Finally got paid !

Yes… after 13-days Bitcoin Affiliate Network (BAN) finally paid me out, in full.  I had all but considered that money a total loss.  However, to their credit, they made good on the earnings.

I had since moved to another pool, because frankly I thought they were going under.  Although looking at their performance results of late, that may still be a possibility.  Their participation level (active miners) is down by about 2/3rds.(i.e they currently have about 1/3 of the mining power they once had).  The number of blocks being found is therefore significantly reduced.

If one takes a look at the statistics available on their site, one can see the problem.  Over the last 4-weeks they have found 36 blocks.  That averages about 32 coins a day over that period.  Averages over the past year are about 22 coins a day.  The math of the earnings (miner shares) for the 4-week period are about 45 coins a day.  Therefore, of late, they are about 13 coins a day short, and that is not counting the 1% bonus amount paid to miners, AND is based on the latest 4-week period.  If one calculates on the yearly average, the picture is even worse.

So… what is a miner to do ???  I personally like Bitcoin Affiliate Network, and perhaps that’s why I have been rather hard on them in this blog.  I still think they need to come clean on what has transpired over these last couple of weeks, beginning about the time they advised they were being extorted by a group threatening to shut them down unless they paid a ransom in Bitcoin.   Shortly thereafter the site went dark for many hours.  That is also about the time the periods of non-payment seemed to grow longer.

I would like to return to their pool, but at this time I will not until they explain the problem(s) and how they are addressing the situation of delays in payouts, and future plans to resolve such.  At this point, without reassurance of their stability, I am not yet ready to risk the possible loss of funds.  There is no recourse if BAN were to cease operations, and be unable, or unwilling, to make good on any earnings up to that point.  I would simply be out the money with no one to blame but myself for having ignored the warning signs.

Why would I return to BAN… because the amount I am earning with GTC Guild is less (about 10% less) than I earned with BAN.  Perhaps that is part of BAN’s problems, they pay out more than other pools.  But, that’s a good thing, and that should be their selling point to attract new miners.  However, 10% extra, at this point, is not worth the risk of loosing 100%.

Although I will continue to mine in BTC Guild… I will be keeping a close eye on Bitcoin Affiliate Network.  Hopefully someday I can re-task my miners to mine in their pool.

What are YOUR thoughts ?  Let others know by leaving a comment.

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