There are a couple of things that jump out at me:
170 F (77 C) - This is overkill for ground beef. The USDA guidelines recommend 160 F (71 C).
Venting holes - This is unnecessary. There is no need to "vent" a hamburger. What you're doing is creating holes for the juices to flow out of and get vaporized on the pan. This is likely a significant source of the smoking you describe. Keep those juices in!
I'm not familiar with electric stoves, so I'm not sure if 6/8 is too hot or not, but it might be. I cook my burgers on a gas stove at medium-high flame and generally do 5 mins per side for a medium burger (I grind my own beef). My burgers are about an 3/4" - 1" thick too. So you might have your stove too hot, try turning it down a smidge.
Update
I want to clarify regarding the "blood" you are worried about. It's a common misconception that the red liquid packaged with beef is blood. It's not. Beef is drained of virtually all blood when it is slaughtered. Beef is 75% water, so the liquid you see is mostly water and the pink hue comes from the iron & oxygen binding protein myoglobin which exists in muscle tissue. When cooking, the juices you are releasing are taking a lot of the flavor with them. This liquid is a combination of liquified fat, water, and proteins. You can verify this at the USDA site for beef.
Another common misconception is that a completely grey-brown interior indicates well done. According to the USDA, 25% of burgers turn brown before being fully cooked; this can happen as low as 135 F (57 C). The inverse is true as well, some beef can be cooked to the USDA recommended safe temperature 160 F (71 C) and still retain some light pinkness in the center.
If your concern is merely safety, cooking the beef to an interior temperature of 160 F is sufficient, regardless of it's hue. If you you're cooking it beyond that just because you don't like the sight of pink meat, well you're overcooking your burgers and doing yourself a bit of injustice. :)
For burgers I buy 2-3 different cuts - usually some sirloin and the end of a tenderloin (fattier and cheaper) and whatever else looks good. Slice thinly and stick in the freezer for 20 mins or so before you start grinding. I then mix in some finely minced onion and garlic, salt, pepper and a little Worcestershire sauce (all optional and to taste) before grilling.
Best Answer
For speed and quality this is the perfect application for sous vide cooking. You can cook burgers to varying degrees of doneness. They can hang out in the water bath, at a degree or two below the rarest burger, for up to 2 hours. Just quickly sear or grill to finish.