PH profitability edge gone :(

[rulovico]

Form first time my miners are making more money in litecoinpool.org

Avg 1.2Gh/s
litecoinpool: $35
prohasing :$31

i suppose BCC & Novaexchange gone plus the fact this place is still in Beta (they still developing it, using us as testers) plus 5% fee
make it difficult to compete with other pools.

I suppose you cant mine Litecioin 99% of the time and charge 5% still, and i dont see in the long term future another coin like BCC saving it
The 500$ limit for BTC payments is too much (more now of what happen in Nicehash, i am little nervios storing money in pools), oher multipools dont have that limits e.g. ,mining-dutch.nl charge 1.5 dollars for BTC withdraws! and they have 4% fees (2% if you dont autoconvert currencies)


Is any reasurance for improvements in the close futore for us to still be here? what i noticong your priorities are getting more users (parallelizing etc) without lowering the fees

Is kind d sad because i liked this place

[Steve Sokolowski]

Unfortunately, we don't plan on lowering fees. As a pay-per-share pool, we have a lot more risk than pay-per-last-n-shares pools, because there are days we don't find many blocks, and customers don't have to worry about that. Additionally, the paperwork and data collection for legal compliance that we're going to start rolling out in a few weeks will be costly.

On the other hand, the profitability "drop" is likely a temporary setback. The main reason we are mostly mining litecoins is because the price of litecoins rose by 50% yesterday. Litecoin's price rise has been so spectacular that it dominated the market. Once LTC difficulty rises again, or its price falls, other coins will become more valuable by comparison and the advantage of coin switching will return.

That said, it's quite possible that we will often not be as instantaneously profitable as other pools. It's worth making a full post about this, perhaps. We don't plan to compete on price. We want to provide a quality service, with stable mining servers, fixed charts and graphs, and improved customer support. We pay miners for their hashrate in the currency they choose, and provide as much information as possible to double-check that earnings are correct. We also will be providing tax compliance information, and we provide our real names and contact information. You can actually hold someone accountable if millions of dollars suddenly disappear, and protect ourselves for that accountability, we need to amass a reserve. These things are expensive. We also guarantee bonus payments for our errors, which cost $40,000 earlier this week.

If it turns out that there is no successor to Bitconnectcoin, then undoubtedly some customers will use services that eek out one or two percent more at anonymous pools. However, I hope that the money we are spending on improving services will lead many others to continue to mine with us.

[Jakeg5280]

I am feeling this. I am bummed but cant mine here anymore the way it is.
the bros are so worried about getting more miners so they can make more money but we are all losing money if we stay here. Sorry bros but i pointed my miners somewhere else last night and took PH off my backup list too. I have made around 8% less then litecoin.org this week and that is unacceptable. Im just going to mine litecoin for 1% fee instead of paying you 5%(the highest fee i have see anywhere LOL) for a less stable experience. We are NOT friends OR family so there is no reason I would stay here just to put money in your pocket instead of my own. ill check in on chat every few days and see if things have changed


good luck everyone!

[gpopprohashing]

I switched from NH and currently split my miners between different pools. So far litecoin.org - scrypt wise - is one of the better paying ones, contrary to what I heard/read in the past. I understand you guys want to take advantage of NH downfall and get as many new users as you can, but it will be hard with low profitability and high fee. Being able to pick currencies and the personal touch with both of you getting involved in support is nice but at the end of the day mining is getting harder and everybody is looking at the bottom dollar. Even NH lowered their transactions fees before getting hacked!
I have to admit that when everything works right, PH is not that bad. I will keep my D3 on PH and wait... Hopefully quality of service & profitability will improve and I might be able to afford paying the 4.99% fee... or maybe that will change too! Peace!