Topic: Starting A Mining Pool And Need Feedback (Read 2663 times)
We could use another 115% pps pool.. I like those..
Thanks for the info
Maybe go the international route: Offer a clear and simple pool interface in as many languages as possible. Not everyone interested in mining speaks the level of english required to understand a pool frontpage.
+15 000 000 000
Deepbit have all the Russian and Chinese miners on his pool, because his pool is the only big pool that offers those languages. Don't wonder why he's so big.
Check the countries that have a mining potential (like low electricity cost), check their languages, and offer a pool in that language. As an example, province of Quebec in Canada is around 85% French, with 7 cents KwH, winter and with a population of around 8 millions. If you're the only pool offering French language, chances are good that you'll get miners from Québec.
I think that Spain is also a low electricity cost country, so Spanish could be another interesting language. Do your homework
Maybe go the international route: Offer a clear and simple pool interface in as many languages as possible. Not everyone interested in mining speaks the level of english required to understand a pool frontpage.
Hey! That was a semi serious suggestion! The point is - as P4man mentioned - you seriously need something to give people a reason to swap pools. It's hard to get people to switch even if you'll be able to make them more money:
https://bitcointalksearch.org/topic/the-interesting-case-of-pool-identity-77545
https://bitcointalksearch.org/topic/the-interesting-case-of-pool-identity-77545
LoL now that is funny but no
Make it a gambling game - different payout method each round, and you don't find out what type until the end of the round.
I think the most important question to ask yourself is: what can I offer that existing pools dont offer yet?
You will have to come up with something, because unless you have a huge farm yourself, you will not be able to offer low variance (when opting for PPLNS or DMG) or low fees (when using PPS) simply because you will not have 100+GH like most established pools.
Its a chicken and egg problem thats proven difficult to solve, even for pools that have been around for a long time. Have a look at Mt Red, currently offering PPS with no fees (= certain bankruptcy at some point) or Bitminter (PPLNS with no fees). Both are great pools, yet struggle to attract enough miners.
What do you think you will do better?
You will have to come up with something, because unless you have a huge farm yourself, you will not be able to offer low variance (when opting for PPLNS or DMG) or low fees (when using PPS) simply because you will not have 100+GH like most established pools.
Its a chicken and egg problem thats proven difficult to solve, even for pools that have been around for a long time. Have a look at Mt Red, currently offering PPS with no fees (= certain bankruptcy at some point) or Bitminter (PPLNS with no fees). Both are great pools, yet struggle to attract enough miners.
What do you think you will do better?
ok this is what i am thinking of Doing
Fee of 2% with 1% going to the Block finder
i am still unsure of the reward system i am gonna use
if you guys can give me the pros and cons of the reward systems I do know that I dont want to support Pool hoppers ( i think it is just totally unfair to the ones that actually stick with a pool to have the ones with the super high hashrates come in and submit a ton of shares and then run with the cash out )
Fee of 2% with 1% going to the Block finder
i am still unsure of the reward system i am gonna use
if you guys can give me the pros and cons of the reward systems I do know that I dont want to support Pool hoppers ( i think it is just totally unfair to the ones that actually stick with a pool to have the ones with the super high hashrates come in and submit a ton of shares and then run with the cash out )
Only problem is that (unlike on Deepbit) the pool is new - meaning only NEW miners will go there, that at least read these forums. This also means that nobody will really mine prop pools longer than "needed" and the first long block will bring the whole pool to a grinding halt. Pool hoppers also need people who enable them to have short blocks - the "sheeple" that are too lazy/stupid to hop themselves and solve long blocks for the hoppers.
There's a reason why prop pools nearly died out (and why I helped developing pool hopping software) - it's inherently unfair!
There's a reason why prop pools nearly died out (and why I helped developing pool hopping software) - it's inherently unfair!
Nonsense. PPLNS exposes the operator to no variance risk or racks up no credits owed (like SMPPS).
Sorry, that's what I meant...an SMPPS or variant etc.... I corrected my post above.I have only ever mined using either pure PPS or PROP, as everything else is just smokescreens & bullshit as far as I am concerned.
The advantage of hopping is >5% so unless the fee is 20% it isn't going to deter hoppers.
TX fees are ~0.1%. It is immaterial to expected return for both continual miners and parasitic miners.
TX fees are ~0.1%. It is immaterial to expected return for both continual miners and parasitic miners.
As I said above, a PROP Pool with NO CRYING. A place where EVERYONE is aware of the potentials from both ends of the spectrum.
No one will force people to mine there....it will be done by choice and paid for with a larger-than-average fee, so there will be NO MISTAKING one's intentions.
If such a pool does not quality based on morality alone, to be listed in the 'POOL' section, it can be listed in the 'GAMBLING' section of the forum
A higher than average fee (5% or higher) for the pleasure of PROP Mining as well as the 'End of Round' Bonus potential (Block finder gets TX fees) could very well help curb Pool Hopper's appetites
The advantage of hopping is >5% so unless the fee is 20% it isn't going to deter hoppers.
TX fees are ~0.1%. It is immaterial to expected return for both continual miners and parasitic miners.
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Also, for a new Pool OP, this is the ONLY way to guarantee that he/she will not sink themselves into a financial hole and have to run away in a month or 2 like many others have been forced to do when implementing some of Manny's infamous payment methods.
Nonsense. PPLNS exposes the operator to no variance risk or racks up no credits owed (like SMPPS).
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#1. What Kind of Fee % do you think is fair for a Pool Owner to Set?
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#1. Fee should reflect level of service, features and performance offered.
#2. Transaction fees to Block Finder as *BONUS* <---there's your selling feature.
#3. Proportional Payouts WITH NO CRYING. Everyone is aware of the potential risks as well as potential for rewards. <---there's your 2nd selling feature.
If you do use proportional payouts, I guarantee the pool will be dead inside two months. Bet, anyone?
A higher than average fee (5% or higher) for the pleasure of PROP Mining as well as the 'End of Round' Bonus potential (Block finder gets TX fees) could very well help curb Pool Hopper's appetites
Also, for a new Pool OP, this is the ONLY way to guarantee that he/she will not sink themselves into a financial hole and have to run away in a month or 2 like many others have been forced to do when implementing some of Manny's infamous payment methods by either not having the BTC to cover the miner's pure PPS payouts due to long rounds when first starting out with minimal hashing power, or having the pool rounds so far behind/in the hole from some other
**CORRECTED = SMPPS
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#1. What Kind of Fee % do you think is fair for a Pool Owner to Set?
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#1. Fee should reflect level of service, features and performance offered.
#2. Transaction fees to Block Finder as *BONUS* <---there's your selling feature.
#3. Proportional Payouts WITH NO CRYING. Everyone is aware of the potential risks as well as potential for rewards. <---there's your 2nd selling feature.
If you do use proportional payouts, I guarantee the pool will be dead inside two months. Bet, anyone?
Quote
#1. What Kind of Fee % do you think is fair for a Pool Owner to Set?
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#2 What do you think should be done with all transaction fees?
#3. What other Options do you think should be On a Mining Pool
#1. Fee should reflect level of service, features and performance offered.
#2. Transaction fees to individual Miner/Block Finder as *BONUS* <---there's your selling feature.
#3. Proportional Payouts WITH NO CRYING. Everyone is aware of the potential risks as well as potential for rewards. <---there's your 2nd selling feature.
#1. 0% if possible if not no more than 1%
#2. Shared with miners (distributed to miners)
#3. Live stats !
#2. Shared with miners (distributed to miners)
#3. Live stats !
On your pool website. Check out how Graeme of ozcoin does it. He also has it registered as a business, not a bad idea to do that too. Too many people have been stung by small prop pools opening up, taking shares and then closing down. That's less likely if your miners know who you are and you running the pool as a registered business. Also use a photo of you as an avatar.
And where is that done at?
Look at ozco.in. Do everything they're doing.
Starting with identifying yourself publicly.
Look at ozco.in. Do everything they're doing.
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