Well, any question the team is ready 🫡
Discussion
Why would I do this over just mining myself (which I did actively for 4 years with 4 S9s, but now just use a BitAxe) or buying bitcoin?
Why would a miner want to opt into doing this with you instead of just taking the bitcoin that they mine as their profit?
How is this more profitable for them? It has to be or they wouldn't want to do it, right?
How does the company make money from this?
I saw the message about all pooling hash power to mine a block and if so the block reward would be split based on contributions just like a normal pool I assume or is this something different? If it's not different, then why wouldn't I just use Brains or Ocean?
I know absolutely zero about nostr:nprofile1qqs9avl6hmfcqrma3s3haa94c4h436skujtl44qvlht59hwhxksr8ngpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgwwaehxw309ahx7uewd3hkctcpz4mhxue69uhkummnw3ezummcw3ezuer9wchsuwkc8a and only see nostr:nprofile1qqsfln36agetx43hsw8mgkm4hce9j46zu94m8er59nyzhv74p7gg0espzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqgjwaehxw309ac82unsd3jhqct89ejhxqgcwaehxw309aex2mrp0yh8xmn0wf6zuum0vd5kzmqf83v6s spamming about it all the time and that it seems like cloud mining, but different, so to me it seems like scammy cloud mining. Because of this, I've ignored everything.
🤙🏻
Same - the bidding page is very complicated even for someone who has mined before. Unclear what you’re paying for or if you’re throwing sats in to the ether.
Assuming good intentions - the idea of collectively mining a block as a small pool is nice idea. The bidding page gave me the same vibes as reading a crypto white paper.
It’s still mining, so there’s no guarantee, think of it like a lotto but the state isn’t involved.
We aren’t crypto. Ew. Haven’t read any crypto white paper. We’re bitcoin only.
You can use whichever pool you want; nostr:npub1t6el40knsq8hmrpr0m6tt3t0tr4pdeyhlt2qelwhgtwawddqx0xsv03scu isn’t a pool, just a hashrate marketplace.
It’s not hosted mining, not cloud mining. Just hashrate.
The pic is of the #BlockParty we are having for 6 hours tomorrow. You can BYO nostr:npub1k8s3skyy5mg5h07w8zvuk5lgrqadmejz7fjdpl60zaznw8sxzdxqxm6y88, Apollo, ASIC, whatever, during the block parties (not on the daily though).
The goal is the find a block; we solo mine as a group. The larger goal is to decentralize mining (just like nostr should decentralize the internet).
You can totally mine yourself. This is more for people who either want to mine as a group with the block party, most of whom don’t have a miner of any kind. This democratizes mining so any pleb can mine by simply purchasing hashrate.
We just added fixed return mining last week so you can mine and earn back some sats. More lots for that coming in May.
Some may never be able to buy an ASIC or have to save up for solo miners, even the reasonable Bitaxe. This gets you in on mining instantly.
You used to only be able to get into the party via hashrate auctions, but we added direct buys this week. Someone bought 7,500 TH/s today 🔥
The block party is like a lotto, no guarantee of profit. But who wouldn’t want a sweet block reward share if we find a block? That’s why we all do it.
Rigly is self-funded, not a startup. The biggest fee we took from auctions has been 3.5%. we don’t take a fee on fixed return mining. ⛏️
It’s not spamming, it’s marketing 😉 look how many marketing impressions it took for you to ask me how it works.
Thanks for the answers.
And why would a miner what to do this? You didn't answer that question. Thanks again.
Miners would get a share of the block reward according to how much hash supplied
Yes, but they would anyway so why would I want to sell my hashrate in an auction if I was a large miner? Higher return? Can you sell the hashrate for more than the current hashprice?
We don’t work with large miners 😉 just small miners. They need the most help with upfront costs. Happy for Foundry, but they’re not our cup of tea 🫖
Can’t sell above the spot price. This hashrate marketplace lets the market work.
With auctions for plebs, the auction prices tend to go up the closer we get to the start of the block party. But since we added the ability to direct buy and bypass auctions completely, the final party auctions we’re in right now haven’t gone as high as they have in the past.
Someone used direct buy today to purchase 7,500 TH. They said fuck auctions, I just want in. Bigly.
Aside from the block party, miners work with us because they get to forward payments for electricity and other upfront costs.
Buyers (you) would get hashrate at a discount with fixed return mining, end up making sats back on 30+ days of hashrate. You pay their electricity in this example. They can pay bills and even scale.
nostr:npub1t6el40knsq8hmrpr0m6tt3t0tr4pdeyhlt2qelwhgtwawddqx0xsv03scu works with small miners like Bitties in Texas, Trojan in Nigeria, etc. We’re helping to decentralize the Bitcoin mining network.
And a buyer gets to pick their own pool?
Yes! So you can pick whoever you want, can be nostr:npub1qtvl2em0llpnnllffhat8zltugwwz97x79gfmxfz4qk52n6zpk3qq87dze or Braiins or Luxor or whomever you prefer.
With fixed return mining, people tend to maximize earnings with the low fees of Wilson Mining.
You can also switch pools anytime.
It’s a 6 hour block party bro. Idea is you go hammer for 6 hours. Not soft for 24/7.
So it's gambling?
Yes! 🙌 like a lotto. But no state involvement. 😉
Mining is always gambling. Yes? Brains pool last year went like weeks in between blocks found when they were still block splitting. People in the pool gambles their electricity wouldine blocks.
Aka a lotto. Gambling I would relate with high stakes. Buying hashrate to pool together for 6 hours becomes more affordable depending upon your risk assessment.
Unless you want to contribute with your own miners which is great too.
It’s more of a community event with the hopes to snipe a block from the centralized assholes.
Hashrate is verified via CK Pool during the event
Community event for funsies. Got it.
Yep. Hash for the event has been selling for the last few weeks.
Charge it up and let it rip. Momentum will get more solo miners to join and in the end, will add a little fun for them too at the cost of 6 hours of FPPS or what not
Can #bitaxe participate?
Yes 🙌
If you have a Bitaxe or any other mining rig, send your hash to the block party!
Stratum address: solo.ckpool.org:3333
Username: 3Gk1GfP3bHA6M2ZzK5mHdqbWN1iNsqAenH
Put your BTC payout address as the workername (important!)
If we mine a block, you will get your share of the reward based on hashrate contribution.
Toine yourself, you need hardware, power, likely colocations and so on. This enables quick buying of small hash rate to enter mining. If you want to do major hash, you would be much better off getting into mining yourself. Of course you would still need the power and location/cooling/etc ...
Having lost 2 Asics colo facilities myself, it can be a nightmare unless you have major scale.
The block party is just joining forces together to enhance the chance of a solo block.