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PoP mining seems expensive #16

Closed Hou5e closed 6 years ago

Hou5e commented 6 years ago

With testnet BTC the PoP costs are nothing, but if you were using real BTC the PoP transactions costs seem like they could be really high, unless I'm missing something.

Using a miner fee of ~200 sat/byte, Testnet BTC diff for PoP transaction: 0.00035577 BTC (@ $6234/BTC) = $2.22 / PoP transaction

Is there any plan to use bundled transactions, Segwit, Lightning, or something cheaper. Also, it seems like BTC mempool is going to get spammed with so many transactions from lots of VeriBlock miners. Coming up with a better way to reduce that, seems like it would be beneficial to everyone involved.

gsxryan commented 6 years ago

I fail to see the incentive to PoP when you risk your BTC, for a chance at VBK. It feels like loading it into a slot machine. Unless you got the same in USD back, plus a bonus. PoPing valuable BTC will have to be very communicative / stat driven to take the plunge.

I burned through 0.2testnet BTC in about a day or two before it stopped working for me. Hou5e's market price above would make that $1200.

Hou5e commented 6 years ago

How about adding an additional cheaper blockchain to PoP mine on (PoP reward price adjusted to be less), in addition to BTC?

If you used the existing CureCoin chain, it would give more utility to CureCoin, and would add cheaper PoP transactions to VeriBlock.

ArtemBernatskyy commented 5 years ago

@JoshRack I'm sorry but why this issue was closed ?

CRYPTOSeattle commented 5 years ago

Tried this on the VBK mainnet (just went live online today) and have found that PoP mining is indeed prohibitively expensive IMO. Would love to hear input on why I'm wrong and how to profit though. Anybody have an answer?