Bitcoin Introduction - Pooled Mining
In this part we will talk about "pooled mining" and compare the different approaches.With increasing block generation difficulty, mining essentially becomes a lottery, as it may take years before an individual node manages to create . To provide a more smooth incentive to lower-performance miners, several pooled miners have been created. With a mining....
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Slush’s Pool was introduced in late 2010 and was the brainchild of Marek Palatinus who saw a need for pooled mining resources to be able to keep more people mining Bitcoin. He developed the Stratum style of mining to help miners receive payouts in a landscape of escalating mining power. The development of Slush’s Pool brought with it a new era of Bitcoin mining and changed forever the way we mine Bitcoin and many other Cryptocurrencies. Marek’s words about how he came up with pooled mining are quite fitting. Now on November 17th Satoshi Labs announced the new Beta for Slush’s Pool. Slush’s....
For many, the level of centralization found in the Bitcoin mining ecosystem is the biggest issue for the peer-to-peer digital cash system today. As a technology that relies on decentralization in order to provide a censorship-resistant bearer ecash, any trend towards centralization should be viewed as problematic. In 2014, economist Kevin Dowd claimed the incentives of pooled mining are “totally destructive of the Bitcoin system.” The amount of mining that takes place in China led former Bitcoin developer Mike Hearn to state, “Bitcoin is controlled by the Chinese Government.” Those who....
Cryptocurrency mining has come a long way since Satoshi Nakamoto mined those very first Bitcoins using only CPU cycles. Background. The harnessing of graphic card GPUs pushed mining rates to Gigahashes per second, and recently, the development of ASICs made Terahash rates possible. Many miners either fell out of the race or were forced to form pools - combining their hashing power in order to mine profitably. So began the era of the mining pools, behind whose power to make or break small altcoins, lay a greater threat: the 51% Attack. More on that later. The sheer hashing difficulty and....
Bitcoin is gaining popularity. Although the price has declined, people are still asking about and joining the 'mining frenzy' with increasingly capable hardware. In fact, the current aggregate hashrate of the Bitcoin network is topping a staggering >200,000,000 GH/s. Remember that the profitability of mining depends on not only the necessary investment in hardware, but, most importantly, in the recurring cost of the energy required to power mining rigs. The world is full of people who are willing to game any system for an expected personal profit. Unsurprisingly, there is a trend of....
The CEX.io bitcoin commodity exchange is to introduce a trading fee within the next two weeks. The fee will be introduced in two stages: initially a fixed commission of 0.2%, which will be dropped in favour of a flexible fee of 0.2-0.5% after an initial period. The company says its fee implementation is aligned with its wider monetisation strategy, which will include the introduction of new trading pairs, including BTC/USD and USD/GHS. New scrypt mining services are on the way too. The first step, the introduction of a 0.2% fixed commission, will apply to all buy/sell transactions and will....