Difference between revisions of "BitPenny"
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| − | BitPenny | + | BitPenny was the first [[Pooled mining|mining pool]] to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely on April 2, 2011<ref>[http://www.bitcoin.org/smf/index.php?topic=3266.msg78046#msg78046 Re: Instant-Payout Mining - BitPenny.com]</ref>. |
| − | The service | + | 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. |
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| + | The service was operated for-profit and thus self-insured against variances.<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 05:37, 3 April 2011
BitPenny was the first mining pool to introduce a fixed-rate, instant-payout model. The service discontinued service indefinitely on 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
