Project Idea: Mining pools for Steem

acidyo (80)in #mining • 5 years ago

So the idea is simple.

You find someone to set up a website for a miningpool, think similar to these: https://www.suprnova.cc/ or one that would mine some of the most profitable coins at the time: https://whattomine.com/

Steemians all over the world would dust off their miners, gpu's + cpu's and learn how to mine and connect to the pool. Those who support the idea and the project could give some votes on some daily statistic posts just to cover the work of the creator and website upkeep. The pool would remain at 0 fees and would take the daily(possibly weekly until more concentrated mining power) mining profits of the coins that have been mined and trade them for STEEM/SBD (maybe starting with SBD and then convert that to Steem by helping the peg) then send those out to all users relatively to the work they've put into mining.

Idea 2: an app for tracking mining statistics/activity/revenue that includes ads and shares adrevenue with the miners using the app. Adrevenue would also be traded for Steem/SBD and a share would be paid out to the active users.

So at first glance it doesn't sound too difficult, there are many opensource mining programs and tutorials that could be added to the site to get users who've never mined but have some old GPU's or inactive ones they would be interested in using to it (or they live somewhere where it's pretty cold right now and could use another heater that generates them some Steem on the side :P)

I'd be up for supporting whoever has the technical skills to set this up with my upvotes for documentation in post format of his activity of creating this and I'm sure there are many others interested and I think something like this could be beneficial for Steem and it's users. At the same time it would also add some buy pressure on SBD/STEEM even though a little it could grow into more and more.

I realize mining is not so profitable right now but most alts are down equally, there are also many who might live in countries where electricity is cheap and they could turn a net profit even at current prices but recommendations are of course to #hodl/#invest with their mining power into STEEM.

Anyway, let me know your thoughts and if someone with the skills or past experience would be up for setting this up, feel free to reach me at Acidyo#8038 on Discord.

#pool #steem #goodidea #questionmark #palnet #neoxian #hodl

5 years ago in #mining by acidyo (80)

$10.64

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knotwork (37) 5 years ago

Two feature that would be nice for mining pools are (1) Merged Mining ; and (2), especially or only for not-merged-mined coins, an optional setting per coin for the pool to not allocate so much mining power as to increase the coin's difficulty. As there are coins "out there" that are bargains at low difficulty and increasing their difficulty would just make mining them more expensive. So basically have the pool try not to allocate more mining power than is required so that for example coins so low in difficulty that you can earn them even with just a few CPU cores, so that throwing a GPU or ASIC at them would simply drive up the difficulty making it harder to earn the same number of coins, can be quietly farmed in the background while they are cheap, building up stockpiles until stockpiles seem sufficient that it would be worthwhile to start bringing the coin back into the public eye, promoting it, which would tend to attract more miners to it making it less of a bargain to mine.

-MarkM-

$0.30

1 vote

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skylinebuds (63) 5 years ago

monero is so much better now with randomX for cpu's they mine better than gpu's

$0.12

1 vote

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joshman (70) 5 years ago

Steemians all over the world would dust off their miners

I could point some GPUs at that!

I realize mining is not so profitable right now

People mine for profit?! :-)

$0.07

1 vote

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apsu (65) 5 years ago

This could be interesting.

As we know, our Finnish electricity is super duper cheap, but cryptos (pretty much 100% Steem for me) is a long term run.

$0.05

2 votes

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cardboard (61) 5 years ago

I remember using NiceHash back in the day - very reliable and transparent software. Don't know though if it has any automation possibilities for the task.

Maybe all miners could withdraw their BTC to the same exchange wallet and when sending the coins, they would place their steem username in memo. Then the bot operating on the exchange could buy SBD for the sent BTC and withdraw those to steem wallet.

$0.00

1 vote

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manvscrypto (50) 5 years ago (edited)

Sounds good. I can have a single page on my website with a browser miner ready by tomorrow. We will not mine much, but the cost of it is also small. Having GPU desktop miners would be better. Should I do it anyway?

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acidyo (80) 5 years ago

What kind of browser miner do you mean? I don't think those generate any value if you're talking about inbrowser mining using your CPU. I was thinking more like mining CPU-only coins when I mentioned that in the post as those are more fair aside from the server farms people run on them.

Same thing with GPU's though, we'd focus on coins that don't have asics and are somewhat profitable to mine with a couple GPU's.

$0.00

1 vote

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manvscrypto (50) 5 years ago (edited)

The thing is, with the new Monero's randomX update it makes a lot of sense to mine with CPU. Browser mining is less efficient, true, but you don't need any apps or install anything so it's also easier for a casual user. I think the value is there if the users could set by themselves how much threads they want to use, but it will probably not be "profitable" in any shape or form anyway.

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