Bitcoin.com Mining Pool Official Discussion Thread

[nplamers]

@zowki I am currently mining on the auto profit pool and I was wondering if it was possible to choose PPS for BTC and PPLNS for BCH. It looks like I can only choose it for both, but not one for the other. Essentially, we have much much better luck when auto profit switches to BCH so PPLNS would be more profitable, but average luck when we are mining BTC, so it seems PPS might be a bit more profitable. Is this possible?

[zowki]

@zowki I am currently mining on the auto profit pool and I was wondering if it was possible to choose PPS for BTC and PPLNS for BCH. It looks like I can only choose it for both, but not one for the other. Essentially, we have much much better luck when auto profit switches to BCH so PPLNS would be more profitable, but average luck when we are mining BTC, so it seems PPS might be a bit more profitable. Is this possible?

Sorry, this is not possible.

Nobody can predict luck. We might get unlucky when mining BCH, or we might get luckier with BTC.

[nplamers]

@zowki I am currently mining on the auto profit pool and I was wondering if it was possible to choose PPS for BTC and PPLNS for BCH. It looks like I can only choose it for both, but not one for the other. Essentially, we have much much better luck when auto profit switches to BCH so PPLNS would be more profitable, but average luck when we are mining BTC, so it seems PPS might be a bit more profitable. Is this possible?

Sorry, this is not possible.

Nobody can predict luck. We might get unlucky when mining BCH, or we might get luckier with BTC.

Thanks for the info. Another question. When we do the profit calculator, is that with PPS or PPLNS? Because with near 100% luck on BTC, I'm not making what the calculator says I should, so I'm wondering if that is a PPS estimation. Thanks for all your hard work.

[zowki]

The calculator is for PPS.

[mel]

The same I thought synonymous. I have a Lifetime contract since September. The payouts are now 43% less than 50 days ago. At this speed the Lifetime Plan became unprofitable after 5 months.

Revenue is up in terms of dollars. Contracts are more profitable than before in terms of dollars.

Sept. 1. - my daily payout 17,95 dollar (BitcoinPrice= 4746 Dollar)
Oct. 27 - my daily payout 13,92 dollar (BitcoinPrice=5900 Dollar)

in my opinion this is not more profitable.
OK...thats risk.

I think mining is in a lot of trouble in general. We have seen hash rate come online faster and faster, possibly due to the temporary and unsustainable increased mining profits from the BTC/BCH chain split, and now we are facing quite a different B1X/B2X chain split that will likely decrease overall bitcoin value (B1X+B2X+BCH). It will be like 2013 when the price shot up 10-fold, people invested in mining equipment, and then price went way down and many miners couldn't make a profit.

At best, miners will shut down en masse and our pool.bitcoin.com contracts will make a bit more because of that.

[Fbernals]

What's going to happen after the 2X fork? Some (like coinbase) say they will split my BTC into BTC and B2X, and some say they will covert all my BTC into B2X. What's the wise thing to do before the fork? Some said we have to transfer our BTC to a wallet that won't support the 2X fork and use a manual method of getting the equivalency in B2X after the hard fork.

[zowki]

What's going to happen after the 2X fork? Some (like coinbase) say they will split my BTC into BTC and B2X, and some say they will covert all my BTC into B2X. What's the wise thing to do before the fork? Some said we have to transfer our BTC to a wallet that won't support the 2X fork and use a manual method of getting the equivalency in B2X after the hard fork.

If you are mining BTC now, you will automatically mine the Segwit2X chain after the hard fork. We will not support the Segwit1X chain after the hard fork.

Over 85% of the global hashrate has agreed to mine Segwit2X, so it is unlikely that the Segwit1X chain will survive. Please withdraw your BTC before the hard fork (approximately November 16th) if you want access to your Segwit1X coins.

[deltazulu]

I think mining is in a lot of trouble in general. We have seen hash rate come online faster and faster, possibly due to the temporary and unsustainable increased mining profits from the BTC/BCH chain split, and now we are facing quite a different B1X/B2X chain split that will likely decrease overall bitcoin value (B1X+B2X+BCH). It will be like 2013 when the price shot up 10-fold, people invested in mining equipment, and then price went way down and many miners couldn't make a profit.

I saw a solution to this posted on /r/btc earlier today:
https://theflippening.github.io/open-le ... her-miner/

I think this sounds quite good. It would be good to get the rest of the pool on board too.

[thallios]

Over 85% of the global hashrate has agreed to mine Segwit2X, so it is unlikely that the Segwit1X chain will survive. Please withdraw your BTC before the hard fork (approximately November 16th) if you want access to your Segwit1X coins.

Zowki, would you recommend that we turn our workers to mine only BCC as we approach the fork?

Otherwise, if we continue mining 1X up to the fork it seems there could be 1X coin that we mine at the last second that we wouldn't have access to afterward.

[farzin]

What's going to happen after the 2X fork? Some (like coinbase) say they will split my BTC into BTC and B2X, and some say they will covert all my BTC into B2X. What's the wise thing to do before the fork? Some said we have to transfer our BTC to a wallet that won't support the 2X fork and use a manual method of getting the equivalency in B2X after the hard fork.

I got an E-mail from Coinbase just now. It says "Any user storing Bitcoin on Coinbase at the time of the fork will be credited with an equal amount of the new Bitcoin2x asset on the Bitcoin2x blockchain. No action is required - we will automatically credit your account. If you have 5 Bitcoin stored on Coinbase before the fork, you will have 5 Bitcoin and 5 Bitcoin2x following the event".

[farzin]

I think mining is in a lot of trouble in general. We have seen hash rate come online faster and faster, possibly due to the temporary and unsustainable increased mining profits from the BTC/BCH chain split, and now we are facing quite a different B1X/B2X chain split that will likely decrease overall bitcoin value (B1X+B2X+BCH). It will be like 2013 when the price shot up 10-fold, people invested in mining equipment, and then price went way down and many miners couldn't make a profit.

I saw a solution to this posted on /r/btc earlier today:
https://theflippening.github.io/open-le ... her-miner/

I think this sounds quite good. It would be good to get the rest of the pool on board too.

Who wrote this blog? Why is there no author name? Are you asking the entire pool to act according to the wishes of an anonymous blogger?

[zowki]

Over 85% of the global hashrate has agreed to mine Segwit2X, so it is unlikely that the Segwit1X chain will survive. Please withdraw your BTC before the hard fork (approximately November 16th) if you want access to your Segwit1X coins.

Zowki, would you recommend that we turn our workers to mine only BCC as we approach the fork?

Otherwise, if we continue mining 1X up to the fork it seems there could be 1X coin that we mine at the last second that we wouldn't have access to afterward.

Your 1X coins will be converted to 2X coins at the hard fork.

[deltazulu]

Who wrote this blog? Why is there no author name? Are you asking the entire pool to act according to the wishes of an anonymous blogger?

I saw it posted https://www.reddit.com/r/btc/comments/7 ... m_another/ which seems to have a lot of community support. Maybe it has other mining pool support which makes continuing mining the Segwit1x/Segwit2x coins a bit risky. I don't know if your questions really matter. Who is "Satoshi Nakamoto"? He is anonymous also. You have invested a lot of time and money on a single paper he wrote. This proves it doesn't matter who ideas come from, it's the ideas themselves that matter. So think for yourself and make your own decision on what's best for you. Do you want to be profit switching between potentially 3 different "Bitcoin" chains by end of November each with a price of $0-2300? Sounds like a complete trainwreck. If a kingdom is divided against itself, that kingdom cannot stand. I think Ethereum or another altcoin may take the lead. Or do you want to be mining one Bitcoin with the best fundamentals which is worth maybe $7000? Which is going to earn you more money in the long run?

[farzin]

Who wrote this blog? Why is there no author name? Are you asking the entire pool to act according to the wishes of an anonymous blogger?

I saw it posted https://www.reddit.com/r/btc/comments/7 ... m_another/ which seems to have a lot of community support. Maybe it has other mining pool support which makes continuing mining the Segwit1x/Segwit2x coins a bit risky. I don't know if your questions really matter. Who is "Satoshi Nakamoto"? He is anonymous also. You have invested a lot of time and money on a single paper he wrote. This proves it doesn't matter who ideas come from, it's the ideas themselves that matter. So think for yourself and make your own decision on what's best for you. Do you want to be profit switching between potentially 3 different "Bitcoin" chains by end of November each with a price of $0-2300? Sounds like a complete trainwreck. If a kingdom is divided against itself, that kingdom cannot stand. I think Ethereum or another altcoin may take the lead. Or do you want to be mining one Bitcoin with the best fundamentals which is worth maybe $7000? Which is going to earn you more money in the long run?

I do think for myself, thank you very much. I do not need you to tell me to think for myself. Also I do not need you to try to force me to change my decisions. The issue is not "earn more money in the long-run", as you say. The issue is what will happen in the short-term, and what is happening in the short-term is that BTC is still more profitable to mine than BCC. Just look at the overall hashrate of pool.bitcoin.com. I track it every day. The simple truth is that right now, it would be less profitable for me to mine BCC than it is to mine BTC. End of story. Where do you get the end of November price of "$0 - $2,300"? Are there any facts behind it, or is it just speculation? Maybe you think BTC will be worth $0 by the end of November? You may turn out to be right, no one knows the future. But right now, if you say BTC will be worth $0 by the end of November, or BTC + B2X will be worth $0 by the end of November, on a public discussion board, you will be laughed out of town. For me, the issue has always been simple: I have mined some BCC so far, and I will continue to mine BCC when the time is right, but not because someone puts a questionable article in front of me and asks me to follow it immediately.

[thallios]

With the upcoming fork that is splitting off from Legacy BTC, would it be an advisable strategy to set our miners to BTC (even though BCC is currently considered more profitable) and then withdrawing all of our BTC before the fork so we can take advantage of the split?

I could be missing something, but it seems like the BTC/BCC profitability calculation is only considering the relative price and difficulty of those 2 currencies independent of the split.

Since we are getting an equal amount of the SegWit2X coin from our BTC, it seems (on the surface at least) to be more profitable in the long run to mine BTC to maximize how much 2X coin you get from the split. That is assuming you believe that 2X will gain traction.

[KevinMcKernan]

What is pool.bitcoin.com position on Bitcoin ABC? Will you adopt this EDA fork? Seems like a good idea to have in place before the 2X fork. The brief periods of 50 blocks/hour is accelerating the BCC inflation rate and hurts HODLers but perhaps benefits miners. We could see a lot of BTC->BCC mining shift Nov 17 while some miners wait to see which BTC fork survives. Without replay protection, and no EDA on 1X, I don't think it stands a chance. Likely a chain death spiral and long long block times post split. The challenge with BCC ABC is the 144 block average will disincentivized chain flipping as by the time you detect more profitable mining and execute the switch, the difficulty will likely switch back on you. May cement more miners to their pet chains?

[zowki]

We are running the latest version of Bitcoin ABC so we will follow the new difficulty adjustment algorithm fork.

[deltazulu]

I do think for myself, thank you very much. I do not need you to tell me to think for myself. Also I do not need you to try to force me to change my decisions. The issue is not "earn more money in the long-run", as you say. The issue is what will happen in the short-term, and what is happening in the short-term is that BTC is still more profitable to mine than BCC. Just look at the overall hashrate of pool.bitcoin.com. I track it every day. The simple truth is that right now, it would be less profitable for me to mine BCC than it is to mine BTC. End of story. Where do you get the end of November price of "$0 - $2,300"? Are there any facts behind it, or is it just speculation? Maybe you think BTC will be worth $0 by the end of November? You may turn out to be right, no one knows the future. But right now, if you say BTC will be worth $0 by the end of November, or BTC + B2X will be worth $0 by the end of November, on a public discussion board, you will be laughed out of town. For me, the issue has always been simple: I have mined some BCC so far, and I will continue to mine BCC when the time is right, but not because someone puts a questionable article in front of me and asks me to follow it immediately.

For short term profits I also have done the auto-profit switching thing, but I think I earn less in the end because by the time I've withdrawn my BTC to a wallet and then to an exchange I've had to pay about $10 in fees. It would be nicer if Bitcoin Cash with its low fees and guaranteed confirmations was the main surviving Bitcoin.

See also https://www.bitsonline.com/flippening-b ... -possible/.

Yours.org CEO Ryan X. Charles described the Flippening scenario as “ridiculed in the Bitcoin community” but “actually the most likely”. Bitcoin Cash is undervalued even at current prices and savvy whale investors may see an opportunity to make 10x gains on what they already have. Imagine Bitcoin were $600 again, with a guarantee it’d moon. Would you buy?

“Whales can cause The Flippening if they want to by buying Bitcoin Cash and selling Bitcoin,” Charles said in the video above.

It’s definitely not a crazy idea. Prominent and powerful figures in the mining industry, including Bitmain’s Jihan Wu has criticized SegWit and its Blockstream backers. BTC.TOP’s Jiang Zhuoer even called current Bitcoin a Ponzi scheme, saying: “to be honest I do not care about Bitcoin now, Bitcoin Cash is Bitcoin. I earn by mining Bitcoin, selling it, and buying Bitcoin Cash”.

It’s possible The Flippening has already happened, or at least begun. Some long-timers have told Bitsonline quietly that they’ve divested completely from BTC and gone 100 percent into Bitcoin Cash.

[zepto]

So... 6 months in and my lifetime contracts are in profit to the tune of 140% of the original USD value - and with no sign of becoming unprofitable.

You may rightly point out that had I just held that coin, it would have been "worth more". But since I've not actually converted anything back to fiat, there's a different game in town: I've mined 40% of the BTC that I put in as BTC at the start, but also 140% in BCH of that original stake.

Pretty happy overall. Coupled with the great service, that's a win for me.

Thank you pool.bitcoin.com! (and a special call-out to Shaun who has done awesome work).

[mel]

I think mining is in a lot of trouble in general. We have seen hash rate come online faster and faster, possibly due to the temporary and unsustainable increased mining profits from the BTC/BCH chain split, and now we are facing quite a different B1X/B2X chain split that will likely decrease overall bitcoin value (B1X+B2X+BCH). It will be like 2013 when the price shot up 10-fold, people invested in mining equipment, and then price went way down and many miners couldn't make a profit.

I saw a solution to this posted on /r/btc earlier today:
https://theflippening.github.io/open-le ... her-miner/

I think this sounds quite good. It would be good to get the rest of the pool on board too.

I love that they get all of the problems with BTC out there, and agree with everything in that letter... Except the conclusion :p I think it would be better for bitcoin if BCH won gradually in the free market, and at this point I have no doubt that it will win in time. If the price inversion is slow, there will be less confusion over WHY it won, and BSCore can't as easily shout foul play. This will minimize damage to the bitcoin brand and speed up bitcoin's adoption, resulting in a higher BCH value sooner.

I doubt that the Nov 10 forced flippening will happen, as miners (including myself) really do follow profitability incentive, and mining BTC then selling in the market is how to "vote" for BCH when BTC is more profitable. I am a deep believer of Satoshi's idea that the "better" bitcoin is determined by the free market, and I can vote there with my mined BTC. No need to ever mine the less profitable chain for BCH to win.

[mel]

For short term profits I also have done the auto-profit switching thing, but I think I earn less in the end because by the time I've withdrawn my BTC to a wallet and then to an exchange I've had to pay about $10 in fees.

I know I just replied that I will mine the more profitable chain, but lately I haven't been getting to market fast enough to trade my BTC for the greater profit :p PLUS there's the BTC fee issue. So in my case if they're close, BCH makes me more money. I put it permanently on BCH for now.

[bangteh]

For short term profits I also have done the auto-profit switching thing, but I think I earn less in the end because by the time I've withdrawn my BTC to a wallet and then to an exchange I've had to pay about $10 in fees.

I know I just replied that I will mine the more profitable chain, but lately I haven't been getting to market fast enough to trade my BTC for the greater profit :p PLUS there's the BTC fee issue. So in my case if they're close, BCH makes me more money. I put it permanently on BCH for now.

ya just click "auto button" to automatically mine the most profitable coin if u need dollar for me i will choose more dollar because our country malaysia rate is quite low which is usd$1 equal to RM4.2 ....i hope our country will remain low and keep low while i have alot more dollar

[Undelicious]

Will there be a possibility in the future to set the transaction fee dynamically instead of using the default one?

[zowki]

Will there be a possibility in the future to set the transaction fee dynamically instead of using the default one?

The transaction fee is already set dynamically based on network congestion.

We use this fee API: https://bitcoinfees.earn.com/

[kevinm]

Your 1X coins will be converted to 2X coins at the hard fork.[/quote]
This is fraudulent. You have no right no convert 1X coins into 2X coins.

Furthermore, why are you forcing us to mine B2X? bitcoin.com may have signed the NYA, but I didn't, and I would rather continue mining BTC.

[bangteh]

Your 1X coins will be converted to 2X coins at the hard fork.

This is fraudulent. You have no right no convert 1X coins into 2X coins.

Furthermore, why are you forcing us to mine B2X? bitcoin.com may have signed the NYA, but I didn't, and I would rather continue mining BTC.[/quote]


pls some expert explain to him, looks like he dont know ...

[bitkilo]

Your 1X coins will be converted to 2X coins at the hard fork.
This is fraudulent. You have no right no convert 1X coins into 2X coins.

Furthermore, why are you forcing us to mine B2X? bitcoin.com may have signed the NYA, but I didn't, and I would rather continue mining BTC.

Hello,

The Bitcoin.com mining pool has chosen to follow the 2x chain is because that is the chain we believe has the most support and the chain that the majority of miners will follow, we do not want our customers to get left behind mining a chain that most miners have indicated to be leaving.

We must emphasize that we will give our users the choice to mine either chain if both chains survive, we aren't forcing users to mine only one chain and all customers still have the choice to mine Bitcoin Cash (BCH) either during the interim or after the fork if they do not wish to mine on the 2x chain.

Our priority for our cloud mining customers is giving the freedom of choice and maximizing profit.

We will make sure customers will be able to mine the 1X chain if it survives.

Bitcoin.com has been one of the only pools to even released a statement to our users and the public indicating what the mining pool plans to do in the wake of the Segwit2x fork, we have yet to see statements from some of the biggest pools about their intentions and i find that much more concerning.

Regards: bitkilo.

[zowki]

This is fraudulent. You have no right no convert 1X coins into 2X coins.

Furthermore, why are you forcing us to mine B2X? bitcoin.com may have signed the NYA, but I didn't, and I would rather continue mining BTC.

We are not forcing you to mine only one chain. We will give you the choice to mine the 1X chain if it survives.

We will credit your 1X coins if the 1X chain survives.

[GreyWyvern]

Over 85% of the global hashrate has agreed to mine Segwit2X, so it is unlikely that the Segwit1X chain will survive. Please withdraw your BTC before the hard fork (approximately November 16th) if you want access to your Segwit1X coins.

Hi zowki,

How does this change your plans?
https://lists.linuxfoundation.org/piper ... 00685.html

[farzin]

Over 85% of the global hashrate has agreed to mine Segwit2X, so it is unlikely that the Segwit1X chain will survive. Please withdraw your BTC before the hard fork (approximately November 16th) if you want access to your Segwit1X coins.

Hi zowki,

How does this change your plans?
https://lists.linuxfoundation.org/piper ... 00685.html

Here is the full announcement:

"The Segwit2x effort began in May with a simple purpose: to increase the
blocksize and improve Bitcoin scalability. At the time, the Bitcoin
community was in crisis after nearly 3 years of heavy debate, and consensus
for Segwit seemed like a distant mirage with only 30% support among miners.
Segwit2x found its first success in August, as it broke the deadlock and
quickly led to Segwit’s successful activation. Since that time, the team
shifted its efforts to phase two of the project - a 2MB blocksize increase.

Our goal has always been a smooth upgrade for Bitcoin. Although we
strongly believe in the need for a larger blocksize, there is something we
believe is even more important: keeping the community together.
Unfortunately, it is clear that we have not built sufficient consensus for
a clean blocksize upgrade at this time. Continuing on the current path
could divide the community and be a setback to Bitcoin’s growth. This was
never the goal of Segwit2x.

As fees rise on the blockchain, we believe it will eventually become
obvious that on-chain capacity increases are necessary. When that happens,
we hope the community will come together and find a solution, possibly with
a blocksize increase. Until then, we are suspending our plans for the
upcoming 2MB upgrade.

We want to thank everyone that contributed constructively to Segwit2x,
whether you were in favor or against. Your efforts are what makes Bitcoin
great. Bitcoin remains the greatest form of money mankind has ever seen,
and we remain dedicated to protecting and fostering its growth worldwide.


Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik
Voorhees"