Group is now closed was not enough interest in the idea.
I have withdrawn my 0.1 ETH I deposited to kick off the rounds.
Shame there was no interest in this the idea has big potential.
Best regards.
Magic
Topic: MagicHash - Group Based SOLO Mining - (Read 315 times)
Still spaces on the run :
9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
⠀⠀⠀⠀⠀⠀⠀⠀⣀⣤⣴⣶⣾⣿⣿⣿⣿⣷⣶⣦⣤⣀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⣠⣴⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣦⣄⠀⠀⠀⠀⠀
⠀⠀⠀⣠⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣷⣄⠀⠀⠀
⠀⠀⣴⣿⣿⣿⣿⣿⣿⣿⠟⠿⠿⡿⠀⢰⣿⠁⢈⣿⣿⣿⣿⣿⣿⣿⣿⣦⠀⠀
⠀⣼⣿⣿⣿⣿⣿⣿⣿⣿⣤⣄⠀⠀⠀⠈⠉⠀⠸⠿⣿⣿⣿⣿⣿⣿⣿⣿⣧⠀
⢰⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡏⠀⠀⢠⣶⣶⣤⡀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡆
⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠼⣿⣿⡿⠃⠀⠀⢸⣿⣿⣿⣿⣿⣿⣿⣷
⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡟⠀⠀⢀⣀⣀⠀⠀⠀⠀⢴⣿⣿⣿⣿⣿⣿⣿⣿⣿
⢿⣿⣿⣿⣿⣿⣿⣿⢿⣿⠁⠀⠀⣼⣿⣿⣿⣦⠀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡿
⠸⣿⣿⣿⣿⣿⣿⣏⠀⠀⠀⠀⠀⠛⠛⠿⠟⠋⠀⠀⠀⣾⣿⣿⣿⣿⣿⣿⣿⠇
⠀⢻⣿⣿⣿⣿⣿⣿⣿⣿⠇⠀⣤⡄⠀⣀⣀⣀⣀⣠⣾⣿⣿⣿⣿⣿⣿⣿⡟⠀
⠀⠀⠻⣿⣿⣿⣿⣿⣿⣿⣄⣰⣿⠁⢀⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠀⠀
⠀⠀⠀⠙⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠋⠀⠀⠀
⠀⠀⠀⠀⠀⠙⠻⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠋⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠉⠛⠻⠿⢿⣿⣿⣿⣿⡿⠿⠟⠛⠉⠀⠀⠀⠀⠀⠀⠀⠀
How to join the run.
1. Head over to the smart contract > https://etherscan.io/address/0xc51972112f899b9d02a2716e44fa4ccd1f066d55#writeContract
2. Select write contract then selected the deposit function.
3. Input the amount 0.1 and your BTC address in the field below.
4. Come post your TXID in the chat.
ID |User | TXID
---------------------------------------------------------------------------------------------------------
1 | MagicByt3 | 0x4dc994f6d34bb8648791d3c2ef47cdca60378442e861c1b77041365f5a59a4fe
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2 |
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6 |
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10 |
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9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
Code:
⠀⠀⠀⠀⠀⠀⠀⠀⣀⣤⣴⣶⣾⣿⣿⣿⣿⣷⣶⣦⣤⣀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⣠⣴⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣦⣄⠀⠀⠀⠀⠀
⠀⠀⠀⣠⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣷⣄⠀⠀⠀
⠀⠀⣴⣿⣿⣿⣿⣿⣿⣿⠟⠿⠿⡿⠀⢰⣿⠁⢈⣿⣿⣿⣿⣿⣿⣿⣿⣦⠀⠀
⠀⣼⣿⣿⣿⣿⣿⣿⣿⣿⣤⣄⠀⠀⠀⠈⠉⠀⠸⠿⣿⣿⣿⣿⣿⣿⣿⣿⣧⠀
⢰⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡏⠀⠀⢠⣶⣶⣤⡀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡆
⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠼⣿⣿⡿⠃⠀⠀⢸⣿⣿⣿⣿⣿⣿⣿⣷
⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡟⠀⠀⢀⣀⣀⠀⠀⠀⠀⢴⣿⣿⣿⣿⣿⣿⣿⣿⣿
⢿⣿⣿⣿⣿⣿⣿⣿⢿⣿⠁⠀⠀⣼⣿⣿⣿⣦⠀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡿
⠸⣿⣿⣿⣿⣿⣿⣏⠀⠀⠀⠀⠀⠛⠛⠿⠟⠋⠀⠀⠀⣾⣿⣿⣿⣿⣿⣿⣿⠇
⠀⢻⣿⣿⣿⣿⣿⣿⣿⣿⠇⠀⣤⡄⠀⣀⣀⣀⣀⣠⣾⣿⣿⣿⣿⣿⣿⣿⡟⠀
⠀⠀⠻⣿⣿⣿⣿⣿⣿⣿⣄⣰⣿⠁⢀⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠀⠀
⠀⠀⠀⠙⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠋⠀⠀⠀
⠀⠀⠀⠀⠀⠙⠻⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠋⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠉⠛⠻⠿⢿⣿⣿⣿⣿⡿⠿⠟⠛⠉⠀⠀⠀⠀⠀⠀⠀⠀
How to join the run.
1. Head over to the smart contract > https://etherscan.io/address/0xc51972112f899b9d02a2716e44fa4ccd1f066d55#writeContract
2. Select write contract then selected the deposit function.
3. Input the amount 0.1 and your BTC address in the field below.
4. Come post your TXID in the chat.
ID |User | TXID
---------------------------------------------------------------------------------------------------------
1 | MagicByt3 | 0x4dc994f6d34bb8648791d3c2ef47cdca60378442e861c1b77041365f5a59a4fe
---------------------------------------------------------------------------------------------------------
2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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Still spaces on the run :
9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
How to join the run.
1. Head over to the smart contract > https://etherscan.io/address/0xc51972112f899b9d02a2716e44fa4ccd1f066d55#writeContract
2. Select write contract then selected the deposit function.
3. Input the amount 0.1 and your BTC address in the field below.
4. Come post your TXID in the chat.
9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
Code:
⠀⠀⠀⠀⠀⠀⠀⠀⣀⣤⣴⣶⣾⣿⣿⣿⣿⣷⣶⣦⣤⣀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⣠⣴⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣦⣄⠀⠀⠀⠀⠀
⠀⠀⠀⣠⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣷⣄⠀⠀⠀
⠀⠀⣴⣿⣿⣿⣿⣿⣿⣿⠟⠿⠿⡿⠀⢰⣿⠁⢈⣿⣿⣿⣿⣿⣿⣿⣿⣦⠀⠀
⠀⣼⣿⣿⣿⣿⣿⣿⣿⣿⣤⣄⠀⠀⠀⠈⠉⠀⠸⠿⣿⣿⣿⣿⣿⣿⣿⣿⣧⠀
⢰⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡏⠀⠀⢠⣶⣶⣤⡀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡆
⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠼⣿⣿⡿⠃⠀⠀⢸⣿⣿⣿⣿⣿⣿⣿⣷
⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡟⠀⠀⢀⣀⣀⠀⠀⠀⠀⢴⣿⣿⣿⣿⣿⣿⣿⣿⣿
⢿⣿⣿⣿⣿⣿⣿⣿⢿⣿⠁⠀⠀⣼⣿⣿⣿⣦⠀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡿
⠸⣿⣿⣿⣿⣿⣿⣏⠀⠀⠀⠀⠀⠛⠛⠿⠟⠋⠀⠀⠀⣾⣿⣿⣿⣿⣿⣿⣿⠇
⠀⢻⣿⣿⣿⣿⣿⣿⣿⣿⠇⠀⣤⡄⠀⣀⣀⣀⣀⣠⣾⣿⣿⣿⣿⣿⣿⣿⡟⠀
⠀⠀⠻⣿⣿⣿⣿⣿⣿⣿⣄⣰⣿⠁⢀⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠀⠀
⠀⠀⠀⠙⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠋⠀⠀⠀
⠀⠀⠀⠀⠀⠙⠻⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠋⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠉⠛⠻⠿⢿⣿⣿⣿⣿⡿⠿⠟⠛⠉⠀⠀⠀⠀⠀⠀⠀⠀
ID |User | TXID
---------------------------------------------------------------------------------------------------------
1 | MagicByt3 | 0x4dc994f6d34bb8648791d3c2ef47cdca60378442e861c1b77041365f5a59a4fe
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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How to join the run.
1. Head over to the smart contract > https://etherscan.io/address/0xc51972112f899b9d02a2716e44fa4ccd1f066d55#writeContract
2. Select write contract then selected the deposit function.
3. Input the amount 0.1 and your BTC address in the field below.
4. Come post your TXID in the chat.
Still spaces on the run :
9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
9/10 Spaces Remain
Buy in : 0.1 ETH
Round Duration : 24 hours
Target Hashrate : 20-25ph *depending on rates available at time of launch.
Code:
⠀⠀⠀⠀⠀⠀⠀⠀⣀⣤⣴⣶⣾⣿⣿⣿⣿⣷⣶⣦⣤⣀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⣠⣴⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣦⣄⠀⠀⠀⠀⠀
⠀⠀⠀⣠⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣷⣄⠀⠀⠀
⠀⠀⣴⣿⣿⣿⣿⣿⣿⣿⠟⠿⠿⡿⠀⢰⣿⠁⢈⣿⣿⣿⣿⣿⣿⣿⣿⣦⠀⠀
⠀⣼⣿⣿⣿⣿⣿⣿⣿⣿⣤⣄⠀⠀⠀⠈⠉⠀⠸⠿⣿⣿⣿⣿⣿⣿⣿⣿⣧⠀
⢰⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡏⠀⠀⢠⣶⣶⣤⡀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡆
⣾⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠃⠀⠀⠼⣿⣿⡿⠃⠀⠀⢸⣿⣿⣿⣿⣿⣿⣿⣷
⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡟⠀⠀⢀⣀⣀⠀⠀⠀⠀⢴⣿⣿⣿⣿⣿⣿⣿⣿⣿
⢿⣿⣿⣿⣿⣿⣿⣿⢿⣿⠁⠀⠀⣼⣿⣿⣿⣦⠀⠀⠈⢻⣿⣿⣿⣿⣿⣿⣿⡿
⠸⣿⣿⣿⣿⣿⣿⣏⠀⠀⠀⠀⠀⠛⠛⠿⠟⠋⠀⠀⠀⣾⣿⣿⣿⣿⣿⣿⣿⠇
⠀⢻⣿⣿⣿⣿⣿⣿⣿⣿⠇⠀⣤⡄⠀⣀⣀⣀⣀⣠⣾⣿⣿⣿⣿⣿⣿⣿⡟⠀
⠀⠀⠻⣿⣿⣿⣿⣿⣿⣿⣄⣰⣿⠁⢀⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠀⠀
⠀⠀⠀⠙⢿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⡿⠋⠀⠀⠀
⠀⠀⠀⠀⠀⠙⠻⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠋⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠉⠛⠻⠿⢿⣿⣿⣿⣿⡿⠿⠟⠛⠉⠀⠀⠀⠀⠀⠀⠀⠀
ID |User | TXID
---------------------------------------------------------------------------------------------------------
1 | MagicByt3 | 0x4dc994f6d34bb8648791d3c2ef47cdca60378442e861c1b77041365f5a59a4fe
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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8 |
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9 |
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10 |
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What hashrate will you mine with?
You can mine for several weeks with a hashrate of 1 terahash and several hours with a hashrate of 1000 terahash.
How to check what mining power you are renting from NiceHash or other services?
You can mine for several weeks with a hashrate of 1 terahash and several hours with a hashrate of 1000 terahash.
How to check what mining power you are renting from NiceHash or other services?
The hashrate amount can only be worked out at the time we are ready to go live as the price is changing.
For round 1 I think 24 hour rental would be best.
But for 1 ETH based on some of the rated available we could have :
20.00P 0.00004578 0.91550451
20.00P 0.00004742 0.94831832
15.00P 0.00005513 0.82690730
10.00P 0.00004578 0.45775226
10.00P 0.00004578 0.45775226
10.00P 0.00005463 0.54634945
10.00P 0.00005513 0.55127153
10.00P 0.00005513 0.55127153
10.00P 0.00005578 0.55783427
10.00P 0.00005578 0.55783427
Based on the rates I would say 20PH is the target if we can get more all the better it really depends on the rates at the time we are ready to start.
All hash rate orders will be monitored during the run to ensure the orders are all running as expected.
So the target is 20 PH for 24 hours for 1 ETH - or if we can secure some more then all the better.
Full orders executed will be posted also for transparency.
@ 20PH / 24hr
Chance per block: 1 in 20,323
Chance per day: 1 in 141
Time estimate: 141 days
It's long odds. But I have seen small miners hit on the solo pool many times suppose you got to be in it to win it right?
For later rounds if everyone is happy with how its working we could set other amounts if we wanted to rent more hashpower in a round.
I hope this covers some of your questions.
Best regards.
Magic.
What hashrate will you mine with?
You can mine for several weeks with a hashrate of 1 terahash and several hours with a hashrate of 1000 terahash.
How to check what mining power you are renting from NiceHash or other services?
You can mine for several weeks with a hashrate of 1 terahash and several hours with a hashrate of 1000 terahash.
How to check what mining power you are renting from NiceHash or other services?
What will you do if you catch such a block?
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Sorry FP91G I missed your comment out.
Good question indeed, As with most groups the responsibility is down to the OP to handle the output payments for the first few rounds this would be done my me until I can create some automated system which I will talk about later in the post.
Process is simple.
If a block was found it would show in the hard coded wallet address in the contract for anyone to verify.
When its found we take some details of the block and push the to IPFD Including the following.
Quote
struct BlockFoundInfo
string ipfsHash; // The IPFS hash containing additional information about the block
string transactionID; // The transaction ID related to the block
string blockHeight; // The height of the block in the blockchain
string payoutAddress; // The BTC address that receives the mining reward
uint256 timestamp; // The time when the block was found
string blockHash; // The hash of the block
string ipfsHash; // The IPFS hash containing additional information about the block
string transactionID; // The transaction ID related to the block
string blockHeight; // The height of the block in the blockchain
string payoutAddress; // The BTC address that receives the mining reward
uint256 timestamp; // The time when the block was found
string blockHash; // The hash of the block
This also in burned onto the the chain with a IPFS hash so users can verify the pool found a block in the contract and a block explorer (this function will be key to showing round data in future)
All users submit there payment address at time of payment to join the pool, the Bitcoin address is burned in with there transaction. We take the mappings of all users payout address from on chain this ensures that 1 the correct address is being used as it was taken from the blockchain and the user submitted it at the time they joined. And second it eliminates the risk of mistyping the payout address if a block were to be found.
See here for how address is added at the time of joining the pool : https://bitcointalksearch.org/topic/m.62857113
further more I would take extra steps to validate each user manually to ensure the address is correct before sending as a "sanity" check.
Going forward I would like to create some program that can monitor the core wallet for incoming transactions then split the coins down to the users as soon as the block maturity period is over. This could be all done automated and data pulled for payouts directly from the contract.
Hope this clears up some of your concerns.
Regards.
Magic
I feel you and I take on board your concerns maybe there could be other solutions to nicehash if that is the main concern here is the orders for the hashrate. Thought I don't see how any other renting group can bypass this also maybe a solution such as MRR for example would work?
I am open to ideas and developing the concept further and take on board all concerns raised and try find solutions.
I am open to ideas and developing the concept further and take on board all concerns raised and try find solutions.
I believe with rentals like MRR orders are matched 1 to 1 which should ensure your orders get work at the stated price.
But I could be wrong, I've never used MRR or any other direct rental.
The only opportunity I see for users seems to be the ability to rent using Eth and getting rewards paid in BTC. That's not much
of an incentive when it's easy to do that on an exchange and buy the rental using the exchanged BTC.
Just the same as any other rental group in reality at the moment only with deposits and rounds handled in a smart contract, but long term the idea is to build a dapp front end that anyone can join a round of rentals.
Picture a site where users can deposit some ETH or USDT or USDC or any token for that matter into a pool with others to rent hashpower for the chance to hit the block and get a payday.
At the moment this is the start ground work for it the basics if you like the "mechanics" of the rounds deposits and payout addresses and block data being stored on-chain and via IPFS.
When you pay your deposit you input your BTC address which liked to a mapping of your deposit :
Here was my deposit into the pool as user 1 for round 1.
Code:
amount :
100000000000000000
btcPayoutAddress :
bc1qtesc50ye5euqtr67sdqke8xdwef6klasc5vx59
I think the Nicehash idea will work I have tested this myself before getting to this stage and everything worked as expected (all be it I never hit a block)
From here If there are people interested in the idea of this and maybe this could gain some traction and develop further as I feel there is a market for this as a service.
Everything from monitoring the address for balance change and block details can all be displayed along with each run's attempts this is something I may add in a later version again as a IPFD hash included in the contract with the following info.
Round Details
Code:
Total Hashrate:
Mining Start Timestamp:
Mining End Timestamp:
Total ETH Spent:
Order Data:
BlockFound: True / False
Payout Address:
I wanted to find a way to combine something I have done for many years on CKsolo pool renting miners and mining with the group structure I have done with many in the past with a smart contract and a front end allowing rounds to be conducted whenever a pool becomes full.
I understand your concerns but I just wanted to try something different and use the skills I learned along the way.
Best regards
Magic!
I feel you and I take on board your concerns maybe there could be other solutions to nicehash if that is the main concern here is the orders for the hashrate. Thought I don't see how any other renting group can bypass this also maybe a solution such as MRR for example would work?
I am open to ideas and developing the concept further and take on board all concerns raised and try find solutions.
I am open to ideas and developing the concept further and take on board all concerns raised and try find solutions.
I believe with rentals like MRR orders are matched 1 to 1 which should ensure your orders get work at the stated price.
But I could be wrong, I've never used MRR or any other direct rental.
The only opportunity I see for users seems to be the ability to rent using Eth and getting rewards paid in BTC. That's not much
of an incentive when it's easy to do that on an exchange and buy the rental using the exchanged BTC.
Hashrate is rented at the market rate at the time.
None of the solo runs "guarantee" hitting a block. so your "you need 5% of contracts" is not correct.
None of the other solo groups on the forum rent 5% of the contracts on Nicehash for there runs either.
I think you are miss-interpreting the idea and how this all works.
None of the solo runs "guarantee" hitting a block. so your "you need 5% of contracts" is not correct.
None of the other solo groups on the forum rent 5% of the contracts on Nicehash for there runs either.
I think you are miss-interpreting the idea and how this all works.
Come on, I know it's not guranteed, it's statistical probability based on luck but the math is the same.
The market price is a spot price that doesn't guarantee the order will get any work or that it will pay fairly for the work it does get,
as I descibed in my first post. If that's how you're setting the price some orders will expire due to being inactive too long while others
will overpay. The more that the price fluctuates after the order is posted the worse it is.
I think this is a big problen, do you?
I feel you and I take on board your concerns maybe there could be other solutions to nicehash if that is the main concern here is the orders for the hashrate. Thought I don't see how any other renting group can bypass this also maybe a solution such as MRR for example would work?
I am open to ideas and developing the concept further and take on board all concerns raised and try find solutions.
What will you do if you catch such a block?
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Thanks for the feedback.
At the moment looking at the rental markets for SHA-256 gear I'm seeing
Price/TH/Day
0.00004579 ETH | 20.00P @ 3hrs
(0.11790064)
0.00004692 ETH | 20.00P @ 3hrs
(0.12082725)
0.00005358 ETH | 20.00P @ 3hrs
(0.13796883)
0.00005520 ETH | 20.00P @3hrs
(0.14214970)
Obviously the amount of hash rate we can get for the amount of ETH in the pool depends on the Price/TH/Day rate which is variable.
I feel we would want to run for 24 hours and try squeeze as much hash power as possible in that time and keep it in line with the other groups.
Again being a community project the length of time and total hash rate could be something governance could play a part in.
Most of the groups rent from 20-50ph for 24 hours normally I don't see why we could not reach these levels.
Thanks for your question!
Hashrate is rented at the market rate at the time.
None of the solo runs "guarantee" hitting a block. so your "you need 5% of contracts" is not correct.
None of the other solo groups on the forum rent 5% of the contracts on Nicehash for there runs either.
I think you are miss-interpreting the idea and how this all works.
None of the solo runs "guarantee" hitting a block. so your "you need 5% of contracts" is not correct.
None of the other solo groups on the forum rent 5% of the contracts on Nicehash for there runs either.
I think you are miss-interpreting the idea and how this all works.
Come on, I know it's not guranteed, it's statistical probability based on luck but the math is the same.
The market price is a spot price that doesn't guarantee the order will get any work or that it will pay fairly for the work it does get,
as I descibed in my first post. If that's how you're setting the price some orders will expire due to being inactive too long while others
will overpay. The more that the price fluctuates after the order is posted the worse it is.
I think this is a big problen, do you?
What will you do if you catch such a block?
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Paxos Confirms It Mistakenly Paid $500K In Bitcoin Fee, Blames The 'Fat Finger' On Internal Bug
https://www.ibtimes.com/paxos-confirms-it-mistakenly-paid-500k-bitcoin-fee-blames-fat-finger-internal-bug-3711808
I don’t understand why there is a smart contact here, if you can save on commissions and receive Ethereum to your address.
I understand that you will buy mining power on a solo pool, but I don’t understand with what hashrate and time solo mining will last.
Also 1 Eth is worth about 5% of a BTC block, so you should only expect to find a block with 5% of the contracts.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
1 Eth is about 5% of 1 BTC with the current rates
5% of 6.25 BTC is about 8k
Yes, A lot of the other groups do max 0.1 BTC buy's so at that rate also they still won't have 5% of the contracts.
I think the idea is being a bit confused a little.
This is a solo mining effort in a group.
With a twist we use a smart contract to handle the payment for each round and use IPFS and the smart contract to keep track of any blocks found, user deposits and payout address.
Lets say tomorrow bitcointalk loses it's database? Where would the forum mining groups be then?
This way we have our users on chain they lose there account no problem they submitted there payment address at the time of deposit.
I tried to come up with solutions to all the ways mining groups could fail and how we could use a smart contract to mitigate some risks.
I also want to build out a framework for this as a service down the line.
1. This was done to add some transparency to the process and allow people to know they can refund if the round is not full.
2. It would allow me to create a dapp where many people can group up and use a smart contract to manage hash rate rentals. I believe this has some future use case that have yet to be explored.
3. We already have some groups doing this and it's fun for the community
4. We support the Bitcoin hashrate and miners along the way.
Hope this clears up some of your concerns.
Regards
Magic
And no the contract is not ordering the hashrate that is done on Nicehash the contract is just the playground for the rounds and deposits.
I have no idea what this means.
1 Eth is going to Nicehash to buy sha256d hash to solo mine BTC at CKPool, isn't it?
That's called a Nicehash order. The price of a Nicehash order is set by the buyer based on perceived market conditions
at the time of purchase.
Also 1 Eth is worth about 5% of a BTC block, so you should only expect to find a block with 5% of the contracts.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
JayDDee, You are missing the concept by quite the mile here.
What is the difference between someone on the forum taking funds from users for a solo run then buying the hashrate on nicehash?
VS
The contract taking the deposit and keeping track of the rounds and deposits.
Me the OP still needs to execute the orders for the hashrate in Nicehash.
It's a solo gamble i'm not saying we are going to hit a block its like any of the solo run that myself and others have done over the years on CK pool.
Please don't come in and spoil the idea by recommending people stay away from the concept when you are struggling to understand it.
There is nothing hard to understand here.
Users deposit funds for a solo run to the contract.
Once the round is full funds are send from the contract to Nicehash.
Hashrate is rented at the market rate at the time.
None of the solo runs "guarantee" hitting a block. so your "you need 5% of contracts" is not correct.
None of the other solo groups on the forum rent 5% of the contracts on Nicehash for there runs either.
I think you are miss-interpreting the idea and how this all works.
Also 1 Eth is worth about 5% of a BTC block, so you should only expect to find a block with 5% of the contracts.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
1 Eth is about 5% of 1 BTC with the current rates
5% of 6.25 BTC is about 8k
And no the contract is not ordering the hashrate that is done on Nicehash the contract is just the playground for the rounds and deposits.
I have no idea what this means.
1 Eth is going to Nicehash to buy sha256d hash to solo mine BTC at CKPool, isn't it?
That's called a Nicehash order. The price of a Nicehash order is set by the buyer based on perceived market conditions
at the time of purchase.
Also 1 Eth is worth about 5% of a BTC block, so you should only expect to find a block with 5% of the contracts.
If you can't provide a clear, concise explanation I'd recommend everyone stay far away from this.
For the first round I set it to 1 ETH if I had come in and said lets make it 10 ETH I think people might have been put off by the idea.
And actually there is not "set" amount needed to mine a block for around $1600 or 1 ETH could still rent hashrate for a run.
Some of the other groups do 5-18 users for each 0.005 BTC, 0.01 BTC buy in so I don't see how the conclusion that it would not be enough to try a run with relatively low risk?
10 Users 0.01 BTC each / 0.1 BTC 2,660$
10 Users 0.1 ETH each / 1 ETH 1638$
Most complex contract fail because of complexity but there is no real fail points in the contract if there is that would mean 99.9999% of ETH contract would have the same bug in the contract as most of the functions are highly standardised ETH functions.
Contract is also opensource and can be verified.
And no the contract is not ordering the hashrate that is done on Nicehash the contract is just the playground for the rounds and deposits.
Just like any solo run the purchase of the hash rate is done in the market place based on the best rates available.
And actually there is not "set" amount needed to mine a block for around $1600 or 1 ETH could still rent hashrate for a run.
Some of the other groups do 5-18 users for each 0.005 BTC, 0.01 BTC buy in so I don't see how the conclusion that it would not be enough to try a run with relatively low risk?
10 Users 0.01 BTC each / 0.1 BTC 2,660$
10 Users 0.1 ETH each / 1 ETH 1638$
Most complex contract fail because of complexity but there is no real fail points in the contract if there is that would mean 99.9999% of ETH contract would have the same bug in the contract as most of the functions are highly standardised ETH functions.
Contract is also opensource and can be verified.
And no the contract is not ordering the hashrate that is done on Nicehash the contract is just the playground for the rounds and deposits.
Just like any solo run the purchase of the hash rate is done in the market place based on the best rates available.
This doesn't look right.
The contract is 1 Eth with which a Nicehash order is purchased at a specified price/hash.
If the price is too low the order sits idle with no work. if it's too high it gets less hash.
The sweet spot changes during the life of the order. How is the price determined?
1 Eth worth of hash is not nearly enough to expect to find a BTC block, most contracts seem likely to fail.
What am I missing?
The contract is 1 Eth with which a Nicehash order is purchased at a specified price/hash.
If the price is too low the order sits idle with no work. if it's too high it gets less hash.
The sweet spot changes during the life of the order. How is the price determined?
1 Eth worth of hash is not nearly enough to expect to find a BTC block, most contracts seem likely to fail.
What am I missing?
It's an interesting idea! It does mean that you have to own ETH, though, I could imagine some BTC maxis not happy! 
May I ask why you're going on this project? Is it for the "beauty of art"?
I don't really understand why you're going through a smart contract rather than the traditional route, like with Willi for example...
Doesn't this potentially add security risks to the funds ? What does this smart contract offer that the traditional way doesn't ? At the end this is always the owner of the contract which distribute the funds if a block is found, so trust is still always needed.
In any case, I think it's very interesting in principle.
Nice idea. I think that a lot of people would really like something like this.
May I ask why you're going on this project? Is it for the "beauty of art"?
I don't really understand why you're going through a smart contract rather than the traditional route, like with Willi for example...
Doesn't this potentially add security risks to the funds ? What does this smart contract offer that the traditional way doesn't ? At the end this is always the owner of the contract which distribute the funds if a block is found, so trust is still always needed.
In any case, I think it's very interesting in principle.
Quote
If the idea works and people like the idea I will create a front end for it and a nice dashboard to show the rounds in progress and round status
and mining status when a round begins.
and mining status when a round begins.
Nice idea. I think that a lot of people would really like something like this.
Yes, I am afraid that means I own ETH, as I am playing a lot with smart contracts at the moment but still a Bitcoin lover at heart.
Also I think there is a lot of people who would rather burn alts for a chance to get some more Bitcoin so In reality were turning one possibly into the other!
Any Bitcoin lover should love the prospect of another coin funding hashrate right?
Over the years I have seen people interested in mining in the groups but most are BTC buy in and as a lot of people would rather hodl onto the BTC than spend it then offering it this way is a good idea.
As for security risks I took every step I could to ensure the code has no functions that are not required and I ensured that any critical functions like completeRound are executable only by the ownerOnly.
I also took steps to ensure the contract could not hold more than a set balance per round to add some extra later of security.
It will only accept deposits in the correct amount and will check if the balance is at the round threshold.
I also put my money where my mouth is and took slot 1 for round 1 by depositing my 0.1 ETH first.
And yes just like the groups a layer of trust is required in myself the op to distribute the funds once a block is found.
This is something I am thinking hard on as I would love to come up with a way to also have this done automated and open to ideas or collaboration to come up with such a system.
This is still a early concept idea with much room for improvement but I feel building a community around the idea we could come up with something really unique for people wishing to rent hash power in groups and know its all trusted behind a smart contract. The whole idea is to build a framework with a smart contract that can handle the rounds and funds and work on a system for distributing the payment to the users once a block is found.
Also with it being a smart contract and people can be assured that if a round is not filled they will be refunded traditional groups there is no refund function if they don't fill and your at the whim of the OP once again.
Like I said this is a early concept idea with some really big plans in the background take this V1 as the test bed if it works and people like it then we move forward with the framework and website and dapp while working on some kind of automated payout system.
Hope this clears up my though process with the project.
Best regards
Magic!
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