UNKNOWN

JUNE 2014

UNKNOWN

50BTC

DESCRIPTION OF EVENTS

"We’ve created the 50BTC.com pool first because of increasing difficulty of generating new blocks and second because we want to reward your investment in hardware. We don’t like the situation when the most powerful graphic card, presented on the market, can’t give you 50 BTC. Periodic payments from pool allow participants to earn bitcoins and reduce risks of investment;"

 

"Every time 50 BTC are earned, these bitcoins are distributed between participants according to their contribution. Let’s describe the process of earning bitcoins."

 

"The server sends to the participant the “block” — it is a cryptographic task which has to be solved by participant’s CPU and graphics card. Every time some solution for this task is generated (no matter if it is correct or not — it just should “look" like solution), it is sent to the server and the server counts how many possible solutions ("shares") you’ve sent. Occasionally, the solution will match hard requirements of the Bitcoin algorithms and this case will be granted with 50 BTC."

 

"So, when some user of the pool sends “good” solution for the block, the pool will start sending bitcoins to participants. Specifically, it will divide earned 50 BTC between all users of the pool who sent some possible solutions for that block according to the number of shares. The more time your computer was mining, the more bitcoins you will get."

 

"If someone has the time, do you think you could start a new thread that just quotes all the new 50BTC.com miners asking "Where the hell's my money?". You could also use that as the name of the thread."

 

"The pool operator has been given plenty of opportunity to respond on this thread after he private messaged me. I'm going to assume he has forsaken all his users and close this thread. I suggest users open their own thread if they wish to discuss 50BTC's unresponsiveness further. The same goes for the opening poster/pool operator."

50 BTC was a large mining pool. Near the end of their existence, there was a reported event where balances were switched around, and many users reported that they were unable to withdraw their stored funds. It's unclear how much was lost. There is no record of any recovery. The site eventually went offline.

Sources And Further Reading

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