this server is (just like slush's pool) running at a difficulty of 1,
so you should be able to find a matching hash every hour or so even on slower CPUs.
you get paid for each and every hash you submit (and that has been accepted),
it doesn't matter if anyone solves a block or not and it also doesn't matter how many others use the system,
you get a fixed amount (0.00173091) for each hash you submit.
i've been running a miner on bitpenny for >16hours now with a performance of ~87.8%,
sure, it's less than "average" solo-mining, but a stable, steady income that you can count on (no need for luck) and it's paid instantly.
great service, especially for very slow miners that might not find a single hash within pool-round-duration-time,
guess they'll lose more on pools (the more the bigger a pool gets) than the ~12.5% on this server.
i'll keep testing it for a while
Topic: Instant-Payout Mining - BitPenny.com - page 6. (Read 35141 times)
umm sorry i am a bit new to bitcoin,
so how exactly do we get paid per hour ? or when ever we get a block? if its when ever we get a block - wouldnt it take 2 months or so :-(
so how exactly do we get paid per hour ? or when ever we get a block? if its when ever we get a block - wouldnt it take 2 months or so :-(
Current payout rate: 0.00173091 BTC
Current difficulty: 25997.87992881
0.00173091 * 25997.87992881 = 44.9999903475765171
So it looks like the site pays out 45 of every 50 BTC, keeping 5 BTC or 10% for the site operator.
I think it is a great service to provide a fixed payout, and I can understand the need to keep a percentage given that you are effectively insuring against variability of block finding success. But it is important to be upfront about what you are charging for the service.
Current difficulty: 25997.87992881
0.00173091 * 25997.87992881 = 44.9999903475765171
So it looks like the site pays out 45 of every 50 BTC, keeping 5 BTC or 10% for the site operator.
I think it is a great service to provide a fixed payout, and I can understand the need to keep a percentage given that you are effectively insuring against variability of block finding success. But it is important to be upfront about what you are charging for the service.
Thank you for the feedback! I have added this to the description.
Current payout rate: 0.00173091 BTC
Current difficulty: 25997.87992881
0.00173091 * 25997.87992881 = 44.9999903475765171
So it looks like the site pays out 45 of every 50 BTC, keeping 5 BTC or 10% for the site operator.
I think it is a great service to provide a fixed payout, and I can understand the need to keep a percentage given that you are effectively insuring against variability of block finding success. But it is important to be upfront about what you are charging for the service.
Current difficulty: 25997.87992881
0.00173091 * 25997.87992881 = 44.9999903475765171
So it looks like the site pays out 45 of every 50 BTC, keeping 5 BTC or 10% for the site operator.
I think it is a great service to provide a fixed payout, and I can understand the need to keep a percentage given that you are effectively insuring against variability of block finding success. But it is important to be upfront about what you are charging for the service.
Quite an interesting idea. How is the payout calculated?
BitPenny is BACK!
https://bitcointalksearch.org/topic/bitpennycom-sustainable-mining-new-open-source-client-36371
BitPenny will be shut down indefinitely at 11:59PM 4/2/2011 EST due to continued and unsustainable losses.
Withdrawals will continue to be available.
The IRC channel will remain open.
BitPenny may be back in the future under a different model.
Thank you to everyone who has participated.
www.BitPenny.com
https://bitcointalksearch.org/topic/bitpennycom-sustainable-mining-new-open-source-client-36371
BitPenny will be shut down indefinitely at 11:59PM 4/2/2011 EST due to continued and unsustainable losses.
Withdrawals will continue to be available.
The IRC channel will remain open.
BitPenny may be back in the future under a different model.
Thank you to everyone who has participated.
www.BitPenny.com
- Get paid a fixed amount* of BTC for every share z
- Immune to cheating by timing attacks.
- No need to wait for confirmations.
- No competition with other users.
- No registration required.
- Withdraw at any time.
- Near-0 variance.
Connect your favorite miner with your bitcoin address as the username, and you're done!
Please be sure to upgrade your miner to the latest version before joining.
m0mchil's miner example
poclbm.py -d 1 -u 1AaLK8yCgaqUhtmHEkmgfMhWLFSt9MhTLB --pass xyzzy -o bitpenny.dyndns.biz -p 8332
Kiv's GUI frontend for m0mchil's miner (poclbm)
the GUI has a built-in profile for BitPenny, and also supports balance checks and withdrawals
jgarzik's miner example
minerd --url=http://bitpenny.dyndns.biz:8332 --userpass=1AaLK8yCgaqUhtmHEkmgfMhWLFSt9MhTLB:xyzzy
DiabloMiner
DiabloMiner-YourOS.sh -u 1AaLK8yCgaqUhtmHEkmgfMhWLFSt9MhTLB -p xyzzy -o bitpenny.dyndns.biz -r 8332
join #bitcoin-bitpenny for more information
due to current protocol limitations, you may only withdraw in multiples of .01 BTC
this is to avoid sub-cent amounts from being lost when coins are divided
withdrawals are available through the website or through the GUI frontend for poclbm
the service is currently in beta, so there may be changes
*The current rate is equivalent to 90% of theoretical expected value.
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