Topic: KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 1028. (Read 5352445 times)

Heh, yeah I update that page every so often also (even recently)
The problem with linking to the bitcoin wiki is that it is under the control of LukeJr
He basically decides what goes in there and that's not based on "fact", it's based on "his opinion".
Multiple times I've put some information about cgminer in there and he's repeatedly deleted the content, coz he prefers his own 'version' of reality.
The guys who actually run the wiki would be best described as LukeJr lackeys.
So I avoid linking to it.

Not sure how dated this might be but you can always provide a link to https://en.bitcoin.it/wiki/Comparison_of_mining_pools
Pretty much covers all the relevant bits. Yesssss, it *is* a comparison but at least someone else did the legwork and explanations so you can keep things short and sweet on your site

Well, firstly, you did look at the Help->Payouts page right?
https://kano.is/index.php?k=payout

Secondly, the aim of the front page is not to be 5 pages long, people scrolling down to get to the configuration information.
It's a very brief opening section that links to the Help->Payouts menu page with the PPLNS link, followed by how to configure your miners.

Yes I've considered adding a Help->FAQ page before, but it always ends up being a page of explaining too much about Bitcoin, which is all over the net, and not much else.
Most questions these days tend to be answered by "Read the last section of the Help->Payouts page"
I guess I could move that up higher on the Help->Payouts page.

Also, I don't think there's any point comparing the pool to other pools in the start of the front page of the web site ...
Especially not with "In theory"

I'll look at updating some of the Help->Payouts page some time soon.

If you must ask any: p2p/decentralized exchange which cannot be regulated as much; localbitcoins or bitsquare. Be careful if you are new to LB, you may easily become a victim of a scam. You need to do your own due diligence on each trade / trader.

Thanks for the explanation. I DO have a Coinbase account, but only use it to sell and transfer coins into my bank account. Otherwise my coins sit in my Core wallet until the end of each month.

What other exchanges without so much scrutiny would you recommend?

Thanks for the info!

Interesting. I said nothing about size of payments. It was about frequency. I also said nothing about consolidation. However, I do have an opinion on it...I don't like it. I do my accounting traceable to the block, and I'd like to keep it that way.

It is like a KFC account only better

KYC / AML = Know Your Customer / Anti Money Laundering - its an excuse by banks and regulators for financial surveillance in the name of counter terrorism. Coinbase are known to be excessively compliant.

1) I understand. Some people have theirs hosted. And some host their own. If you host your own. Most likely you will need to sell bitcoin to pay for electric and Internet.

2) For me. I am running my bitcoin mining operation as a business. So I am not hiding any money from the government. I would like to continue to grow my business and do not need to have anything come back to bite me in the ass.

Pardon my ignorance, but what is a KYC Account?
Thanks for enlightening me! 

1)  Not everyone pays their mining expenses by selling mined coins.

2)  This doesn't address the anonymity issue.  I'm sure I'm not the only one here that doesn't want the government to know how much btc I hold.  It's none of their business.  If, and when, I choose to use/trade/sell -- then I'll route it through a kyc account -- and they'll know about it.  In my country (the U.S.) -- that is the only time there is a tax implication.

Nice write-up. Thanks for the effort!  

Kano updates the thread title periodically as the pool hash rate changes. We were at about 45ph during the summer. But has been a steady decline in our average hash rate, as can be seen in the monthly statistics Pool Avg. column.

The thing I like about 5Nd, is that work is rewarded even if I lose power or network connection. It also deters the pool hoppers chasing short term luck.

Use both. You are going to need to sell some bitcoin to pay for expenses. So mine directly to coinbase. After all your expenses are paid. Move what you want to save once a month to the trezor.

I concur. It is a little more than an eyesore, to have all these small transactions in a wallet. Eligius had a feature where a threshold could be set. I am yet to see how this pans out for me. The 5Nd thing does give the bank burden to the pool for a period of time anyway. It would be only a small step to have the user accumulate more than that.

Agreed. The whole thing also kind of threw me off and I ended up posting some (in retrospect) unnecessary posts on the forum. Now I think it is a nice pool. Though I wonder about its longterm viability without any new hashrate coming online. The title suggests 25Ph/s in 2014, which seems to have not changed much at all (we are now at 26Ph/s), with very much different difficulty and thus hugely diminishing returns. Yes, that is still currently over USD 4000/month in income (the 0.9%), but baring in mind the costs of IT infrastructure and admin time, the pools needs to grow in hashrate in order to keep its relative size. Eligius used to be a nice pool which has gone into oblivion (though i still wonder about his business model running a free pool).

I was also thinking about the the 5Nd thing, whether this really is just a statistical smoothing function (moving average) or wether it gives "old" miners a 5Nd (currently about 100h, but possibly not constant()) lead over new miners due to network difficulty changes every 14 days? Are new miners disadvantaged by this in that when their hashes are paid out the 5th time they are worth less (if a diff change has since occurred)? Maybe this has been considered before, but some explanation would be nice.

I took a stab at adding some more language for the homepage below.
Kano: is this helpful?
If so, does anyone want to collaborate in a Google Doc? Maybe write a good front page, a good FAQ page, and a page explaining how to read the stats pages?
_____

Welcome to KanoPool!

KanoPool is a bitcoin mining pool that uses the PPLNS payout method.

Key Aspects of KanoPool

Transaction fees included in pot – Many pool administrators will keep the transaction fees for themselves, only distributing the 12.5 Bitcoin miner reward. KanoPool distributes both the 12.5 Bitcoin miner reward, as well as the transaction fees collected during that block which are ~2 Bitcoins in general. In our opinion, it is better to split ~14.5 Bitcoins per block, rather than 12.5…

PPLNS – KanoPool is Pay Per Last N Shares (PPLNS). This results in lumpier / less frequent payments, however, in theory, PPLNS will also yield greater payouts in the long run (a month or more).
•   In Pay Per Share (PPS), the mining pool will pay each miner a standard payout based upon the number of shares completed. The mining pool is taking on the risk of luck, and takes a premium for bearing this risk/luck.
•   In Pay Per Last N Shares (PPLNS) the miner is taking on the luck. Sometimes the pool will find blocks quickly, and sometimes the pool will find blocks slowly. In the long run, the math will even out, but compared to PPS, the miner is better off in PPLNS as they are not paying the pool for the convenience of standardly paced payouts.

N = 5 times the Network Difficulty  – A key part of PPLNS is what exactly the N value is. In KanoPool, N = 5 times the Network Difficulty when the block was found.

Bitcoin has a difficulty for finding blocks called the Network Difficulty. For an example, let’s assume the network difficulty is 500 Billion. Thus, the N, for KanoPool’s PPLNS is 2.5 Trillion (5 times 500 Billion)

For payout calculations in our example, the pool adds up all the shares you contributed for the past 2.5 Trillion Network Difficulty. If you contributed 2.5 Billion Shares, you’d get ~1,000th of the miner reward.

[The relationship between Network Difficulty and Shares isn’t very clear to me…]

This methodology reduces variance. Your rewards will be lower than normal for the first 5x Network Difficulty (~4 days) that you are mining. Once you have mined for a full 5x Network Difficulty, you will receive your full payouts. Also, if you ever leave the pool, your payouts will continue for a slight while after you have left due to the above

Pool fee – KanoPool charges an extremely competitive 0.9% of reward for participation in the pool.

Payments – Blocks must be confirmed 101 times before being paid out (will be flagged as ‘Matured’ on the Blocks page).

The payout uses a zero fee transaction to ensure you get maximum Bitcoin, and so will be sent out the next time KanoPool mines a block after reaching 101 confirmations.


Joining KanoPool

The pool doesn't require registration for basic use but includes indepth stats for registered miners.
See below for more information on miner configuration.
You can get pool support on FreeNode IRC: irc.freenode.net channel #kano.is
or on the Bitcoin talk forum here: BitcoinTalk

Our kano.is mining servers, web site and email, are all also available at kano.space
It's a 'backup domain' in case you ever have any problems using the kano.is domain

Mining configuration:
Click on the Login/Register link to register a username to mine with,
or mine directly to the pool without registering, using a bitcoin payment address as your username.
No password is required, so just use X for your password in your miner.

e.g. if your miner has a web page, you would fill it in similar to this with your username instead of Kano:
Pool 1:   stratum+tcp://stratum.kano.is:3333
Pool1 worker:   Kano.worker
Pool1 password:   x

If you have network issues using port 3333, you can also try:
stratum+tcp://stratum80.kano.is:80

You can also try any of:
stratum+tcp://stratum81.kano.is:81
stratum+tcp://stratum443.kano.is:443
stratum+tcp://stratum8080.kano.is:8080

Your worker name can be whatever you choose and will be created when your miner connects to the pool.
Registered username or Bitcoin address, followed by a dot '.' or an underscore '_', followed by a worker name.
If you supply an invalid Bitcoin address, you will be unable to authenticate and mine on the pool.

If you have an Asicminer Tube, you will need to mine to:
stratum+tcp://nonce.kano.is:27181
It won't work properly on any other mining port. Don't point normal miners here.
Your Tube miner stats will show up in your account without their worker name.

If you mine only with a bitcoin address you can view user and worker stats:
e.g.
http://www.kano.is/address.php?a=1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb
http://www.kano.is/worker.php?a=1KanoiBupPiZfkwqB7rfLXAzPnoTshAVmb_worker

Pool settings
The pool is configured to start you mining at 2052 difficulty.
The pool adjusts the per instance difficulty to maintain a share rate of approximately 18 shares per minute.
However, there is a lower limit set on the difficulty of 242.

I agree with everything he says.  The question I was posing -- is there another solution that I'm not aware of where I can compile and aggregate the micro transaction payouts from kano -- fee free and anonymously.  Not holding the private key for a week at a time earnings is a risk I'm willing to take.

Not that it is very important - the pool obviously functions, but this still seems off: The bottom left time on the webpage (UTC time) is generally 1-2h ahead of the (last shift start time), which if a shift is 50min (lets say 1h to keep it simple), should be only 0-1h ahead.

https://www.youtube.com/watch?v=F12lpqnug-0

I'd love to see a boost program where once a month you activate it and kano code will prioritize your source address ( payout addr ) tx into the next block  .    Probably near impossible to implement, but way cool.