Bitcoin.com Mining Pool Official Discussion Thread

[GreyWyvern]

Our lifetime contracts can still be profitable, even at $149 per TH/s.

Assuming the 5% historical difficulty increases is unrealistic for the next few years. ASIC technology won't see the same exponential jumps that it has before.

Bitcoin ASICs started off with 110nm fabrication process in 2012 and now we're up to 22nm, about the same as the latest technology in CPUs. I'm expecting about 2% difficulty increases averaged over the next few years rather than the historical rate of 5%. That could of course vary wildly based on the Bitcoin price.

Yes, a big slowdown in difficulty increases would definitely change things. Both the current and pre-order Lifetime Plans become very profitable if the average difficulty increase goes to 2%. The shorter 3-month and 6-month plans don't have enough time to take advantage of that though and are still net BTC losers.

I hope you're right about that! As for me though, I'm still going to hold off until after Aug 1st.

[TheFran42]

the Daily Fee per TH should be going down as well. The Daily Fee should probably be indexed to the current price of BTC instead of being set manually.

Couldn't agree more. It's bad business and although cloud-mining companies may be smiling as the $$ % per customer increase when BTC goes down I hope they realize that this makes customers very unhappy. And unhappy customers make growth zero.

[Neoclassical]

Long term the miners will suffer if their "customers" lose faith in BTC, no? They would not want people to switch to another crypto.

[rogerver]

the Daily Fee per TH should be going down as well. The Daily Fee should probably be indexed to the current price of BTC instead of being set manually.

Couldn't agree more. It's bad business and although cloud-mining companies may be smiling as the $$ % per customer increase when BTC goes down I hope they realize that this makes customers very unhappy. And unhappy customers make growth zero.

The daily fees are used to pay for the electricity to run the miners.
Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

[GreyWyvern]

The daily fees are used to pay for the electricity to run the miners.
Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

LOL, Roger. I'm telling you how to sell contracts, not how to make money.

[avrrr]

Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

Since the daily fee is fixed, you could allow us to pay it in advance.
I would definitely choose this option when the price goes up a lot.

[zepto]

Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

Since the daily fee is fixed, you could allow us to pay it in advance.
I would definitely choose this option when the price goes up a lot.

If BTC price goes up your fees charged in BTC go down. I'm confused - why would you wish to prepay this charge - you'd surely be losing overall?

My biggest concern is large difficulty increases. I guess we all share that concern.

[chiemekailo_forum]

Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

Since the daily fee is fixed, you could allow us to pay it in advance.
I would definitely choose this option when the price goes up a lot.

Strangely (or otherwise), this is a GREAT idea! @rogerver, could you guys ponder this? As long as the maintenance bills are paid.
It'll help to safeguard our (customers) end.

[avrrr]

If BTC price goes up your fees charged in BTC go down. I'm confused - why would you wish to prepay this charge - you'd surely be losing overall?

My biggest concern is large difficulty increases. I guess we all share that concern.

Fees are fixed in $. So if btc goes to 4k for example, I would be happy to pay the fee 5 months in advance. If btc goes down to 2k in this period, I would pay about 50% less in fees than somebody who did not pay in advance.

[chiemekailo_forum]

Sadly, the price the electric company charges us doesn't go down at all when the price of Bitcoin does.
There isn't much we can do about the daily fees.

Since the daily fee is fixed, you could allow us to pay it in advance.
I would definitely choose this option when the price goes up a lot.

If BTC price goes up your fees charged in BTC go down. I'm confused - why would you wish to prepay this charge - you'd surely be losing overall?

My biggest concern is large difficulty increases. I guess we all share that concern.

@zepto, when the BTC fees go down (due to price increase), you can prepay for a period (weeks, a month...) and safeguard against your contract pricing out in any subsequent BTC price drop (especially the infinity contract). I view it like any regular insurance policy.
Yes, if the price continues to go up you'll have spent more, but just like insurance, you'll be safer (after all as long as BTC price is increasing, you'll be earning more).

I do hope the difficulty increases eases to 2% as is generally going around.

[c0207148]

Hello I found the hashrate fell to ZERO @0739UTC (20-07-2017) what is the problem ?

[zepto]

I think I get everything else, but can someone explain what the metric "shares" is? A one-liner pointer to relevant info would do great.

[zepto]

If BTC price goes up your fees charged in BTC go down. I'm confused - why would you wish to prepay this charge - you'd surely be losing overall?

My biggest concern is large difficulty increases. I guess we all share that concern.

Fees are fixed in $. So if btc goes to 4k for example, I would be happy to pay the fee 5 months in advance. If btc goes down to 2k in this period, I would pay about 50% less in fees than somebody who did not pay in advance.

Oh I get the proposition now. Wait for the high, pay the fees, bank on a dip.

Thanks for responding to clarify.

[zowki]

Hello I found the hashrate fell to ZERO @0739UTC (20-07-2017) what is the problem ?

Our front-end unexpected disconnected from our backend. I fixed this within 10 minutes of it happening.
Your hashrate and payouts were not affected.

I will discuss with our hashrate provider about paying for fees in advance. It seems like a good idea.

[zowki]

I think I get everything else, but can someone explain what the metric "shares" is? A one-liner pointer to relevant info would do great.

Mining at 1 TH/s for 1 minute = 13980 shares

Value of 1 share = block reward / difficulty

[thang]

Dear leaders,

Please explain about New Plan, because i can not calculate it.
Thank for your supporting

[mel]

Hi Roger and co-workers,

How will this pool be dealing with the "bitcoin cash" (BCC) UAHF that ViaBTC is working on? Will you give the option to mine on that chain for existing contracts?

If we have a BTC balance with you before the split, will you support withdrawal from both chains after?

[zepto]

I think I get everything else, but can someone explain what the metric "shares" is? A one-liner pointer to relevant info would do great.

Mining at 1 TH/s for 1 minute = 13980 shares

Value of 1 share = block reward / difficulty

Oh yeah makes sense! Perfect answer, thanks. (Maybe that's a potential FAQ item? )

[zepto]

So, really OK with all the help so far (and warm thanks to all who responded).

However, I'm now wondering why our overall luck is hovering around 80%? Is the calculation accurate? Is there some reason I'm missing?

TIA to anyone who has comment on that!

[rogerver]

Hi Roger and co-workers,

How will this pool be dealing with the "bitcoin cash" (BCC) UAHF that ViaBTC is working on? Will you give the option to mine on that chain for existing contracts?

If we have a BTC balance with you before the split, will you support withdrawal from both chains after?

Bitcoin.com will be supporting the NYA, but since the hash rate belongs to the customers, we will do our best to give you options of what to mine on.
Hopefully we can have everything ready in time.

[vanityaddrs]

What does a share mean exactly, in satoshi?

Where the upfront cost is listed in USD, but the option (I assume) to pay in BTC, is that at the exchange rate to try and peg it at the USD cost, or is the BTC cost to get in independent of exchange rate?

I'd like to start off at 10 TH/s... modest, but a nice start I think. If that is potentially profitable by the end of the year (putting in another 10TH/s minimum), I'd be very happy,

[zowki]

What does a share mean exactly, in satoshi?

Value of 1 share = block reward / difficulty

Block reward = 12.5 BTC + 10% bonus = 13.75 BTC = 1,375,000,000 satoshis
Difficulty (as of 2017/07/22): 804,525,194,568

Value of 1 share = block reward / difficulty = 1,375,000,000/804,525,194,568
Value of 1 share = 0.001709 satoshis

This information is only correct as of 2017/07/22. This value will change in the future as the difficulty changes and our block reward bonus changes.

Where the upfront cost is listed in USD, but the option (I assume) to pay in BTC, is that at the exchange rate to try and peg it at the USD cost, or is the BTC cost to get in independent of exchange rate?

The BTC price of the contract is based on the USD exchange rate from Bitpay: https://bitpay.com/bitcoin-exchange-rates

[vanityaddrs]

Thank you!

[KevinMcKernan]

What does a share mean exactly, in satoshi?

Value of 1 share = block reward / difficulty

Block reward = 12.5 BTC + 10% bonus = 13.75 BTC = 1,375,000,000 satoshis
Difficulty (as of 2017/07/22): 804,525,194,568

Value of 1 share = block reward / difficulty = 1,375,000,000/804,525,194,568
Value of 1 share = 0.001709 satoshis

This information is only correct as of 2017/07/22. This value will change in the future as the difficulty changes and our block reward bonus changes.

Where the upfront cost is listed in USD, but the option (I assume) to pay in BTC, is that at the exchange rate to try and peg it at the USD cost, or is the BTC cost to get in independent of exchange rate?

The BTC price of the contract is based on the USD exchange rate from Bitpay: https://bitpay.com/bitcoin-exchange-rates

Does the Block reward include the BTC miner transaction fees?

pool.bitcom.com block reward = 12.5 BTC + BTC transaction fees (vary but sometimes 12% of the total reward) + 10% Ver Bonus.

[Kryptowerk]

What does a share mean exactly, in satoshi?

Value of 1 share = block reward / difficulty

Block reward = 12.5 BTC + 10% bonus = 13.75 BTC = 1,375,000,000 satoshis
Difficulty (as of 2017/07/22): 804,525,194,568

Value of 1 share = block reward / difficulty = 1,375,000,000/804,525,194,568
Value of 1 share = 0.001709 satoshis

This information is only correct as of 2017/07/22. This value will change in the future as the difficulty changes and our block reward bonus changes.

Where the upfront cost is listed in USD, but the option (I assume) to pay in BTC, is that at the exchange rate to try and peg it at the USD cost, or is the BTC cost to get in independent of exchange rate?

The BTC price of the contract is based on the USD exchange rate from Bitpay: https://bitpay.com/bitcoin-exchange-rates

Does the Block reward include the BTC miner transaction fees?

pool.bitcom.com block reward = 12.5 BTC + BTC transaction fees (vary but sometimes 12% of the total reward) + 10% Ver Bonus.

Unfortunatelly no. The 10% extra reward is paid with the fees. That's why they reserve the right to lower it in case transaction fees become smaller again.
The cool thing is: In case of extreme fee increases they already increased their bonus reward to 20% for a few days. I think it is unlikely this will happen again, though.

[zowki]

I just changed the unprofitable days limit from 7 days to 60 days.

In order for a contract to end, the daily fees need to be equal or higher than revenue for 60 consecutive days.

On days where a contract is unprofitable, we will reduce the daily fees to prevent you from getting a negative balance. In other words, the net payout for that day is zero, not negative.

We count profitability per contract. If you have other contracts that are profitable, those will continue to return a profit while the unprofitable contract will have a net zero payout.

[chiemekailo_forum]

The Image contains 5 charts. The chart in the middle of the image represents my own tracking of the deviations of the pool's payout (net after daily fees) from the initial payout promise at time of the plan purchase.
Initially, it was a few hundred satoshis negative (-ve is good ), and then it jumped a few thousands of satoshis on 7th July to the positive (bad for me/us ). The explanation was as a result of low block transaction fees as quoted below...

Hello Members,

Due to the low block transaction fees our block reward bonus has been lowered to 110% (as per our terms & conditions).

If/when block transaction fees increase to a level where we can increase our block reward again we will do so.

The average block reward for the past week is 109% of the base reward, so we're still the highest paying pool by far with our 110% reward.

Cheers!

Now, the charts show that the $ exchange value's negative impact on PPS payouts of the past two weeks is properly reversing as the BTC price recovers (albeit more slowly from their hundredths & tenths of thousands of satoshis ); that's working out okay I hope, but more importantly (for this notably good pool service ), it is clear that the block transaction fees have bounded back to the pre- 7th July levels when our block reward bonus was 120%.

I hope you guys will increase back the block reward bonus as promised, even if at more cautious intervals (like up to 115% from today), so our plans can have a good chance at being profitable.

thanks

[zowki]

The chart in the middle of the image represents my own tracking of the deviations of the pool's payout (net after daily fees) from the initial payout promise at time of the plan purchase.

We did not make that promise for payouts.

Section 6.0 of our cloud mining terms and conditions says:

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.

it is clear that the block transaction fees have bounded back to the pre- 7th July levels when our block reward bonus was 120%.

I hope you guys will increase back the block reward bonus as promised, even if at more cautious intervals (like up to 115% from today), so our plans can have a good chance at being profitable.

thanks

The block reward has not increased beyond 10% yet. It dropped to around 108% as you can see here: https://btc.com/stats/fee

We pay out 110%, so we are giving you 2% more money than we are earning from mining ourselves.

[chiemekailo_forum]

The block reward has not increased beyond 10% yet. It dropped to around 108% as you can see here: https://btc.com/stats/fee

Thanks @zowki for the clarification, but I worked using the blocks won by this pool alone, and the trend line (the superimposed curve below 25june - 22 july) shows how it is going overall. Apparently, our pool is doing better than the lot it turns out.

Screen Shot 2017-07-23 at 05.06.18.png (54.34 KiB) Viewed 6977 times

[zepto]

Am I right in thinking that the dashboard barchart for "my revenue" is a day behind the listed transactions? (If so, it's a small bug, but thought I'd note it).