Author Topic: MineBitShares.com - A virtual mining multi-pool for BitShares  (Read 59511 times)

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Offline Brekyrself

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Offline nethyb

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[/quote]
VERY impressive! maybe I will get some mining power somewhere ... what POW algo will be available first?
[/quote]

Initially Scrypt and X11, and it's quite straightforward to add SHA256 if there is enough demand...


Offline xeroc

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  • Developed detailed tracking of BTSX miner share contributions and POW coin block/reward crediting
  • Full integrated the BitSharesX client for auto BTSX payouts and miner authentication
  • Improved auto exchange transfer for matured POW blocks
  • Able to connect to the pool using either a registered or unregistered (which provides an extra level of anonymity) BTSX account key.
  • Pool website customized for MineBitshares.com
VERY impressive! maybe I will get some mining power somewhere ... what POW algo will be available first?

Offline nethyb

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UPDATE 2:
Apologies for the lack of updates, even with dedicating all my spare time to pool development (and trying :-\ to keep the delegates updated) progress has been slow, although...

The good news is - The pool will be open in beta form in three weeks (18/19th October), which is after I come back from a family vacation.

Recent Progress:
  • Developed detailed tracking of BTSX miner share contributions and POW coin block/reward crediting
  • Full integrated the BitSharesX client for auto BTSX payouts and miner authentication
  • Improved auto exchange transfer for matured POW blocks
  • Able to connect to the pool using either a registered or unregistered (which provides an extra level of anonymity) BTSX account key.
  • Pool website customized for MineBitshares.com
There is still an awful lot of work to be done before I would consider it being feature complete, such as...
Estimating and reporting current round payouts for each worker in BTSX
Historical reporting of BTSX payouts.
Summary charts and stats for the mining algos - X11, Scrypt etc , rather than individual POW coins

But we'll get it up running first with the core functionality and allow folks to earn BTSX with their mining rigs while I continuously develop and improve to expand out the capability.

See you all in 3 weeks time...

Offline Shentist

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do you only collect BTSX from your own delegates?

maybe you can provide a solution for BTSX holders to sell there BTSX to the miners. anyone wins. BTSX gets a new distribution channel and interested miners can mine BTSX and you can scale it up much bigger as from just 2 delegates.

Offline cube

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Toast,

In the short term you would be right but I don't think most people here are considering the long term strategic implications of what Minebitshares can become. It's a marketing method because it does encourage people to buy BTSX, but it also markets the BitAssets. It's also capable of becoming something more if you think about things strategically.

Once miners get into the Bitshares ecosystem through the mining pool they can earn interest, trade, do all sorts of exclusive stuff. So why are we going to encourage people to go to a central exchange to trade coins they mined when we can turn the mining pool into an exchange, or even into a Gateway someday?

So from a strategic perspective Minebitshares is the perfect on-ramp into the ecosystem. Depending on how successful it is and how many Litecoin miners mine on it there are many possibilities.

This can be a good way to bring in the POW-miners/diehards.  Hope to hear some news on the progress.
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Offline speedy

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Offline luckybit

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Toast,

In the short term you would be right but I don't think most people here are considering the long term strategic implications of what Minebitshares can become. It's a marketing method because it does encourage people to buy BTSX, but it also markets the BitAssets. It's also capable of becoming something more if you think about things strategically.

Once miners get into the Bitshares ecosystem through the mining pool they can earn interest, trade, do all sorts of exclusive stuff. So why are we going to encourage people to go to a central exchange to trade coins they mined when we can turn the mining pool into an exchange, or even into a Gateway someday?

So from a strategic perspective Minebitshares is the perfect on-ramp into the ecosystem. Depending on how successful it is and how many Litecoin miners mine on it there are many possibilities.
« Last Edit: September 10, 2014, 10:47:27 am by luckybit »
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Offline toast

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@arhag  Are miners making rational investment decisions anyway? They want to "work for it".

edit:  yes:
Quote
Edit: I don't know. Maybe there is some weird psychological marketing voodoo going on that I cannot comprehend. Perhaps it would be attractive to people still on the fence about POW vs DPOS. I still think that if you think mining still has some value for the time being, it makes more sense to mine on a well established mining pool and then trade your BTC for BTSX on an exchange
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Offline cryptillionaire

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It drives the price of another crypto down whilst pushing the price of btsx up, I support it.

So does simply selling the other crypto tokens for BTSX. The people mining on MineBitShares support BitShares enough to want to hold on to BTSX. If they already support it they can trade on an exchange directly and cut out the middleman.

Edit: I don't know. Maybe there is some weird psychological marketing voodoo going on that I cannot comprehend. Perhaps it would be attractive to people still on the fence about POW vs DPOS. I still think that if you think mining still has some value for the time being, it makes more sense to mine on a well established mining pool and then trade your BTC for BTSX on an exchange.
It's simply just a shortcut from mining hardware directly to btsx, rather than btsx -> whatever is the most profitable coin -> marketplace -> btc -> btsx.

Offline arhag

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It drives the price of another crypto down whilst pushing the price of btsx up, I support it.

So does simply selling the other crypto tokens for BTSX. The people mining on MineBitShares support BitShares enough to want to hold on to BTSX. If they already support it they can trade on an exchange directly and cut out the middleman.

Edit: I don't know. Maybe there is some weird psychological marketing voodoo going on that I cannot comprehend. Perhaps it would be attractive to people still on the fence about POW vs DPOS. I still think that if you think mining still has some value for the time being, it makes more sense to mine on a well established mining pool and then trade your BTC for BTSX on an exchange.
« Last Edit: September 09, 2014, 12:17:19 pm by arhag »

Offline cryptillionaire

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MineBitShares.com - A virtual mining multi-pool for BitSharesX
Making the unminable, mineable! - Coming Soon



I'm initiating a delegate campaign to support MineBitShares.com.

MineBitShares.com is a mining pool which will direct the miners hashing power to mine the most profitable traditional POW based crypto currencies that is automatically exchanged for BTSX and paid daily to miners.

It’s likely the pool will help attract and retain new members of the crypto community to BitShares, and by automatically selling other crypto currencies to buy BitSharesX, it’ should also have a positive effect on the price.

Am I the only one who doesn't get the appeal of this? You are essentially acting like a middleman in the exchange between the POW tokens and BTSX. Is this just for people who don't want to bother with the "trouble" of trading their POW tokens (mined from an already well established mining pool) for BTSX on an regular exchange? Besides, if a POW miner actually believes in BTSX enough (or even just DPOS) to want to earn BTSX instead of the POW tokens, I would think their smartest move would be to sell their ASICs while they still can.
It drives the price of another crypto down whilst pushing the price of btsx up, I support it.