Autoconvert mergemined Altcoins to BTC (#390)

I would like to first congratulate you on the decision of bringing merged mining to slush´s pool. I will definately bring back all my workers once its implemented.

However, this brings with it a new challenge: Altcoins and what to do with them. Not everybody will want to have multiple altcoin wallets and sell them themselves as it takes time and also because small ammounts won´t be accepted by most trade exchanges and/or bring with it fees.

To solve this, please consider adding a option to autoconvert mined altcoins to BTC.

Altcoins could be sold in large numbers by the owners of the pool once a day at a fixed time and the BTC received divided up among the users who contributed.

— Athriaxo, 03 November 2015, 07:11

Comments & Updates

  • Proposal state changed: Approved Released
    03 November 2015, 07:11
  • please donate for me becouxe havent any bitcoin ; 17ajdvTAT7hU152Bc6bd7c4CH74pYX6ht3
    — cana17, 02 November 2015, 02:11
  • good
    — saifulnizam22, 30 October 2015, 11:10
  • Thanks
    — Labolontio, 27 September 2015, 18:09
  • I agree with those who want an option not to auto convert merged cryptos. As a low hash rate miner, I mine plenty of NMC, but after the conversion rate on a per block basis I get no BTC reward. Looks like nearly 10 GH/s is required to even get a slice of the NMC/BTC exchange.
    — pcarmstrong, 15 September 2015, 07:09
  • @chiguireitor the way I read the proposal the coins are already being auto-converted. Unless I'm missing something :)
    — ghfarm, 10 September 2015, 09:09
  • @ghfarm "... please consider adding a option to autoconvert mined altcoins to BTC." It is stated right there on the proposal. The idea is to have the option, not just blindly autoconvert them. Some people will definitively want to hold them altcoins.
    — chiguireitor, 07 September 2015, 19:09
  • I believe they are already being auto-converted and though that's great for the rig owners it's heavy on merge mined coins if a (large) pool is basically auto-dumping the merge mined coins. If you look at NMC's chart for the last month you'll find that the coin has lost over 25% in value due to f2pool's 7 NMC per BTC mined "bonus" and slush auto-exchanging. The right thing to do would be to offer both options to rig / farm operators to allow the more sensible ones to feed the merge mined coins into the market at a slower pace without destroying the coins value.
    — ghfarm, 05 September 2015, 14:09
  • Thanks
    — howell, 04 September 2015, 20:09
  • When will we recieve payments for found altcoin & namecoin blocks?
    — mobile-dave, 18 August 2015, 12:08
  • good news
    — askel88, 17 August 2015, 23:08
  • I have forwarded 2.9 TH/s to merged mining pool (stratum+tcp://tst.stratum.bitcoin.cz:3334). And got some block rewards already. But could not understand where should I look to see the additional BTCs coming from namecoin mining ? Thanks
    — baykanbelirdi, 21 July 2015, 01:07
  • Greats news
    — wancoin, 01 July 2015, 21:07
  • muito bom
    — robert88, 27 June 2015, 07:06
  • I agree with XionKzn on the idea of setting up a beta server. I would switch to that in a heart beat. Also, something that I think everyone is either hinting at or at the very least thinking about is having some kind of ETA or progress report on proposals in progress.
    — Architect, 22 June 2015, 15:06
  • Please get the Slush car in 1st gear and boost the develpoment and implementation of the merged mining. With the recent low luck and ever increasing difficulty this could have helped :-). I'm considering moving some of my miners over to a pool that has merged mining to get some of that bennefits while I wait for Slush to add it, but i'm holding off on it in the hopes it's released very very soon :-). Why not have a "Beta" server we can point some of our miners to so we can alteast start mining it and also help with "testing" the system?
    — XionKzn, 20 June 2015, 13:06
  • UNO should be included in the MM list. I understand Slush has decided not to consider it at this time, but I hope it is next on the list and know many users DO want it. If there weren't the pool ops wouldn't have to keep refusing the draft proposals to add it. Add UNO and add an auto-convert on / off switch please.
    — nosymonster533, 15 June 2015, 00:06
  • @fallingknife Make the proposal to include UNO in the merge as it has been done with NMC and PPC.
    — chiguireitor, 04 June 2015, 19:06
  • What if you don't want to auto convert your altcoins to BTC, will there be a setting to shut auto convert off.
    — tmmapps, 03 June 2015, 18:06
  • Unobtanium is now available for merge mining. Please consider adding Uno to this pool to further improve miner's profitability. At Slush's hash, miners here would receive nearly all of the mined Unobtanium.
    — fallingknife, 29 May 2015, 18:05
  • good
    — ivopokera1, 13 May 2015, 00:05
  • Yes, it should be optional on a per coin basis. The current plan is to bring namecoins first, as fast as possible, and then focus to other coins. Thanks for your patience and support :)
    — pmo, 16 April 2015, 17:04
  • I like this idea as well but would like to suggest it be optional on a per coin basis. If more than one altcoin is added it would be nice to pick the ones you want to keep and the ones you want converted. Something to think about setting up the framework now for use later on.
    — FUBAR-BDHR, 15 April 2015, 08:04
  • This is great news! Thank you guys for your hard work, it´s good to see some people still value the bitcoin community. P.S.: I already brought back 60TH and by the end of next month it should be 100 ;-)
    — Athriaxo, 14 April 2015, 11:04
  • Thanks for the proposal. This is exactly what we plan to do, at least for the first release of merged mining. Later we'll consider adding namecoin wallet to settings for users who will be interested in namecoin directly. Btw, we already have a merged mining working in our tests, so we're moving forward. Looking forward to see you again here with your miners ;)
    — pmo, 14 April 2015, 10:04
  • Proposal state changed: Draft Approved
    14 April 2015, 10:04

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