Thanks owl... gonna try it out... Getting ready for a big day 2morow at mintpal
no prob. if you have issues, see page back or two where you need to make smaller payments due to pool dust (whatever that is - ELI5 anyone?)
also, what's the big thing about mintpal tomorrow? are they starting exchanging xmr?... thanks!
I dont think "pool dust" has been explained for a while, and Zone117x has released a major update today which should fix the problem but will probably result in more questions, so here goes:
The Monero mining pools (95% which use the same underlying code, Minergate being the major exception) were configured to pay miners after each block they mined had matured. This ensured that minimum funds were held in pool wallets and no concerns about maintaining balances for miners. Unfortunately there were a few big pools with about 80% of the network hash between them, at least 2-3000KH/sec, and many small miners also mining at them with a small hash, e.g. 50H/sec. Therefore the payout they received for each block was 0.05/3000 = 0.0016% of the block reward, about 0.00025XMR. After mining for 2 days that would total up to about 0.2XMR in Mr Small Miner's wallet, so they wants to go and transfer it to an exchange so they can sell it. What they don't realise is that the anonymous way Monero works means that they dont actually have 0.2XMR in their wallet, they have something like 700 * 0.00025XMR chunks. The standard transaction only has room for a couple of thousand XMR chunks, irrespective of their actual value, so you can see how those "dust" payments start creating problems....
