I'm only an amateur miner at best but I'm confused a bit about some of the terminology.
1. What are admin/custom coins?
2. If miner switches algos or coins automatically, in what do I get paid? (you mentioned NH dumping to convert to BTC, that wouldn't happen here?)
3. I'm philosphically being the idea, but how does this decentralize mining, isn't this essentially another pool?
4. Would there be minimum rig specs to make this worth it?
Thanks.
Wonderful questions and thank you for taking the time to ask.
1) Admin coins are coins that have been voted on by administration and other users. These are coins that have good websites, announcements, active community in discord. These are new coins though...there is a risk but we try to minimize that risk as much as possible. We set everything up for you: you just have to click on the download wallet link and insert your wallet address, we already put the mining url and algorithm in.
Custom coins is what we call a coin that is not in our system...we don't force you to mine a certain coin or even certain algos. You can easily mine coin directly for far greater profits than profit switching. You only have to enter: the algo, mining url, wallet address...that's it. Our discord channel can help you understand how to mine directly.
2) We have several different profit switching pools that you can use in our system...they pay out in a multitude of currencies...Let me be very clear here, profit switching pools are part of the problem, however, we highly recommend using these pools and getting paid in different currencies. This in essence stops them from dumping that coin and forces them to hold to give to the miners mining it. Giving you the power to help the system.
Giving you an example...I'm currently losing a lot of profit mining HTH coin. I am mining on profit switching pool to help slow down their dumping on that coin. I like the coin a lot, so I am giving my vote to have a pool not dump that coin. (does this make sense?, hard concept to relay)
3) We are considering coming out with a pool but that is for another topic as our pool will be very different and I cannot explain the differences just yet. The second answer is in line with this. YOU CAN GET PAID IN BTC, BUT WE RECOMMEND PEOPLE TO CONSIDER GETTING PAID IN OTHER CURRENCIES on these pools.
The whole goal is to slow the constant dumping onto exchanges....There is a way to have profit switching without causing the dumps...we highly encourage this and it is more profitable. You may have to hold a little longer before exchanging to btc but you can do 3 to 20 times greater. The bull run is around the corner, don't put your trust only in btc...even if you had some btc...how much would it have to increase for you to double your money? You can mine coins right now that are at 1 sat...these can jump to 3 sats once every couple months.
4) no min rig spec at all (one big one...we are Windows only, no Linux support just yet...let us get the bugs out of windows first)...we are trying to show that anyone can build a mining business in this economy if they stop thinking mining directly is difficult...it isn't, it's easy. One gpu can become two or three, can become 10 rigs...if you have the tools to help.
I hope this answers your questions. We are passionate about this project and hope others come and help us build it...We are looking for insight, we want your ideas. We have great developers, let's use them to build something to help our industry.
If you have any more questions, please let me know,
James
Thanks for the detailed answers. I will continue looking at this. I have to wait a little while before my current mining reaches minimum payment threshold before I change over to something else. This looks promising.