One of the first questions that prospective cryptocurrency miners face is whether to mine solo or join a ‘pool’. There are a multitude of reasons both for and against mining pools. Here’s what you need to know.
If you’re deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate – the pros and cons are exactly the same. Going solo means you won’t have to share the reward, but your odds of getting a reward are significantly decreased. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members.
Therefore, joining a pool creates a steady stream of income, even if each payment is modest compared to the full block reward (which currently stands at 6.25 BTC). It is important to note that a mining pool should not exceed over 51% of the hashing power of the network. If a single entity ends up controlling more than 50% of a cryptocurrency network’s computing power, it could theoretically wreak havoc on the whole network.
Difficulty level is another factor to keep in mind when considering solo mining. It is currently so high that it’s practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If you’re a beginner, joining a mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage small-scale miners to stay involved.
One method of mining that bitcoin facilitates is “merged mining”. This is where blocks solved for bitcoin can be used for other currencies that use the same proof of work algorithm (for example, namecoin and devcoin). A useful analogy for merged mining is to think of it like entering the same set of numbers into several lotteries.
First-time miners who lack particularly powerful hardware should look at altcoins over bitcoin – especially currencies based on the scrypt algorithm rather than SHA256. This is because the difficulty of bitcoin calculations is far too high for the processors found in regular PCs.
When deciding which mining pool to join, you need to weigh up how each pool shares out its payments and what fees (if any) it deducts. Typical deductions range from 1% to 10%. However, some pools do not deduct anything.
There are many schemes by which pools can divide payments. Most of which concentrate on the amount of ‘shares’ which a miner has submitted to the pool as ‘proof of work’.
Shares are a tricky concept to grasp. Keep two things in mind: firstly, mining is a process of solving cryptographic puzzles; secondly, mining has a difficulty level. When a miner ‘solves a block’ there is a corresponding difficulty level for the solution. Think of it as a measure of quality. If the difficulty rating of the miner’s solution is above the difficulty level of the entire currency, it is added to that currency’s block chain and coins are rewarded.
Additionally, a mining pool sets a difficulty level between 1 and the currency’s difficulty. If a miner returns a block which scores a difficulty level between the pool’s difficulty level and the currency’s difficulty level, the block is recorded as a ‘share’. There is no use whatsoever for these share blocks, but they are recorded as proof of work to show that miners are trying to solve blocks. They also indicate how much processing power they are contributing to the pool – the better the hardware, the more shares are generated.
The most basic version of dividing payments this way is the ‘pay per share’ (PPS) model. Variations on this puts limits on the rate paid per share; for example, equalised shared maximum pay per share (ESMPPS), or shared maximum pay per share (SMPPS). Pools may or may not prioritise payments for how recently miners have submitted shares: for example, recent shared maximum pay per share (RSMPPS). More examples can be found on the bitcoin wiki.
There are many pool options available for mining beside bitcoin. You can easily find lists of mining pools for your cryptocurrency of choice, whether it’s zcash, litecoin or ethereum. Some popular ones are BTC.com, Slush Pool and AntPool.
Having decided which currency to mine and which pool to work for, it’s time to get started. You need to create an account on the pool’s website, which is just like signing up for any other web service. Once you have an account, you’ll need to create a ‘worker’. You can create multiple workers for each piece of mining hardware you’ll use. The default settings on most pools are for workers to be assigned a number as their name, and ‘x’ as their password, but you can change these to whatever you like.
Conclusionmonero simplewallet hd bitcoin bitcoin fox boom bitcoin bitcoin халява bitcoin адрес ethereum токен bitcoin транзакции bitcoin update bitcoin valet
ethereum charts
бесплатный bitcoin bitcoin пожертвование ethereum homestead bitcoin ann сложность ethereum cryptocurrency wallet bitcoin faucet
genesis bitcoin bitcoin magazin bitcoin python korbit bitcoin machine bitcoin time bitcoin tether wifi reddit bitcoin amd bitcoin bitcoin trust bitcoin fpga bitcoin
reverse tether bitcoin новости
cms bitcoin ethereum доллар Scaling is one of the biggest obstacles to the adoption of blockchain technology. More transactions = longer wait for the blockchain to catch up and process them allImagine a scenario in which you want to repay a friend who bought you lunch, by sending money online to his or her account. There are several ways in which this could go wrong, including:cold bitcoin bcn bitcoin kinolix bitcoin dorks bitcoin ethereum info
bitcoin symbol
кредит bitcoin bitcoin wikipedia bitcoin start bitcoin cli
bitcoin ваучер mac bitcoin lottery bitcoin pro bitcoin tether майнинг cran bitcoin вклады bitcoin
bitcoin mac bitcoin billionaire ltd bitcoin enterprise ethereum bitcoin кликер converter bitcoin ethereum claymore
lavkalavka bitcoin
bitcoin earnings bitcoin бесплатные monero dwarfpool цена ethereum bitcoin example bitcoin paypal ethereum перевод bitcoin statistic cryptocurrency bitcoin knots bitcoin банкнота fasterclick bitcoin direct bitcoin bye bitcoin nanopool ethereum bitcoin сколько talk bitcoin эмиссия ethereum казино ethereum
ethereum покупка ethereum browser
bitcoin cz форумы bitcoin видеокарты ethereum converter bitcoin bitcoin poloniex bitcoin price bounty bitcoin addnode bitcoin bitcoin masters rub bitcoin bitcoin address bitcoin 99 reddit ethereum bitcoin cms bitcoin технология The market has already spoken about which technology it thinks is best, between Bitcoin and others like Bitcoin Cash. Ever since the 2017 hard fork, Bitcoin’s market capitalization and hash rate and number of nodes have greatly outperformed Bitcoin Cash’s. Watching this play out in 2017 was one of my initial risk assessments for the protocol, but three years later, that concern no longer exists.4) 'Bitcoin Wastes Energy'average bitcoin bitcoin metatrader billionaire bitcoin bitcoin iq сборщик bitcoin bitcoin халява tinkoff bitcoin live bitcoin bitcoin qt monero github bitcoin сеть сети bitcoin cryptocurrency calculator bitcoin eobot bitcoin farm 999 bitcoin bitcoin криптовалюта bitcoin core monero форум
happy bitcoin дешевеет bitcoin cryptocurrency faucet ethereum проекты
майнинга bitcoin биржа bitcoin it bitcoin bitcoin switzerland программа tether chaindata ethereum mail bitcoin mainer bitcoin bitcoin air claymore monero xmr monero bitcoin обналичить bitcoin earn
bitcoin блокчейн vector bitcoin bitcoin server bitcoin софт bitcoin продать ethereum rig bitcoin 2017 index bitcoin bitcoin cran котировка bitcoin пулы monero
bistler bitcoin bitcoin telegram bitcoin бесплатные calculator cryptocurrency metatrader bitcoin direct bitcoin bitcoin accelerator ethereum stratum hit bitcoin alipay bitcoin
go ethereum
шифрование bitcoin bitcoin motherboard token bitcoin monero miner продам ethereum cpuminer monero bitcoin auto bitcoin is bitcoin calculator котировки ethereum bitcoin banking tether provisioning шифрование bitcoin ethereum wallet escrow bitcoin galaxy bitcoin monero обменять bitcoin motherboard bitcoin nachrichten converter bitcoin monero cryptonote монета ethereum bitcoin code ethereum rotator bitcoin block
bitcoin hype bitcoin rotator
rpc bitcoin Also, you should be aware of the easiest way to purchase Ethereum - Simplex. It's a secure payment processing that allows you to buy cryptocurrencies with your credit card. How to Get Startedtether wifi foto bitcoin monero hardfork обменник ethereum bitcoin puzzle bitcoin fake bitcoin лотерея обменники ethereum конвертер bitcoin q bitcoin fork ethereum 22 bitcoin bitcoin динамика dat bitcoin ethereum myetherwallet pos ethereum bitcoin trend proxy bitcoin monero bitcointalk bitcoin hourly bitcoin new mini bitcoin ethereum пул get bitcoin биржи bitcoin bitcoin комментарии monero gpu перевод ethereum bitcoin бумажник таблица bitcoin hashrate bitcoin ethereum investing автомат bitcoin Both gold and bitcoin have very liquid markets where fiat money can be exchanged for them.ethereum заработок
bitcoin converter ethereum wallet bitcoin мастернода ютуб bitcoin ethereum game
hardware bitcoin Some basic familiarity with common terminology in computer science such as bytes, memory, and a stack are necessary to understand the EVM. It would also be helpful to be comfortable with cryptography/blockchain concepts like hash functions, Proof-of-Work and the Merkle Tree.BLK_LIMIT_FACTOR and EMA_FACTOR are constants that will be set to 65536 and 1.5 for the time being, but will likely be changed after further analysis.Bitcoin's properties cannot be illegitimately changed as long as most of bitcoin's economy uses full node wallets. Transactions are irreversible and uncensorable as long as no single coalition of miners has more than 50% hash power and the transactions have an appropriate number of confirmations.tether mining Super secureAccording to this vision, most transactions will be made on off-chain micropayment channels, lifting the burden from the underlying blockchain.back to your original averaging down strategy. bitcoin change foto bitcoin
bitcoin hyip bitcointalk monero accepts bitcoin
bitcoin получить bitcoin instagram bitcoin scripting bitcoin аккаунт foto bitcoin bitcoin blockstream san bitcoin проект bitcoin cryptocurrency gold elysium bitcoin joker bitcoin
ann monero zcash bitcoin electrum bitcoin bitcoin earnings биткоин bitcoin скрипты bitcoin bitcoin pro опционы bitcoin bitcoin space
bitcoin 3 monero simplewallet flappy bitcoin matrix bitcoin Keep your software up to datebitcoin fasttech mine ethereum bag bitcoin bitcoin node bitcoin server bitcoin новости
карты bitcoin bitcoin инструкция bitcoin node dance bitcoin bitcoin development токены ethereum
bitcoin биткоин bitcoin qazanmaq Blockchain in Real-World IndustriesAll these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want.How to Invest In Bitcoin and Is Bitcoin a Good Investment?The overall concept behind the Bitcoin is a payment platform which allows its participants to transfer value digitally without an intermediary. In other words, it is an analog of the Internet where instead of information, the value is circulated within the network. The main characteristic of this online platform is decentralization, meaning no central authority. Thus, nobody can lose control of the Bitcoin system as nobody owes it. (As you know, you cannot lose the thing that you don’t owe.)tether ethereum farm Bitcoin Up CloseTheir goal is to find a hash that has at least a certain number of leading zeroes. Something like this:ubuntu ethereum preev bitcoin проекта ethereum bitcoin cranes enterprise ethereum bitcoin терминал форки bitcoin bitcoin вложения monero blockchain bitcoin миксер ethereum classic bitcoin автомат ico monero master bitcoin обвал bitcoin debian bitcoin bitcoin config
bitcoin экспресс ethereum майнить контракты ethereum blue bitcoin bitcoin команды ethereum заработок