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Bitcoin pool mining

Postby Akinojinn В» 30.12.2018


In the context of cryptocurrency mining , a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.

A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. Mining in pools began when the difficulty for mining increased to the point where it could take centuries for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks more quickly and therefore receive a portion of the block reward on a consistent basis, rather than randomly once every few years.

Mining pools may contain hundreds or thousands of miners using specialized protocols. The Pay-per-Share PPS approach offers an instant, guaranteed payout to a miner for his contribution to the probability that the pool finds a block. Miners are paid out from the pool's existing balance and can withdraw their payout immediately. This model allows for the least possible variance in payment for miners while also transferring much of the risk to the pool's operator.

Miners earn shares until the pool finds a block the end of the mining round. In other words, all shares are equal, but its cost is calculated only in the end of a round. Bitcoin Pooled mining BPM , also known as "slush's system", due to its first use on a pool called "slush's pool', uses a system where older shares from the beginning of a block round are given less weight than more recent shares.

A new round starts the moment the pool solves a block and miners are rewarded Proportional to the shares submitted. Pay-per-last-N-shares PPLNS method is similar to Proportional , but the miner's reward is calculated on a basis of N last shares, instead of all shares for the last round. Therefore, if the round was short enough all miners get more profit, and vice versa. Peer-to-peer mining pool P2Pool decentralizes the responsibilities of a pool server, removing the chance of the pool operator cheating or the server being a single point of failure.

Miners work on a side blockchain called a share chain, mining at a lower difficulty at a rate of one share block per 30 seconds. Once a share block reaches the bitcoin network target, it is transmitted and merged onto the bitcoin blockchain. Miners are rewarded when this occurs proportional to the shares submitted prior to the target block. A P2Pool requires the miners to run a full bitcoin node, bearing the weight of hardware expenses and network bandwidth.

Multipools switch between different altcoins and constantly calculate which coin is at that moment the most profitable to mine. Two key factors are involved in the algorithm that calculates profitability, the block time and the price on the exchanges. To avoid the need for many different wallets for all possible minable coins, multipools may automatically exchange the mined coin to a coin that is accepted in the mainstream for example bitcoin.

This method also increases demand on the intended coin, which has the side effect of increasing or stabilizing the value of the intended coin. From Wikipedia, the free encyclopedia. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Archived from the original on 21 March Cornel University. Archived PDF from the original on Retrieved Mastering Bitcoin.

Unlocking Digital Cryptocurrencies. Archived from the original on 1 December Retrieved 7 January Mastering Bitcoin: Programming the Open Blockchain. O' Reilly Media. Bibcode : arXiv Com mining pool". Archived from the original on Business and economics portal Free and open-source software portal Numismatics portal.

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Re: bitcoin pool mining

Postby Mauzuru В» 30.12.2018

More Settings. Mining pools may contain hundreds or thousands of miners using specialized pool. DCR - Decred. Bitcoin you wish to decide which implementation your hardware should signal for, you can use mining pool that leaves the choice to its users, like the Slush mining pool. Track statistics like earnings, minlng, and workers on the go.

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Re: bitcoin pool mining

Postby Tejind В» 30.12.2018

Although Bitfury controls a mining portion of the Bitcoin network hash rate, its committed to making Bitcoin visit web page :. Pool SHAd. Ethereum Ethereum Classic. Mining Pool Pioneer Founded inF2Pool is one of the earliest mining pools and has established itself as one of the global leaders in mining industry.

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Re: bitcoin pool mining

Postby Yogul В» 30.12.2018

In this way, everyone in the pool has a better chance to make additional Bitcoins, regardless of their processing power. The best way is to use the official BitCore client. Business and economics portal Free and open-source software portal Numismatics portal.

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Re: bitcoin pool mining

Postby Gardazuru В» 30.12.2018

Algorithm RandomX. Payout Threshold 50 VTC. Africa Trade bead. Antpool is run by Bitmain Technologies Ltd.

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Re: bitcoin pool mining

Postby Met В» 30.12.2018

The company also runs a Bitcoin exchange, wallet, prints physical bitcoins and more! Difficulty Medium of exchange. Start mining with your own ASIC hardware and benefit from high payouts.

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Re: bitcoin pool mining

Postby Gujas В» 30.12.2018

At this time, Antpool keeps bitcoins form transaction fees for itself, mininv are not shared with miners who have hash power pointed toward the pool. Algorithm MTP. Algorithm Blake2S. ETC - Ethereum Classic. Gridcoin EOS.

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Re: bitcoin pool mining

Postby Kagamuro В» 30.12.2018

Buy Bitcoin Worldwide does not offer legal advice. However, end users must wait pool full round confirmations long after the blocks bitcoin processed. Business start with no payment schemes require a very large reserve of 10, BTC in order to ensure mining have the means of enduring a streak of bad luck. Payout Threshold RVN. This reduces the ability to cheat the mining pool system by switching pools during a round.

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