Status as of Friday, August 11, 2017

Discussion of development releases of Prohashing.
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Steve Sokolowski
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Status as of Friday, August 11, 2017

Postby Steve Sokolowski » Fri Aug 11, 2017 8:44 pm

Hi! Here's a brief status update.

  • I got the support ticket queue down to 46. The biggest issue I'm trying to get a handle on right now is whether there are still any balance issues, or whether the tickets in the queue are from previous days, with earnings now back to normal. I replied to 10 tickets about that subject and I hope that those people will reply back by the morning so I can investigate if any issue remains.
  • We are still in reduced support mode. While I plan to resolve easy tickets, there are some very difficult issues, like why certain coins are not paying out, that will need to wait until Chris's return on Wednesday.
  • There are a few minor issues I discovered that were not caused by the release and which are not affecting balances, but which may be causing other problems. I will investigate these on Saturday. On Sunday, I plan to work the ticket queue down to zero or as close as I can get. That means that fixes will happen Saturday, and then you'll see replies to tickets Sunday.
  • On August 20 and 22, we plan to devote the 24 hours we will be on the road to and back from the eclipse to market research on the future of the project. There are a lot of questions we need to answer. Some examples: what profitabilities are reasonable a year from now, what price will the bottom of this bubble cycle be, is the pool profitable enough to hire one or more people, what features should those people work on, would dramatic expansion run into any laws we aren't aware of that would make the business unprofitable, what is the best timeframe for changes, whether the impending end of Bitconnectcoin mining will mean a halving of scrypt profitability, the odds of ETH ever going POS, and so on. The goal is to come to a final decision on this by the weekend of Sep 10 and implement whatever (if anything) is decided by the end of October.
  • The release last week appears to have completely eliminated our problems with share recording, which implies that we can experiment with relaxing difficulty constraints tomorrow. I plan to do that and will update people.
  • The release did not fix, and was not intended to be able to fix, the stale share issues. That issue is caused by coin assignment overload, with the server being unable to send work to miners in time. Fixing that issue is unlikely to occur until early October because there is no option where enough experienced manpower would be available to accelerate the fix to that complex problem. Nevertheless, the system is still profitable even with stale shares in the meantime.
deltasniper73
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Re: Status as of Friday, August 11, 2017

Postby deltasniper73 » Fri Aug 11, 2017 9:49 pm

thank you for the update. keep up the good work!
mycide
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Re: Status as of Friday, August 11, 2017

Postby mycide » Fri Aug 11, 2017 10:06 pm

Hmm, according to bitconnectcoin.co the total supply is 28 million and we mined 7.4 million to date. Am i missing something, why would mining that coin end soon?
Running rigs: KNC Titan, Antminer D3 & L3+'s
lawminer
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Re: Status as of Friday, August 11, 2017

Postby lawminer » Fri Aug 11, 2017 11:44 pm

Awesome Job
vinylwasp
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Re: Status as of Friday, August 11, 2017

Postby vinylwasp » Sat Aug 12, 2017 1:14 am

Steve Sokolowski wrote:Hi! Here's a brief status update.

  • ... whether the impending end of Bitconnectcoin mining will mean a halving of scrypt profitability, the odds of ETH ever going POS, and so on.


I've been wondering for a while how long BCC will last, IMO it's clearly a ponzi scheme and could be shut down any day, but I think there are positives in Scrypt mining as well, for example we know that Charlie Lee has been touring the large Chinese miners and miner mfgs breifing them on the future of LTC, and GameCredits finally released thier app store in India on Friday, a huge market they should see some success in. To the moon?

ETH's POS strategy is definitely a concern, but even more so is X11 mining's dependence on DASH. With Particl and Syscoin offering privacy feautures and a decentralised market, I think there's a possibility that we'll see DASH's dominance eroded in the next 12-18 months.

Just remember, a rising tide lifts all boats and you clearly have a market leading service, and there's plenty of room at the top.
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Steve Sokolowski
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Re: Status as of Friday, August 11, 2017

Postby Steve Sokolowski » Sat Aug 12, 2017 7:18 am

mycide wrote:Hmm, according to bitconnectcoin.co the total supply is 28 million and we mined 7.4 million to date. Am i missing something, why would mining that coin end soon?


The proof of work period is scheduled to end in two months, after which we'll be forced to delist it.
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vhmanu
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Re: Status as of Friday, August 11, 2017

Postby vhmanu » Sat Aug 12, 2017 8:32 am

Steve Sokolowski wrote:The proof of work period is scheduled to end in two months, after which we'll be forced to delist it.

Still 130k blocks, should be ~6months not 2


And Steve could you look at the BCC Sellprice? It's half of what it should be. Tons of buy orders at novaexchange (i have some on my own and they simply get ignored :) )
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Steve Sokolowski
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Re: Status as of Friday, August 11, 2017

Postby Steve Sokolowski » Sat Aug 12, 2017 8:52 am

vhmanu wrote:
Steve Sokolowski wrote:The proof of work period is scheduled to end in two months, after which we'll be forced to delist it.

Still 130k blocks, should be ~6months not 2


And Steve could you look at the BCC Sellprice? It's half of what it should be. Tons of buy orders at novaexchange (i have some on my own and they simply get ignored :) )


I looked at this and restarted, which disabled the coin.

Something is wrong at Novaexchange this morning and we can't continue to mine it until they resolve their issues. The API isn't returning price data and we somehow ended up with 30 more bitcoins. Chris submitted a ticket asking them to investigate what happened.
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Steve Sokolowski
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Re: Status as of Friday, August 11, 2017

Postby Steve Sokolowski » Sat Aug 12, 2017 8:57 am

vinylwasp wrote:
Steve Sokolowski wrote:Hi! Here's a brief status update.

  • ... whether the impending end of Bitconnectcoin mining will mean a halving of scrypt profitability, the odds of ETH ever going POS, and so on.


I've been wondering for a while how long BCC will last, IMO it's clearly a ponzi scheme and could be shut down any day, but I think there are positives in Scrypt mining as well, for example we know that Charlie Lee has been touring the large Chinese miners and miner mfgs breifing them on the future of LTC, and GameCredits finally released thier app store in India on Friday, a huge market they should see some success in. To the moon?

ETH's POS strategy is definitely a concern, but even more so is X11 mining's dependence on DASH. With Particl and Syscoin offering privacy feautures and a decentralised market, I think there's a possibility that we'll see DASH's dominance eroded in the next 12-18 months.

Just remember, a rising tide lifts all boats and you clearly have a market leading service, and there's plenty of room at the top.


I think that what we're going to find as a result of this analysis is that the future of the business may end up being dependent upon become a general-purpose bitcoin and bitcoin cash mining pool.

Once Bitconnectcoin is gone, and prices fall after the bubble ends, and the market gets flooded with L3s, scrypt profitability is likely to go to 0.5 cents. After all, if the profitability was 1.5 cents before with lesser hardware, the power efficiency of this new hardware will push the breakeven point down even further.

Our concern hasn't been whether we can create the best software - that's just a matter of putting enough time into the business. The problem has always been whether the market is actually big enough to support professional businesses. I don't think it's an accident that mining is flooded with disreputable people like NiceHash, who aren't willing to disclose who they are or where they are located. If the market had insane profit potential, there would be "normal" businesses taking over everywhere.
mickeekung
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Re: Status as of Friday, August 11, 2017

Postby mickeekung » Sat Aug 12, 2017 3:44 pm

Thanks for your update. Keep it up.
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