Verium mainnet launch 1AM UTC Thurday / 9PM EST Wednesday

Discussion in 'VeriTalk' started by effectsToCause, Aug 29, 2016.

  1. MAYBE THIS WILL HELP!
     
  2. simonmc

    simonmc VeriNew

    Steven, stop spewing nonsense. Of course a faster hashrate improves your chances of finding a coin. The point about luck was that looking at a tiny slice of any distribution will be formed mostly by chance, but longer term, block rate averages will converge to expected values.

    Why did you build a pc for mining when you have a fundamental misunderstanding of how proof-of-work functions?
     
    veryveriviral and Alben like this.
  3. Really what you might call spewing nonsense is your opinion and thankfully the world does not revolve around your vast amount of wisdom (fool) I was under the opinion that one of the great aspects of Verium was anyone can mine it with little knowledge,i do not need your approval to build a PC in fact right now i have a 10 RX480 rig mining ether hashing away built by me i stake with a laptop with Vericoin and PC was built to mine Verium while i trade in my spare time and run a business, I am very clear how the process works so take your small mind back to what ever porn site you came from and act the big man there u twat lol dont expect a reply back,i am done!!!
     
    RAFAEL JOSE likes this.
  4. simonmc

    simonmc VeriNew

    Obviously not. You are more than welcome to build and mine with whatever you want, but when you start criticizing things you don't understand, someone more knowledgeable will likely correct you.

    And when they do, there is no reason to reply with personal attacks and name-calling.
     
  5. simonmc

    simonmc VeriNew

    Even if the time for any single block varies significantly, on average your time per block will converge toward that rate. E.g if your estimated block time is 24 hours and you mine for a month, you will find ~30 blocks in that month, even though you mightt have several days between finding some blocks, and some you find in a couple of hours.
     
    Alben likes this.
  6. simonmc

    simonmc VeriNew

    Absolutely, newer hardware is almost always more power efficient to run.
     
  7. Alben

    Alben Member

    To clear up some confusion.. the "luck" comment has been severely misunderstood here. If the total hash rate on the network is 200k-Hash/min, and your computer gives you 1k-Hash/min, you have 1/200th network power. This means on average you will win 1 out of 200 blocks. Since each block is currently 4.8 minutes (288 seconds), 200 blocks is 960 minutes, which is 16 hours. So.. every 16 hours on average you will get a block. Each block is currently around 7 verium. If we assume pricing puts verium at $0.50 which is reasonable, that's $3.5 every 16 hours. That's equal to $5.25 per day. If network hashrate stayed the same (it will likely go up some but just for the math.. let's keep it there), that $5.25 per day worth of verium would be $157.5 per month if you keep mining. That's assuming price stays low at $0.50. That is ridiculous profit. Will it fully pay back your machine in a month or two? No. But even just mining at night would bring in decent money. That's got to be the most profitable CPU coin.

    Even if network hash rate goes up to 1,000k-Hash/minute, it would still be profitable I believe...even if Verium pricing was still $0.50. People who are disappointed or saying it may not be profitable..show me the numbers.
     
    steven whitton, rlmic, pi933 and 3 others like this.
  8. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    2 blocks here. This is truly fair distribution. This is what decentralization is all about guys.

    *Only a TINY sliver of luck. It's very memory hard and hashrate/minute DOES count but we've basically leveled the playing field and made it VERY simple for users.

    **The more network computational power - the lower the reward - HOWEVER - the more network computational power - the FASTER the block time becomes.

    ***It's brilliant.
     
    Alben, BitcoinPorn and vtec2liter like this.
  9. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    You're not understanding how the variable block times work which mitigates "luck".
     
  10. Vishera

    Vishera @Vishera310 Forum Staff

    I think he said that just for the start of the Verium. Later it will be all of sppen less luck
     
  11. Vishera

    Vishera @Vishera310 Forum Staff

    Less but faster blocks means bigger reward.
     
  12. Vishera

    Vishera @Vishera310 Forum Staff

    I think this will be profitable in long term. I mean it just started. What will be next for Verium.
     
  13. Alben

    Alben Member

    By luck he just meant probability and it's decentralized because no one computer here is 500 times faster than anyone elses. Since it is CPU minable it is more of an even playing feeling. However, 1000kH/m is still gonna earn 10x what a 100kH/m computer will. That is since mining started and that will never change.
     
  14. effectsToCause

    effectsToCause VeriCoin Creator Administrator

    Hi guys, I was speaking in terms of how typically PoW is. As @Alben said where there is usually hundreds or even thousands of times difference between hardware, and if you can't buy the 5 GPUs or the Asic you have near 0 chance of getting a block. I was referring to the decentralization of the consensus to the maybe 2-5x difference in performace between hardwarde or so which is not typical of PoW and makes it possible for someone with a computer to find a block. It also makes is so that the 51% majority is not 2-3 parties.
     
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  15. effectsToCause

    effectsToCause VeriCoin Creator Administrator

    I did not say this, I said the difference is not HUGE (like GPU vs. ASIC vs. CPU). You have better chance than most with that hardware for sure.
     
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  16. effectsToCause

    effectsToCause VeriCoin Creator Administrator

    Another factor everyone also must consider is the number of blocks that pass per day and the number of miners there are. If there are more miners than blocks per day, not everyone will get a block in one day, those that do will have more power on average for sure. Those that do not will get in the next day, or next etc. As the blocktime decreases the number of blocks goes up per day proportional to the power (usually also the number of miners). So in most PoW if you don't get blocks in the beginning you never will, this is not necessarily the case with a variable blocktime, there will be more blocks per day when power increases. This too will help to keep it possible to find a block given enough power. Additionally the reward is decreasing as the blocktime decreases, but there are more blocks so still almost as many coins are coming out per day.

    Also, the more miners there are, the more demand there is, and less supply is in each miners hands. Because the coins are more spread out, more demand and less concentrated supply distribution should in theory result in increased value. So if you are getting less coins than you thought it also likely means the coins you do get will be more valuable.

    One more thing. When mining ETH say at a pool you may get 0.002 ETH every couple hours or more, if you get 7 VRM in two days from one block it's also a lot, it just comes in larger chunks. That is why I added the time estimate so people could gauge an estimate of when they are most likely to get a block based on their hashrate and the network rate. In the end though it adds up to the same thing.

    In conclusion you may have to think outside the typical PoW context to see the whole picture here for PoWT and CPU mining, but as @Alben said it's quite lucrative by the numbers over the course of a month. The average price paid for Verium in the ICO was about $0.60, by all rational logic, the actual price should be higher than the presale price, otherwise no one would have invested into the presale. So each block right now may be worth more than $4. Assuming conservatively the price stays at the ICO presale price.
     
    Last edited: Sep 2, 2016
    steven whitton, Janek, Alben and 4 others like this.
  17. Vishera

    Vishera @Vishera310 Forum Staff

    Does the estimated block time hit timer go down? I've been switching between 45 hours and 65 hours since it been online.
     
  18. effectsToCause

    effectsToCause VeriCoin Creator Administrator

    No it's an estimated block hit rate basically so each block you get should be separated by about that time frame.
     
    Janek and Alben like this.
  19. Vishera

    Vishera @Vishera310 Forum Staff

    2 or 3 days in here still havent found a block. Maybe i need faster CPUs.
     
  20. Alben

    Alben Member

    What is your total combined hashrate?
     

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