Prohashing's role in altcoin networks

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Steve Sokolowski
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Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Prohashing's role in altcoin networks

Post by Steve Sokolowski » Sun Nov 22, 2015 8:44 am

There are a number of queries that should be made publicly available on the charts page, but for which there never seems to be a way to justify the time adding new graphs. Every feature we add needs to be able to pass two tests. First, will it earn more money than it will cost to maintain, or, will it earn more money through attracting new customers than it costs to maintain? Second, will it earn more than would something else that we could have implemented in that same amount of time? It's rare that a website feature can pass these two questions, which is why most of our efforts are concentrated on the mining and trading systems.

Rather than let these queries rot in Subversion source control indefinitely, it's nice to run them occasionally, because sometimes the data changes and the changes can enlighten us to the behavior of some aspects of this complicated system. Chris likes to joke, truthfuly, that our system has grown so complex that he can't understand even 1% of the decisions it is making. Coin selection involves so many factors that one of the few ways to figure out whether the system is working properly is to simply review the results and see whether the system's choices are sensible. To that end, we thought it might be interesting to determine what proportion of each coin's network our pool is mining.

For us, this query is important because it shows us how large we can possibly grow. For example, you'll see that we currenly mine 0.38% of the litecoin network's blocks. Since many pools in the past have reached 10% market share, and Discus Fish currently has 49% LTC market share, that means that we should be able to grow our profit 10-100x what it currently is, even if we didn't mine other algorithms or expand into other services. To us, this potential is more than enough to justify Chris's continuation as a full-time employee. This also explains why we are not pushing towards mining other algorithms immediately; firms that expand too quickly before mastering their core business often fail.

Here is the full list:
Coin nameOur blocksTotal blocksFractionStart dateEnd dateLength in days
Marscoin18468209310.8823276479862412015-10-07 19:51:42.092215-042015-11-16 18:17:00.639084-0539
LocalFamilyOwnedcoin423251570.8206321504750822015-10-26 02:59:23.606638-042015-11-10 17:53:55.692678-0515
Guarany13220166960.7918064206995692015-10-08 09:54:44.281995-042015-11-15 11:02:44.445103-0538
Compucoin23752304620.7797255597137422015-10-23 00:20:56.295814-042015-11-16 21:54:32.295942-0524
Aliencoin235531750.7417322834645672015-10-08 09:44:43.233822-042015-11-05 21:49:03.891703-0528
Nyancoin42496573020.7416146033297272015-10-07 19:45:31.834814-042015-11-16 22:21:26.30187-0540
Donationcoin22454314100.7148678764724612015-10-07 19:56:18.777138-042015-11-15 19:54:39.00179-0539
CryptoEscudo20387289430.7043844798396852015-10-07 19:36:57.553752-042015-11-16 21:14:40.524527-0540
NewYorkcoin780181145140.6812966100214822015-10-07 19:38:02.172861-042015-11-16 22:05:36.562123-0540
CryptographicAnomaly14176225840.6277010272759482015-10-07 19:35:04.745745-042015-11-16 20:10:55.190212-0540
Batcoin9843161900.6079678814082772015-10-08 07:16:30.516251-042015-11-09 03:43:29.895201-0531
Pakcoin8925149760.5959535256410262015-10-23 00:22:05.203107-042015-11-16 18:21:02.412762-0524
Polishcoin6965121050.5753820735233372015-10-23 00:21:18.809905-042015-11-11 15:25:31.401376-0519
Virtacoin406971590.5683754714345582015-10-07 19:36:26.286025-042015-11-16 21:18:26.295915-0540
Casinocoin21293387870.5489725939103312015-10-07 19:36:45.679795-042015-11-09 03:48:23.102596-0532
Craftcoin14461267180.5412456022157352015-10-07 23:15:53.057994-042015-11-08 17:13:15.246626-0531
Trollcoin391974350.5271015467383992015-10-07 20:22:02.3379-042015-11-16 19:54:12.824167-0540
Mooncoin17560344640.5095171773444752015-10-07 19:41:11.434491-042015-11-13 02:24:34.817696-0536
Auroracoin475694710.5021645021645022015-10-07 20:23:49.055928-042015-11-09 03:49:39.475205-0532
YACcoin8144165880.4909573185435252015-10-23 19:01:52.60106-042015-11-15 12:52:41.182117-0522
USDe22508460780.4884760623290942015-10-07 19:35:11.21091-042015-11-09 02:43:08.680179-0532
Corgicoin8017164150.488394760889432015-10-29 15:50:17.629912-042015-11-15 10:14:33.726287-0516
Bata17591361720.4863153820634752015-10-07 19:35:04.280808-042015-11-16 17:13:48.44732-0539
eGulden13243277200.4777417027417032015-10-07 20:18:55.85226-042015-11-16 22:21:54.515161-0540
RonPaulcoin7158153780.4654701521654312015-10-07 21:32:44.011421-042015-11-09 03:49:39.271188-0532
Bellacoin10419230340.4523313362854912015-10-07 19:35:51.439009-042015-11-16 18:07:45.642062-0539
Omnicoin7791175800.4431740614334472015-10-07 19:46:58.989946-042015-11-16 19:33:32.469308-0540
Anoncoin6775155320.4361962400206032015-10-07 19:40:54.977138-042015-11-09 03:32:31.742825-0532
Vegascoin23642551420.4287475971129082015-10-23 00:21:40.362558-042015-11-16 22:22:30.408323-0524
Irishcoin2114960.4254032258064522015-10-07 21:23:19.21766-042015-11-07 11:51:28.705268-0530
Paranoiacoin15150356450.4250245476223872015-10-08 05:11:22.103114-042015-11-16 12:40:06.191553-0539
Cagecoin18290436840.4186887647651312015-10-07 19:35:41.216953-042015-11-16 21:47:29.402731-0540
Stablecoin311274340.4186171643798762015-10-07 21:07:28.994038-042015-11-16 22:14:35.983356-0540
HeisenbergHex32485792300.4100088350372332015-10-07 19:34:44.244946-042015-11-16 22:15:20.163439-0540
Cypherfunk6519164690.3958345983362682015-10-23 00:27:19.584857-042015-11-16 20:40:27.450614-0524
Peoplecoin11955303700.3936450444517622015-10-08 14:52:53.042747-042015-11-16 18:06:30.953157-0539
Spot14037358790.3912316396778062015-10-07 20:14:03.491139-042015-11-16 20:18:03.796374-0540
1CRedit58215440.3769430051813472015-10-07 21:37:51.965618-042015-11-07 16:26:41.978326-0530
Extremecoin214459020.3632666892578792015-10-23 11:04:03.473647-042015-11-16 21:42:28.587825-0524
Kittehcoin9826288470.3406246750095332015-10-07 19:35:03.963445-042015-11-08 13:16:15.964908-0531
CHNcoin11793355060.3321410465836762015-10-07 19:37:14.115533-042015-11-04 07:53:20.055484-0527
Florincoin20873647500.3223629343629342015-10-07 19:38:36.985714-042015-11-16 20:14:00.605244-0540
Ivugeocoin16633521830.3187436521472512015-10-08 00:53:04.512994-042015-11-16 22:23:51.543783-0539
Monetacoin57618580.3100107642626482015-11-15 12:58:44.166802-052015-11-16 21:27:10.066602-051
Moneycoin17520576070.3041297064592842015-10-23 00:23:29.933451-042015-11-16 21:55:39.954963-0524
Sexcoin16840574830.2929561783483812015-10-07 19:34:57.720287-042015-11-16 20:23:53.234218-0540
Catcoin67423130.2913964548205792015-10-07 22:39:10.101812-042015-11-09 03:37:13.950529-0532
Gamerscoin5619197190.284953598052642015-10-07 19:53:48.359906-042015-11-16 19:10:18.648697-0540
Coino22714838630.2708464996482362015-10-23 00:22:03.896839-042015-11-16 16:47:47.469435-0524
Dotcoin5893237580.248042764542472015-10-23 00:40:25.725104-042015-11-16 19:59:26.392362-0524
Aricoin4260175200.2431506849315072015-10-07 19:41:27.523915-042015-11-16 20:06:16.93855-0540
Grandcoin4342181470.239268198600322015-10-07 20:00:42.556036-042015-11-16 00:01:49.435539-0539
Klondikecoin62026840.2309985096870342015-10-08 08:50:23.81495-042015-11-04 18:56:27.571292-0527
AsianInvestmentBond3919182510.2147279601117752015-10-08 20:07:30.99559-042015-10-25 17:37:23.447119-0416
Ripoffcoin2839132380.2144583773983992015-10-09 20:02:24.371494-042015-11-03 02:22:04.176639-0524
Binarycoin19735924560.213452885696982015-10-23 00:21:44.18821-042015-11-16 05:07:20.661942-0524
BitcoinHashCore48823080.2114384748700172015-10-17 03:32:48.002411-042015-10-29 02:56:51.477229-0411
Tittiecoin2957148560.1990441572428652015-10-08 05:41:11.676892-042015-11-16 17:46:25.565615-0539
Lycancoin2513133360.1884373125374922015-10-13 02:07:23.675011-042015-11-06 13:00:42.864357-0524
Popularcoin8158491100.1661168804724092015-10-07 19:52:19.164885-042015-11-08 23:02:16.950441-0532
Speccoin694220.1635071090047392015-10-15 14:27:37.507649-042015-11-10 08:12:56.858509-0525
WildBeastBitcoin8138504670.1612538886797312015-10-07 19:40:55.760702-042015-11-16 20:38:57.428912-0540
Emerald200651277390.1570781045726052015-10-07 19:36:49.331013-042015-11-09 03:32:49.130831-0532
Spartancoin2412156470.154150955454722015-10-23 03:51:35.656843-042015-11-16 20:18:02.016025-0524
Gabencoin1672110010.1519861830742662015-10-24 17:28:59.956069-042015-11-02 22:04:44.23272-059
Bongger4221327600.1288461538461542015-10-28 22:20:09.338785-042015-11-16 20:41:18.343397-0518
Parallelcoin62551250.1219512195121952015-10-23 00:20:44.264235-042015-11-16 02:10:23.711034-0524
Guldencoin1661156620.1060528668113912015-10-07 20:05:35.737898-042015-11-16 15:59:38.785616-0539
Fedoracoin4618440310.104880652267722015-10-07 19:34:33.33847-042015-11-07 12:34:14.305749-0530
Earthcoin3769382480.09854110018824512015-10-07 19:35:33.187758-042015-11-09 03:30:32.362001-0532
Penguincoin89694800.09451476793248942015-10-23 00:24:39.04288-042015-11-15 11:02:26.146264-0523
Mincoin1280136040.09408997353719492015-10-08 03:50:14.936088-042015-11-08 21:41:29.160638-0531
Blazecoin3644521980.06981110387371162015-10-24 13:28:32.871494-042015-11-16 07:49:40.939856-0522
Megacoin759113580.06682514527205492015-10-17 03:50:31.605604-042015-11-16 09:32:38.074939-0530
BitcoinScrypt19629530.06637317981713512015-10-25 18:13:10.179103-042015-11-01 23:05:39.443777-057
Quatloo588100660.05841446453407512015-10-07 20:59:42.000492-042015-11-16 17:02:35.387687-0539
Globalcoin3007690170.04356897575959552015-10-07 23:05:56.49555-042015-11-09 03:44:25.676817-0532
Galaxycoin51420.03521126760563382015-10-27 10:22:10.704965-042015-11-05 17:23:08.849522-059
EZcoin5315580.0340179717586652015-10-23 03:28:39.924138-042015-11-09 00:47:00.029212-0516
Bunnycoin1212395710.03062849056126962015-10-12 02:13:43.026927-042015-11-16 14:38:05.826586-0535
Genstake5118540.02750809061488672015-11-15 14:31:17.180079-052015-11-16 21:56:05.468898-051
Prospercoin264122280.02158979391560352015-10-10 05:57:44.800156-042015-11-15 18:00:49.529705-0536
Digitalcoin930706770.01315845324504442015-10-07 20:27:51.697823-042015-11-16 21:46:59.388257-0540
SJWcoin214189000.01132275132275132015-10-26 09:20:15.858004-042015-11-16 11:59:07.082476-0521
Luckycoin183352090.005197534721236052015-10-07 20:43:41.634509-042015-11-08 16:34:59.761188-0531
Nocturnacoin37350.004081632653061222015-11-15 15:31:21.036471-052015-11-16 18:19:10.290027-051
Litecoin77214670.003586900824521362015-10-10 02:06:34.208788-042015-11-16 10:30:26.627211-0537
DNote39407450.000957172659221992015-10-09 18:27:37.691205-042015-11-07 01:57:33.095859-0528
Joincoin36537980.0006691698576155252015-10-09 18:06:04.965951-042015-11-16 20:52:49.162573-0538
Infinitecoin361025300.0003511167463181512015-10-07 22:39:11.347893-042015-11-14 13:09:25.919543-0537
Goldcoin4140200.0002853067047075612015-10-13 15:12:51.882495-042015-11-07 17:44:42.386534-0525
Razorcoin274470.0002685645226265612015-10-24 20:03:41.460723-042015-11-04 01:58:33.753253-0510
Worldcoin6287110.0002089791369161652015-10-17 00:27:42.211466-042015-10-29 17:52:12.336752-0412
Digibyte5698927.15389458020947e-052015-10-19 19:36:40.443719-042015-11-13 02:47:04.760945-0524
This list is sorted where the networks on which we have the greatest influence are on top, and the networks upon which we have the least influence are at the bottom. Only scrypt networks are listed. The figures are valid from the first block we mined after October 11 up to the most recent block mined, or November 16, whichever is earlier. In some cases, such as on fast networks that were only profitable to mine for a short period, our influence was overstated, so we have limited the results only to coins that we mined for a period of at least one day. About 70% of this hashrate is used to mine the dogecoin network, but obtaining the exact proportion of the dogecoin network for which we are responsible is too CPU-intensive. I estimate the Dogecoin proportion is probably 1.5-2%.

The query reveals some interesting statistics. One conclusion that stands out is that we are responsible for a significant proportion of many networks' hashrate, but we only exceed 50% for 20 of the 165 coins we mine. That's because we limit the number of miners assigned to a coin at once. Besides being mean, destroying coin networks is not in our best interest and limiting huge spikes in difficulty benefits everyone.

Second, with the obvious exception of some networks like Litecoin, the hashrate of a network seems to be a less significant factor in determining a coin's profitability. Instead, the mining stability of a coin depends on the number of exchanges at which it is listed. The coins for which we can mine the most blocks are listed on multiple exchanges. Coins listed on just one exchange are unstable, have continuous and large variations in price and difficulty, and are at risk of becoming worthless at any time if their exchange wallets are locked.

I'd be interested if the owners of these coins would register and share their thoughts. We want to work with altcoin developers to make networks more stable and successful, and feedback is welcome.

In a future post, I plan to examine the relationship between our trades and coin prices.
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coinaday
Posts: 23
Joined: Thu Mar 19, 2015 9:05 pm

Re: Prohashing's role in altcoin networks

Post by coinaday » Mon Nov 23, 2015 3:22 am

Thanks! I like the way you guys operate. It's been a great support to Nyancoin.

We're such a small portion of your total hash rate these days that I had no idea you were still getting such a huge proportion of the blocks. This explains where the majority of the network hash is. I'd been looking from the new Cryptopia pool and thinking I didn't know where about 90% or so was. This is most of it, and there are a couple other pools and a few solo miners.

I really like the way your algorithm determines profitability by including the pending transaction fees as well. That's let me get the Nyancoin network moving again very quickly quite a few times after bad difficulty adjustments.

I also like that miners can choose to be paid in any coin. I hope to convert more of your miners over time into cashing out to NYAN and hodling. :-)
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