Poolin.com mining pool has launched BTC/BCH hashrate auto switch function on September 9th, which enables users to get higher mining profit by switching miners in different cryptocurrencies with same algorithm.
Besides the due mining profit, you can also get another profit which is got through switching miners to a cryptocurrency that has higher mining profit at some moments. Now we support auto switch from BTC to BCH and the switch within BTC, BCH, BSV will be launched soon.
What's Hashrate Auto Switch?
Hashrate auto switch is a function that can be applied to miners that can mine many different cryptocurrencies with same algorithm, for example BTC, BCH, BSV which all use SHA256 algorithm. The switch will be operated by pool automatically when one crypto has higher profit than others after customers start the function.
Why not to Launch the Function Earlier?
After Poolin.com has lauched mining pool services for BTC, BCH and BSV, we got many feedbacks from customers asking us to launch auto switch function. But why it's not launched earlier? Why it's not called "Manual Switch"?
Manual Switch Usually Fails to Help Customers Get Higher Profit
1) Mining profits and prices for BTC, BCH, BSV are fluctuating all the time, which means customers usually cannot get the exact time to do the switch and thus have higher profit. If Manual Switch function is launched and opened access to customers, it may generally lead to losses.
Usually before miners realize that BCH mining profit is higher and manually switch BTC hashrate to BCH, there are platforms like mining pools, or NiceHash that have switched large amount of BTC hashrate to BCH in a more automated way, resulting in actual lower BCH profit. Maybe just a few seconds or a few hours after your miners are manually switched to BCH, BCH profit has been lower than BTC.
2) Mining pools usually make settlement on day basis and there are high possibility that the BTC+BCH profit you get is lower than the profit you get for mining BTC for the whole day. If you hope to get such profit difference, there shall be a platfrom that can instantly switch your miners to other cryptos when one crypto has higher profit and instantly exchange those block rewards into BTC or fiat currency. Instant, exact reactions are needed, and mining pool is one that can fulfill such targets.
More Accurate Auto Switch can Ensure Customers to Get Those Extra Profit
1) Hashrate auto switch is used to switch hashrate to a higher-yielding cryptocurrency with same algorithm in an automated way. Through more precise parameter design, more timely reward conversion and long-term debugging and test, we can generally ensure customers a better profit;
2) The function is named as "auto switch" because after customers activating the function, Poolin will execute the function of auto switch according to real time mining profit of different cryptos, but not let customers manually operate;
3) Poolin.com launched auto switch between BTC and BCH on September 9th and more will be launched among BTC, BCH, BSV soon.
How to Activate Hashrate Auto Switch?
Visit and sign in www.poolin.com (the function is only available on website now, and will be launched soon in App)——Sub-account Manage——Setting——Hashrate Auto Switch——Activate and agree the terms——Done——Waiting to get mining profit
Settlement for Hashrate Auto Switch
Please note the following about settlement:
1) Settlement will be made once a week and paid at around 2:00-4:00 each Monday UTC. The payment may be delayed a little bit for the first 2-3 weeks;
2) Your BTC mining profit will not be affected after activating the function;
3) We cannot 100% sure to ensure you to get an extra profit. There are cases that we will be at losses by such operation. If so, Poolin.com will bear those losses and the amount we need to settle with you will be 0. If we made profit by doing so, we will share those profit to you;
4) There will be a specific settlement bill on earning page with wording like "Auto Switch Profit".
Frequently Asked Questions
Q: Auto switch profit can be get only after activating the function, right?
A: Yes, exactly. We will switch some mining servers to execute the function of auto switch according to how many hashrate customers have activated the function.
Q: Will my hashrate be used to execute auto switch if I haven't activated auto switch?
A：Possibly. Customers who have activated hashrate auto switch function are generally connecting to different mining servers, for example Server A in China, Server B in China, Server C in US etc. We will select several mining servers to do the auto switch based on the total hashrate that wants to activate the function. So there's the possiblity that your miners are connecting to one specific server that is executing the function.
Q: Is it very unfair to switch my hashrate if I haven't activated the function?
A: 1) If you'd like to get those extra profit, just activate the function as the above steps show;
2) According to article 2.2 in Poolin Service Agreement https://h5.poolin.com/license/service_en-US.html , you agree to accept various value-added services, including but not limited to merged mining. You here authorize the Company to be fully responsible for disposal and distribution of the profit from such value-added services;
3) Other pools are also facing similar situations in failing to switch the exact number of hashrate because of some technical limitation. We have done every endeavor to realize the function.
Q: Which cryptos will be involved in this function?
A: Currently BTC hashrate can be switched to BCH. Other switches will be launched soon.
Q: Will the profit for auto switch be given to customers during test period?
A: During test period, we actually didn't get profit but were frequently in big losses because of inappropricate parameter setting, untimely exchange of block reward, large price fluctuation and exchange fees etc. We launched this function on September 9th because now it is a generally satisfatory product that can make extra profits for customers.
Q: Whether rejections will be increased because of auto switch?
A: No. We have some mechanism to accept valid shares from miners, including both common mining and mining during auto switch. Thus rejection will not increase because of this.
Q: Will the function affect other customers' profit who haven't activated this function?
A: Let's take the example of switching BTC hashrate to BCH, 1) we adopt FPPS payment method for BTC and mining profit will not be affected because of the switch. Mining profit is related to network difficulty which will be adjusted every 14 days;
2) BCH customers' mining profit will be affected because BCH adopts a mechanism to adjust difficulty every block. But it's the option of customers who decide to switch to BCH or not. Poolin.com just offer a function realization for customers' request;
3) Other mining pools are also offering such functions, including a) Manual Switch, for example Antpool, Btc.com, ViaBTC etc, b) Auto Switch, for example BTC.top etc.