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Ethpool warning: Avoid unless you have more than 10 GH/s
Hi Everyone,
What a disaster Ethpool has turned out to be! I joined this pool with 1.3 GH/s on 1/15 and thought I would get paid out in 24 days per their initial stats. Well it is now 2/3 and I am still 14 days away and who knows how this will change as difficulty increases and the pool gets swamped with massive miners that exceed 200 GH/s?! Just this morning their stats claimed I was 1 month out?! I went balistic and less than 1 hour later it jumped back down to 15 days! My miners had not gone offline prior to this. Perhaps these false estimates was a result of those massive miners that came in the day before to claim all the uncles. That 200 GH/S miner just took all the uncles and one block and left!
Here is a link to the 204 GH/s miner - see all those uncles?
http://ethpool.org/miners/4a609177f7b9065c0aedbfa2762a27ec9fd7061e/blocks
I contacted their help desk and requested that they put a warning front and center on their front page so that miners under 10 GH/s will know that they will have trouble getting paid. My rigs are using a ton of electrical power + the wear and tear on the hardware and I'll be damned if I wasted weeks mining. These rigs cost me over $25,000-$30,000 to build including electrical upgrades (have not looked at the final numbers) so they need to earn their keep! I did all the work myself including electrical and have already paid off the rigs but still I am not doing this for charity for crying out loud!
I got sucked into this pool after Ethermine was unreliable and giving me a lot of stale shares. After joining Ethpool the stale shares were much less but I did not realize what I was getting into. I had done some research about them prior to joining but the threads were from 2016 and early 2017 where 1 GH/s was still good enough. A lot of people are finding out the hard way like me. I saw one miner a few days ago with similar mining performance to mine barely squeak by and get his block. I checked out his address a day later and he got the hell out of dodge! Lol!
Ethpool should do the right thing and warn unsuspecting smaller miners who will become trapped on their pool. I am warning the miners on here. Don't go to this pool unless you have hundreds of rigs!
What a disaster Ethpool has turned out to be! I joined this pool with 1.3 GH/s on 1/15 and thought I would get paid out in 24 days per their initial stats. Well it is now 2/3 and I am still 14 days away and who knows how this will change as difficulty increases and the pool gets swamped with massive miners that exceed 200 GH/s?! Just this morning their stats claimed I was 1 month out?! I went balistic and less than 1 hour later it jumped back down to 15 days! My miners had not gone offline prior to this. Perhaps these false estimates was a result of those massive miners that came in the day before to claim all the uncles. That 200 GH/S miner just took all the uncles and one block and left!
Here is a link to the 204 GH/s miner - see all those uncles?
http://ethpool.org/miners/4a609177f7b9065c0aedbfa2762a27ec9fd7061e/blocks
I contacted their help desk and requested that they put a warning front and center on their front page so that miners under 10 GH/s will know that they will have trouble getting paid. My rigs are using a ton of electrical power + the wear and tear on the hardware and I'll be damned if I wasted weeks mining. These rigs cost me over $25,000-$30,000 to build including electrical upgrades (have not looked at the final numbers) so they need to earn their keep! I did all the work myself including electrical and have already paid off the rigs but still I am not doing this for charity for crying out loud!
I got sucked into this pool after Ethermine was unreliable and giving me a lot of stale shares. After joining Ethpool the stale shares were much less but I did not realize what I was getting into. I had done some research about them prior to joining but the threads were from 2016 and early 2017 where 1 GH/s was still good enough. A lot of people are finding out the hard way like me. I saw one miner a few days ago with similar mining performance to mine barely squeak by and get his block. I checked out his address a day later and he got the hell out of dodge! Lol!
Ethpool should do the right thing and warn unsuspecting smaller miners who will become trapped on their pool. I am warning the miners on here. Don't go to this pool unless you have hundreds of rigs!
Comments
I then got greedy and lowered the order to .097 and then all of a sudden the miners stopped mining. Increased it back to .098 and they would not start. Then to .099 and still nothing. At .010 they started again.
So I should have left it at .098 and never looked back. Oh well you learn! I'll update this thread with results in a day or so. I think it is best to start high because difficulty will just go up. I need to get the hell out of this pool ASAP! If it cost me 1 ETH so be it. That's better than losing 3 ETH.
Whatever I pay on Nicehash for hash power reduces my time on Ethpool so I can get paid out faster and leave that sandtrap! Sure it will cost me ETH but you also earn 3 ETH after winning the block and doing it faster now with the help of Nicehash. So the difference might be a few fractions of ETH in the end.
The trick is renting the hashing power at a good rate. If your offer is too low the miners won't start mining right away. The order stays open for 9 days and you can increase the offer so I might try that next because this 0.74 ETH I spent renting hash power won't get me to the finish line.
I am also wondering if I should order an insane amount of Hash Power, like 100-200 GH/s for a few hours near the end and try and grab a few uncles at the top over a period of a few hours. I know I have been complaining about others doing lol! But it got me thinking. Here is a screenshot of a 204 GH/s miner that came in and grabbed around 10 ETH in uncles and two 3 ETH blocks over the course of a few hours.
Edit: Just did some quick numbers and it would cost around 20 ETH to rent that much power for 5 hours and you end up making 15 ETH so not worth it.
You mentioned you are at 1.2 GH/s. What is your exact count in Mh/s? On January 15th my estimated earnings with 1320 MH/s was .88 ETH per week. It is now down to around .78 ETH per week due to difficulty increasing. That is a huge build up in difficulty over a short time span that is very troubling. Would difficulty come down if people stopped mining Ethereum? It would help if the price of Ethereum increased to offset the difficulty level and subsequent smaller payouts.
I have been watching miners with 1.5 GH/s - 2 or even 3 GH/s that were lucky to get paid out because they started sooner before the rise and I wanted to see if they stuck around for another go. They all left Ethpool as soon as they got paid.
Ethpool will now be changing their policy and reward Uncles to random miners instead of the top miners. I suspect they are doing that to prevent getting swamped by 200-500 GH/s miners that are just going there to grab a bunch of Uncles. It may be too late to save the situation. Those massive miners are not longterm loyal miners. They just come in quick and grab all the Uncles and a few blocks and then disappear again.
A lot of smaller miners got screwed going to that pool. It would have really helped if they had a clear warning on their site that if you are under a certain GH/s you will not get paid ever. Especially now the time is right for them to put that warning on their pool page. Nobody likes to waste their electricity and equipment without any reward. My electrical bill will be close to $700-800 and I will have 1.5 ETH to show for it after subtracting the Nicehash rented hash if I am lucky. Had I mined on another pool I would have had at least 3 ETH when all is said and done.
http://ethpool.org/miners/9c8d426ff09858b0a4a72908e3599622553d6597
Ethermine was started after Ethpool by the same group. I feel slanted by them not putting a clear warning on their page. I'd rather have a warning than discover the situation after a few weeks on my own. Let's face it a lot of inexperienced people are getting in to this including me and I only realized after a few weeks the reality of what was going on and by then did not want to leave and give up the work put in already.
I might just dump Ethermine as well and go somewhere else just because of their affiliation with Ethpool. They really screwed a lot of miners under 5-10 GH/s. They had the experience to understand what the implications were for smaller miners and should have had a warning.
http://ethpool.org/miners/1715e99c051eefb2677154428fae6a8ce6232a16