Profit switch: Ignore outliers or apply penalties

minerstat
minerstat
Oct 27, 2018 · 5 min read

Our first version of the profit switch was really simple: select workers, select coins, pools, wallets, set fees, enter the hashrates and save the settings. Since then, we have added a lot of different new settings and parameters that can help you to tune the profit switch to your own liking:

  • Select custom mining client for each coin and set the custom config for it;
  • Select the custom overclocking profile for a specific algorithm;
  • Decide how much more profitable the new coin needs to be to switch to it;
  • Determine the time interval when you want to check for profit switch (from a minimum of 10 minutes to up to 24 hours).

While the profit switch feature is getting more and more complex, we are not near the finish yet! Today, we present one of the biggest updates - the implementation of a reward alteration function. Up to this point, the reward was calculated regarding the current difficulty, block reward, and the price of the coin on the market. This reward calculation is real-time, but it doesn’t protect you from spikes or from unreliable coins. That’s why we are introducing two new options for calculating the reward.

Ignore outliers

Coin reward is considered as an outlier when it is three standard deviation values away from the mean. The data set that is taken into account is the last 4 hours.

Disclaimer: When we analyzed the real-life data we noticed that rewards rarely occur as the outliers, even though you have the impression that they are pretty common. Small spikes won’t be detected as outliers as they will usually happen to the coins that are facing spikes all the time, which makes their standard deviation large and thus results in spikes not being detected as the outliers.

Apply penalties

The data set that is taken into account is the last 4 hours.

Disclaimer: In this case, all coins are penalized - but because some of them have the more reliable reward, the penalty will be smaller than for the others, which will give them an advantage over the unreliable coins.

Example

For each coin, we will take the last 4 hours of mining, which means 24 samples as we save the data every 10 minutes (6*4 = 24).

Coin A

If the new coin reward would be 3.262, we would get the following options:

  • Normal: 3.262
  • Ignore outliers: 3.262
  • Apply penalties: 3.259

On the other hand, if the reward would be 4.607, we would get the following options:

  • Normal: 4.607
  • Ignore outliers: 3.317
  • Apply penalties: 3.317

Coin B

If the new coin reward would be 3.262, we would get the following options:

  • Normal: 3.262
  • Ignore outliers: 3.262
  • Apply penalties: 2.148

On the other hand, if the reward would be 4.607, we would get the following options:

  • Normal: 4.607
  • Ignore outliers: 4.607
  • Apply penalties: 3.032

Coin C

If the new coin reward would be 3.262, we would get the following options:

  • Normal: 3.262
  • Ignore outliers: 3.201
  • Apply penalties: 3.245

On the other hand, if the reward would be 4.607, we would get the following options:

  • Normal: 4.607
  • Ignore outliers: 3.255
  • Apply penalties: 3.255

Now you are able to select the reward method that suits you the most and apply it to your profit switch. You can find it at the bottom of the profit switch page.

Happy mining!

Want to try our profit switch function? Register a new account and start now.

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