Suchpool closing


#1

Email I got today

Dear AnimoEsto,

Greetings to you all.

Like most of you already know, SuchPool is closing it’s doors. Due to the constant shifting values of the markets we have to announce we are closing. Our operation was still costly to run and with the current Bitcoin prices and the state of the altcoin markets we can’t keep running without taking a loss on it.

**** This is one of the final reminders to withdraw ALL your coins from every pools. **** (this is the last mass-mail we are sending out)

The stratum servers (mining) has been stopped on January 15th 2015 and the front-end servers will remain available until January 24th 2015. Afterwards we are returning those to our hosting provider.
Any coins left after the 24th 0:00 am EST will be considered a donation.

We can’t afford to keep the servers up two months in case some forgot to get their coins. This is the main reason we are sending this e-mail to all our 20 000 users. We are posting updates on twitter and via IRC. They are available on the pools themselves and on the main page too.

It’s been a pleasure to provide you guys with our pool for the past year. We have had many good comments about our services and support and we hope you all enjoyed it. We started from being a small pool to being one of the top leading (non multi) pools out there. We established ourselves pretty strongly in the community and it makes us very sad to have to close but this is a business call.
We hope to be able to resume our mining operation some day if the markets gain interest in a near future. For the moment, this will be a well enjoyed break as we set aside our social lives to work full time (and even more) on SuchPool all through year 2014.

We would like to thank you all for your unprecedented support. Without you, we wouldn’t have pushed forward through hard times to keep our pool up as long as possible.

If you have any questions, you can join us on irc in #SuchPool on irc.freenode.net. Otherwise, our e-mail accounts will remain up for a few months at least so you can always contact admin@suchpool.pw.
Our helpdesk however will be shutdown in about 3 weeks (support.suchpool.pw)

This has been a great ride, we have good times with the community. We will stay involved in the altcoin scene, simply just not running a pool.

Louis - eth2 (eth1@suchpool.pw)
Dave - CryptoSiD (sid@suchpool.pw)

  • If you wish to unsubcribe, frankly you can’t. Either way don’t worry, the user account databases will be destroyed after Jan 24th.

#2

I find it amazing that everyone seems to go belly up within a week every time BTC dips.

I also find the whole mindset of “BTC is down, mining is not profitable atm and I had to shut my rigs down” very flawed. Of course a low exchange rate means that you don’t make the usual profit or even none right now but it doesn’t change the number of coins you’re receiving for your mining.

Thus the entire logic makes only sense to me if the person mining “must” exchange their mined coins immediately or if he/she believes that BTC will never ever recover again. Apart from that the whole logic makes no sense to me. Mine, hold the coin and sell it when BTC is up again.

Unless I’m missing something…


#3

Yeah, I don’t get this at all either. Last time I checked, my miners were still EARNING BTC. Sure if I exchanged it the value would be lower, but that’s not the pool’s fault. Nor is it the miner’s fault.


#4

I agree and thus it only affects profitability “in this precise moment of time”. It’s something that has been nagging me for a long time but I figured it’s just me because pretty much everyone keeps saying “Ewww BTC is down, mining is not profitable, turned my rigs off”.

I can see how this doesn’t work for cloud mining providers or for larger farms but it only affects a home miner or smaller operation temporarily. It’s such a wrong perception.


#5

One of the things Valery told me who is the CEO of BitFury is that many companies do not plan for the dips that can happen. He said BitFury planned very carefully and can weather these doldrums but many of the pools and cloud services cannot at all. With BTC hitting above $230 again we should see some end up in better shape but how many learn from it and actually save for times when things are lean will remain to be seen,