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..
The service was first available for beta testing starting February 08, 2011. The second round of testing began on March 2nd, 2011.
- BitPenny web site (no longer operational)