Instant-Payout Mining - BitPenny.com - page 4.

wscott

newbie

Activity: 20

Merit: 0

Quote from: wscott on February 10, 2011, 03:32:48 PM

I can see why this works great for me, but I am confused about something. What protects the guy running bitpenny.com from fraud? Can't I tweak my miner to send proof of work blocks to him, but keep any solved blocks for myself?

I see now. The hashes being generated payout to an address owned by bitpenny.com. So solving a block does me no good.
Right?

wscott

newbie

Activity: 20

Merit: 0

I used bitpenny today and got my first penny within a couple hours. Thanks!

I can see why this works great for me, but I am confused about something. What protects the guy running bitpenny.com from fraud? Can't I tweak my miner to send proof of work blocks to him, but keep any solved blocks for myself?

OneFixt

member

Activity: 84

Merit: 11

Quote from: Quantumboredom on February 10, 2011, 11:06:12 AM

Pretty nice service, seems to be working as described. I'm not sure if I will be using BitPenny.com or solo mining (10% will after all add up to a bit over time), but the steady generation rate is very nice

Thanks!
If you choose to mine solo, please feel free to stop by here, from time to time, to raise your morale after those unlucky streaks

Quantumboredom

newbie

Activity: 31

Merit: 0

Pretty nice service, seems to be working as described. I'm not sure if I will be using BitPenny.com or solo mining (10% will after all add up to a bit over time), but the steady generation rate is very nice

ribuck

donator

Activity: 826

Merit: 1060

Quote from: OneFixt on February 10, 2011, 05:23:58 AM

The 10% commission may seem high.

10% doesn't seem high to me. If someone wants to provide a similar service for a lower commission, nothing is stopping them. Right now, you have the lowest commission rate for "per-share" mining payouts.

OneFixt

member

Activity: 84

Merit: 11

Quote from: LZ on February 10, 2011, 02:38:59 AM

The current payout rate (0.00173091 BTC) is extremely low! Undecided

lzsaver, thanks for including a description of BitPenny in the Russian forum (though the link is not pointing to the right thread).

The 10% commission may seem high, but please note that it is 10% of expected value, not 10% of mined blocks. This means that users always make 90% of their theoretical maximum, with no "bad days". The server takes all the risk and will even operate at a loss when necessary.

Some people may be confused since your thread is titled "Все о пулах совместной генерации", ("All about cooperative mining pools"), but BitPenny is not a cooperative pool. Rather, it is a server which pays for hashes with its own BTC funds, taking a large risk in order to provide the smoothest possible payout to its miners. Even if only a handful of slow miners connect to BitPenny, they will all be making BTC on every submitted hash, without having to worry about the number of other connected miners or the actual rate of generation.

It can be difficult to compare a cooperative pool with BitPenny without trying BitPenny first, so I would encourage everyone to try it to really get a feel for the difference, and then to choose whichever mining solution they prefer.

LZ

legendary

Activity: 1722

Merit: 1072

P2P Cryptocurrency

The current payout rate (0.00173091 BTC) is extremely low! Undecided

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

Yeah pretty much heh, my bad. Embarrassed

BitterTea

sr. member

Activity: 294

Merit: 252

Quote from: Garrett Burgwardt on February 09, 2011, 09:05:30 PM

Also, be sure to put in a receiving address, I lost about 27 coins (1 day's mining) to a sending address xD

Oh, like a recipient in your address book? Did you just donate 27 bitcoin to someone?

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

Also, be sure to put in a receiving address, I lost about 27 coins (1 day's mining) to a sending address xD

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

Alright, mining away with dual 5870s and a 5770, I've made about the same amount in 24 hours using bitpenny as I did in slush's pool (going by the 7 day average).

So given that I can withdraw instantly with Bitpenny, I'm gonna stay here. Here's hoping I can acquire some shiny graphs to look at and gloat about how much I'm making daily!

OneFixt

member

Activity: 84

Merit: 11

Quote from: gcrocker on February 09, 2011, 03:13:35 PM

minerd, from here: https://bitcointalksearch.org/topic/new-demonstration-cpu-miner-available-1925 seems to work fine with BitPenny:

./minerd -a4way -t8 --url http://bitpenny.dyndns.biz:8332 --userpass 1AaLK8yCgaqUhtmHEkmgfMhWLFSt9MhTLB:xyzzy

(on an 8-cpu Mac Pro. Use the right -t value for your computer.)

Thank you, I've added this miner to the list.

gusti

legendary

Activity: 1099

Merit: 1000

Pls separate away the "withdraw to your account" button from "check your balance" one. :-)

slush

legendary

Activity: 1386

Merit: 1097

Quote from: Cablesaurus on February 09, 2011, 02:01:36 PM

Does Slush' pool pay out less to you if you have a lower donation threshhold set?

no

gcrocker

newbie

Activity: 1

Merit: 0

minerd, from here: https://bitcointalksearch.org/topic/new-demonstration-cpu-miner-available-1925 seems to work fine with BitPenny:

./minerd -a4way -t8 --url http://bitpenny.dyndns.biz:8332 --userpass 1AaLK8yCgaqUhtmHEkmgfMhWLFSt9MhTLB:xyzzy

(on an 8-cpu Mac Pro. Use the right -t value for your computer.)

Cablesaurus

sr. member

Activity: 302

Merit: 250

Does Slush' pool pay out less to you if you have a lower donation threshhold set?

Cryptoman

hero member

Activity: 726

Merit: 500

Quote from: Cablesaurus on February 09, 2011, 01:00:52 PM

Thank you, could you elaborate a bit on what you mean by slush' pool being "maniupulated" or "gamed"? (Not insinuating anything just want to be informed as possible.)

See this thread: https://bitcointalksearch.org/topic/optimal-pool-abuse-strategy-proofs-and-countermeasures-3165. I don't think the threat is realistic at this point, especially since slush has taken measures to reduce the likelihood of this happening.

Quote

I understand the fixed payout method of BitPenny's pool, but I've looked through Slush' thread and don't entirely understand how it's different.

Slush pays his workers according to the number of shares contributed. A share is a solution of a low-difficulty hash. This payout only occurs once a block is generated, however. BitPenny pays out regardless, under the assumption that the pool will generate a block at some point. Statistically, the payout should be very close, especially considering the size of slush's pool. Actually, the payout should be lower from BitPenny's pool since the commission is higher (slush charges 0-6%, your choice).

I could see BitPenny's pool being useful if your CPU is so slow that you have a hard time even solving slush's smaller targets. Then again, if that's the case, you probably shouldn't be wasting the electricity. I'd love to see slush implement variable-sized targets. You could start each worker with an easy target and then gradually increase the difficulty until it reaches some optimal value (for a given hash rate, network latency, etc.). Or, let the user select individual difficulties for each worker.

Cablesaurus

sr. member

Activity: 302

Merit: 250

Quote from: BitterTea on February 09, 2011, 12:22:22 PM

Quote from: Cablesaurus on February 09, 2011, 12:07:39 PM

Sorry, I meant I get 620,000khash/s on my 5970.

I'm considering pooled mining since I have to constantly reboot my machine and don't like the "luck" aspect.

Can anyone tell me if it's be more profitous for me to use Slush', or this mining pool, given the "heavy hitter" mining I'm doing?

I'm fairly certain you will get more money from Slush's pool or mining on your own. Here are the benefits of each method, as I see them.

Solo mining
Pros
Simplest method. Complete transparency, fewer possible technical issues. You keep all the money.
Cons
Lots of variability, completely dependent on luck. For CPUs, it's not really worthwhile. Must wait for 100(?) blocks before your generated coin is available.

Slush-like pool
Pros
Less variability, since you only have to find a solution with a difficulty of 1 in order to get a share. Smaller, but more frequent payouts. Should work out to be roughly the same payout over time as solo mining.
Cons
Not as transparent, there a risk that the pool operator is not honest. Other miners gaming the pool could also negatively impact your reward. Must wait for 100(?) blocks before the generated coin is available. More possibility for technical issues.

BitPenny-like pool
Pros
Extremely low variability, since you are getting paid a fixed amount per share, and shares are relatively easy to find. Immediate payout. Transparency is not (I don't think) an issue since you know up front how much per share you should receive, and can keep track of your shares.
Cons
Payouts will by design be lower over time compared to other mining methods. The same possibility for technical issues as other pools.

Thank you, could you elaborate a bit on what you mean by slush' pool being "maniupulated" or "gamed"? (Not insinuating anything just want to be informed as possible.)

I understand the fixed payout method of BitPenny's pool, but I've looked through Slush' thread and don't entirely understand how it's different.

BitterTea

sr. member

Activity: 294

Merit: 252

Quote from: Cablesaurus on February 09, 2011, 12:07:39 PM

Sorry, I meant I get 620,000khash/s on my 5970.

I'm considering pooled mining since I have to constantly reboot my machine and don't like the "luck" aspect.

Can anyone tell me if it's be more profitous for me to use Slush', or this mining pool, given the "heavy hitter" mining I'm doing?

I'm fairly certain you will get more money from Slush's pool or mining on your own. Here are the benefits of each method, as I see them.

Solo mining
Pros
Simplest method. Complete transparency, fewer possible technical issues. You keep all the money.
Cons
Lots of variability, completely dependent on luck. For CPUs, it's not really worthwhile. Must wait for 100(?) blocks before your generated coin is available.

Slush-like pool
Pros
Less variability, since you only have to find a solution with a difficulty of 1 in order to get a share. Smaller, but more frequent payouts. Should work out to be roughly the same payout over time as solo mining.
Cons
Not as transparent, there a risk that the pool operator is not honest. Other miners gaming the pool could also negatively impact your reward. Must wait for 100(?) blocks before the generated coin is available. More possibility for technical issues.

BitPenny-like pool
Pros
Extremely low variability, since you are getting paid a fixed amount per share, and shares are relatively easy to find. Immediate payout. Transparency is not (I don't think) an issue since you know up front how much per share you should receive, and can keep track of your shares.
Cons
Payouts will by design be lower over time compared to other mining methods. The same possibility for technical issues as other pools.

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

I'm running a 24 hour test, I'll let you know

Topic: Instant-Payout Mining - BitPenny.com - page 4. (Read 35158 times)