GetBlok.io SmartPool – Miner Support Fund
Calling all Ergonauts,
GetBlok.io is looking to support the miners currently mining on our pool.
This past week, luck on GetBlok.io mining pool has been very low. On 01.13.2022, the pool went over 24 hours without finding a block. This has affected miners, as they normally expect 4-5 blocks per day as rewards. Additionally, there has been a couple of orphaned block finds that have also impacted miner rewards.
With mining in general, you can expect bad luck occasionally, as well as orphaned blocks. This is something all pools experience. However, as a smaller pool like us who finds only 5 blocks a day, the impact is much greater versus a larger pool that finds over 50-100 blocks a day.
This has caused a lack in confidence by some of our miners, and in turn they are leaving the pool to move to larger pools that provide a consistent stream of rewards. Theoretically, rewards are to balance out overtime, however only the long-term miners see and understand this.
Additionally, on 01.14.2022, GetBlok.io launched their Smart Contract integration on the mining pool. Currently, this provides on-chain transparency for payments and is the foundation of much more to come on SmartPool. This has been a significant accomplishment for the GetBlok team and also shows that Ergo has a huge point of differentiation versus other blockchains. Ethereum, has had SmartPool concepts as well as in depth whitepapers drafted. However, they have never been implemented due to challenges with Ethereum’s gas fee structure. With Ergo’s low cost tx fees, it allows GetBlok.io SmartPool to come into fruition.
There has been some minor glitches or bug within the SmartPool UI as it was launched. GetBlok.io developers have been working countless hours to ensure the SmartPool is functioning properly and pushing patches as required.
The recent luck issues combined with the UI challenges; this continues to drive concerns with our miners. In efforts to alleviate some of this concern as we continue to build out the SmartPool, as well as promote growth, we are looking to fund an Ergo Raffle. With the funds received from the raffle, we will be using them for the following:
- 5 Block Rewards to pay miners supporting the pool through unlucky days
- 5 Block Rewards to inject into the pool wallet to shorten block confirmations from 720 to 72
The total amount to accomplish this is 660 ERG. We will also be giving 5% to the raffle winner!
In regard to the shorter confirmations, this will allow us to be more competitive with larger pools. Larger pools have shorter confirmations times for payments. Which means that miners get paid faster. The way this is done is by the pool operators adding liquidity to the pool by front loading the rewards. This lets the pool payout before the block is actually confirmed.
Although, GetBlok.io collects a 1% fee. All fees collected go right back into the pool. This is done through Block bounties, Tips, and compensating the developers building out the pool. Infrastructure costs are not currently covered by the pool fees and are completely out of pocket by GetBlok.io.
We appreciate any support provided to the GetBlok.io miners.