How does OCEAN compare to Luxor or Nicehash? Considering fees, withdraw minimums, etc
Are you a miner? Thinking about mining? Construct your own block templates with Datum. It went live last night on Start 9 OS.
https://youtu.be/LQfAyzfp_kU?si=o0F5SiMzDSpN82rJ
https://stacker.news/items/731085
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Discussion
Ocean has 2% fee. It used to be free, but I think that has sunset.
Luxor might’ve been the same 2 or 2.5.
I guess Luxor and Ocean are comparable on most levels.
Withdrawals are done on Luxor. Ocean doesn’t really have a withdrawal because the miner that finds the block will send every other miner their sats at the same time. Ocean only hold the sats if you don’t have many sats mined and it makes more sense to not send a small utxo.
Nicehash uses our hashing power to mine other coins not bitcoin, but pays us out in bitcoin. I haven’t used them in a while so they may have changed in the last couple of years.
Luxor and all other mining pools construct the block template. Which means they control what goes into the block if we mine it. They take custody of the block reward and we don’t get to see the split of the money. We just take their word for it. So we are paid according to their decision without a negotiation.
In the “Ocean” we get to decide what name we want to have displayed on the chain when we hit the block. (Only geeks really care about that, but I think it is super cool.) We also can add our personal transaction to the block we mine. (For cheap or free) The block rewards are paid from the coin base which means ocean doesn’t take custody. The payment goes to you directly so you get to take part if there is an increase in fees, there is an increase in your reward according to your contribution. You get to decide if you want spam and ordinals, runes etc.
So Ocean allows you to be a real bitcoin miner. A real bitcoin miner constructs block templates, and decides many other factors as well as gets paid according to the hash contribution.
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ALL of the other pools rent your hash rate for a set fee and handles everything else.
nostr:npub1qtvl2em0llpnnllffhat8zltugwwz97x79gfmxfz4qk52n6zpk3qq87dze what did I miss?
I might have to walk back one of those statements. After thinking more on it.
Ocean might not take a 2% fee if you use “Bitcoin knots” and “Datum” to construct your own block template.
Excellent summary! Thank you for taking the time to write it. I just went live today with nostr:npub1qtvl2em0llpnnllffhat8zltugwwz97x79gfmxfz4qk52n6zpk3qq87dze and am looking forward to seeing how it goes. I don’t know enough to construct my own template to get the 1% fee instead of the 2%. I’m guessing I could possibly learn it, but haven’t committed the brain power. The big thing that sold me on them was their approach that you highlighted and how payout is done with TIDES. I think it’s the most fair.
You are already there. Congrats man that is awesome.
Constructing a block template is as easy as clicking yes or no in an app.
You probably know this, but…
When you are ready….
Step 1. Download Start 9 on a mini pc, or raspberry pi.
Step 2. Install bitcoin knots and allow the blockchain to update.
Step 3. Install Datum
Step 4. (Which is constructing the block template)
Literally go to the config tab on bitcoin knots and the config tab on datum and answer questions/ modify to you pr preferences. The config tabs have everything laid out super plain.
we are happy to help you get set up making your own blocks. just drop us a message here or DM