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Offline cn-members

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I have experiences of mining bitcoin, litecoin, pts, and other ALTcoins before for 1+ year. In my understanding, there is almost no one really love ALTcoins, so the only reason that people would choose mining ALTcoins is that it has higher profitability (using same hardwares) than minging bitcoin. The profitability of bitcoins and ALTcoins can be found here:
http://www.coinwarz.com/cryptocurrency

According to this page, you can see only fastcoin, fireflycoin, and HAMRadioCoin have higher profitability than bitcoin.So these ALTcoins and bitcoin are those coins that your pool should really support, not those lowly profitable coins.

What's even better is that your pool could enable auto-switch to mine the most profitable coin of same algorithm. In that way miners only have to choose the algorithm (SHA256, scrypt, X11, etc), and get paid in bitUSD/BTS. If so I think this could really attract a lot of miners into your pool.

Thanks
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Offline rgcrypto

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #1 on: February 12, 2015, 04:27:28 PM »
In the world of mining...money talk!

Offline infovortice2013

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #2 on: February 13, 2015, 07:52:26 PM »
 +5%
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Offline xeroc

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #3 on: February 14, 2015, 12:23:13 PM »
Isn't that EXACTLY what bitsharesmining.com is doing? .. multipool mining of most profitable coins and selling that shit on the exchange?
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Offline infovortice2013

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #4 on: February 14, 2015, 01:03:05 PM »
yeah asking for add sha256 multimining
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Offline cn-members

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #5 on: February 14, 2015, 02:36:38 PM »
Isn't that EXACTLY what bitsharesmining.com is doing? .. multipool mining of most profitable coins and selling that shit on the exchange?

the problem is: all the currently supported ALTcoins are not as profitable as bitcoin (actually, according to http://www.coinwarz.com/cryptocurrency, there are now only very few ALTcoins that are more profitable than bitcoin), so miners would rather stick with minging bitcoin. It's all about the highest profitability using same hardware.
« Last Edit: February 15, 2015, 12:22:02 PM by nethyb »
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Offline matt608

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #6 on: February 14, 2015, 04:24:37 PM »
Yes, it needs to really be the most profitable pool.

Offline Frodo

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #7 on: February 14, 2015, 05:01:27 PM »
Isn't that EXACTLY what bitsharesmining.com is doing? .. multipool mining of most profitable coins and selling that shit on the exchange?

the problem is: all the currently supported ALTcoins are not as profitable as bitcoin (actually, according to http://www.coinwarz.com/cryptocurrency, there are now only very few ALTcoins that are more profitable than bitcoin), so miners would rather stick with minging bitcoin. It's all about the highest profitability using same hardware.

Exactly. That's why it doesn't really make sense to compare profitability of coins with (vastly) different mining algos. It's not like a scrypt or X11 miner could (efficiently) mine bitcoin.

But generally I do agree that added SHA256 mining would be very nice.

Offline nethyb

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #8 on: February 15, 2015, 12:22:18 PM »
Isn't that EXACTLY what bitsharesmining.com is doing? .. multipool mining of most profitable coins and selling that shit on the exchange?

the problem is: all the currently supported ALTcoins are not as profitable as bitcoin (actually, according to http://www.coinwarz.com/cryptocurrency, there are now only very few ALTcoins that are more profitable than bitcoin), so miners would rather stick with minging bitcoin. It's all about the highest profitability using same hardware.

Thanks cn, as other have said minebitshares DOES mine the most profitable alt coins and then sells them on the exchange in return for BTC which is then converted to bitUSD to payout to miners.  We currently do this for Scrypt and X11 coins.

Your point may be valid if we offered SHA256 mining, but even then we'd wouldn't mine bitcoin as it would take too long to find a block based on the likely amount of SHA256 hash we would have pointing at the pool, miners wouldn't be able to get paid for days/weeks and so not use the pool.

We would mine other SHA256 coins which we would expect to find a block in reasonable time frame so we could payout daily to miners, such as Fireflycoin (FFC), Freicoin (FRC) etc, and just like Paycoin (XPY) recently before it went POS these can be more profitable than bitcoin at times.

You cannot compare SHA256/Bitcoin mining profitability with Scrypt and X11. ie.. for the algos the pool support for miners with GPUs, X11 is the most profitable, and then Scrypt, SHA256 although technically possible would be the worst by a long margin.

We do intend to allow SHA256 mining for those which have ASIC hardware lying around, but it'll be once we have the 100% delegate/s approved to allow me to hire a pool-admin as it takes quite a bit of time each day to manage the pool, payouts and coins etc for each supported algo.

BTW - I'll be posing a FAQ for the pool soon- I'd like to ensure the chinese members of our community know about the pool and how to use it - could you recommend someone who could translate it for a small bounty please?

Online fluxer555

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #9 on: February 16, 2015, 03:06:46 AM »
Mining noob here...

Is it possible to point one pool's hash at another pool? If so, could you do this with SHA256 coins?

Offline nethyb

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #10 on: February 16, 2015, 01:39:35 PM »
Mining noob here...

Is it possible to point one pool's hash at another pool? If so, could you do this with SHA256 coins?

Technically yes - stratum to stratum mining, although the NOMP mining pool code which minebitshares is based on does not support it.

If anyone knows though of a node.js implementation, do let me know...

Online fluxer555

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Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #11 on: February 17, 2015, 05:22:12 PM »
Would it be possible to have a multi-multipool? Where it jumps around to the most profitable pools?

Offline bytemaster

Re: [Proposal] Support mining of highly profitable ALTcoins and bitcoin
« Reply #12 on: February 17, 2015, 09:00:31 PM »
Isn't that EXACTLY what bitsharesmining.com is doing? .. multipool mining of most profitable coins and selling that shit on the exchange?

the problem is: all the currently supported ALTcoins are not as profitable as bitcoin (actually, according to http://www.coinwarz.com/cryptocurrency, there are now only very few ALTcoins that are more profitable than bitcoin), so miners would rather stick with minging bitcoin. It's all about the highest profitability using same hardware.

Thanks cn, as other have said minebitshares DOES mine the most profitable alt coins and then sells them on the exchange in return for BTC which is then converted to bitUSD to payout to miners.  We currently do this for Scrypt and X11 coins.

Your point may be valid if we offered SHA256 mining, but even then we'd wouldn't mine bitcoin as it would take too long to find a block based on the likely amount of SHA256 hash we would have pointing at the pool, miners wouldn't be able to get paid for days/weeks and so not use the pool.

We would mine other SHA256 coins which we would expect to find a block in reasonable time frame so we could payout daily to miners, such as Fireflycoin (FFC), Freicoin (FRC) etc, and just like Paycoin (XPY) recently before it went POS these can be more profitable than bitcoin at times.

You cannot compare SHA256/Bitcoin mining profitability with Scrypt and X11. ie.. for the algos the pool support for miners with GPUs, X11 is the most profitable, and then Scrypt, SHA256 although technically possible would be the worst by a long margin.

We do intend to allow SHA256 mining for those which have ASIC hardware lying around, but it'll be once we have the 100% delegate/s approved to allow me to hire a pool-admin as it takes quite a bit of time each day to manage the pool, payouts and coins etc for each supported algo.

BTW - I'll be posing a FAQ for the pool soon- I'd like to ensure the chinese members of our community know about the pool and how to use it - could you recommend someone who could translate it for a small bounty please?

You don't have to mine the block directly... instead proxy-mine a larger pool for BTS.   Get predictable payouts + Bonus :)
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