Difference between revisions of "BitPenny"
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| − | BitPenny was the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely | + | BitPenny was the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely as-of April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.msg78042#msg78042 Re: Instant-Payout Mining - BitPenny.com]</ref>. |
Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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. | Each share submitted to BitPenny was worth a fixed (based on current [[Difficulty|difficulty]]) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the [http://www.bitpenny.com BitPenny website]. This approach shifted 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. | ||
Revision as of 05:39, 3 April 2011
BitPenny was the first mining pool to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely as-of April 2, 2011[1].
Each share submitted to BitPenny was worth a fixed (based on current difficulty) amount of bitcoins. The user's account was credited immediately upon submission, and the balance was instantly available for withdrawal from the BitPenny website. This approach shifted 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 was operated for-profit and thus self-insured against variances.[2].
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
