BitPenny: Difference between revisions
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BitPenny is the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal [[Weaknesses|attacks]] from the user to the pool operator, resulting in a virtually zero-variance payout curve. | |||
The service is operated for-profit and thus self-insures against variances from the percent of generation proceeds retained<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>. | The service is operated for-profit and thus self-insures against variances from the percent of generation proceeds retained over time<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.0 Instant-Payout Mining - BitPenny.com]</ref>. | ||
The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011. | The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011. | ||
Revision as of 10:04, 4 March 2011
BitPenny is the first mining pool to introduce a fixed-rate, instant-payout model. Each share submitted to BitPenny is worth a fixed (based on current difficulty) amount of bitcoins. The user's account is credited immediately upon submission, and the balance is instantly available for withdrawal from the BitPenny website. This approach shifts the risks associated with bad luck, cheating, and transaction-reversal attacks from the user to the pool operator, resulting in a virtually zero-variance payout curve.
The service is operated for-profit and thus self-insures against variances from the percent of generation proceeds retained over time[1].
The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.
Community
The IRC channel #bitcoin-bitpenny (webchat) offers conversation with fellow miners and information from BitPenny's operator.
See Also
External Links
- BitPenny web site