you want 24/7/365, make your own uninterruptible power source. When you depend on someone else, you'll be forced to follow their mandates.
Regarding the energy mix, I never said they don't use coal/gas/nuclear.
I said 50% comes from renewables, which means the remaining 50% comes from other sources (coal/gas/nuclear). There's nothing to debunk here.
What part you don't understand exactly?
The BTC network is decentralized, which means ASICs can turn on and off regularly on demand (depending on power sources).
The BTC network is decentralized, which means ASICs can turn on and off regularly on demand (depending on power sources).
Yeah, right, no!
Mining is a business, ASICs are like airplanes, you stop then (you ground them) you lose money!
And it has nothing to do with decentralization, that's the blockchain, this is $!
Give me a better source if you can:
You consider an article written by a guy:
Quote
I'm a policy guy working at the nexus of blockchain and global affairs
to not be baised?The source is pretty simple, Marathon was forced to shut down it coals power plan at Hardin and move out to Rockdale
https://ir.mara.com/sec-filings/all-sec-filings/content/0001493152-23-007879/0001493152-23-007879.pdf guess how the new facility is powered?
https://greenidge.com/our-story/
Check the timeline at the bottom
Good old gas!Riot and Whinstone, guess what is powering that?
https://www.gem.wiki/Whinstone_Bitcoin_mining_facility
https://www.chron.com/news/houston-texas/article/texas-bitcoin-riot-ercot-grid-energy-18352398.php
Quote
The "Sandow Switch" that once was used by the Alcoa coal power plant now provides electricity for the Whinstone US Bitcoin mining facility in Rockdale, Texas,
Let's go to hut8:
https://hut8.com/2024/01/08/hut-8-receives-court-approval-in-its-stalking-horse-bid-for-four-natural-gas-power-plants-including-the-north-bay-bitcoin-mine/
Quote
Among other things, the Approval and Vesting Order approves the Company’s previously announced stalking horse bid transaction (the “Transaction“) to acquire four natural gas power plants including the North Bay Bitcoin mine, which was submitted in partnership with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group.
Let's move to Aboutbit:
https://www.globenewswire.com/news-release/2022/05/11/2440883/0/en/AboutBit-launches-one-of-nation-s-largest-cryptocurrency-mining-facilities.html
Quote
The location itself provides additional advantages for miners, investors, and the community. The 10-acre site is currently home to the Merom Generating Station, which means transmission and other infrastructure is already in place.
https://en.wikipedia.org/wiki/Merom_Generating_StationQuote
Merom Generating Station is a 2-unit, 1080 MW rated coal-fired power plant
I'm getting bored, if you want more just google around, now it's your turn to show me one mining farm running on wind and solar alone to balance that to 0.5% at least not 50%. Don't forget Rockdale alone is 750MW!
The block timestamp is set by the pool when it sends work to the miner.
Some miners can also increment the timestamp - but it is not when the block was found.
exactly that the time stamp does not match the real time.Some miners can also increment the timestamp - but it is not when the block was found.
Yeah my bad, I forgot to add by the same pool in that, since we can't trust the times of two different pools I was looking for the time of two blocks mined by the same pool, since those mentioned report the time on their website to the second that would be the minimal time ever with a certain bit of accuracy. But it drops the number of instances by two order of magnitude since that miner has to mine itself two consecutive blocks.
Still the minimal time it ever took them to do so would be interesting!
eligius used to get a massive high orphan rate, due to their poor code, so I guess they will continue to do that.
One of the (not so many) times I agree with stompix here.
We all have to understand that corporations are in it for the money.
A good image benefits them and they're going to invest a lot in it, but sometimes that also involves being outright deceitful or just lying to get people to think you're doing something good.
Is mining based on renewable energy? Maybe yes, but only to some extent.
To claim that it's based on 50% renewable energy would be a lie though.
First of all the energy draw of a miner is constant, but the energy produced by renewable energy sources never is.
Operators of large mining facilities can strike meaningful agreements with energy producing companies, because they can help them monetize overproduction.
But that can also mean that the operators will be forced out of the network (either financially or through agreement) when there's high demand that the network has to cover.
They will then have to fall back to more traditional and on-demand ready energy production methods such as fossil fuel (hence the coal). \
One could say that since energy production factories often can't run under capacity and are therefore usually over-producing energy, that if bitcoin miners mostly utilize that then their impact on their environment is mostly negligent since they don't create a carbon footprint that wouldn't be there without them. In this fashion, the claim that bitcoin miners run 50% on renewable energy could have some meaning IF these renewable sources had a positive impact by cutting down the production needs for regular energy consumers while the miners don't have to rely on them. But the coal mines/energy factories being owned and operated by BTC mining companies make this all these Greenwashing claims seem very deceptive.
I actually haven't verified this from a third party source but at least in Ocean's introductory livestream it was claimed that Bob Burnett's Barefoot Mining renovated and turned on an old hydroelectric plant to utilize as the energy source for a BTC mining farm. Supposedly attendees even received a tour in the facility. I'm not gonna say you should take them at their word, these things are hard to verify anyway. But if true, then we should give them credit for doing environmentally conscious mining the way it should be done. Hydro, contrary to solar whose productivity dwindles year by year, has a long lifespan, and even if bitcoin mining ends a few decades down the line, hydro projects could continue to be still utilized by future generations.
We all have to understand that corporations are in it for the money.
A good image benefits them and they're going to invest a lot in it, but sometimes that also involves being outright deceitful or just lying to get people to think you're doing something good.
Is mining based on renewable energy? Maybe yes, but only to some extent.
To claim that it's based on 50% renewable energy would be a lie though.
First of all the energy draw of a miner is constant, but the energy produced by renewable energy sources never is.
Operators of large mining facilities can strike meaningful agreements with energy producing companies, because they can help them monetize overproduction.
But that can also mean that the operators will be forced out of the network (either financially or through agreement) when there's high demand that the network has to cover.
They will then have to fall back to more traditional and on-demand ready energy production methods such as fossil fuel (hence the coal). \
One could say that since energy production factories often can't run under capacity and are therefore usually over-producing energy, that if bitcoin miners mostly utilize that then their impact on their environment is mostly negligent since they don't create a carbon footprint that wouldn't be there without them. In this fashion, the claim that bitcoin miners run 50% on renewable energy could have some meaning IF these renewable sources had a positive impact by cutting down the production needs for regular energy consumers while the miners don't have to rely on them. But the coal mines/energy factories being owned and operated by BTC mining companies make this all these Greenwashing claims seem very deceptive.
I actually haven't verified this from a third party source but at least in Ocean's introductory livestream it was claimed that Bob Burnett's Barefoot Mining renovated and turned on an old hydroelectric plant to utilize as the energy source for a BTC mining farm. Supposedly attendees even received a tour in the facility. I'm not gonna say you should take them at their word, these things are hard to verify anyway. But if true, then we should give them credit for doing environmentally conscious mining the way it should be done. Hydro, contrary to solar whose productivity dwindles year by year, has a long lifespan, and even if bitcoin mining ends a few decades down the line, hydro projects could continue to be still utilized by future generations.
I believe it's a good combo, since ASICs don't have to run 24/7/365. s.
What the f***?
The BTC network is decentralized, which means ASICs can turn on and off regularly on demand (depending on power sources).
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
And you actually believed that?
That's why Mara bought a coal powerplant, riot another one , core one on gas and forgot their names want to burn tires for electricity!
In other news Tesla cars are made with zero energy out of recycles beer bottles and they run on unicorn farts, while the Exxon Valdez oil spill was actual good for the wildlife helping penguins keep their black color intact (yeah I know there are no penguins in Alaska)
https://www.forbes.com/sites/digital-assets/2023/09/21/why-bitcoin-mining-might-actually-be-great-for-sustainability/
https://digitalinfranetwork.com/news/research-suggests-over-50-per-cent-of-btc-mining-uses-clean-energy/
https://buybitcoinworldwide.com/news/bitcoin-mining-fifty-percent-renewable/
ps: I'm not in favor of WEF/Great Reset/ESG, but that doesn't mean that BTC + renewable energy + AI won't be the best tech combo ever invented. Mark my words, BTC has nothing to be afraid of.
I believe it's a good combo, since ASICs don't have to run 24/7/365. s.
What the f***?
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
And you actually believed that?
That's why Mara bought a coal powerplant, riot another one , core one on gas and forgot their names want to burn tires for electricity!
In other news Tesla cars are made with zero energy out of recycles beer bottles and they run on unicorn farts, while the Exxon Valdez oil spill was actual good for the wildlife helping penguins keep their black color intact (yeah I know there are no penguins in Alaska)
Anyhow
The block timestamp is set by the pool when it sends work to the miner.
Some miners can also increment the timestamp - but it is not when the block was found.
exactly that the time stamp does not match the real time.Some miners can also increment the timestamp - but it is not when the block was found.
Yeah my bad, I forgot to add by the same pool in that, since we can't trust the times of two different pools I was looking for the time of two blocks mined by the same pool, since those mentioned report the time on their website to the second that would be the minimal time ever with a certain bit of accuracy. But it drops the number of instances by two order of magnitude since that miner has to mine itself two consecutive blocks.
Still the minimal time it ever took them to do so would be interesting!
Quote
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
The renewables are the problem. Just *how* do you think being renewable would help matters???And what does that have to do with power shortages? Answer: Wind & solar power is highly variable and bad weather causes numerable problems such as what Texas is currently experiencing https://www.telegraph.co.uk/us/comment/2024/01/16/green-wind-solar-energy-freezing-texas-power-grid-blackout/ Only Nuclear and fossil-fueled (gas of course - not coal) power plants are able to run regardless of weather (and at night). Sorry Greenies but your unrealistic goals of zero-emissions for the world just cannot work. Reality can be a bitch eh?
Considering the massive mining farms located mainly in Texas and a few in other areas of the US like Nebraska and Montana - all of whom have agreements with their power providers to cut back their mining when power is needed elsewhere in the state - of course the hash rate is way down.
Regarding renewable energy and BTC mining, I believe it's a good combo, since ASICs don't have to run 24/7/365. It's not an industry that produces cars/food or something like that...
You could have solar-powered ASICs dispersed all over the world and they would work only during the day. Not a big deal, since there's always a certain place that has day, while others have night. Hashrate would fluctuate a bit of course, but BTC can handle it.
Wind mills also tend to provide plenty of electricity during the night, so that's another alternative to keep the ASICs running during night hours.
Quote
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
The renewables are the problem. Just *how* do you think being renewable would help matters???And what does that have to do with power shortages? Answer: Wind & solar power is highly variable and bad weather causes numerable problems such as what Texas is currently experiencing https://www.telegraph.co.uk/us/comment/2024/01/16/green-wind-solar-energy-freezing-texas-power-grid-blackout/ Only Nuclear and fossil-fueled (gas of course - not coal) power plants are able to run regardless of weather (and at night). Sorry Greenies but your unrealistic goals of zero-emissions for the world just cannot work. Reality can be a bitch eh?
Considering the massive mining farms located mainly in Texas and a few in other areas of the US like Nebraska and Montana - all of whom have agreements with their power providers to cut back their mining when power is needed elsewhere in the state - of course the hash rate is way down.
Weather in the US playing a huge factor in the decline in hashrate across many pools.
In what sense?In the sense that there were many farms and data centers under curtailment.
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
Curtailments are when miners shut their facilities due to power demands due to weather or high demand by the energy grid. Many farms get a portion of their energy from renewable sources but not all.
Compass for instance had many of their farms offline in the past 48 hours due to the increase in demand on the energy grid caused by inclimate weather resulting in a reduction of hashrate to many pools.
Weather in the US playing a huge factor in the decline in hashrate across many pools.
In what sense?In the sense that there were many farms and data centers under curtailment.
I thought many BTC miners (over 50%) got electricity from renewable energy sources.
Weather in the US playing a huge factor in the decline in hashrate across many pools.
In what sense?In the sense that there were many farms and data centers under curtailment.
Weather in the US playing a huge factor in the decline in hashrate across many pools.
In what sense? Some odd fluctuations in the pool's hashrate seem to be taking place, seems like some of the larger miners are probably dictating that.
After the pool peaked at 1 Eh/s a lot of hash power went out, some other went in.
Some facilities might be having issues, other miners might be doing testing...
Who knows. But I still speculate that eventually more hash power will settle in ocean pool as more miners realize that in the long run the TIDES payment structure is more profitable than PPLNS.
On the other hand, the pool also doesn't punish pool hopping, so we'll probably keep seeing noticable changes in it's total hash power till more miners of a larger scale settle in it.
Probably a good time to get in more shares as part of the pie now in case a block is found now if you're a miner though
After the pool peaked at 1 Eh/s a lot of hash power went out, some other went in.
Some facilities might be having issues, other miners might be doing testing...
Who knows. But I still speculate that eventually more hash power will settle in ocean pool as more miners realize that in the long run the TIDES payment structure is more profitable than PPLNS.
On the other hand, the pool also doesn't punish pool hopping, so we'll probably keep seeing noticable changes in it's total hash power till more miners of a larger scale settle in it.
Probably a good time to get in more shares as part of the pie now in case a block is found now if you're a miner though
Weather in the US playing a huge factor in the decline in hashrate across many pools.
Some odd fluctuations in the pool's hashrate seem to be taking place, seems like some of the larger miners are probably dictating that.
After the pool peaked at 1 Eh/s a lot of hash power went out, some other went in.
Some facilities might be having issues, other miners might be doing testing...
Who knows. But I still speculate that eventually more hash power will settle in ocean pool as more miners realize that in the long run the TIDES payment structure is more profitable than PPLNS.
On the other hand, the pool also doesn't punish pool hopping, so we'll probably keep seeing noticable changes in it's total hash power till more miners of a larger scale settle in it.
Probably a good time to get in more shares as part of the pie now in case a block is found now if you're a miner though
After the pool peaked at 1 Eh/s a lot of hash power went out, some other went in.
Some facilities might be having issues, other miners might be doing testing...
Who knows. But I still speculate that eventually more hash power will settle in ocean pool as more miners realize that in the long run the TIDES payment structure is more profitable than PPLNS.
On the other hand, the pool also doesn't punish pool hopping, so we'll probably keep seeing noticable changes in it's total hash power till more miners of a larger scale settle in it.
Probably a good time to get in more shares as part of the pie now in case a block is found now if you're a miner though
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