I am a new hobbyist miner with only 150 Gh/s total hashrate. I have been searching for pool that can give me the highest payout in the last 5 months, but I still cannot find the right one for me. The pool that I have been mining on the longest is Eligius. But I still don't see it to be a fair pool for me as I cannot set my difficulty to below 512. So I am dreaming to have my own pool.
I am still not familiar with the terms in Bitcoin. And I still do not understand all about mining business. So I would like to get inputs from all of you on this.
If I would make a public pool with the objectives, requirements and payout scheme as below, do you think I would reach my objectives? Do you think the requirements and payout scheme make sense? And what do you think we could improve to reach the objectives?
Objectives:
- Decentralise Bitcoin network, so it will only support Bitcoin
- Attract miners with low hashrates and pool hoppers
- Provide more advantage to miners with low hashrates
- Transparent information on the reward payout
- The pool must not make any profit but it must not go bankrupt
Requirements:
- Miners do not need to register to the pool
- Miners can only use Bitcoin address to mine
- Bitcoin address of the miners will be validated
- Miners with invalid Bitcoin addresses will be rejected
- Minimum accepted hashrate per Bitcoin address is 100 Gh/s
- Maximum accepted hashrate per Bitcoin address is 1000 Gh/s
- Miners with hashrates lower than 100 Gh/s must join a group and mine with a single Bitcoin address
- The distribution of payout on the miners' group should be managed by the group
- Miners will submit approximately the same shares managed by vardiff
- The fee for the pool maintenance is 0.05% of the total reward
- All 99.95% of the reward must go to the miners
- The minimum payout for each Bitcoin address is 0.001 BTC
- The payout will be rounded down to the nearest 0.000001 BTC
- The remaining dust payout will go to the pool maintenance account
Payout scheme:
- All miners will get the payout based on their porpotional and bonus shares
- The coinbase transaction of the miners' Bitcoin addresses will be updated each hour
- The payout will be based on the total shares recorded on the previous hour
- The shares that have been paid out will be reset at the time the payout is being executed
- When the total shares of miners remain the same on previous 2 hours, they will be set as dormant miners
- The total share of each dormant miner will be deducted by 1% and they will be distributed to all active miners on the next hour as bonus share
- The dormant miners will be changed back as active miners when their total shares on previous 2 hours keep increasing