mel
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 8:09 pm

So... now that the difficulty drops are done for at least a few weeks, is it time to switch miners back to BCC and get more blocks for bitcoin.com? I know short term profits aren't there yet but if we're betting on BCC/BCH value shooting back up, it may be time to grab some blocks before other pools do the same.
I'm wondering the same thing. BCC is so cheap right now, the best way to get the most of it would be to mine BTC and then transfer them to OKEx or hitBTC and buy BCC (called BCH on hitBTC.) This of course requires time, effort, and trust in the exchanges, so I am on the fence.

Prices for BCC also might go down as exchanges make trading available and wallets make it easier to access BCC. There might be a huge BCC dump and then we'd best be ready to buy them up cheap with our post-fork BTC ;) If that happens, all our mined BCC will go to the utility bill anyway.

I just convinced myself to mine BTC for now haha.

mel
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 8:50 pm

If I understand the BCC difficulty algo, it only drops the difficulty by 20% if the average time across 6 blocks is more than 12 hours long. That is great for taking us from 24 hour blocks to something a bit more reasonable, but won't help us get from slightly under 2 hour blocks to 10 minute blocks. If I'm right (please comment!), that means we are going to be sitting at slightly under 120 minutes blocks until enough start mining to drive it down to 10 minute blocks. e.g. 12X more mining power. Continuing that math, we are now running with a difficulty of about 1/4 of what BTC has... so we either need 1/4 of the hash rate, or we have to wait 2016 blocks for a normal difficulty adjustment. Assuming 2 hour blocks for the foreseeable future, that is about 5.6 months from now... Of course that is linear, so if we quadruple the mining power, it would only be about 6 weeks. All this boils down to BCC having a complex profitability profile right now: If 1% of the hashrate is on BCC, your hash is 100X as important, but you would need to divide that by 12 (call it 8X as important after factoring that in)... so breakeven vs BTC happens if BCC price is equal to 1/8th (0.125) of BTC... I think. Did I do that math right?
Holy balls you may have over-complicated it. There are two separate issues here that don't interact: 1) time until normal difficulty adjustment and 2) profitability of mining right now with personal hash rate

1) This is the one affected by network hashrate. We can see the timestamps at https://cash.coin.dance/blocks and it looks like it's 2 or 3 blocks per hour already. We'll adjust in maybe about a month, after which it will be crazy lucrative to mine BCC if the price holds or increases and we should all switch.

2) Since this pool does PPS, our pool size doesn't affect our payouts as luck doesn't factor in. Nor does the network hashrate. You only need current difficulty and your personal hashrate to calculate payouts. At about 1/4 the difficulty of BTC, we will get 4 times as many BCC than BTC. The low value of BCC means the electric bill will chew up a substantial part of this, but that pre-electric bill payout will not change no matter how much the network hashrate goes up or down. It is set in stone until the next difficulty adjustment.

I think you're right about the 20% emergency reductions being done. BCC is off the ground!

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 10:51 pm

Probably... been known to over-complicate things in the past <smile>. I don't follow the "1/4 difficulty of BTC, we will get 4 times as many BCC". Wouldn't that only hold true if we had equal hashrate on the blockchain? Likely I just don't understand PPS...

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 11:08 pm

So... now that the difficulty drops are done for at least a few weeks, is it time to switch miners back to BCC and get more blocks for bitcoin.com? I know short term profits aren't there yet but if we're betting on BCC/BCH value shooting back up, it may be time to grab some blocks before other pools do the same.
I'm wondering the same thing. BCC is so cheap right now, the best way to get the most of it would be to mine BTC and then transfer them to OKEx or hitBTC and buy BCC (called BCH on hitBTC.) This of course requires time, effort, and trust in the exchanges, so I am on the fence.

Prices for BCC also might go down as exchanges make trading available and wallets make it easier to access BCC. There might be a huge BCC dump and then we'd best be ready to buy them up cheap with our post-fork BTC ;) If that happens, all our mined BCC will go to the utility bill anyway.

I just convinced myself to mine BTC for now haha.
You say BCC is cheap? I would not say so, it really does not have an infranstructure like Bitcoin has. So I think the price might be even a bit high.
We don't need no centralisation. ImageImageImage

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 11:19 pm

Price-discovery for BCH is impaired right now because while most exchanges have given their users their BCH to play with, the exchanges haven't yet fully allowed BCH deposits. This means no arbitrage going on between exchanges which is why the prices among the exchanges are very different.

All the people who had BTC on their off-exchange wallets are just waiting until exchanges allow BCH deposits so they can sell them off. At least the people who don't care for it anyway. :)

Once exchanges enable BCH deposits, it's likely the price of BCH to drop dramatically as the true price is discovered. Then the real Bitcoin Cash rise will begin :) We're not out of the woods yet.

I wouldn't bother mining the BCH chain with your cloud contracts until [BTC price] x [BCH difficulty wrt BTC] < [BCH price]

$2700 x 0.26 = $702

It's not profitable right now.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 11:47 pm

Probably... been known to over-complicate things in the past <smile>. I don't follow the "1/4 difficulty of BTC, we will get 4 times as many BCC". Wouldn't that only hold true if we had equal hashrate on the blockchain? Likely I just don't understand PPS...
Yes my unstated premise (sorry) is an amount of hash rate switching from one chain to the other, so I'm comparing equal hash rate on each chain.

The BCC chain difficulty dropped to 26%, which is about 1/4 of the original difficulty. With the same hash rate working away you will now mine 4 times as many coins.

BTC main chain hasn't changed difficulty, so it is the same payout as before the fork (minus the lost pool bonus of course).

PPS (pay per share) means that the pool pays you a pre-set payout based on what your hash rate should produce on average. It takes the luck out of the equation, since the pool might get lucky and mine lots of blocks quickly or get unlucky and not mine a block for days with the exact same hash rate. The company absorbs the variance and us investors can make more predictable income.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 11:50 pm

I have been mining Bitcoin cash now since the beginning. Am I wasting my time and money? Should I shut down for a while?

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Aug 03, 2017 11:53 pm

I have been mining Bitcoin cash now since the beginning. Am I wasting my time and money? Should I shut down for a while?
I'd switch back to BTC for now. Like I said in my previous post:
I wouldn't bother mining the BCH chain with your cloud contracts until [BTC price] x [BCH difficulty wrt BTC] < [BCH price]

$2700 x 0.26 = $702

It's not profitable right now.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 3:19 am

I have been mining Bitcoin cash now since the beginning. Am I wasting my time and money? Should I shut down for a while?
I'd switch back to BTC for now. Like I said in my previous post:
I wouldn't bother mining the BCH chain with your cloud contracts until [BTC price] x [BCH difficulty wrt BTC] < [BCH price]

$2700 x 0.26 = $702

It's not profitable right now.
Doesn't the mining power help BCH get started? I know I'm mining at a loss but I thought we were fighting an ideological battle here. Definitely, please, correct me if I'm wrong. I certainly don't want to be losing money if I don't need to be. I just thought if we want this to succeed we have to get behind it and push.

Also, any theories on this mystery miner solving 75% of the blocks?

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 3:38 am

With transaction fees now commonly in the 0.5-1.5 BTC range, I was wondering if there was any thought of sharing those rewards and imposing some overall percentage fee to cover operating cost? Long term, fees are going to be the only reason to mine, so "free but I keep the fees" is not a long term play.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 3:59 am


Also, any theories on this mystery miner solving 75% of the blocks?
Mystery was solved awhile ago...
https://news.bitcoin.com/the-trading-ce ... sh-blocks/
and
https://www.reddit.com/r/btc/comments/6 ... ?context=3

Hong Kong Hostel and Day Trading center sitting on a ton of ASIC power.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 4:16 am

Just read that Coinbase is going to support Bitcoin Cash... but not until January, 2018.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 4:40 am

Doesn't the mining power help BCH get started? I know I'm mining at a loss but I thought we were fighting an ideological battle here. Definitely, please, correct me if I'm wrong. I certainly don't want to be losing money if I don't need to be. I just thought if we want this to succeed we have to get behind it and push.
The major miners churning on Bitcoin Cash are doing so not because it's profitable for them, but because there's currently no competition, and they expect the value of the coins they're mining to go way up in value. They're doing work at a loss now for the promise of a windfall in the future.

Now that the difficulty has dropped, it actually takes less hashpower to keep the chain running. Miners are doing so to try and get the difficulty to lower even further. I'm not the greatest expert on the way the difficulty reduction code for Bitcoin Cash works, but I think it has something to do with fewer than 6 blocks mined in 12 hours, which I'm not sure we're going to hit anymore. If that's true, then after 2016 blocks, the difficulty will finally adjust to the hashrate pointed at the chain. That's quite a long time away, considering the rate the blocks are coming out right now.

So to answer your question, your cloud hashpower doesn't really make much of a difference right now. The big miners are in control of how Bitcoin Cash is chugging along and it will be chugging along for some time yet. Let them, that's my opinion. You paid for your cloud hashrate so you should expect to get your money's worth from it.
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mel
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 6:33 am

Doesn't the mining power help BCH get started? I know I'm mining at a loss but I thought we were fighting an ideological battle here. Definitely, please, correct me if I'm wrong. I certainly don't want to be losing money if I don't need to be. I just thought if we want this to succeed we have to get behind it and push.
We are fighting for an ideology, and your hash rate could mine a block and make the difficulty adjust sooner and let BCH attract more miners. BUT... The real success is going to come from the market value of BCH. If the price goes up, it makes it more appealing to miners just the same as the difficulty going down.

If you want to maximize your impact on BCH's success, mine what is most profitable (BTC right now) and then take that to the exchanges when they open up BCH/BTC trading and trade your mined BTC for BCH. You will make more BCH AND have a larger impact on its success by driving the price up.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 1:25 pm


Also, any theories on this mystery miner solving 75% of the blocks?
Mystery was solved awhile ago...
https://news.bitcoin.com/the-trading-ce ... sh-blocks/
and
https://www.reddit.com/r/btc/comments/6 ... ?context=3

Hong Kong Hostel and Day Trading center sitting on a ton of ASIC power.
Oh, the Bitcoin.com article mentioned in the Reddit link was the most recent information I had. Thank you for updating me.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Fri Aug 04, 2017 3:34 pm

Doesn't the mining power help BCH get started? I know I'm mining at a loss but I thought we were fighting an ideological battle here. Definitely, please, correct me if I'm wrong. I certainly don't want to be losing money if I don't need to be. I just thought if we want this to succeed we have to get behind it and push.
The major miners churning on Bitcoin Cash are doing so not because it's profitable for them, but because there's currently no competition, and they expect the value of the coins they're mining to go way up in value. They're doing work at a loss now for the promise of a windfall in the future.

Now that the difficulty has dropped, it actually takes less hashpower to keep the chain running. Miners are doing so to try and get the difficulty to lower even further. I'm not the greatest expert on the way the difficulty reduction code for Bitcoin Cash works, but I think it has something to do with fewer than 6 blocks mined in 12 hours, which I'm not sure we're going to hit anymore. If that's true, then after 2016 blocks, the difficulty will finally adjust to the hashrate pointed at the chain. That's quite a long time away, considering the rate the blocks are coming out right now.

So to answer your question, your cloud hashpower doesn't really make much of a difference right now. The big miners are in control of how Bitcoin Cash is chugging along and it will be chugging along for some time yet. Let them, that's my opinion. You paid for your cloud hashrate so you should expect to get your money's worth from it.
Doesn't the mining power help BCH get started? I know I'm mining at a loss but I thought we were fighting an ideological battle here. Definitely, please, correct me if I'm wrong. I certainly don't want to be losing money if I don't need to be. I just thought if we want this to succeed we have to get behind it and push.
We are fighting for an ideology, and your hash rate could mine a block and make the difficulty adjust sooner and let BCH attract more miners. BUT... The real success is going to come from the market value of BCH. If the price goes up, it makes it more appealing to miners just the same as the difficulty going down.

If you want to maximize your impact on BCH's success, mine what is most profitable (BTC right now) and then take that to the exchanges when they open up BCH/BTC trading and trade your mined BTC for BCH. You will make more BCH AND have a larger impact on its success by driving the price up.
Thanks for the advice guys!

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Aug 05, 2017 6:40 am

Well if we arent to mine BCH right now, then why did this email come from bitcoinpool to me 22 hours ago? "Come and start mining with us. Our block find luck %70 not waste time in other pools. Find blocks quickly" WTF guys????

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Aug 05, 2017 6:46 am

Well if we arent to mine BCH right now, then why did this email come from bitcoinpool to me 22 hours ago? "Come and start mining with us. Our block find luck %70 not waste time in other pools. Find blocks quickly" WTF guys????
We did not send that email. It must be from a different pool or someone impersonating us.
Shaun Chong - Bitcoin.com Head of Mining Operations

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Aug 05, 2017 6:48 am

ok then I dont know who it was. has the address from here though. but thx for clarifying that.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Aug 05, 2017 6:30 pm

guys, regarding the 2016 block adjustment,

it is set to occur on bitcoin on block 479808. an estimated 16-18 days away.

I encourage you guys to mine on BCC so that we may reach the difficulty adjustment sooner.

our minig pool makes up less than 4% of the block rewards, and I think that is a result of people being hesitant to switch.


Here is a great article if you're still kind of confused on the whole bitcoin cash thing

https://medium.com/@john.s.millibit/cas ... ffe6226ab4

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Aug 05, 2017 7:33 pm

OK - I moved over about 20TH. Would help if the BCC stats/payouts/etc. were working on the site.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 2:13 am

3 BCH blocks found by bitcoin.com! Last one about 18 minutes ago

mel
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 3:25 am

This is just circumstantial, but an interesting occurrence... Our pool mined block 478641 on BCC just 35 minutes before we would have had another 20% difficulty decrease. BCC might have gotten a difficulty decrease if we hadn't mined that. There really is no need to mine BCC at a loss right now, I suggest everyone mine BTC and go trade it on hitBTC! They allow BCC withdraws so we don't have to risk being gox'd for long.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 3:58 am

Remember that its a 6 block average, not an indivual block. If the past 6 blocks have taken over 12 hours, then there is a difficulty adjustment.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 3:58 am

Image

we did get a difficulty reduction. 2 of them.

unless you mean there would've been 3?

But even if our combined Ph/s had been turned off, there's no guarantee that block would've been mined anyways.

I think the best move forward is to continue to get hash power added until we hit block `479808`

don't trip over the current profitability. I expect we'll see a value increase in November anyways (when segwit2x fails to hard fork).

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 4:07 am

Odd... Blockchair is 6 blocks behind. That is rather annoying.

sayurichick
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 4:37 am

no they're not. the chart shows the future difficulty adjustments.

we're on 478643 as of right now.

mined by bitclub network. their first block.

2 more blocks for difficulty reduction.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 5:21 am

Based on @GreyWyvern's formula Bitcoin Cash difficulty would have to decline to 200 / 3200 = 0.0625 for miners to switch from BTC to BCC at current Bitcoin and Bitcoin Cash prices.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Aug 06, 2017 5:24 am

question.

https://blockchair.com/bitcoin-cash/add ... VU8ZKGzgAB

the coinbase wallet for bitcoin cash shows 3 transactions...

shouldn't there be 4? Bitcoin.com has mined 4 blocks.

where's the missing one?


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