"For free"? Are you kidding me? You charge $299/$399(!) per TH/s and on top of that $0.28 fee. And you call it providing the service "for free". It doesn't matter whether you call it pool fee, daily fee or any other fee. You have broken the contract we all agreed to.I'm reading all your feedback and I understand.
As our pool grows, we require more pool servers and we cannot provide this service for free and charge 0% fees anymore. Especially since BCH has not much transaction fee reward at the moment. We still have the lowest PPS fees compared to every other pool even after this change.
There's a button to show them on the page to purchase a contract:Granted there is no actual stated contract (that I can find)
Cloud Mining Terms and Conditions
You (the "Customer") agree with the following terms and conditions for the provision of mining services (the "Agreement") made as of today; between :
1. Saint Bitts, a limited liability company in the Federation of St Kitts and Nevis (“St Bitts”, “Bitcoin.com Pool”, “Service Providers”, “us” or “we”, St Bitts); and
2. You, the Customer.
1.0. Purchasing
1.1. Purchasing Fees
Customer may elect to pay the purchasing fees of this contract using either Bitcoin or bank wire transfer. Purchasing fees shall be paid at the initiation or beginning of the contract.
1.2. Purchasing with Bitcoin
If Customer elects to pay using Bitcoin, the fees shall be calculated using the Bitpay.com Bitcoin-to-USD ($) exchange rate. After Customer chooses to send this transaction, Customer will have 30 minutes from the time of initiation to send the Purchasing Fees of the unconfirmed transaction. If no Purchasing Fees for the unconfirmed transaction are received after 30 minutes, the user must click “Update price” to receive an updated Bitcoin exchange rate and then attempt payment using the new rate. This contract will activate automatically after the transaction is confirmed.
1.3. Purchasing with bank wire transfer
St Bitts shall only accept bank wire transfer for purchases over US$1,000. This contract activates manually after St Bitts confirms bank account receipt of funds.
2.0 Contract Activation
After contract activation, a new worker for each contract will be added to the workers page on the website.
Hashrate will appear in Customer’s account within one (1) minute after contract activation, but it may take ten (10) minutes for hash rate statistics show accurate numbers because St.Bitts measures hash rate using a ten (10) minute average.
3.0 Revenue
Customer may only receive PPS (Pay Per Share) payments while a contract is active. Customer will receive 13980 shares per minute per TH/s. PPS payments are subject to our block reward bonus which St Bitts reserves the right to change at any time. PPS rewards will be credited to the users pool balance at 6:00AM UTC. Customer may choose to withdraw their revenue automatically or manually as long as their balance exceeds 0.01 BTC.
4.0 Fees
Daily fees are subtracted from Customer’s pool balance at 6:00AM UTC every day. If contract PPS revenue for the day is lower than daily fees, daily fee will be lowered to the same as the revenue amount. This ensures Customer does not end up with a negative balance. Fees will be pro-rated for the first and last day
5.0 Contract termination
Contract will terminate on the contract expiry date. Contract can terminate before the expiry date if it is not profitable for 60 days (contract revenue is less than contract fees for 60 days)
“Lifetime” contracts do not have an expiry date but will still terminate if not profitable for 60 days.
6.0 Refunds and Exchanges
By default, St Bitts does not allow refunds or exchanges after a contract has been fully paid. We reserve the right to make a decision on refunds or exchanges.
7.0 Limitation of Liability
Without detriment to the Service Providers (St Bitts’) obligation to render the Services on a commercially reasonable basis only, any liability of the Service Provider hereunder and or in connection with this Agreement shall be limited to willful misconduct and gross negligence. Further, the Service Provider shall not be liable for any damages incurred by the Customer as a result of force majeur which shall include any disruption or breakdown of the Bitcoin market. We make no guarantees, warranties or representations whatsoever as to (a) the future value of any Bitcoins produced; nor (b) the rate at which Bitcoins will be produced in the future applying particular hash rates, pursuant to any Bitcoin Cloud Mining Contract purchased by you.
8. Governing Law, Language and Miscellaneous
8.1 These Terms of Service have been made in and shall be construed and enforced in accordance with Hong Kong law. Any dispute or difference arising out of or in connection with this contract shall be referred to and determined by arbitration under the Electronic Transaction Arbitration Rules of the Hong Kong International Arbitration Centre. Hong Kong shall be the seat of arbitration and any such dispute shall be resolved at the Hong Kong International Arbitration Center by a single arbitrator.
8.2 Correspondence should be sent to pool@bitcoin.com
8.3 The English version shall control in the event there is a discrepancy between any English version and any translation.
8.4 The terms of the Privacy Policy are incorporated herein. These terms shall control in the event there is a discrepancy between these terms and the Privacy Policy.
9.0 These Terms and Conditions are subject to change without notice.
Point still standing, the nature of fees is not dictated within the contract, only that any such fees would be taken at 6am when the earnings are distributed and would not exceed the earnings should the earning drop below the fees. Even so, there was the expectation that the fees would be $0.28/Th, and when signing into a program that can't exactly be canceled, there is an expectation that any associated fees would remain the same for that specific purchase.There's a button to show them on the page to purchase a contract:Granted there is no actual stated contract (that I can find)
Cloud Mining Terms and Conditions
......
If the earnings were to be broken out between existing cloud miners and hardware miners, on the cloud contracts alone, what is the loss being seen? If the 2% were limited to hardware miners (which as I understand would still be a lower fee than most other pools) and new cloud contracts, would the losses be recovered in that instance?Our pool loses money while mining BCH since we charged 0% fees and there are not much transaction fee rewards. 2% fee is required to keep our services sustainable.
We were able to charge 0% fees in the past because we made some money off the BTC transaction fee reward. This is no longer the case with BCH. We are mining BCH most of the time these days since it's more profitable for users on our pool.
Our pool loses money while mining BCH since we charged 0% fees and there are not much transaction fee rewards. 2% fee is required to keep our services sustainable.
We were able to charge 0% fees in the past because we made some money off the BTC transaction fee reward. This is no longer the case with BCH. We are mining BCH most of the time these days since it's more profitable for users on our pool.
We have the same idea. We are planning to automatically distribute a percentage of the block reward.Our pool loses money while mining BCH since we charged 0% fees and there are not much transaction fee rewards. 2% fee is required to keep our services sustainable.
We were able to charge 0% fees in the past because we made some money off the BTC transaction fee reward. This is no longer the case with BCH. We are mining BCH most of the time these days since it's more profitable for users on our pool.
"We are mining BCH most of the time these days"
The only reason BCH is mined more on this pool is because there is because we aren't being paid much (any?) of transaction fee rewards for BTC blocks. If you tweak the transaction fee reward so it's a 50-50 split of the transaction fees in BTC blocks (good idea to implement the same for BCH fees to future-proof it) between the pool and the miners (instead of a flat 5% on top of the block reward, the profitability calculator could use the fee percentage of the previous few blocks averaged to calculate) to make sure we mine BTC more often when transaction fee rewards are high. When transaction fees are at 30% of the block reward would you rather your pool be mining BCH and getting 2% fees off of us or have the pool mine BTC and get 15% more for yourself AND your customers? I'm pretty sure you guys as well as the customers end up with more profits this way, especially if the transaction fee rewards for BTC stay above 10% of the block reward consistently, as they have been lately. https://fork.lol/reward/feepct
With the way it's setup now we're all bleeding money just for the sake of mining BCH 70-80% of the time instead of 50% of the time. I like supporting on-chain scaling as much as the next guy but not at the expense of a potential 5-15% more profit (for us and you, remember). BCH will be fine with slightly less hash power on average (the DAA can handle it) and those who prefer either coin can always trade their earnings easily.
Awesome. Just keep in mind the higher percentage you give to us the more often it will be more profitable for everyone, if you pay more of the block fee rewards than other pools we will naturally mine BTC more often (could get up to 60-80%?) netting the miners and the pool more profit. I'd imagine the sweet spot to get the most out of it would be around 75% paid to miners. If we were only paid 50% we would probably mine about half of the BTC blocks we could have with 75% since it would make the pool mine BTC more, pool profit ends up being the same about half of the reward per block but double the blocks. It might even be a good idea to just give us 100% of the block fee rewards and charge us a 4% flat fee on the pool instead of 2%. I don't think people would have a problem with that.We have the same idea. We are planning to automatically distribute a percentage of the block reward.
I don't have a specific ETA at the moment but I am planning to implement it later.
100% of the transaction fee goes to the transaction itself.Something else I wasn't going to bring up before since I figured we were getting a good enough deal, I don't think it's right how much we're paying in BTC withdrawal fees. I understand that transactions cost a lot when fees are high but we are paying a lot more than it costs the pool to send them anyway. See this withdrawal tx: https://blockchain.info/tx/153712d7f03e ... 60c28e6c70
Every one of those 349 addresses paid 0.002 BTC to withdraw which makes a total of 0.698BTC, and the transaction itself paid a fee of 0.0557BTC. That means the pool paid itself 0.6423BTC, or about $5140 USD worth of BTC to process a single withdrawal transaction, and only 8% of the "transaction fee" you are charging actually goes to the transaction itself.
Oh awesome! You should put a note about it on the withdrawal page, I just assumed it was always what it said there. I just checked and I was charged accordingly to that transactions fee.100% of the transaction fee goes to the transaction itself.Something else I wasn't going to bring up before since I figured we were getting a good enough deal, I don't think it's right how much we're paying in BTC withdrawal fees. I understand that transactions cost a lot when fees are high but we are paying a lot more than it costs the pool to send them anyway. See this withdrawal tx: https://blockchain.info/tx/153712d7f03e ... 60c28e6c70
Every one of those 349 addresses paid 0.002 BTC to withdraw which makes a total of 0.698BTC, and the transaction itself paid a fee of 0.0557BTC. That means the pool paid itself 0.6423BTC, or about $5140 USD worth of BTC to process a single withdrawal transaction, and only 8% of the "transaction fee" you are charging actually goes to the transaction itself.
We don't charge exactly 0.002 BTC withdrawal fee, that is only an approximation that we display on our website. We charge withdrawal fees dynamically through this API: https://bitcoinfees.earn.com/
You can check the fees on the transactions page: http://console.pool.bitcoin.com/transactions
To simplify the accounting, I reduced the BCH block reward to 98% instead of introducing a 2% fee.
BTC block reward remains the same at 105%.
We're still the highest paying BCH pool even after lowering the block reward. ViaBTC and BTC.com pays a 96% BCH block reward.
Thanks for not adding the fee to BTC too, but do you understand how the pool would make more in BTC fees for itself and the miners due to more BTC blocks if you paid more block rewards for BTC than 5%? I don't think the 2% handicap to BCH is enough, as the DAA makes BCH hashrate more stable this pool will mine it less because the profitability swings wont be as large, which will give less opportunity to switch to BTC for those fee profits.To simplify the accounting, I reduced the BCH block reward to 98% instead of introducing a 2% fee.
BTC block reward remains the same at 105%.
We're still the highest paying BCH pool even after lowering the block reward. ViaBTC and BTC.com pays a 96% BCH block reward.
Thank you for your suggestions. I'm thinking about how to implement this.After thinking about this some more I think honestly the best thing would be to just give the miners 100% of the transaction fee rewards from both coins and then make whatever PPS and PPLNS fee % you think is fair for both coins (but the same fee % for each, important so it actually mines the most profitable coin). That way the auto switcher uses the entire block reward to decide what to mine instead of arbitrarily using 105% and 98% of the respective block rewards without considering transaction fee rewards at all.
Thanks ZowkiThank you for your suggestions. I'm thinking about how to implement this.
The auto-profit switcher will need to predict what the future block rewards will be. That could tricky. Perhaps it could use the average block reward over the last 24 hours.
That's not very smart. If you like Bitcoin more you should still be auto-profit switching and then selling your BCH for BTC to make more. You can even setup a re-usable shapeshift address for your BCH withdrawals so you get your BCH withdrawals in BTC (converted) at the time of the withdrawal.I'm NEVER going to switch to BCH. I ONLY bought my contract for BTC Profits in the first place. I would rather loose all my contracts and just take my profit. There are too many ALT's to choose from if I'm looking for the best gains... I'm just using this platform for perpetual BTC gains...
Not sure I like this at all. Why not just take 2% from the BTC bonus rewards e.g. 100% BCH, 103% BTC? Already BCH mining rewards are not that flash with the new DAA. Why is the pool propping up mining on the Block[The]Stream Banker Hijacked High Fee coin? Wasn't it Roger that said if SegWit2x doesn't go through he'd be diverting all company resources behind BCH? Seems this move disincentivises mining BCH for everyone in the pool. BCH already has barely any hash power on the network (<1 Exahash most of the time). It's time to incentivise the mining support behind it too so we get a constant hash rate behind it. I say take BTC's bonus reward and put it on BCH e.g. 103% BCH, 100% BTC. Take what you need to keep the pool running from the remaining BTC fees. I don't know who the Unknown miner/s is made up of on the BCH network, but they sure are the real MVP behind BCH. Without them it would be a dead chain. All these auto profit switching pools would leave it without any power for huge lengths of time. I had to wait an hour and 40 minutes for a single confirmation on a transaction a few days ago. An absolute shambles. We could easily be supporting BCH with a constant 20%+ of the mining power. Or you know, if you want to sabotage BCH, just set the BCH block reward down to 98% and make everyone mine the BlockStream banker triple layer side chain high fee tether backed ponzi scheme which is what BTC has become.To simplify the accounting, I reduced the BCH block reward to 98% instead of introducing a 2% fee.
BTC block reward remains the same at 105%.
Miners are already incentivized to mine BCH on our pool. We are the highest paying BCH pool in the world by providing a 98% block reward.Not sure I like this at all. Why not just take 2% from the BTC bonus rewards e.g. 100% BCH, 103% BTC? Already BCH mining rewards are not that flash with the new DAA. Why is the pool propping up mining on the Block[The]Stream Banker Hijacked High Fee coin? Wasn't it Roger that said if SegWit2x doesn't go through he'd be diverting all company resources behind BCH? Seems this move disincentivises mining BCH for everyone in the pool. BCH already has barely any hash power on the network (<1 Exahash most of the time). It's time to incentivise the mining support behind it too so we get a constant hash rate behind it. I say take BTC's bonus reward and put it on BCH e.g. 103% BCH, 100% BTC. Take what you need to keep the pool running from the remaining BTC fees. I don't know who the Unknown miner/s is made up of on the BCH network, but they sure are the real MVP behind BCH. Without them it would be a dead chain. All these auto profit switching pools would leave it without any power for huge lengths of time. I had to wait an hour and 40 minutes for a single confirmation on a transaction a few days ago. An absolute shambles. We could easily be supporting BCH with a constant 20%+ of the mining power.
Did you factor in that you paid with pre-fork BTC, which contained equal amounts of both post-fork BTC and BCH?So, now that BCH has risen from $350 to $1,200 per coin (and Bitcoin.com is mining them like gangbusters!) I decided to redo my calculations to see where I'm at wrt profitability on my cloud mining contracts.
It's impossible now to gauge how much exactly you've profited in terms of Bitcoin (initial buy-in currency) now that you can mine both BTC and BCH. These currencies float against each other so you're always going to have to include some exchange when doing a final tally.
I'm happy to say though, assuming a BCH -> BTC exchange rate of 0.14586 (from Kraken) and converting all by BCH gains to BTC, I've made a profit (in terms of BTC) of over 21%! And there is still almost a month left in my plans! In retrospect, I picked a great time to buy these contracts; I'm not sure such an opportunity will ever come around again.
In the future, I'd like to see the Current Daily Returns value for contracts in both BCH and BTC. As someone who believes BCH is the real Bitcoin and that BTC's value will probably fall in the coming months, knowing the return in BCH would better help me calculate if a plan is a good deal or not.
Thanks, you guys, for this opportunity!
You can use sub-accounts to do this. You can set one account to PPS and one to PPLNS.Hello. I want to choice between PPS or PPLNS for BTC or BCH separately. Please, give us option to choose one or the other for each currency. Thanks.
Yes, but in auto-profit mode (stratum+tcp://profit.pool.bitcoin.com:3333) this not work. I mine from nicehash, one url one account.worker.You can use sub-accounts to do this. You can set one account to PPS and one to PPLNS.Hello. I want to choice between PPS or PPLNS for BTC or BCH separately. Please, give us option to choose one or the other for each currency. Thanks.
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