Bitcoin.com Mining Pool Official Discussion Thread

[rogerver]

Is there any update as to when cloud mining will be offered? (referring to https://twitter.com/rogerkver/status/85 ... 84/photo/1 )

We are ready for some additional beta testers for this service.
Just email us at pool@bitcoin.com with your Pool user ID and we will enable it for your account.

[rogerver]

Data clearly shows that anyone switching to pool.bitcoin.com from F2Pool or BTCC will earn significantly more money.
The above data was obtained by pointing the same number of miners, in the same data center, to each pool, and then recording the results.
We also pay significantly more than Slush, but they have a different payout structure so we need a bit more data before we can publish that comparison. Bitfury's pool isn't open to the public, so we don't have any data there either. Please help spread the word to any miner you know mining on F2P, BTCC, or anywhere else for that matter.

[beh0211]

Regarding the cloud mining subscription, I see that the contract will be terminated if revenue < daily fee for 7 days. What is the possibility to have this to happen? If BTC dropped more than 50%?

[rogerver]

Regarding the cloud mining subscription, I see that the contract will be terminated if revenue < daily fee for 7 days. What is the possibility to have this to happen? If BTC dropped more than 50%?

For the lifetime contract it is almost certain to do this at some point in the future.
It is just a question of how far into the future.

[rogerver]

[GreyWyvern]

Complete mining noob here...

Grats on the implementation of the cloud mining pool. So I have bought a bit of hashrate from you for a month to test and see what all the fuss is about. To buy 5.0TH/s for a month I paid ~0.046 BTC (with network fee). On my account page it says that the estimated 24hr revenue is 0.00247159 BTC. With daily fees subtracted that is probably around 0.00170 BTC per day. Which means my total (estimated) revenue for 30 days is 0.051 BTC or 0.005 BTC more than I paid. A return of about 10%.

Since I can pay in BTC, this seems kind of like "free money." Commit X BTC to you for 30 days and receive X+10%. I mean, what reason would I have *not* to commit my entire BTC stash to you to get it all back plus 10% every 30 days? Sounds too good to be true... but is it?

Can you give me an explanation (or point me to one already online) that describes the details about what buying hashrate from you actually does to benefit *you*? What exactly am I buying? If you already have the hashrate, how does it benefit you to rent it out when you could just use it yourself?

Sorry if this sounds unreasonably obtuse. Just trying to wrap my head around it.

[bitcoindenmark]

Cloud mining is officially open! Check it out: https://pool.bitcoin.com

I can not get in ?

[GreyWyvern]

Cloud mining is officially open! Check it out: https://pool.bitcoin.com

I can not get in ?

Yes, it does seem overtaxed. Randomly up and down.

[bitcoindenmark]

its only possible to pay with bitcoin, if new people come, credit card is a most, just do same as genesis, 30 days no withdraw option = cashback not a risk.

[RufusYoakum]

It seems there is no hashrate left available to buy? Are you considering adding some soon?

[rogerver]

It seems there is no hashrate left available to buy? Are you considering adding some soon?

We have added a bit more now.
Give it at try! pool.bitcoin.com

its only possible to pay with bitcoin, if new people come, credit card is a most, just do same as genesis, 30 days no withdraw option = cashback not a risk.

We are working on this too. For now, you can buy Bitcoin with a credit card here.
Or you can find an exchange in your country here.

[rogerver]

Complete mining noob here...

Grats on the implementation of the cloud mining pool. So I have bought a bit of hashrate from you for a month to test and see what all the fuss is about. To buy 5.0TH/s for a month I paid ~0.046 BTC (with network fee). On my account page it says that the estimated 24hr revenue is 0.00247159 BTC. With daily fees subtracted that is probably around 0.00170 BTC per day. Which means my total (estimated) revenue for 30 days is 0.051 BTC or 0.005 BTC more than I paid. A return of about 10%.

This isn't quite accurate because there will be at least one difficulty adjustment in that period, so the daily reward will drop a bit in terms of Bitcoin.

Since I can pay in BTC, this seems kind of like "free money." Commit X BTC to you for 30 days and receive X+10%. I mean, what reason would I have *not* to commit my entire BTC stash to you to get it all back plus 10% every 30 days? Sounds too good to be true... but is it

Your returns wont be quite that good due to the difficulty adjustments, but we would love to hear back on your experience 30 days from now.

Can you give me an explanation (or point me to one already online) that describes the details about what buying hashrate from you actually does to benefit *you*? What exactly am I buying? If you already have the hashrate, how does it benefit you to rent it out when you could just use it yourself?

Sorry if this sounds unreasonably obtuse. Just trying to wrap my head around it.

We've partnered with the largest mining farm in North America. My understanding of the benefit to them is that they can get a guaranteed amount for their hash rate right now that allows them to buy more hash rate right away, rather than having to wait a whole month.
Also notice that the contracts are still priced in dollars, not Bitcoin, so if the price of Bitcoin goes down over the next month, the mine operator has already locked in their income. From what I understand it appears to be a way of hedging risk for the mine operator. I'll send him a link to this thread and see if he wants to comment as well.

[GreyWyvern]

This isn't quite accurate because there will be at least one difficulty adjustment in that period, so the daily reward will drop a bit in terms of Bitcoin.

Your returns wont be quite that good due to the difficulty adjustments, but we would love to hear back on your experience 30 days from now.

Okay, I understand and will let you know. If it does work out, it seems like this system is a good way to "bank" bitcoins you're not using and get a small amount of interest. Might be interesting to advertise it that way to hodlers.

That being said, how are the coins guaranteed? Is there any backing should the mining farm back out of the deal?

Part of the tooltip behind the "Daily Fee" says "Contract will end if fees exceeds revenue for 7 consecutive days." At that point, what happens to the "Initial Cost" that was paid? Is it returned to us pro-rated or something? Or does the miner keep it all?

From what I understand it appears to be a way of hedging risk for the mine operator. I'll send him a link to this thread and see if he wants to comment as well.

That would be interesting, thanks.

[rogerver]

That being said, how are the coins guaranteed? Is there any backing should the mining farm back out of the deal?

I'm at the mercy of the miner that we have partnered with, but they are the biggest in all of North America and they have my complete trust.
If something were to go wrong, depending on the exact circumstances, I may make good on everything out of my own pocket.

Part of the tooltip behind the "Daily Fee" says "Contract will end if fees exceeds revenue for 7 consecutive days." At that point, what happens to the "Initial Cost" that was paid? Is it returned to us pro-rated or something? Or does the miner keep it all?

The initial cost paid up front was for the mining equipment, so it would not be refunded even if the contract were to end early.
In most cases the Bitcoin price would have to drop by more than half for more than a week for the contract to end early. This seems very unlikely.

[c0207148]

I purchased cloud mining contract and paid with BTC successfully. Although the system confirmed receipt of my bitcoin payment, the status of my purchased contract remained - waiting for payment... I wait till now already 20 hours... I sent email to support , and have no reply yet...

While keep waiting, any suggestion , what I can do now... Thanks

[rogerver]

I purchased cloud mining contract and paid with BTC successfully. Although the system confirmed receipt of my bitcoin payment, the status of my purchased contract remained - waiting for payment... I wait till now already 20 hours... I sent email to support , and have no reply yet...

While keep waiting, any suggestion , what I can do now... Thanks

All the contracts start after the payments have received one confirmation.
Has your transaction already been confirmed by the network?
Ironically enough, the same problem our pool is trying to solve is the same problem that is making it hard for customers to pay us to solve.

[c0207148]

I purchased cloud mining contract and paid with BTC successfully. Although the system confirmed receipt of my bitcoin payment, the status of my purchased contract remained - waiting for payment... I wait till now already 20 hours... I sent email to support , and have no reply yet...

While keep waiting, any suggestion , what I can do now... Thanks

All the contracts start after the payments have received one confirmation.
Has your transaction already been confirmed by the network?
Ironically enough, the same problem our pool is trying to solve is the same problem that is making it hard for customers to pay us to solve.

Please see the attached files... the current status ... already waited for 30 hours

[rogerver]

It looks like your payment has already been confirmed by the network, so your contract should have started now: https://blockchain.info/address/145xhJU ... yEzheTCtUR

If not, email pool@bitcoin.com and the support team can get back to you right away.

[Pool.bitcoin.com]

I purchased cloud mining contract and paid with BTC successfully. Although the system confirmed receipt of my bitcoin payment, the status of my purchased contract remained - waiting for payment... I wait till now already 20 hours... I sent email to support , and have no reply yet...

While keep waiting, any suggestion , what I can do now... Thanks

All the contracts start after the payments have received one confirmation.
Has your transaction already been confirmed by the network?
Ironically enough, the same problem our pool is trying to solve is the same problem that is making it hard for customers to pay us to solve.

Please see the attached files... the current status ... already waited for 30 hours

Hi there,

I just wanted to let you know that your contract has been manually activated. Payments which confirmed after our listed stock levels had been depleted (due to users adding higher transaction fees to their payments and those payments confirming first) had to be manually activated, but we have now resolved this and it will no longer be an issue.

Cheers, and thanks for mining with Bitcoin.com!

[richboy30144]

PLZZZZZZZZ TELL ME I DID SOMETHING WRONG....

YES, YOU TOUT THE BEST (HIGHEST) PAYOUT IN THE INDUSTRY, AND RIGHTFULLY SO AT 110% + NO POOL FEE... BUT, I JUST WENT TO DO A TEST WITHDRAW AFTER MINING FOR 2 DAYS, ALLOCATING ~7 T/H DURING SAID MINING SESSION.

THE WITHDRAW WAS SUCCESSFUL AND TOOK MERE SECONDS. MY ISSUE IS, 49% OF MY MINED PROFIT WENT TOWARDS YOUR BTC TRANSACTION FEE?!?!?? WTH?!? REALLY?!?

PLZZZZZZZZ TELL ME I DID SOMETHING WRONG.... IF I DIDN'T, I'LL HAVE TO EXCUSE MYSELF FROM THIS POOL POST HASTE!! AS THAT FEE WOULD EASILY MAKE IT THE LOWEST PAYING POOL IN EXISTENCE.

SO MY QUESTION FOR ROGER/ADMIN/MOD/CEO/ANYONE AT THIS CO., IS YOUR FEE REALLY ~49% OR IS YOUR FEE ACTUALLY A FIXED COST, AND I MERELY MINED x2 THAT COST, WHICH IS WHY IT CAME OUT TO 49% ON THIS WITHDRAWAL. PLEASE ADVISE. THANK YOU....

[Pool.bitcoin.com]

PLZZZZZZZZ TELL ME I DID SOMETHING WRONG....

YES, YOU TOUT THE BEST (HIGHEST) PAYOUT IN THE INDUSTRY, AND RIGHTFULLY SO AT 110% + NO POOL FEE... BUT, I JUST WENT TO DO A TEST WITHDRAW AFTER MINING FOR 2 DAYS, ALLOCATING ~7 T/H DURING SAID MINING SESSION.

THE WITHDRAW WAS SUCCESSFUL AND TOOK MERE SECONDS. MY ISSUE IS, 49% OF MY MINED PROFIT WENT TOWARDS YOUR BTC TRANSACTION FEE?!?!?? WTH?!? REALLY?!?

PLZZZZZZZZ TELL ME I DID SOMETHING WRONG.... IF I DIDN'T, I'LL HAVE TO EXCUSE MYSELF FROM THIS POOL POST HASTE!! AS THAT FEE WOULD EASILY MAKE IT THE LOWEST PAYING POOL IN EXISTENCE.

SO MY QUESTION FOR ROGER/ADMIN/MOD/CEO/ANYONE AT THIS CO., IS YOUR FEE REALLY ~49% OR IS YOUR FEE ACTUALLY A FIXED COST, AND I MERELY MINED x2 THAT COST, WHICH IS WHY IT CAME OUT TO 49% ON THIS WITHDRAWAL. PLEASE ADVISE. THANK YOU....

Hi there,

Unfortunately the reason that such a fee is required for timely confirmation is because Bitcoin's blocks are currently full. This is precisely the scaling issue we are trying to overcome, and is one of the main reasons that our mining pool fully supports and signals for Bitcoin Unlimited - so that such withdrawals / transactions will cost little to nothing rather than being prohibitively expensive.

Withdrawal fees are currently expensive no matter which pool a user mines on as withdrawals simply will not confirm if an appropriate fee is not added to the transaction. In order to make the withdrawal fee more manageable until the scaling problem is overcome, you can do one of the following:

A) Allow your payments to build up in your account and withdraw at a time when the transaction fee will not constitute such a large percentage of your earnings. This will result in your transaction fee accounting for a small percentage of your earnings rather than almost 50% of your earnings each time you withdraw.

B) Enable automatic withdrawals (on your Settings page) as our auto-withdrawals are about half the cost because we combine many withdrawals into a single transaction. You can select the days you want to perform auto-withdrawal - for example if you tick Monday and Thursday, auto-withdrawals will only run on those days of the week.

Hopefully we can help resolve Bitcoin's scaling issues by instituting bigger blocks sooner rather than later.

[Tinkymon]

When will more hashrate become available again? Will you have all 4 types of contracts up again?

[Pool.bitcoin.com]

When will more hashrate become available again? Will you have all 4 types of contracts up again?

Hi Tinkymon,

We hope to restock all contract types in the next few days. Apologies that I can't offer a more specific timeframe, but we won't sell more contracts until we have the hashing power readily available to back them up. We usually add a little more daily in any event, but due to incredible demand our stock is purchased quite quickly so please do check back regularly to ensure you're not disappointed.

Cheers!

[Pool.bitcoin.com]

Hi all.

As well as emailing pool@bitcoin.com for support you can also send us a PM here or post in this thread.

If posting in this thread please be sure not to post any account information; it would be best to contact us via email for anything relating to account access or payment issues.

Cheers!

[andhankmardukas]

Part of the tooltip behind the "Daily Fee" says "Contract will end if fees exceeds revenue for 7 consecutive days." At that point, what happens to the "Initial Cost" that was paid? Is it returned to us pro-rated or something? Or does the miner keep it all?

The initial cost paid up front was for the mining equipment, so it would not be refunded even if the contract were to end early.
In most cases the Bitcoin price would have to drop by more than half for more than a week for the contract to end early. This seems very unlikely.

Have you guys run any projections on the range of time horizons where this is expected to occur? Do you have any forecasts of the difficulty increase and fee increase rates over time?

[zowki]

Have you guys run any projections on the range of time horizons where this is expected to occur? Do you have any forecasts of the difficulty increase and fee increase rates over time?

We will not increase fees for the foreseeable future.
Difficulty increases historically have been about 4 %to 5% every week.

[GreyWyvern]

Some suggestions after using the interface for the past few days.

The Dashboard shows a nice chart of earnings and their worth in $USD. It would be worth noting, considering the volatility of the BTC price these days, whether the $USD price listed on the chart was the value on that day, or the value at the current exchange rate.

Likewise, the Dashboard shows my total earned BTC but before daily fees have been subtracted. I would recommend splitting the second BTC bar into a stack, with earned BTC on the bottom and daily fee on the top. This would greatly help miners examine how their investment is holding up relative to the fees.

You also mentioned that hashing difficulty will increase on a regular schedule. It would be nice to know "hashrate difficulty increases in X days" somewhere on the Account or Dashboard page.

I bought a month-long plan. I assume this means 30 days? I can find my "contract start" date in several places, but nowhere the "end date." Am I overlooking it somewhere?

In all, great work so far. I'm actually earning more than 10% return per day after fees, but we'll see what happens after the difficulty increase.

[zowki]

The Dashboard shows a nice chart of earnings and their worth in $USD. It would be worth noting, considering the volatility of the BTC price these days, whether the $USD price listed on the chart was the value on that day, or the value at the current exchange rate.

USD price is displayed historically for that day. We get the price from bitpay.

Likewise, the Dashboard shows my total earned BTC but before daily fees have been subtracted. I would recommend splitting the second BTC bar into a stack, with earned BTC on the bottom and daily fee on the top. This would greatly help miners examine how their investment is holding up relative to the fees.

I'll add this to my to-do list. Thanks for the suggestion!

You also mentioned that hashing difficulty will increase on a regular schedule. It would be nice to know "hashrate difficulty increases in X days" somewhere on the Account or Dashboard page.

I'll add this to my to-do list. Thanks for the suggestion!

I bought a month-long plan. I assume this means 30 days? I can find my "contract start" date in several places, but nowhere the "end date." Am I overlooking it somewhere?

1 month is exactly 1 month, down to the minute. If you started mining on 24th May 9:00, it will end on 24th June 9:00. In the case where the next month is shorter, it will overflow. For example if started mining on January 30th, it will end on March 1st. I will add contract end date to the purchased contracts page.

Thank you so much for mining with us!

[andhankmardukas]

My pool mining account was activated yesterday and I see that my hashrate is at 3TH/s, however my account total is still at 0 BTC. Is it updated on some regular cadence? I see that a block was mined 6 hours ago, yet I don't see any BTC in my account. What am I missing?

[Pool.bitcoin.com]

My pool mining account was activated yesterday and I see that my hashrate is at 3TH/s, however my account total is still at 0 BTC. Is it updated on some regular cadence? I see that a block was mined 6 hours ago, yet I don't see any BTC in my account. What am I missing?

Hi andhankmardukas,

Our Pool pays out daily at 06:00 (UTC) for the previous day's hashrate.

If you start mining at 22:00 UTC, you will be paid for 2 hours of mining at 06:00 the following day. The day after that at 06:00 you will be paid for 24 hours of hashrate. If you go to the 'Account' section you should see "Pending PPS Payment (Updated every hour)" and the amount that you are currently due just to the right of it.

If you have auto-withdraw set up this will run directly after your payment is received at 06:00 UTC as long as you have at least 0.001 BTC in your account to withdraw.