Mining pool

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In the context of cryptocurrency mininga mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to n shares bitcoin minerals 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. Slush Pool is the oldest currently active mining pool. Mining pools may n shares bitcoin minerals 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 n shares bitcoin minerals 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. N shares bitcoin minerals 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 BPMalso known n shares bitcoin minerals "slush's system", due to its first use on a pool called n shares bitcoin minerals pool', uses a system where older shares from the beginning of a block round are given less weight n shares bitcoin minerals more recent shares.

This reduces the ability to cheat the mining pool system by switching pools during a round, to maximise profit. PPLNS method is similar to Proportionalbut 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. GM was invented by Meni Rosenfeld. 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.

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A statistically valid analysis of some pools and their payout methods: Bitcoin network and pool analysis. The following pools are known or strongly suspected to be mining on top of blocks before fully validating them with Bitcoin Core 0. The following pools are believed to be currently fully validating blocks with Bitcoin Core 0.

Operator receives portion of payout on short rounds and returns it on longer rounds to normalize payments. Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries.

Each submitted share is worth certain amount of BTC. It is risky for pool operators, hence the fee is highest. When block is found, the reward is distributed among all workers proportionally to how much shares each of them has found. Each submitted share is worth more in the function of time t since start of current round. For each share score is updated by: This makes later shares worth much more than earlier shares, thus the miner's score quickly diminishes when they stop mining on the pool.

Rewards are calculated proportionally to scores and not to shares. Like Pay Per Share, but never pays more than the pool earns. Calculate a standard transaction fee within a certain period and distribute it to miners according to their hash power contributions in the pool.

It will increase the miners' earnings by sharing some of the transaction fees. The pool's total hash rate is very dynamic on most pools. Over time, as the network grows, so does most pool's hash rates. The displayed values are the pool's relative sizes based on the network: Retrieved from " https: Navigation menu Personal tools Create account Log in.

Views Read View source View history. Sister projects Essays Source. This page was last edited on 27 March , at Content is available under Creative Commons Attribution 3. Privacy policy About Bitcoin Wiki Disclaimers. Jonny Bravo's Mining Emporium. Merged mining can be done on a "solo mining" basis [4].