Topic: Lbry real profit? Is whattomine misleading? (Read 2713 times)

I do not know about you, but I still have a huge discrepancy with whattomine

what to mine seems to overestimate nearly every coin i mine as far as what i will pull in a 24 hour period. and my hashrate is usually higher than what it plugs in for my gpu's. so, in short, i don't think it's only LBRY.

I've just joined LBC mining, and I dont understand how the block finder work, is it based on miners' hashrate or their share or their difficulty or else?
In Suprnova pool, most of blocks, the finder is this guy "AlexandrDrug".

This is actually an incorrect assessment of the whatomine website and is not really useful. What would be more useful is to educate yourself before posting false information.

Others have already pointed out that whattomine and other such mining profit calculator sites simply provide a snapshot in time with a set of assumptions used as input. They may allow you to enter or change a few, but not all, of these input values. Thus the end result is that certain assumptions will automatically be used. One of these assumptions is that you will be mining with 100% luck, which again as mentioned by others, will in reality be less.

However, if you alter the inputs not only with your hash-rate, and power usage, but also include in the fees section account for pool fees, miner software fees, and a slight reduction for mining variance (luck) you can get more accurate predictions of your potential income.

So for instance, if you are mining Ethereum only with Claymore's miner you will incur a 1% miner fee for using the software. This in reality might even be slightly higher due to the switching of pools, but for simplicity lets leave it at 1%.

Then most Ethereum pools charge 1% for using their pool. There may also be a withdrawal fee, so again in practice the real fee will be slightly greater than 1% in some cases.

Then due to variations in both the pools luck, and your own luck in submitting shares, you incur the equivalent of 1-2% reduction just by living in the real world. While no one really gets this value, it is simply lost, we can estimate it and include it in the fee sections for the sole purpose of trying to get a more accurate estimate.

So include 1 or 2% on top of the above miner and pool fees, and you should be entering a total of 3 or 4% in pool fees sections. Also note this option is only available under the individual coin page, and not on the main whattomine overview webpage which does not take into account fees at all.

Now after entering all of this you will still only come up with a estimate of the current mining profitability. Current means at that exact moment in time with that exact difficulty and that exact exchange price. In 5 minutes or in 5 hours this amount will be different. You can set the display to use different averages, but even here it is still a snapshot so when it comes time to collect your coins off the pool and sell them, the amount of coins you receive and the prices you can sell them for will be different.

But this does not mean the site is misleading, or the information is false. You can still use the site to gauge the general profitability of a coin at that moment and use it to gauge the top 5-10 coins that are profitable at any given time. For the most part, if a coin is in the top 10 of the profitability list, it usually stays there for a length of time.

So one strategy is to chose a few coins from this top 10 list and not mine the one that is at the top, but instead focus on the one in the top 10 that has the lowest difficulty during the time period selected compared to recent history. Meaning look for the coin with the lowest or negative % change in difficulty. This coin will have less people mining it at that point in time, meaning you will be able to get more coins for a given hash-rate than you would if it were peaking with a lot of people mining it. Then you will need to adjust your trading habits as well and have some patience to sell your coin when it is peaking in exchange price. This usually (but not always) corresponds to its hitting number one on coinmarketcap or other sites.

So long story short, it is unfair to wrongly accuse whatomine or other sites as wrong or inaccurate, but instead learn what they do show and what they don't. Then learn to adapt and use this information wisely to your advantage.

LBRY is one of those projects that will shine, its being held down to accumulate and when they release the latest update it will shine

can't believe the difficulty increase the past couple weeks. Good thing I didn't sell my stash! soon the profitability will be 10$ a day by the end of this month at this rate

Thank you!

Strangely that the price lbry don't grow

They are currently doing a "Pop-Up Beta" by that link posted you don't even need to get the email, just download it and try it out, publish some stuff
The rewards are only for confirmed CC accounts, but hey they can't just give free money to everyone, we will need to see Mark Zuckerburg for that one 
Keep in mind, the CC verify, again is only to prevent abuse of the rewards and the app works FULLY without it

I joined second time. And they don't send me email

How I can get lbry? I joined, but they not sending email

What's the best miner for a nvidia pascal card for lbry?

Whattomine is allways out of the true : it is not a good tool and no one site is good to know what to mine.
The only way to know with our RIG is to try.
All the mathematics based on whattomine or others are false, very false and it is very dangerous to invest money with these numbers.

Do you know there is the difficulty that changes everytime

Some disappointed at the difference between WTM and real profit, experiencing about 20% lower profit than estimated.

there is another strategy you pick a coin and stick with it and wait for good price.  so far if you did mine when lbry was at lower value and keep it.   just cash it out when value is 25-35% higher when you first mine it.   people tend to look the current and mine that.  profit chasing is bad as chasing in sports gambling.

FINALLY!
thanks for the info!

I was waiting for it for a long time, it's a fascinating proyect

time to buy some LBC credits as well (so i put my money where my mouth is)

LBRY released their beta today https://lbry.io/get you get free LBRY credits for different rewards they have listed. It looks pretty good. Maybe the coin value will go up now.

thank you, will give it a try 

I'm on the supranova. earlier  I used to be yiimp, and it was bad

I was wondering that too.

I mined lbc for a week and the profitability was about 30% lower than whattomine says.

but reading your comments makes me wonder, maybe was a pool problem, what pool do you recommend for lbc?
so i could try several and decide?.

thanks!

BTW: i also believe in LBC, i like the project and been folowing for a while.