Will BitUSD pool payouts carry on as normal after the changeover to 2.0 on the 13th, is there anything us miners need to do?

You may have noticed that minebitshares has referred the most new users to bitshares for the 2nd month in a row - March.



This data is via the bitshares referral system (https://faucet.bitshares.org/refscoreboard) and identifies new users that have downloaded the bitshares client and used the faucet to register their account. (MineBitShares has provided the most referrals since the system started  )

I believe that this validates the marketing effectiveness of minebitshares to attract new people to Bitshares and introducing them to BitAssets by mining bitUSD.

I can’t take all the credit, as well as the utility that minebitshares delivers, bytemaster has been contributing his own personal funds over the last two months, $50 bitUSD per day, to payout as bonuses to miners and help attract even more miners to ensure the multi-pool is one of the most, if not thee most profitable.

Now the bad (but possibly good) news - After 9 months with minebitshares, I'm no longer able to dedicate my spare time or personal funds to continue to develop and run the pool.

But instead of just shutting the pool down, I have a bold proposal.

I think it’s time we do this properly at scale - create some waves in the crypto world and have the focus on bitshares and bitassets giving people something else to think about rather that than ethereum and dash.

Here’s it is…

● I donate the minebitshares pool / source code and supporting assets to the bitshares community.

● BitShares community members come forward to create an east and west pool management team.
i.e. a new Chinese language version of the pool is created for the Chinese community to manage locally (pays in bitCNY) as well as the current pool. They east/west pools can back each other up.

● Multiple 100% delegates are used to top up the pool mining earnings to ensure the pools ARE the most profitable. (At least 3 per team would be required initially providing $2,300 p/month, as BTS price rises this could be reduced to 2 delegates)

● Pool fees/delegate funds and/or referral/affiliate earnings are used to pay pool infrastructure costs and to compensate the pool dev/management teams.

● I enable the teams over a period of a month to show them how the pool code works and daily pool management operations. I'm not leaving bitshares so will still be around if advice is needed after that.

● The teams continue development of the pool, integrating services such as http://metaexchange.info for payouts in any bitasset - including BitSilver/BitGold and referral integration with http://cryptosmith.info to mine real Silver and Gold.

● We all watch BitShares get the due attention from the crypto world through massive exposure of mining profitability and being able to mine physical gold and silver! = new users = improved bitAsset liquidity = > market cap ;-) 

If you believe this / or a variant of this is worth doing, then please comment and show your support for this plan by voting to have the minebitshares-reloaded 100% delegate in to the the top 101 before Sun 12th April - it’s currently position 138 - but needs at least another 160M votes.

If minebitshares-reloaded is voted in by then, and we have community members who want to run the pools, I’ll keep everything running for the next month while I help enable them and transition the delegates / pools etc.

If it’s not voted in by then, I’ll announce to the pool users that the pool will be shutting down the following week - i.e. 19th April.

Let the community know if you’d like to put yourself forward as the new east or west pool devs/managers.

I’ve made this a poll, so those thinking of putting themselves forward as part of the east/west pool teams can gauge the community interest and support before committing themselves.

I'll ask btswildpig if he can translate and post in the Chinese community thread.

cheers, nethyb.

If you need to find out more about minebitshares, the delegate proposals and pool profitability check out these threads and sites…

delegate: minebitshares-reloaded http://bitsharesblocks.com/delegate/info?name=minebitshares-reloaded

delegate proposal - https://bitsharestalk.org/index.php?topic=14887.0

MineBitShares - FAQ  - https://bitsharestalk.org/index.php?topic=14973.0

Pool Profitability - http://poolpicker.eu

I'm offering a bounty for translation of the MineBitShares FAQ @ https://bitsharestalk.org/index.php?topic=14973.0

The FAQ should include all the links and follow the same structure and formatting.

The Chinese translation should be posted in the MineBitShares Sub-Forum - with the Title 'Mine BitShares FAQ - Chinese Translation'

The first to post the translation, and have a fellow Chinese language community member post in the thread, that it reads well, collects the bounty.

Thank you.
 

MineBitShares - FAQ




What Are BitShares And BitUSD?

BitShares is the world's first decentralized exchange for crypto-currency, that allows you to trade in dollars, gold, bitcoin, and more without counterparty risk.
BitUSD is one the currencies or BitAssets of BitShares, similar to Bitcoin but with USD parity and pays interest.
1 BitUSD will always be able to traded for 1 USD worth of Bitcoin, and while you own it, it'll be earning interest for you .
There are many other BitAssets, such as CNY, Silver, Gold and even BTC.

I Heard You Can’t Mine BitUSD, So How Does The Pool Work?

MineBitShares is known as a profit switching multi-pool, we use your mining power to mine traditional proof-of-work based crypto-currencies which we then exchange for auto payouts to you in bitUSD.
We're constantly analyzing which coin is the most profitable coin to mine, and switch your mining power to that coin ensuring we're maximising your profits.
BitShares itself can't be mined in the traditonal sense, as is uses an advanced form of proof-of-stake - DPOS, allowing near instant transfers and very efficient network security.

How Do You Intend To Be The Most Profitable Multi-Pool? Where Can I Compare?

It's simple really, all other multi-pool's charge a fee for mining at their pool, we dont!
On top of that we also payout at least a bonus on top of every miners daily earnings
We also publish the daily profitability for the pool  http://pool.minebitshares.com/roundstats   both in bitUSD/MH/Day and BTC/MH/Day. This allows you to compare our profitability with other multi-pools. At the moment, we're consistently the most profitable on many days - our aim is to be the most profitable EVERY day!
You can estimate your daily earnings by multiplying the daily profitability in bitUSD/MH/Day by the total MH of you your mining rig.
We're able to support a 0% pool fee and yet pay our bills because of the BitShares delegate system, where holders of BitShares vote for projects and funding that provide services to help with BitShares adoption.
It's a WIN-WIN, miners get the most profit from their mining rigs and we get to tell the world about BitShares and BitAssets.

Sounds Great. How Do I Get Started?

Easy, there is no pool registration required, just follow these simple steps...

Step 1
Follow the BitShares.org guide (https://bitshares.org/how-it-works) to getting started with the BitShares client and to register your account with some free bitshares
Step 2
Configure your miner using the pool settings displayed by clicking the 'Scrypt Connection Info' or 'X11 Connection Info' on the  Pool Overview (http://pool.minebitshares.com) page or download our pre-configured sgminer.conf (http://pool.minebitshares.com/static/assets/sgminer.conf) miner settings file
Step 3
If your mining using the X11 algo, follow the  X11 70% Mining Boost step-by-step guide (http://pool.minebitshares.com/x11boost) to make sure your maximizing your hashrate and profitability
Step 4
Follow @minebitshares on twitter (https://twitter.com/minebitshares) to keep up with regular pool updates and tips
Step 5
And consider supporting pool development by voting for the pool's BitShares delegate minebitshares-reloaded (http://bitsharesblocks.com/delegate/votes?name=minebitshares-reloaded)

Now sit back, relax, and watch the daily BitUSD payouts appear in your BitShares client!

What are the pool stratum ports?

Scrypt mining (General) : stratum+tcp://usd.minebitshares.com:4444
Scrypt mining (high diff): stratum+tcp://usd.minebitshares.com:4445
Scrypt mining ( ASIC/TITAN fixed diff): stratum+tcp://usd.minebitshares.com:4446

Example Scrypt command line (remember to change to your BTS key):
sgminer -o stratum+tcp://usd.minebitshares.com:4444 -u BTS6LntkCfDLvwPrr13az5kYmivVYnJrSA7pmNF9kxNFFjeMqDgE7 -p x --kernel ckolivas -I 19 --no-submit-stale
X11 mining (General) : stratum+tcp://usd.minebitshares.com:5555
X11 mining (high diff) : stratum+tcp://usd.minebitshares.com:5556
X11 mining (fixed diff) : stratum+tcp://usd.minebitshares.com:5557

Example x11 command line (remember to change to your BTS key:
sgminer -o stratum+tcp://usd.minebitshares.com:5555 -u BTS6LntkCfDLvwPrr13az5kYmivVYnJrSA7pmNF9kxNFFjeMqDgE7 -p x --kernel darkcoin-mod -I 19 -w 64 --no-submit-stale

How Are Miners Rewared And How Often Are Payments Made?

MineBitShares credits miners for every share, so every submitted miner share is counted toward payments. Daily bonuses are paid to all miners in proportion to their contribution of shares.
Payouts occur every day usually around 14:00:00 UTC and are detailed along with the BitShares network txid in the  Payout Detail (http://pool.minebitshares.com/payouts) page
You can also confirm the payment transactions on the BitShares blockchain at BitSharesBlocks (http://bitsharesblocks.com/blocks) by entering your payout transaction id

Where Can I Exchange My Hard Earned BitUSD?

You can find out the most current list of BitUSD markets at CoinMarketCap BitUSD listing (http://coinmarketcap.com/assets/bitusd/#markets)

I've Got More Questions, Where Can I Go For Help?

Post your questions in the MineBitShares thread (https://bitsharestalk.org/index.php?board=87.0) at BitSharesTalk.org

Proposal Overview

MineBitShares primary purpose is to attract new users to BitShares and BitAssets by offering miners the most profitable multi-pool mining experience along with the stability and yield benefits of virtually mining BitAssets.

The delegate fees will be used to cover the infrastructure and running costs of running the pool, pool development (my time and bounties) and will allow the pool to continue to operate with a 0% pool fee to improve profitability and so attract new users.

This proposal is to replace the two current 3% minebitshares delegates with a single 100% delegate.

Business Case
The business case for supporting minebitshares is primarily based on the the value of the pool’s contribution to marketing BitShares to new users.

Since the pool relaunch 1 month ago and the change to BitUSD payouts, 0% pool fee and bytemasters bonus we’ve had some great results:

MineBitShares provided the most new registered accounts of all referrers in Feb see Adams update https://bitsharestalk.org/index.php?topic=14816.msg191888#msg191888, and rgcrypto's blog https://rgcrypto.wordpress.com for details.

And we’ve paid out over $5,870 in bitUSD in 946 separate payout transactions for the month.

We very much expect to continue to be a top referrer, converting crypto miners to BitShares/BitAssets users and community members.

A secondary business case is in supporting other BitShares community/delegate projects by providing liquidity and customers.

We’ve been testing and in discussions with the https://www.metaexchange.info team in using their service to source the payout BitAssets in exchange for the BTC the pool miners earn. Future plans could allow miners to be paid in any future asset supported by metaexchange including BitSilver.

And we’ve had discussions with Gentso1 of http://cryptosmith.info for cross-marketing and finding a way for miners to effectively mine physical Silver or Gold with payouts in BitSilver exchanged at cryptosmith.

Eventually referral and affiliate fees with integration partners such as metaexchange, cryptosmith may be enough to fund the pool operating costs and remove the need for delegate pay, while still keeping the pool fees at 0%.

Development and future plans

The pool development plans are all focussed on attracting new miners, increasing average pool hash-rate and earnings resulting in increased exposing to BitShares and BitAssets to the crypto community.

We’ve just completed the ‘MineBitShares free guide to boosting your X11 mining hashrate and profitability by up to 70%’ (http://pool.minebitshares.com/x11boost) a detailed step-by-step guide which will be marketed to the crypto community to attract new miners and users of bitshares. We’re working with rgcrypto and the team to help maximise the effectiveness of this immediate campaign.


The next focus for pool development is now to develop the pool profitability API which will enable us to be listed on the pool profitability comparison site http://poolpicker.eu. Essentially free-advertising which will show how profitable we are in comparison to the the big mining pools and so attract more miners and BitShares users.

Other developments plans include:

Marketing the pool to our Chinese community, potentially with a dedicated pool based in Asia with Chinese language support.
Pool integration with MetaExchage for BitUSD purchases and payouts with potential future payouts in any BitAsset supported by MetExchange.
SHA256 also mining support  to bring in a new set of miners and revenue stream
CryptoSmith affiliation to allow ‘MineBitShares miners to mine real Silver and Gold’
Pool usability improvements - worker payout history/searching, updated pool charts and stats.

How delegate funds will be used

Primarily to pay the infrastructure costs for the following, the AWS bill alone for all the pool /delegate infrastructure costs are currently averaging $550 US per month:

pool.minebitshares.com AWS hosting server
DDoS protection for pool.minebitshares.com
Uptime monitoring and alerting for pool.minebitshares.com
www.minebitshares.com hosting
pool.minebitshares.com (dev version) AWS hosting
www.minebitshares-com delegate AWS hosting
BTS seed nodes : auseednode 54.77.51.177, euseednode 54.79.27.224:1776 AWS hosting

The rest of the delegate funds will be used to fund my time developing/operating the pool and to help with paying bounties to help with pool development.

Pool operations/payouts currently take around 1.5hrs every day and development at least another 12 hours per week totalling at least 90 hours per month.

Call to action

Please vote for the new 100% minebitshares-reloaded delegate and update your slates.

And downvote the old www.minebitshares-com and www2.minebitshares-com 3% delegates.

Thanks for everyones continued support over the last 9 months, cheers, nethyb.

Here are some highlight of the MineBitShares bitUSD operations over the past week.

Paid out $1,527 BitUSD in 200 miner payouts for the week
Added 32 new pool miners for the week
17 new twitter followers for @minebitshares
x4 increase in pool hashrate for periods, with upto 18GH seen ocasionally.   
Was the most profitable mutipool for Scrypt and X11 mining on 4 occasion during the week (see charts below)
New update to the pool front page showing with live updates of pool/algo hashrate and no of miners:

Focus of next two weeks:
Start the 100% delegate campaign to upgrade/replace www.minebitshares-com delegates support the costs for the change made to 0% pool fee and attract dev/admin paid help
Enable the pool api to support BTC/MH/Day profitability listings on http://poolpicker.eu - already contacted
Creation of pool announcement and FAQ with Chinese language translation
Official pool announcement posting along with FAQ on bitcointalk
Post/tutorial on bitcointalk/pool website on how to increase your X11 GPU miner performance/profitability by 75% for zero cost. Will be a marketing draw card to the pool.


New Pool Front Page


Comparison of Scrypt profitability for the week -  MineBitshares vs Other MultiPools


Comparison of X11 profitability for the week -  MineBitshares vs Other MultiPools

Excellent #bitUSD equivalent profitability of 0.000214439 BTC/MH/Day for Scrypt and 0.000215437 BTC/MH/Day for X11.

Comparing well with the big boys...  http://poolpicker.eu/table?algo=scrypt




MineBitshares NOMP backend...