Re: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!
I asked this question in the Telegram channel but didn't get a satisfactory response. Perhaps someone here can answer my questions.
I was told that miners are only allowed to mine BTC, ETH and LTC with Slush Pool and Litecoin Pool. Furthermore, miners are aggregated into Giga Watt's account at each of these pools, i.e. miners don't have individual accounts at these pools. (Please correct me if I'm wrong.) This obviously needs some serious auditing. How do miners know they are receiving what they should be receiving? Why aren't miners allowed to have own separate accounts with these mining pools?
I was told that miners are only allowed to mine BTC, ETH and LTC with Slush Pool and Litecoin Pool. Furthermore, miners are aggregated into Giga Watt's account at each of these pools, i.e. miners don't have individual accounts at these pools. (Please correct me if I'm wrong.) This obviously needs some serious auditing. How do miners know they are receiving what they should be receiving? Why aren't miners allowed to have own separate accounts with these mining pools?
The proceeds from mining goes into their account so that they can keep track of what your miner(s) has mined so that they can deduct their fees. From what I can tell by reading the info available in the WTT white paper and the web sites, Giga-Watt pays out daily. Given that you know the hash rate for your miner(s) and the network difficulty, any decent mining calculator (or your own calculator or spreadsheet for that matter) can tell you the expected output. Deduct the daily fee for your miner(s) and you should be able to calculate the deposit to your account.
Here is a decent calculator: https://bitcoinwisdom.com/litecoin/difficulty
It's not fancy and doesn't consider power costs, but it gives you an idea. Here is another one that does take into consideration the cost of power: https://bitcoinwisdom.com/litecoin/calculator
and another: http://[Suspicious link removed]/yanebqbx -or- http://preview.[Suspicious link removed]/yanebqbx (this shortened URL goes to whattomine.com, the preview link allows you to see the original URL I shortened)
By doing it this way Giga-Watt makes sure that they get paid and not scammed for the fees to run the miner(s). Oddly enough there are an amazing number of scammers on the internet, and some of them use crypto-currencies.
Also, somewhere in an earlier message on this thread, it was mentioned that additional coins/pools may be considered.
I imagined the reasoning would be along these lines. So rather than deducting fees as earned and playing "big brother" to all customer accounts, why not just switch to a prepay model. It's easy to know what your equipment will incur in fees for the next 30 days. For example at $0.033 kWh, it will cost $34.58 per month. This would also alleviate the limitation on pools and mining coins other than BTC, LTC and ETH. If you don't top up your account at the end of the 30 day period, your miner gets shut off and Giga Watt isn't scammed or losing any fees.