I don't trust deepbit, but how come so many trust it? - page 2.

error

hero member

Activity: 588

Merit: 500

Quote from: NetTecture on July 15, 2011, 05:51:32 AM

Here is what I will do. I jsut orderd 80 x 6970 to be delivered in slices over the nxt 4 weeks, as initial step.

* I will NOT use deepbit, too expensive.
* I will use a distributing proxy that distributes my load over 2-3 pools on a round robin fashion.

Why 2-3 pools? Because i like to reduce variance Wink

Why not deepbit / pay per share? Because they charge me 10%. Why the heck would I dot that - thigns even out over 2-3 weeks anyway. I am in it for the money, not for paying 10% for smoothing my equity curve.

With that size of farm, there's little reason to mine in someone else's pool. You'll be bringing in 50 BTC blocks often enough that you won't really notice any variance.

phungus

full member

Activity: 128

Merit: 100

I'm doin' fine on cloud 9

Just some open source intelligence to report, though I'm not pasting all of the IPs... I currently mine using DeepBit as my backup. I thought DeepBit was based in Germany for some reason but Tycho appears to be in Russia. I don't personally care but some might.

09:37 -!- [Tycho] [[email protected]] has joined #bitcoin
09:37 < phungus> good morning Tycho
09:41 -!- [Tycho] [[email protected]] has quit [Changing host]
09:41 -!- [Tycho] [~Tycho@unaffiliated/tycho/x-5664265] has joined #bitcoin

~$ host 77.41.xxx.xxx
xxx.xxx.41.77.in-addr.arpa domain name pointer host-77-41-xxx-xxx.qwerty.ru.

~$ whois qwerty.ru
% By submitting a query to RIPN's Whois Service
% you agree to abide by the following terms of use:
% http://www.ripn.net/about/servpol.html#3.2 (in Russian)
% http://www.ripn.net/about/en/servpol.html#3.2 (in English).

domain: QWERTY.RU
nserver: ns1.qwerty.ru. 87.240.1.1
nserver: ns2.qwerty.ru. 87.240.1.2
state: REGISTERED, DELEGATED, VERIFIED
org: Central telegraph JSC
phone: +7 495 5043838
fax-no: +7 495 5044446
e-mail: [email protected]
e-mail: [email protected]
registrar: RU-CENTER-REG-RIPN
created: 1998.07.30
paid-till: 2012.08.01
source: TCI

http://forums.overclockers.ru/viewtopic.php?f=10&t=395932&start=580

relmeas

full member

Activity: 124

Merit: 100

Quote from: Sukrim on July 15, 2011, 07:01:44 AM

Quote from: relmeas on July 15, 2011, 06:08:44 AM

with this amount of hash you should solo mine. makes no sense paying somebody else's bills when you can have it all for yourself.

All you gain from solo mining compared to a 0% pool are transaction fees. Also maybe less stale/invalid shares. you have a LOT of variance added though.

only if you blindly trust the pool owner. there is currently no way to check that what you mine is being reported as pool profit. unless of course you write your own miner and having huge hashing power, do check every block you found to see if its being reported.

Sukrim

legendary

Activity: 2618

Merit: 1007

Quote from: relmeas on July 15, 2011, 06:08:44 AM

with this amount of hash you should solo mine. makes no sense paying somebody else's bills when you can have it all for yourself.

All you gain from solo mining compared to a 0% pool are transaction fees. Also maybe less stale/invalid shares. you have a LOT of variance added though.

The lowest (possible!) variance is on Eligius and arsbitcoin btw, not on deepbit or any other big pool.

Jack of Diamonds

sr. member

Activity: 252

Merit: 251

Deepbit is now my only fallback pool because it has the lowest variance.

At this difficulty level I can't take the ridiculous 200-1000% swings some smaller pools have in their daily luck. That's too much lost money, and before you know it the difficulty has risen already.

With deepbit, the 3% fee is nothing compared to the fact luck stays nearly always at 5-10% of the target and on many days is positive.

I'm into mining for the long term, but I can't have 50 BTC one week and 12.5 the next, then 32.2, then 15 etc...
I'd much rather take the consistent 49, 49, 49, 49 because I have real electricity bills and rent to pay for the mining farm.

mik3

full member

Activity: 245

Merit: 104

Quote from: ?? on ??

It's NVIDIA GFORCE G210s at first, and when the balance of profit comes to the price of an ATI Radeon 5850, I plan on upgrading. Total turnaround (depending on market and electricity costs) should be 9 months for it I think. At that time I'll be bringing in $9,000 a month?

What about the difficulty that keeps going up? 2 months ago we were mining 2x what we are mining now.

Also regarding this topic, I have mined on btc guild and deepbit, and tried doing 50/50 with my GPUs, for some reason I ALWAYS made more money with deepbit, and by more money I mean a lot more than the 3% that they take, upwards of 10% more some days. So even with deepbits fee, their servers and luck is much better for me.

relmeas

full member

Activity: 124

Merit: 100

with this amount of hash you should solo mine. makes no sense paying somebody else's bills when you can have it all for yourself.

NetTecture

full member

Activity: 140

Merit: 100

Quote from: tysat on July 15, 2011, 04:01:43 AM

Quote from: ?? on ??

Quote from: error on July 15, 2011, 03:25:13 AM

I mine at multiple pools.

Though if I had 50 GPUs, I would be mining solo; being in someone else's pool wouldn't make sense.

How do you set up your own pool? I was curious about this because I'm very near setting up about 127 30mh/s cards (and later upgrading them as profit comes in). Is it as simple as just installing a single bitcoind on one of the computers? (Never done it, completely new to the background of bitcoin processes)

Pretty much what you said. Though that's only 3810 mh/s, which I wouldn't go solo with... I'm curious what cards you're using and how many per rig.

Here is what I will do. I jsut orderd 80 x 6970 to be delivered in slices over the nxt 4 weeks, as initial step.

* I will NOT use deepbit, too expensive.
* I will use a distributing proxy that distributes my load over 2-3 pools on a round robin fashion.

Why 2-3 pools? Because i like to reduce variance Wink

Why not deepbit / pay per share? Because they charge me 10%. Why the heck would I dot that - thigns even out over 2-3 weeks anyway. I am in it for the money, not for paying 10% for smoothing my equity curve.

relmeas

full member

Activity: 124

Merit: 100

They have transferred mined btc to me multiple times already. Why wouldn't I trust it?

if you mean the trust that they don't rip off their miners, well they don't have to since they are already the biggest pool and their fees are the largest. at least they are fair this way. other pools - you can't see the difference between being ripped off and a pool's bad luck streak. so that's where you HAVE to trust. with largest pool however, rewards are stable, hence there is no reason to doubt the pool.

tysat

legendary

Activity: 966

Merit: 1004

Keep it real

Quote from: ?? on ??

Quote from: error on July 15, 2011, 03:25:13 AM

I mine at multiple pools.

Though if I had 50 GPUs, I would be mining solo; being in someone else's pool wouldn't make sense.

How do you set up your own pool? I was curious about this because I'm very near setting up about 127 30mh/s cards (and later upgrading them as profit comes in). Is it as simple as just installing a single bitcoind on one of the computers? (Never done it, completely new to the background of bitcoin processes)

Pretty much what you said. Though that's only 3810 mh/s, which I wouldn't go solo with... I'm curious what cards you're using and how many per rig.

error

hero member

Activity: 588

Merit: 500

I mine at multiple pools.

Though if I had 50 GPUs, I would be mining solo; being in someone else's pool wouldn't make sense.

tysat

legendary

Activity: 966

Merit: 1004

Keep it real

Quote from: SgtSpike on July 15, 2011, 03:05:56 AM

Quote from: MrWizard on July 15, 2011, 03:01:35 AM

It's not that I don't trust them, I find their fees outrageous.

Then why does your thread title say "I don't trust deepbit" Roll Eyes

I am willing to pay the fee for reliability and lack of downtime. BTCMine and BTCGuild caused me to lose WAY more than 3% of my earnings just from downtime, and I am more than willing to pay deepbit 3% so my miners don't stop.

^^^^ This!

I was mining with BTCGuild before, but got hit by some killer connection/downtime issues... haven't had problems since switching to deepbit.

SgtSpike

legendary

Activity: 1400

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Quote from: MrWizard on July 15, 2011, 03:01:35 AM

It's not that I don't trust them, I find their fees outrageous.

Then why does your thread title say "I don't trust deepbit" Roll Eyes

I am willing to pay the fee for reliability and lack of downtime. BTCMine and BTCGuild caused me to lose WAY more than 3% of my earnings just from downtime, and I am more than willing to pay deepbit 3% so my miners don't stop.

MrWizard

sr. member

Activity: 252

Merit: 250

It's not that I don't trust them, I find their fees outrageous.

SgtSpike

legendary

Activity: 1400

Merit: 1005

It's been reliable, consistent, and the interface shows exactly the information I'd like to see. I've tried BTCGuild and BTCMine, neither of which impressed me, and both of which I trusted less than deepbit because the proper information was not shown.

Why do you not trust deepbit?

tysat

legendary

Activity: 966

Merit: 1004

Keep it real

Quote from: nakowa on July 15, 2011, 02:37:27 AM

Can anyone tell me why you prefer deepbit to others?

Can you tell me why you don't?

silverchair

full member

Activity: 168

Merit: 100

Haven't tried that yet, no plans actually. Roll Eyes

nakowa

member

Activity: 83

Merit: 10

Can anyone tell me why you prefer deepbit to others?

-------------------------------------

to summarize:

Deepbit is more stable; creates less stale; and the owner of deepbit somewhat has a reputation.

Sorry for the original title of "I don't trust deepbit", even though I still don't trust it.

Reason?

I cannot meet my calculation with that of deepbit, even though I take unstable network connection into account...

My decision?

I'll have to setup a pool for myself, let my rigs "solo" together.

Topic: I don't trust deepbit, but how come so many trust it? - page 2. (Read 4410 times)