Hi, From what I understand, SuchCoins.com allows herd digging of Dogecoins, but what it says in their "terms" is that they give members 1 % of the coins dug out... not sure whether I understand this correctly... has anyone tried? Which is the most efficient way to dig as fast as possible? Are there any risks of loss? I suppose if you only give them your "much receive" address, you can't lose anything...
yes its a mining pool for doge, there are many. the 1% is actually a bonus, meaning if you find the actual block you get a bonus of 1%. there are 30,231 in a doge block so 1% = 302.31 bonus. this looks like a pretty popular pool, multipool.us is also another one.
OK, so "finding a block" means what? Like: a "block" has multiple coins? How many? 1 % bonus means what? I'm not sure I understand right how many coins they keep and how many they give to contributors. Someone recommended this site, actually... but thanks for suggesting multipool.us too. About how long does it take to mine 1 Dogecoin? I suppose you have to connect your PC and keep it on...
you can read more about the dogecoin stats here: http://bitinfocharts.com/dogecoin/ the block reward currently is 30,231 doge per block, these are shared between the miners depending on the hashrates you contribute. the block reward is expected to halve in about 2 weeks. yes you do need to keep your pc on and use your graphics card for maximum benefit. with a decent card (270/7850) you could be looking at 1000 or so a day.
so i learned something, that the block reward is actually random for dogecoin: According to its bitcointalk thread it follows a block reward schedule where the first 100,000 blocks get a random reward between 0 and 1,000,000 dogeCoins and every subsequent 100,000 blocks halves the of the previous reward's maximum. Beginning with the 600,001st block, the reward will be a constant 10,000 dogeCoins per Block until the maximum of 100 billion dogeCoins is found. Since there is a random process underlying, it is not possible to accurately predict which block will provide the last scheduled block reward until the first 600,000 blocks have been mined, however, the first 600,000 blocks should produce an estimated ~98.44 billion dogecoins, so there would be about 156k blocks with a 10,000 doge reward. At 1 minute per block, 756k blocks would take 525 days, or just shy of 1.5 years.
It's so complicated! ...and there will be 100 billion Dogecoins. Which is huge. 36+ % have been mined already... I wonder if the market cap could reach 100 billion $. So that a single piece be worth 1 $.
Suppose there are multiple people connected (there are thousands connected to this site), then who comes across the block? Any single person or all together? And who gets the bonus? ...I suppose everyone must get some benefits.
It's a mining pool like many others - I use fast-pool.com You have to run mining software on your PC to contribute to the pool hashing effort When someone in the pool finds a block, everybody in the pool gets a share of the coins according to their share of the hash work The pool hash rate is currently 5 ghs - or 5 million khs If you mine using a regular graphics card you would maybe get 5 khs If you were mining the duration between block finds and a block with 500,000 coins was found, you would be paid one millionth of the payout - 0.5 of a doge coin Each time the pool finds another block you get another millionth of the coins if you keep mining A new block is discovered about every minute and this pool has about 10% of the network hash rate, so the pool should get a block approx every 10 minutes - but there is a random element to the number of coins in each block, as well as losses due to orphaned blocks, the pool getting attacked or hacked So if you keep mining with your 5 khs you would get maybe 2 doges per hour. Buy a high end graphics card and you mine at 500 khs and your payout goes to 200 doges per hour Set up a rig with 4 graphics cards and mine at 2000 khs ... You get the picture
finding a block would be a wonder for you single miner, also in the pool At the moment DOGE has a Nethasrate of around 63 GH/s = 63000 MH/s = 63000000 KH. Thats gigantic At the best time DOGE had 100GH and was higher than the LTC network, but LTC has overcome DOGE again. On this rates you cans see DOGE maybe going back, also in price. More than 35% are mined noe within this short time DOGE is alive. If it goes on like this it will be the first coin that comes to end. I have no idea haw it should work after no more blocks can be found. Each transaction between two single wallets need a new block to get confirmed. I do not know how designers have planned the time after all blocks are found. Maybe transaction fees can be mined and generated new blocks. Anybody knows how this timearea is planned ?
it will work the same as bitcoin where transaction fees will replace block rewards, from bitcoin stack exchange:
thanks for expain this - its far away but hopefully the fees will cover the interest of mining profibility. If the profibilitly is too low no miner spend their hash to a coin
Thing is, in my office machine I have a basic "on board" Intel G33/G31 video card, which would prolly produce sluggish results...
