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Mining Pools Explained - Dashboard, Payment Structures & More | Ft. Flexpool - YouTube
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hey everyone welcome back to another mining聽
chamber video in today's video we are going聽聽
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to talk all about mining pools and which pool聽
you should be using all the different payment聽聽
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structures as well as everything that聽
you need to know about pools in general聽聽
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so if you're new to mining or you have any聽
confusion regarding to mining pools i hope this聽聽
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video will clarify everything for you now let's聽
go ahead and get started right after the intro聽聽
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first thing we should talk about is聽
what are mining pools and how they work聽聽
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in plain english mining pools can be envisioned聽
as a team digging actual gold from the ground聽聽
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the more people that dig together the more likely聽
they will be able to find some gold and after the聽聽
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gold is found everybody gets a little cut from it聽
based on the effort that they put so now on the聽聽
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contrary solo mining would be just one individual聽
digging reducing his or her chances to find gold聽聽
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dramatically but if that individual digging聽
finds gold he will be able to keep the entire聽聽
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reward for himself now i did touch base on solo聽
mining a little bit for the cryptocurrency mining聽聽
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for dummies video but i will eventually make a聽
full video regarding to solo mining now there聽聽
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are many mining pools out there some are identical聽
while others might have better code base different聽聽
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payment structures and all around improvements to聽
handling the miners on the network these pools run聽聽
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on servers and they can be pretty expensive to run聽
but after the mining pools acquire a good enough聽聽
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miners base they will be able to be profitable聽
and that is because the majority of mining pools聽聽
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take at least one percent of fee even though one聽
percent sounds like it's a small amount of money聽聽
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it really does pay off so let's imagine the mining聽
pool has a thousand giga hash on their network in聽聽
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other words one terahash then they are getting聽
10 gigahash of mining profits as a dev fee but聽聽
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that will be a topic for another day now let's聽
focus on the miners part of it like i mentioned聽聽
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before there are different payout structures聽
for mining pools the most popular ones being pps聽聽
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plus and ppl and s but there are also other聽
types that are not that common now when i聽聽
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started making this video i'm going to be聽
honest with you guys i have no clue what any聽聽
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of these terms mean even after trying to read up聽
on them i am still just as lost and since we are聽聽
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entering the technical zone i brought someone聽
special to explain to us the technical terms聽聽
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in ways that will sit just right for all of us
Hello, I'm Alex. I am the lead developer over聽聽
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here at Flexpool. Today I would like to share聽
some knowledge about mining pools and answer聽聽
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some frequently asked questions. I think it would聽
be nice to start with the reward systems first.
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What is better, PPLNS or PPS? Two reward systems聽
are really different from each other, but in the聽聽
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end, they yield approximately the same profit.聽
With PPLNS, you are getting paid exactly for what聽聽
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you have mined on the pool. It pays your share聽
of the block, where the share is your hashrate聽聽
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divided by the pool's hashrate. This reward scheme聽
is known for being the most profitable for miners聽聽
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since payouts are coming from the block rewards聽
themselves. This payout scheme has only one con,聽聽
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and this con is infrequent rewards. Note that聽
this rule doesn't really apply to mining pools聽聽
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that have a really massive share of the entire聽
network's hashrate. PPS pools were designed to聽聽
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fix that con and are featuring stable income for聽
miners. This is achieved by the pool paying the聽聽
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miner's reward no matter if the block was found.聽
PPS pools are pretty similar to the hashrate聽聽
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marketplace platforms like NiceHash. By obtaining聽
this feature, unfortunately, PPS introduces some聽聽
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other cons. In my opinion, the most significant聽
con is that PPS pools do not guarantee all miners'聽聽
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balance. Effectively, this makes a PPS pool look聽
like a bank. Additionally, PPS pools add some聽聽
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level of shadiness since all the rewards are聽
not coming from the Ethereum network directly.
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To summarize, PPLNS is the best if you聽
want to earn the most, and PPS is the聽聽
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best for you if you want to聽
have the most stable income.
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Now I am going to explain a really聽
confusing part, shares. Actually,聽聽
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only a few miners understand what they really聽
are. Shares are often represented as pieces of the聽聽
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block the pool is mining. Understanding shares can聽
be difficult for beginners. If you are a beginner,聽聽
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I would recommend perceiving them in that way.聽
But for experienced miners, I will explain what聽聽
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Shares really are. Technically, shares are聽
the same pending blocks the pool is mining,聽聽
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but with the only difference in聽
difficulty. Mining pools set a static,聽聽
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relatively low difficulty for rigs to be able聽
to mine them frequently. This is useful for聽聽
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things like keeping track of workers' effective聽
hashrate. The difficulty set by the pool is called聽聽
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Share Difficulty. Greater share difficulty means聽
more time to find a share. Lower share difficulty聽聽
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means less time to find it, respectively. And to聽
be honest, so far, this is the only difference.
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Moving to the next part, a relatively new topic.聽
What is the difference between mining pools'聽聽
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payout fee policies? Some pools like Flexpool聽
prefer sending transactions while paying a fair,聽聽
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normal transaction fee. Other pools聽
like Ethermine prefer cheating on the聽聽
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Ethereum network by self-mining feeless聽
transactions. Those pools do really loud聽聽
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claims that sound like "We're paying all聽
our miners' transaction fees," but in fact,聽聽
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all those fees are still paid by miners. Depending聽
on the block reward, it results in miners' income聽聽
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being reduced by 3-5% as an indirect tax to cover聽
the pool's payouts. This was acceptable when聽聽
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transaction fees represented only a small聽
fraction of the block rewards, but right now,聽聽
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fees on Ethereum represent 50-60% and聽
sometimes over 80% of the entire block reward.
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For now, I think that I've covered all聽
the most complex parts of mining pools.聽聽
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Thank you to Mining Chamber for allowing聽
me to appear in this video. Now back to So.
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thank you so much alex for taking your time and聽
explaining to us the technical terms about mining聽聽
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pools it was extremely helpful and now we can聽
go ahead and recap and talk about which pool you聽聽
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should be using so from what we learned about pps聽
and pp lns pps would be good for having a stable聽聽
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income and then pplns would be good for maximizing聽
your mining profits because for pps you don't get聽聽
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paid from the block rewards themselves but for ppl聽
s you do get paid from that and like that you're聽聽
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assured that you will get your hashrate's worth聽
based on the block reward that was solved so the聽聽
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first thing that comes to selecting the mining聽
pool that you want to use would be the server聽聽
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itself so each mining pool runs on different聽
servers some of them are only located for聽聽
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certain regions while some others are global so聽
for example here in miningpoolstats.stream you can聽聽
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see here that we have different pools and there is聽
flags and a globe next to them and that just shows聽聽
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you the region that they work in so for spark pool聽
it's in china and then ether mine they have us聽聽
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eu and asia so these are all the different servers聽
that you can connect to and it's always preferred聽聽
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to connect to the one closest to you even聽
though yes you can connect to the one in china聽聽
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but your latency might be an issue and it will聽
lead to a lot of stale shares so now if we go back聽聽
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to flexible for example and hit on start mining聽
you will be able to find here multiple different聽聽
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regions that you can select from and then you can聽
connect to those pools on the mining software that聽聽
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you're using so if you're using phoenix miner you聽
can just put this pool address and then you'll be聽聽
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able to connect with the proper port so now聽
coming to the ports you have the secure ssl聽聽
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port and the regular port and then your username聽
and password so password is most of the time聽聽
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going to be empty and your username will be your聽
ethereum address and dot worker name so you can聽聽
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put whatever worker name you want and then as for聽
the port the secure ssl port and the regular port聽聽
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you can use either of them but just to be safer聽
you can use the ssl to encrypt your traffic and聽聽
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in some scenarios for example the ethermine.org聽
when i mine to it i usually end up using the聽聽
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alternative stratum port instead of the straight聽
import regular or i would use the ssl one because聽聽
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the regular stratum port would not work for me聽
it keeps disconnecting me from the pool so you聽聽
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can also feel free to try different ports and see聽
how they work for you and just make sure that you聽聽
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connect to the proper server that is closest to聽
your region so the second thing i would say when聽聽
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you're trying to select your pool is based on your聽
hash rate so if you do have 500 mega hash and more聽聽
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and you want to get the maximum profits i would聽
recommend selecting a pool that does ppl and s聽聽
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instead of pps even though you won't be getting聽
frequent rewards but you will be getting the聽聽
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maximum profits for the block rewards and this聽
also applies for the miner's transaction within聽聽
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the block like we talked about with ethermine聽
how they include the miners payouts in the block聽聽
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itself which reduces your block reward by three聽
to five percent and then with flexpool the miners聽聽
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payouts are not included in the block reward聽
themselves so you won't be wasting space for聽聽
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miners payouts instead you'll have to pay your聽
own transaction fee so these transaction fees can聽聽
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vary and they can get pretty expensive but that聽
is if you send out small amounts so if you send聽聽
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for example 0.1 ethereum which comes around 180聽
you will still be paying a very similar amount聽聽
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of transaction fee so that is why it's best to聽
do a higher minimum payout so that you have to聽聽
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pay the transaction fee less frequently so for聽
example this miner right here it's not my address聽聽
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but it's some other miner and they have their聽
minimum payout set to 30 ethereum so that means聽聽
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the pool is only going to pay them when their聽
unpaid balance reaches 30 ethereum and like that聽聽
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you can expect a three to five percent payouts聽
because the miners transactions are not within聽聽
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the block themselves and instead this miner has to聽
pay for that transaction by getting paid out that聽聽
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30 ethereum so losing around five to ten dollars聽
in transaction fees is much more profitable than聽聽
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losing three to five percent of your 30 ethereum聽
now i personally have the minimum payouts set to聽聽
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one ethereum and i'm mining with over one gigahash聽
and like that i do see less frequent payouts but i聽聽
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still do get the maximum amount of money i will聽
talk about how to change your minimum payouts聽聽
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and talk about the different hash rates current聽
average and reported in this section coming up but聽聽
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now to clarify if you do have less than 500 mega聽
hash and you want to get more frequent payouts聽聽
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then you can go with something like ethermine聽
and then put your minimum payout pretty low聽聽
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and like that you won't be paying any transaction聽
fees but you will be getting more frequent rewards聽聽
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and if you do have more than 500 mega hash and聽
you don't want to lose out on the three to five聽聽
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percent of miners transactions within the block聽
then you can use a pool like flex pool and just聽聽
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have a higher minimum payout so that you don't聽
have to pay too much transaction fees either聽聽
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so that will leave you with two choices that you聽
can pick so you don't have to really overthink聽聽
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this topic at all just choose a pool based on your聽
hash rate and then get started with it and if you聽聽
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want to test out different pools you can always聽
feel free to do that so now let's get to the final聽聽
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part which is the dashboard so i'm going to use聽
flexpool and ethermine for an example here but聽聽
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all the pools generally follow the same structure聽
so now let's first talk about how you will get to聽聽
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that dashboard every pool will have a search by聽
wallet address field where you can just click on聽聽
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it and then put your mining address this address聽
will be the ethereum wallet that you are mining to聽聽
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so once you put that address in there and then you聽
hit search you will end up getting this dashboard聽聽
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right here it will show you your address and聽
then it will show you when you joined and all聽聽
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that good stuff almost all the pools follow the聽
same structure so you'll be able to follow this聽聽
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guide through any pool that you're using and if聽
you just started mining then just give it some聽聽
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time to reflect on your dashboard it can take聽
up to three hours or one hour until you see it聽聽
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reflecting on your dashboard so first let's start聽
with the flexible dashboard and then we can go to聽聽
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the ether mine dashboard and then hopefully you聽
guys like that will understand everything you're聽聽
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looking at so the first thing we have here is your聽
address and then they have a ranking system for聽聽
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the donations as well as the minimum payout and聽
the pool donations and then when you joined so the聽聽
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best thing about flexpool is that you can remove聽
your pool donation completely by signing a message聽聽
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or you can keep it at one percent to support聽
the project i would honestly keep it at one聽聽
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percent because you are supporting them that聽
way now for the minimum payout you can also聽聽
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change that from the settings tab right here聽
and you can also change your pool donations here聽聽
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so you just click on pool donation you put the聽
number you want and then you continue with the聽聽
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process and then for your minimum payout you just聽
go to other settings and then you set your minimum聽聽
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payout you can also set your gas price limit and聽
email notifications so these email notifications聽聽
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will notify you when one of your rigs go offline聽
and it can be really helpful if you have a lot of聽聽
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rigs that you're managing and you want to keep聽
an eye on them i would highly recommend turning聽聽
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on email notifications and now as for the minimum聽
payout like i said before this is when you will聽聽
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be paid from the pool so you won't be seeing any聽
balance in your wallet until you reach the minimum聽聽
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payout of the pool itself and you can change this聽
to be 0.10 ethereum one ethereum whatever number聽聽
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that fits your needs and like i said if you're聽
using a pool like flexpool and you don't want聽聽
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to pay too much transaction fees then keep your聽
minimum payout a little bit high but if you're聽聽
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using something like ethermine then you can feel聽
free to keep your minimum payout pretty low and聽聽
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here you have the next block share and this will聽
tell you approximately how much you'll make from聽聽
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the next block being sold and then when you go聽
a little bit lower you will see your hash rate聽聽
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so your current your average as well as your聽
reported hash rate now this usually causes a聽聽
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lot of confusion but let me explain it to you very聽
simply your current hash rate moves on based on聽聽
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the shares that you've submitted so in some hours聽
you will be submitting more shares than others聽聽
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and that's why you will see your current hash rate聽
move around a little bit more than the other ones聽聽
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so your current hashrate can go up 20 or down 20聽
and it's completely fine you don't need to freak聽聽
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out about it the one thing that you need to keep聽
an eye on is your average hash rate as long as聽聽
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your average hash rate is looking good then you'll聽
be fine you can also see that this one does get聽聽
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a bit lower because your current hashrate moves聽
and then it calculates it based on your current聽聽
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hashrate so sometimes your average will be above聽
your reported or below your reported and now what聽聽
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is your reported hash rate this is exactly what聽
your mining terminals are showing you so if you're聽聽
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mining with 100 mega hash on your phoenix miner聽
then the reported hash rate will be 100 mega hash聽聽
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so this is the number that reflects on your聽
system and as long as you have good reported聽聽
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hash rate and good average hash rate then you're聽
all set and now the last thing that we have here聽聽
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are the shares and like alex explained it this is聽
like solving part of the block and with shares you聽聽
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have valid stale and invalid so valid chairs are聽
the one that are successfully submitted it doesn't聽聽
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mean that it's the right solution to the block but聽
it means that you did try to attempt to solve the聽聽
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block and you will be getting paid according to聽
that and then for sale these are the ones that聽聽
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are submitted after the block is already sold so聽
having a higher sale percentage usually means that聽聽
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your network is slow or you're using wi-fi so i聽
would highly recommend connecting with ethernet聽聽
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and connecting to the closest server to your聽
region generally having below one percent of聽聽
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stale is completely fine if you have around three聽
percent or four percent it's not bad either but聽聽
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try to lower it as much as you can by doing聽
the proper steps in my experience with flex聽聽
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pool i've had the least amount of still shares聽
so you can try different pools as well and see聽聽
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which one will give you the least amount of sales聽
shares now the last thing is the invalid chairs聽聽
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the invalid chairs are usually due to hardware聽
so to fix up your invalid chairs the first thing聽聽
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you want to look at is fixing your overclocks聽
reducing your memory clock and stuff like that聽聽
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try to have not more than 10 invalid chairs聽
within an hour having zero percent is very聽聽
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ideal but if you have one every five hours or so聽
then you don't need to worry about it too much聽聽
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so now after the shares you have here the聽
graph that shows your hash rate and the shares聽聽
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and then if you go lower you'll be able to find聽
your workers so these are all the workers that聽聽
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are running on your wallet address so you can聽
have multiple workers on your wallet address聽聽
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and then if you click on them you'll be able to聽
find more information there so we'll show you the聽聽
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worker and then it will show you the hash rate of聽
that worker as well as its shares and everything聽聽
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like this so with ethermine will be exactly the聽
same thing you can see all the information that聽聽
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you saw on the other page you can go to payouts聽
and see the payouts that you got paid as well聽聽
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as changing your minimum payout from settings so聽
here with this miner that has less than 500 mega聽聽
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hash he has the minimum payout set to 0.1 and like聽
that he will be getting paid frequently and some聽聽
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pools have estimated earnings which will show you聽
approximately how much you're going to be making聽聽
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just remember that these numbers do change not聽
because it's telling you you're going to make 40聽聽
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a day that means it will always be that way if you聽
don't know what impacts your mining profits you聽聽
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can feel free to check out cryptocurrency mining聽
for dummies video that i've made recently which聽聽
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will help you understand exactly what impacts聽
your mining profits now that wraps it up for the聽聽
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dashboard guides if you have any questions please聽
feel free to leave them in the comments below聽聽
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and thank you so much alex for joining us in this聽
video and you guys should also check out serpent聽聽
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x special forces video on mining pools it has a聽
lot of good information so i will leave the link聽聽
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for it in the descriptions below along with the聽
other links that we went through in this video聽聽
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if you guys think i've missed anything please聽
let me know in the comments below and based on聽聽
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how much i missed i can go ahead and make a part聽
two and we can talk about it then so thank you聽聽
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guys for watching this video and if you enjoyed聽
it please leave a thumbs up and if you have any聽聽
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questions leave them in the comments below thank聽
you guys again and i hope you have a wonderful day
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you
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