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Re: [1200 Gh] MtRed (PPS, LP+, API, 0 FEE) STRATUM on mine.mtred.com:3333 April 10, 2013, 02:42:22 PM #989 Hey guys, It saddens me to announce that MtRed will be shutting down.



We are, with this current block, going to surpass a negative buffer half of what is owed to miners. We have had a negative buffer for a while now, not this bad, but with the price soaring well over $200 USD per coin I can not allow this to continue. It was always the plan that if the buffer ever went to half of what is owed that we would shutdown. Up until January I probably would have been able to cover such an event out of pocket, but I must admit that is not possible today.



How did it get this bad? Two main reasons, programming incompetence on my part has overpaid a vast amount of BTC over the last 2 years, and server bills upwards of $700. During which times Bitcoin prices were steady but low compared to today. These factors plus the very unlikely sustainability of running a 0% fee PPS pool, and my naive experience in running something as large as MtRed are what I believe is why I have failed you.



In order to spread remaining funds as equally to the miners as we can, certain actions will be taken over the course of the next two months.



The plan to release the remaining Bitcoins is as follow.



You will have two weeks to withdraw the first half of your balances. After the two weeks, you will be able to withdraw the remaining half of your balance. After that, for those who didn't withdraw in the first two weeks will be able to withdraw their remaining balance. As the pool balances reaches zero I will import the 1MtRed account and pay off remain withdraws with that.



Reviewing the code, the orphan was credited, but wasn't subtracted from the processing balance. But in the coming weeks we will be using the processing field to store your remain balance.



Payouts will begin this evening.



Again, I am truly sorry to have failed the MtRed miners, the Bitcoin community, and myself.



-RR