diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5e372efa..0a332f75 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,19 @@ Pithead ships as **one product, one version** — the version lives in the top-l
 [`VERSION`](VERSION) file and every released image is tagged with it. Releases are cut
 per the process in [`docs/dev/releasing.md`](docs/dev/releasing.md).
 
+## [1.14.1] - 2026-07-24
+
+### Fixed
+
+- **Won XvB raffle rounds no longer terminate on the controller's own thin margin (#769).** XvB ends
+  a won bonus round if your credited 1h average dips below the round minimum while the round runs.
+  The donation controller held that average only ~1% above the whale threshold — inside the credited
+  average's own measured noise — so rounds died mid-flight and paid a fraction of their value. Two
+  guards: the cushion above the tier threshold widens to 5% (capped at 5 kH/s, so a whale-tier stack
+  now deliberately donates a few kH/s more than before), and for 90 minutes after a recorded raffle
+  win the controller refuses to ease the donation down. Safety behaviour is unchanged: the VIP
+  reserve, stale-read hold, and prolonged-outage decay all still override the win-protection hold.
+
 ## [1.14.0] - 2026-07-23
 
 ### Added
diff --git a/VERSION b/VERSION
index 850e7424..63e799cf 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.14.0
+1.14.1
diff --git a/build/dashboard/mining_dashboard/config/config.py b/build/dashboard/mining_dashboard/config/config.py
index aba598b8..6222e525 100644
--- a/build/dashboard/mining_dashboard/config/config.py
+++ b/build/dashboard/mining_dashboard/config/config.py
@@ -660,10 +660,20 @@ def _telegram_event_enabled(name, default=True):
 
 # Cushion held above the tier threshold: the controller targets the 1h average at
 # threshold * (1 + pct), capped in ABSOLUTE H/s. The raffle terminates a win if the
-# 1h average dips below the round minimum, so we sit a small, noise-covering margin
-# above it — not a percentage of the tier (which wastes more the higher the tier).
-XVB_MAINT_MARGIN_PCT = float(os.environ.get("XVB_MAINT_MARGIN_PCT", 0.03))
-XVB_MAINT_MARGIN_ABS_CAP = float(os.environ.get("XVB_MAINT_MARGIN_ABS_CAP", 1000))
+# 1h average dips below the round minimum, so the cushion must exceed the credited
+# average's own noise. Measured on a live whale-tier fleet (#769): XvB's credited 1h
+# dipped ~2.5 kH/s below the setpoint, sailing straight through the old 1 kH/s cap
+# and killing won rounds. 5% capped at 5 kH/s clears that observed noise at every
+# tier while still capping the waste a flat percentage would cost the higher tiers.
+XVB_MAINT_MARGIN_PCT = float(os.environ.get("XVB_MAINT_MARGIN_PCT", 0.05))
+XVB_MAINT_MARGIN_ABS_CAP = float(os.environ.get("XVB_MAINT_MARGIN_ABS_CAP", 5000))
+
+# How long after a recorded raffle win the controller treats the won round as
+# possibly still live and refuses to steer the donation DOWN (#769): a round runs
+# ~60 min and then until the bonus finds a share, so 90 min covers the round plus
+# its tail. During this hold only downward calibration steps are skipped — upward
+# steps, the VIP reserve clamp, and the stale-read fail-safes all still apply.
+XVB_WIN_ROUND_HOLD_S = float(os.environ.get("XVB_WIN_ROUND_HOLD_S", 5400))
 
 # Integral gain of the calibration loop. Each cycle the donated fraction is nudged
 # by gain * (reference - measured_1h) / current_hr. Low by design: the 1h average
diff --git a/build/dashboard/mining_dashboard/service/algo_service.py b/build/dashboard/mining_dashboard/service/algo_service.py
index 6971b6e7..b0f59516 100644
--- a/build/dashboard/mining_dashboard/service/algo_service.py
+++ b/build/dashboard/mining_dashboard/service/algo_service.py
@@ -23,6 +23,7 @@
     XVB_TIME_ALGO_MS,
     XVB_TOR_ENABLED,
     XVB_TOR_SOCKS5,
+    XVB_WIN_ROUND_HOLD_S,
 )
 from mining_dashboard.helper.utils import (
     DEFAULT_PPLNS_WINDOW,
@@ -256,11 +257,27 @@ def _stats_age(self, xvb_stats):
 
     def _reference_hr(self, target_hr):
         """Hashrate the controller holds XvB's 1h average at: the tier threshold
-        plus a small, noise-covering cushion (capped in absolute H/s). The raffle
-        terminates a win if the 1h average dips below the round minimum, so we sit
-        a hair above it — never a fat percentage that wastes p2pool hashrate."""
+        plus a noise-covering cushion (capped in absolute H/s). The raffle
+        terminates a win if the 1h average dips below the round minimum, so the
+        cushion must clear the credited average's measured noise (#769) — while
+        the cap keeps a flat percentage from wasting p2pool hashrate at high tiers."""
         return target_hr + min(target_hr * self.maint_margin_pct, self.maint_margin_abs_cap)
 
+    def _won_round_live(self, now=None):
+        """Whether a won raffle round may still be running: any recorded win newer
+        than ``XVB_WIN_ROUND_HOLD_S``. Steering the donation down during a live won
+        round can sag the credited 1h average through the round minimum and
+        terminate the round (#769), so ``_advance_controller`` skips downward steps
+        while this holds. Fails open to False (normal steering) on any read error —
+        the hold is a yield optimization, never a safety path."""
+        try:
+            since = (now if now is not None else time.time()) - XVB_WIN_ROUND_HOLD_S
+            wins = self.state_manager.get_raffle_wins(since=since)
+        except Exception as e:
+            logger.debug(f"Raffle-win read failed; steering normally: {e}")
+            return False
+        return isinstance(wins, list) and len(wins) > 0
+
     def _max_donation_fraction(self, current_hr, window_duration, p2pool_stats):
         """
         Largest fraction of the cycle we may donate while keeping p2pool eligible
@@ -293,6 +310,10 @@ def _advance_controller(self, current_hr, target_hr, avg_1h, max_fraction):
         scales our donation — and it can't wind up: the gain is small and the
         fraction is clamped to ``[0, max_fraction]`` (the VIP reserve), so a
         still-ramping or stale 1h read can only drift it slowly within bounds.
+
+        While a won raffle round may still be live (``_won_round_live``), downward
+        steps are skipped so the controller never helps the 1h average sag through
+        the round minimum (#769). Upward steps and the clamp still apply.
         """
         if current_hr <= 0:
             return
@@ -305,7 +326,17 @@ def _advance_controller(self, current_hr, target_hr, avg_1h, max_fraction):
             return
 
         error = self._reference_hr(target_hr) - avg_1h
-        self.donation_fraction += self.control_gain * error / current_hr
+        step = self.control_gain * error / current_hr
+        if step < 0 and self._won_round_live():
+            # A won round is (possibly) live: easing off now is how the credited 1h
+            # average sags through the round minimum and forfeits the round (#769).
+            # Hold the fraction; normal steering resumes once the hold window passes.
+            logger.info(
+                "Won raffle round may still be live: holding donation fraction at "
+                f"{self.donation_fraction:.3f} instead of easing off"
+            )
+            return
+        self.donation_fraction += step
         self.donation_fraction = max(0.0, min(self.donation_fraction, max_fraction))
 
     def _seed_donation_fraction(self, target_hr, current_hr, max_fraction):
diff --git a/build/dashboard/mining_dashboard/sim/donation_model.py b/build/dashboard/mining_dashboard/sim/donation_model.py
index e7bc5965..283ae8ab 100644
--- a/build/dashboard/mining_dashboard/sim/donation_model.py
+++ b/build/dashboard/mining_dashboard/sim/donation_model.py
@@ -70,6 +70,11 @@ def get_xvb_stats(self):
     def get_xvb_standby(self):
         return None
 
+    def get_raffle_wins(self, since=0.0):
+        # The sim models steady-state convergence, never a live won round, so the
+        # in-round hold (#769) stays inactive.
+        return []
+
 
 def make_algo_controller(algo, p2pool_difficulty=0) -> Controller:
     """Adapt a real `AlgoService` into a `decide(...) -> fraction` callable.
@@ -530,7 +535,7 @@ def run_algo(scenario: Scenario, donation_level="vip", **tuning) -> SimResult:
         name="worker drop below tier mid-run, then recovery",
         target_hr=10_000,
         current_hr=46_300,
-        warm_avg=10_300,
+        warm_avg=10_500,
         drop_at=CYCLES_PER_DAY,
         drop_until=CYCLES_PER_DAY + 18,
         drop_factor=0.2,
diff --git a/build/dashboard/pyproject.toml b/build/dashboard/pyproject.toml
index 5c71fe7f..88a285a9 100644
--- a/build/dashboard/pyproject.toml
+++ b/build/dashboard/pyproject.toml
@@ -7,7 +7,7 @@ name = "mining-dashboard"
 # Keep in lockstep with the top-level VERSION file — the single source of truth for the stack version
 # (#44). A shell test (tests/stack/run.sh) fails if these drift; the dashboard *displays* the version
 # from VERSION (baked in as PITHEAD_VERSION, #58), so this is packaging metadata only.
-version = "1.14.0"
+version = "1.14.1"
 description = "Monitoring dashboard and XvB switching engine for Pithead"
 readme = "README.md"
 requires-python = ">=3.11"
diff --git a/build/dashboard/tests/service/test_algo_service.py b/build/dashboard/tests/service/test_algo_service.py
index 7b7544b0..18814d40 100644
--- a/build/dashboard/tests/service/test_algo_service.py
+++ b/build/dashboard/tests/service/test_algo_service.py
@@ -22,6 +22,9 @@ def algo():
     # the warm-resume seed falls through to feedforward. Warm-resume tests override these.
     state_manager.get_xvb_stats.return_value = {"commanded_fraction": 0.0}
     state_manager.get_xvb_standby.return_value = None
+    # No recorded raffle wins by default, so the in-round hold (#769) is inactive
+    # and the calibration loop steers freely. Hold tests override this.
+    state_manager.get_raffle_wins.return_value = []
     proxy_client = MagicMock()  # called via asyncio.to_thread -> sync methods
     data_service = MagicMock()
     data_service.workers_rejected = False  # not rejecting workers (Issue #31 guard off)
@@ -112,8 +115,8 @@ def test_cold_start_seeds_feedforward(self, algo):
                 RECENT_SHARES,
             )
             assert mode in ("SPLIT", "XVB")
-            # reference 10_300 / 46_300 ~ 0.222 of the cycle.
-            assert algo.donation_fraction == pytest.approx(10_300 / 46_300, rel=0.05)
+            # reference 10_500 / 46_300 ~ 0.227 of the cycle.
+            assert algo.donation_fraction == pytest.approx(10_500 / 46_300, rel=0.05)
 
     def test_loop_ramps_up_when_below_reference(self, algo):
         """Calling repeatedly with the 1h average below reference integrates the
@@ -237,9 +240,12 @@ class TestHelpers:
     def test_reference_cushion_is_absolute_capped(self, algo):
         # Cushion above target is capped in ABSOLUTE H/s, so a huge tier doesn't
         # waste a percentage of a huge number.
-        assert algo._reference_hr(1_000_000) == pytest.approx(1_000_000 + 1_000)
-        # Small tier uses the percentage (3% of 10k = 300).
-        assert algo._reference_hr(10_000) == pytest.approx(10_300)
+        assert algo._reference_hr(1_000_000) == pytest.approx(1_000_000 + 5_000)
+        # Small tier uses the percentage (5% of 10k = 500).
+        assert algo._reference_hr(10_000) == pytest.approx(10_500)
+        # Whale sits exactly at the cap: 5% of 100k = 5k, the measured credited
+        # noise (~2.5 kH/s dips) stays clear of the round minimum.
+        assert algo._reference_hr(100_000) == pytest.approx(105_000)
 
     def test_fraction_to_ms_zero_and_positive(self, algo):
         assert algo._fraction_to_ms(0) == 0
@@ -681,8 +687,8 @@ def test_seed_cold_start_uses_feedforward_when_no_state(self, algo):
         # Fresh install: no own state, no standby -> the original feedforward seed, unchanged.
         algo.state_manager.get_xvb_stats.return_value = {"commanded_fraction": 0.0}
         algo.state_manager.get_xvb_standby.return_value = None
-        # reference = 1000 + min(1000*0.03, 1000) = 1030; feedforward = 1030 / current_hr.
-        assert algo._seed_donation_fraction(1000, 2000, 0.85) == pytest.approx(1030 / 2000)
+        # reference = 1000 + min(1000*0.05, 5000) = 1050; feedforward = 1050 / current_hr.
+        assert algo._seed_donation_fraction(1000, 2000, 0.85) == pytest.approx(1050 / 2000)
 
     def test_get_decision_seeds_from_standby_on_failover(self, algo):
         # Integration: the first real donating cycle on a warm backup adopts the standby fraction
@@ -699,3 +705,91 @@ def test_get_decision_seeds_from_standby_on_failover(self, algo):
             RECENT_SHARES,
         )
         assert algo.donation_fraction == pytest.approx(0.35)
+
+
+class TestWonRoundHold:
+    """In-round donation hold (#769): while a won raffle round may still be live,
+    the calibration loop must never steer the donation DOWN — a controller-assisted
+    sag of the credited 1h average through the round minimum terminates the round."""
+
+    def _live_win(self):
+        return [
+            {
+                "ts": time.time() - 600,
+                "hashrate": 5e6,
+                "height": 1,
+                "block_id": "x",
+                "tier": "donor_whale",
+            }
+        ]
+
+    def test_downward_step_held_while_round_live(self, algo):
+        algo.state_manager.get_raffle_wins.return_value = self._live_win()
+        algo.donation_fraction = 0.5
+        # 1h average far above reference -> error negative -> would normally trim.
+        algo._advance_controller(46_300, 10_000, 200_000, 0.85)
+        assert algo.donation_fraction == 0.5  # held, not trimmed
+
+    def test_upward_step_still_ramps_while_round_live(self, algo):
+        algo.state_manager.get_raffle_wins.return_value = self._live_win()
+        algo.donation_fraction = 0.2
+        # Below reference -> catch-up must not be blocked by the hold.
+        algo._advance_controller(46_300, 10_000, 0, 0.85)
+        assert algo.donation_fraction > 0.2
+
+    def test_upward_step_still_clamped_to_reserve_while_round_live(self, algo):
+        algo.state_manager.get_raffle_wins.return_value = self._live_win()
+        algo.donation_fraction = 0.5
+        for _ in range(100):
+            algo._advance_controller(46_300, 10_000, 0, 0.6)
+        assert algo.donation_fraction == pytest.approx(0.6)  # VIP reserve still wins
+
+    def test_downward_step_applies_when_no_wins(self, algo):
+        algo.donation_fraction = 0.5
+        algo._advance_controller(46_300, 10_000, 200_000, 0.85)
+        assert algo.donation_fraction < 0.5
+
+    def test_query_window_bounds_round_liveness(self, algo):
+        # The liveness read asks storage only for wins inside the hold window —
+        # storage filters on ts, so the controller's contract is the `since` bound.
+        now = time.time()
+        algo.state_manager.get_raffle_wins.return_value = []
+        assert algo._won_round_live(now=now) is False
+        since = algo.state_manager.get_raffle_wins.call_args.kwargs["since"]
+        from mining_dashboard.config.config import XVB_WIN_ROUND_HOLD_S
+
+        assert since == pytest.approx(now - XVB_WIN_ROUND_HOLD_S)
+
+    def test_liveness_fails_open_on_storage_error(self, algo):
+        # A broken read must never freeze the controller: hold off, steer normally.
+        algo.state_manager.get_raffle_wins.side_effect = RuntimeError("db locked")
+        algo.donation_fraction = 0.5
+        algo._advance_controller(46_300, 10_000, 200_000, 0.85)
+        assert algo.donation_fraction < 0.5  # trimmed as if no round were live
+
+    def test_liveness_treats_non_list_as_not_live(self, algo):
+        algo.state_manager.get_raffle_wins.return_value = None
+        assert algo._won_round_live() is False
+
+    def test_seed_unaffected_by_live_round(self, algo):
+        # First advance seeds the loop; the hold only gates steering afterwards.
+        algo.state_manager.get_raffle_wins.return_value = self._live_win()
+        assert algo.donation_fraction is None
+        algo._advance_controller(46_300, 10_000, 200_000, 0.85)
+        assert algo.donation_fraction is not None
+
+    def test_stale_decay_still_wins_over_hold(self, algo):
+        # The prolonged-staleness fail-safe outranks the hold: donating blind
+        # through an outage is the bigger risk, live round or not.
+        algo.state_manager.get_raffle_wins.return_value = self._live_win()
+        algo.donation_fraction = 0.4
+        with patch("mining_dashboard.service.algo_service.ENABLE_XVB", True):
+            algo.get_decision(
+                46_300,
+                46_300,
+                POOL_STATS,
+                P2P_MAIN,
+                {"avg_1h": 200_000, "avg_24h": 0, "fail_count": 0, "last_update": _decay_ts()},
+                RECENT_SHARES,
+            )
+        assert algo.donation_fraction < 0.4  # decayed despite the live round
diff --git a/build/dashboard/tests/sim/test_donation_model.py b/build/dashboard/tests/sim/test_donation_model.py
index c540de78..35ea60b0 100644
--- a/build/dashboard/tests/sim/test_donation_model.py
+++ b/build/dashboard/tests/sim/test_donation_model.py
@@ -224,7 +224,7 @@ def test_recovers_after_worker_drop(self):
             name="drop",
             target_hr=10_000,
             current_hr=46_300,
-            warm_avg=10_300,
+            warm_avg=10_500,
             measurement="fixed",
             p2pool_difficulty=DIFFICULTY,
             cycles=4 * CYCLES_PER_DAY,
diff --git a/build/dashboard/uv.lock b/build/dashboard/uv.lock
index 2a1d312c..2b70e3fb 100644
--- a/build/dashboard/uv.lock
+++ b/build/dashboard/uv.lock
@@ -782,7 +782,7 @@ wheels = [
 
 [[package]]
 name = "mining-dashboard"
-version = "1.14.0"
+version = "1.14.1"
 source = { editable = "." }
 dependencies = [
     { name = "aiofiles" },
diff --git a/docs/architecture.md b/docs/architecture.md
index 4d534fc0..ab5c3f25 100644
--- a/docs/architecture.md
+++ b/docs/architecture.md
@@ -222,6 +222,15 @@ rounds. It donates the minimum needed to hold the target tier and routes the res
    to P2Pool. The controller edits the proxy config only; your workers keep their existing connection
    to `3333` and need no changes.
 
+3. **Round protection.** XvB terminates a won bonus round if your credited 1h average drops below
+   the round minimum while the round runs, so the controller guards wins two ways. It holds the 1h
+   average a cushion above the tier threshold (5%, capped at 5 kH/s) rather than exactly on it,
+   because XvB's credited average wanders a few kH/s below the setpoint even when your donation is
+   steady. And for 90 minutes after a recorded raffle win — a round plus its tail — it refuses to
+   ease the donation down, so a mid-round dip is never controller-assisted. Both guards spend a
+   little extra donation to keep the round alive; the bonus a completed round mines to your wallet
+   is worth far more than the cushion costs.
+
 The result: the chosen XvB tier holds with minimal donation, and remaining hashrate mines Monero +
 Tari on P2Pool. The dashboard's hashrate chart shades the P2Pool/XvB split over time.