8 Biggest Bitcoin Mining Pool With Best Payout And High

With full blocks and average fees above 150sat/byte Slush Pool and ViaBTC payout more than Bitcoin.com mining pool

Roger claimed his pool Bitcoin.com was the "world's highest paying mining pool".
To his credit, this claim is true in certain circumstances, however it is misleading and it's currently NOT true. It's only true if the block transaction fees are under 1.53061224 bitcoins. (~150sat/byte for full blocks)
Slush Pool and ViaBTC (on PPLNS) both pay 98% of the block reward plus the block transaction fees.
Bitcoin.com pays 110% of the block reward and keeps the block transaction fees.
Over the last 24hours the average block transaction fees were 1.78648863 so directing your hashpower to Bitcoin.com would not have paid the most.
I realise Roger has to promote his pool but the gimmick "world's highest paying mining pool" is currently false.
Here's the maths (x is the fees):
Bitcoin.com = Block Reward * 110% = 12.5*1.1
Slush = (Block Reward + Fees) * 98% = (12.5+x)*.98
Bitcoin.com = Slush (calculate value of x (fees) for equal payout)
12.51.1 = (12.5+x).98
13.75 = (12.5+x)*.98
13.75/.98 = 12.5+x
14.03061224 = 12.5 + x
1.53061224 = x
submitted by m4king to btc [link] [comments]

With full blocks and average fees above 150sat/byte Slush Pool and ViaBTC payout more than Bitcoin.com mining pool /r/btc

With full blocks and average fees above 150sat/byte Slush Pool and ViaBTC payout more than Bitcoin.com mining pool /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Actual cost of a 51% attach, $10.2 million

So I was discussing this last week and honestly it all felt too simple, so I'm trying to get some stronger counterpoints to this argument. Goes something like this.
You have some pool miner that wants to do a 51% attack. Lets assume the attack has three phases, the first phase is to try to accumulate 51% of the hashing power, next is the accumulation of more hashing power by ejecting other pools from through reorg. Finally when they aquired enough mining power they could blacklist exchange hotwallets or all manner of nefariousness. Lets further assume that everyone will act purely in their own self interest. For simplicity lets call the attacker "Spectre Pool".

Accumulation Phase

Assuming Spectre Pool can hit something like 41% of the hashing power, the first goal is to accumulate more resources to hit 51%. Since pool mining is a commodity market, all Spectre has to do in this imaginary world is offer more than the market rate. Since they are already at 41% hashrate, they need to entice another 10% of the market to come to their pool. The obvious way to do this would be to offer a "new customer bonus" or something like that. Some promotion where they pay 1% above market price for the hashing power of pool members. So, given a network hashrate of 116.73 EH and a market rate of 0.101 USD/TH per day, the cost they would have to bear to offer a 1% promotion to entice 10% of the network would be:
116.73_EH / 0.101_USD/TH * 10% * 1% = 1,155,742 USD per day for each 1% "bonus"
So, assuming they were willing to spend that much on "marketing", and that all miners worked in their own self interest, eventually they could lure enough miners over to achive 51%. Once they hit this threshold they could scale back on the "marketing" and thus reduce their daily burn.

Acceleration phase

Once at 51%, the next attack of Spectre will be to put their smallest competitor out of buisness. Lets call that the "Bond Pool", and pretend that Bond has 1.5% of the network hashing power. To put Bond out of buisness, with 51%, Spectere will need to reorg whenever Bond wins a block. By reorging to a chain without Bond, this will put Spectre one block behind and they will need to catch up. Once the reorg begins, Spectre will need to produce the longest chain on its own while starting one block behind. So we need to determine how long (statisticly) it will take Specter to produce n+1 blocks and compare that to how long (statisticly) it will take Bond to win one block.
Although this can be hammered out in an iterive calculation, a better approach will be an algebraic solution. Lets walk through the equations:
You can put the following into a GeoGebra CAS calculator to substitute and simplify the equations
solve(n*m = s*(n+1), n) M = 1/2-d S = 1/2+d m = t/M s = t/S solve(n*m = s*(n+1), d) n = s/(m-s) b = m*M/p solve(b = s*(n+1),p)
This will produce the following equations for the values we are interested in.
m(t,d): t/(1/2-d) # from `m` define s(t,d): t/(1/2-d) # from `s` define n(s,m): s/(m-s) # from `n` solve d(n): 1/(4*n+2) # from `d` solve p(d): 2*d # from `p` solve b(t,p): t/p # from `b` define
Plugging the equations into excel produces the following (assuming t=10)
n d p m s b
25 0.98% 1.96% 20.40 19.62 510
20 1.22% 2.44% 20.50 19.52 410
15 1.61% 3.23% 20.67 19.38 310
10 2.38% 4.76% 21 19.09 210
5 4.55% 9.09% 22 18.33 110
4 5.56% 11.11% 22.50 18 90
3 7.14% 14.29% 23.33 17.50 70
2 10% 20% 25 16.67 50
1 16.67% 33.33% 30 15 30
So once d=0.98%, Specture will have 50.98% of the hashing power, allowing him to eject 1.96% of all blocks mined at will. Of course this is all statistical, so Spectre will want some margin for randomness. So it would make sense to attach 1.5% of the blocks when Spectre reaches 51%
So once Spectre reaches 51% he has enough hashing power to prevent any of Bonds blocks (1.5%) from being included. Spectre can win a reorg (statistically) every 8.5 hrs and Bond can only produce a block (statisticly) every 11.1 hours. So once this attack starts, Spectre simply flashes his promotion to lure the miners in the Bond pool (who are receiving no reward) over to the Spectre pool. If he only gets one third of them, then he can increase his influence to 52%
Doing the same math again, with 52% Spectre can ice out any pool who has up to 4% of the hashing. Then running the promotion, Spectre will try to get 40% of the "homeless miners". Now Spectre's power grows to 55% giving him the power to ice out 10% of his competitors. This can cascade on and on until Spectre is the only public pool left.
Now, at 51% the attack and reorgs take many hours, but as more and more pools get targeted, more and more miners will jump ship and end up at Spectre so long as they can hold the promotion. Bond's only choice would be to either close up, or leverage everything and mine at a loss for weeks hoping that Spectre eventually drops below the threshold for his attack.
Of course Spectre has even more tremendous expenses. To offer the 1% promo to 10% of the network would cost Spectre $1.16 million / day, or 3.52 million per month for each percent of miners it lures over. So going from 41% to 61% would cost Spectre $70.3 million / month, but at that point he can attack 20% of the network giving him a reach of about 80% which is pretty much the entire pooled mining capacity today. Seems like $70 million is a small price to pay to buy the entire bitcoin network.
Other expenses Spectre would accrue would be related to the attacks and reorgs. The early attacks will take hours and throughout Spectre needs to continue payouts to the pool even though he is generating no BTC durring the attack. So long as his chain is orphaned, his blocks have no value. Only after the attack and reorg when his chain becomes longest will he be able to claim the block reward for all the blocks he minded. This (in my opinion) will the the hardest challenge. The first attack and 25 block reorg will require Spectre to put his entire 51% hashing power on an orphaned chain for 8 hours requireing $208.6 million in payouts. Once he wins the attack and the chain reorgs he can cover his expeses with the block reward, but borrowing $208 million for 8 hours is still a very difficult thing to pull off. The interest alone on the attack is over $40,000 (20% interest compounded continually). Below is a table of the calculations
Specte Bond Promo Cost Hrs Blks Levrg / Block Reorg Leverage Rate Int Cost
51.00% 1.50% $1,155,743 8.497 25 $8,025,990 $208,675,743 20% $40,485
51.50% 2.50% $1,232,745 5.825 17 $8,025,990 $144,467,822 20% $19,215
52.50% 4.50% $1,336,143 3.492 10 $8,025,990 $88,285,891 20% $7,039
54.50% 7.50% $1,562,998 2.141 6 $8,025,990 $56,181,931 20% $2,746
58.50% 14.50% $2,023,385 1.140 3 $8,025,990 $32,103,960 20% $835
66.70% 33.30% $2,970,442 0.500 1 $8,025,990 $16,051,980 20% $183
Of course, once Spectre gets 2/3 of the hashing power he controls the entire chain since he can include or exclude any block he wants. So this "Total Self Interest" simulation of a 6 day attack puts Spectre's expenses at $10.3 million in promotions and $71,000 in interest, or about $10.4 million total.
1 - All "hashes" are hashes per second
2 - TH = 1012 or 10004 hashes per second
3 - EH = 1018 or 10006 hashes per second
4 - Assume a market rate of 0.101 USD / TH / day
5 - Assume an average daily network hashrate of 116.73 EH
submitted by brianddk to brianddk [link] [comments]

THE END OF ALL ASIC MINERS? - Monero's New Superweapon: "Time Locked Proof of Non-ASIC work challenge reward" algorithms.

I propose the following algorithm to end this War of attrition with ASIC / FPGA manufacturers , hopefully once and for all and save us Precious PoW Tweaks during the upcoming forks.
"A time-locked, Proof of 'Non-ASIC work' Challenge reward algorithm"
Here's an image to help you visualise how the algorithm works (details below):
https://imgur.com/a/9S8dA
Here's why we need it:
ASIC manufacturers mine in Secret to attack our decentralized network. They'll win the war since they'll 'get their investment back' before we brick their ASICs, allowing them to launch never-ending attacks against our decentralization, for eternity.
Quick Overview
This algorithm uses the concept of "time-locked reward challenges".
The algorithm ‘time-locks’ the reward, then issues a ‘non-ASIC’ work challenge during each regular PoW Fork, which distributes mined rewards only to CPU and GPU miners who can pass the challenge and prove they are not ASICS, by maintaining their hashrate during the ASIC downtime.
These Hash-rate challenges after PoW Forks successfully ‘detect’, and ‘Severely Penalize’ anyone Mining with an ASIC/FPGA, even those in Secret.
Proof of Concept: An Actual Demonstration
I'll demonstrate this algorithm in action:
Please see this image to help you Visualise how the algorithm works:
https://imgur.com/a/9S8dA
There is a critical flaw and uniquely identifying feature that exists in absolutely 'ALL ASIC and FPGA miners', even those mining in Secret.
As most of you may know, with the upcoming V7 PoW hardfork,
Instead of just destroying an ASIC with a fork, we can further exploit this to attack the ASIC Manufacturer or Miner by taking back all their mined rewards and giving them to the community
The Special timeframe is PoW Fork + 'N' Days. ('N' being however many days remaining where it would be "impossible" to build and startup a new ASIC/FPGA after the fork.)
To exploit this, the algorithm introduces a period of time called the "Mining Rewards Collection Timeframe" (MRCT), the time period in between regular PoW Hardforks. the grey shaded area in this image
This "Mining Rewards Collection Timeframe" is a time whereby all mining profit rewards are 'time-locked' or held hostage in escrow, on either the mining pool, or on the Actual Blockchain code itself, or Both, depending on where this algorithm is eventually deployed.
The algorithm stores the wallet address a mining reward belongs to, and the maximum hash rate (or maximum value adjusted share rate per day) observed during the "Mining rewards collection timeframe" for that particular wallet address.
This "Mining Rewards Collection Timeframe" can be of any duration as required by the developers; 1,2,3,4,5,6 Months or longer . The longer This Timeframe, the more dangerous it is to ASIC miners. Meaning we don't have to rush with forks.
Since it's time-locked, mined coins/rewards cannot be cashed out until the coming challenge; However, mining pools can still choose to payout smaller miners before that time if they have a 'good stable Non-Asic Hash challenge passing history', or a deposit on file, or at their own risk, so most good miners don't have to wait to cashout rewards!. Big miners on the other hand, won't care! Why? Because the delay doesn't cost them anything. (it's a TINY TINY inconvenience compared to the damage ASICs would do to GPU mining profits. I hope this makes sense)
Now for the Critical ANTI-ASIC Work Challenge.
Time passes and the mining rewards collection timeframe ends with a Hardfork that changes the PoW algorithm slightly,
All ASICS and FPGAs are INSTANTLY destroyed.
At the same time, the mining rewards from that collection timeframe are now ready to be paid out.
Since only the CPU / GPU miners are able to hash normally,
The Algorithm now issues a Hash Rate challenge to determine how much of the coins mined were actually mined by ASIC or FPGA miners.
The challenge is nothing special. Miners just have to leave their miners running normally at maximum speed for the period of the challenge, same as they do everyday!
During this challenge, their "Average Maximum Hash rate during the challenge" is compared to the "Maximum Hash Rate speed" recorded on the blockchain during the Mining Rewards Collection Timeframe.
See the green dotted line in the image
Thus at this point, since ASICs are DEAD, they cannot Hash at the same rate during this challenge period, so any significant difference in hashrate would thus clearly indicate the use of an ASIC or FPGA miner.
Now, we have all the information we need to STRIP ASIC Miners of ALL their gains, and Reward GPU miners instead.
As shown in the earlier image
What if a 1 GPU breaks in a 12 GPU mining farm during the challenge? (Very rare) or for some reason, you can't mine during that period? then the miner can simply rent the GPUs from nicehash for the Challenge. An ASIC miner however, cannot use this strategy (because ASICS are not GPUs, explained further below). Also we can implement a 2nd chance option; the confiscated reward may be frozen for the next Cycle; and the miner may get a 2nd chance to prove the hashrate again, with a % reward penalty.
The Beautiful thing is that If ASIC miners fail the challenge, Everyone gets a Bonus share of the Reward Forefitted by the ASIC miners, So Everyone wants the ASIC miners to fail so they get Free extra money. and thus have a financial reason to support this algorithm.
*There is no escaping it... or is there?
Is it ASIC PROOF? Can you Cheat this algorithm?
I've also tried to see if you can work around this algorithm:
  • Example 1: What if they switched in GPUS to mine for an ASIC during the challenge? Well, that wouldn't work. When the challenge comes, they can either save the rewards mined by the GPUs, or save the rewards mined by the ASICs, One will always be lost and result is the same anyway because you'd only get paid for the Hash rate of the GPU. The ASIC portion of the hash rate will ALWAYS be lost.
  • Example 2: What if they use the GPUs to mine a different coin and have them only hash for the ASIC during the challenge period?
  • Consider the Antminer X3. at 200KH/s, to support just "ONE ASIC", they would need over 200 RX 580 Cards or 100 VEGA cards to pass the challenge... costing well over $60,000 (SIXTY THOUSAND DOLLARS) and if they depreciate at ~ 10~15% a year, they'd lose $6000~$9000 a year. it's not enough to cover your losses,
  • Also, What other coin could you mine? If ASICS are so powerful, there won't be another coin except those running this algorithm. Then, the dev can choose to issue the challenge at the same point as the other coin using the same algorithm, so they lose all rewards from one coin as 1 rig cannot sustain two challenge algorithms at the same time.
  • Example 3: What if they just leave some GPUS on standby to avoid the power costs? Then ASIC's would still be unable to be mass produced anyway. Because for every ASIC Mass produced, you'd need to Mass Produce 200 times the GPUS to support them in their place, and own of all them. practically impossible.
  • Example 4: What if they rented hashing power from Nicehash to fill in during the Challenge period?
  • Yes, but so can we! The beautiful thing about this algorithm, is if we rent the limited hashing power on Nicehash first before them at break even or loss, it doesn't matter, Because, the ASIC miner cannot rent and hash rate and will fail the challenge, and Forefit the ENORMOUS amount of Rewards to the community. Imagine, Mining at such a high rate for months on end , the rewards confiscated and paid to GPU miners will easily offset any of the tiny losses renting hashrate from Nicehash, so ultimately, The ASIC miners lose Everything, and the community (you and me) gets all their money.
  • Also if ASICs Dominate the crypto market, there won't be any GPU to rent, all remaining coins would be mining this algorithm, meaning they would have to save their own hashrate for themselves, not rent it to ASIC miners. otherwise they lose their reward. Brand new users may rent their GPU's but its no where near enough to cover the ASIC hash shortfall in the challenge.
  • Example 5: What if they waited till we exhausted our supply of PoW fork tweaks? That's the beauty of this algorithm!. We don't actually have to tweak the PoW algorithm on a constant basis! We can intentionally leave it the same. So Everyone passes the Challenge, Then when we do detect an asic "trying to Mine their Money Back in secret (as they do now)", We tweak the PoW at the Next Hardfork. Destroying and bankrupting their very first attempt, and we get all their money and rewards, So there's no need to waste a PoW tweak in a pre-emptive strike, because the rewards are Time-Locked to the future. We can lie in wait with a single PoW like a Trap, and eat them alive (literally we get all their rewards after the challenge!). We can maintain this lethal threat to ASIC manufacturers without having to change the PoW at all!
And remember, all this effort is just for ONLY, ONE ASIC. meaning you Can't mass produce it.
So ultimately it wouldn't even make sense to even develop an ASIC, as you'd be far more profitable just mining only with the 200+ GPU's required to cheat the algorithm.
*So in summary, *
  • No ASIC/FPGA miner can escape the challenge. Not even those running in secret.
  • All ASIC miners are guaranteed to suffer a huge (possibly fatal) financial loss, with no prospect of any return on investment. Time locked rewards ensure No secret pre-mining with ASICs is possible. ASICs are destroyed with each challenge, all R&D and manufacturing costs and the electricity bill used to power them is wasted for basically "ZERO returns",
  • …..and lets not forget that all their rewards gets given away to other honest miners like you and Me!. ( LOL!) or potentially the developers of the fork :)
  • As long as the algorithm is active and used by multiple coins, no ASICs will ever exist to mine in secret,
  • We save precious PoW tweak changes, since there's no need for a pre-emptive PoW strike to prevent 'ASIC hit and run' pre-mine scenarios.
  • ASIC manufacturers see that the war is un-winnable and go invest in other things,
So, in theory, The War Ends. (at least for a very good part of the future)
As they say: " Don't build a wall and hide in fear.... Build a wall and launch missiles from behind it against the enemy so they will never dare attack us again."
I would like to point out that time locked reward challenges are already in use by the Olympic games to Strip drug cheats in the past by storing samples and testing them in the future, and it's also in the PPLNS minig pool algorithms to deter pool hopping cheats, and also in the Bitcoin's Lightning network in the form of decrementing time-locks" that 'enforce the transfer of funds' under certain conditions.
Is it beautiful? Will it work? Can it be done? Let's discuss this
submitted by MoneroChan to Monero [link] [comments]

Why is it so hard to mine for bitcoin?

Why is it so hard to mine for bitcoin?
Bitcoin mining has become more competitive than ever.
Bitcoin mining difficulty – the measure of how hard it is to earn mining rewards in the world’s largest cryptocurrency by market cap – has reached a new record high above 7.93 trillion. That’s a seven percent jump from the 7.45 trillion record set during the recent two-week adjustment cycle, which was the highest since October 2018.
Bitcoin is designed to adjust its mining difficulty every 2,016 blocks (approximately 14 days), based on the amount of computing power deployed to the network. This is done to ensure the block production interval at the next period will remain constant at around every 10 minutes. When there are fewer machines racing to solve math problems to earn the next payout of newly created bitcoin, difficulty falls; when there are more computers in the game, it rises.

https://preview.redd.it/s7grcdbkzdn31.png?width=728&format=png&auto=webp&s=4fc30767e70d67539747186fdd5a7d01511c4cbd
Data from Bitcoin Block Explorer - BTCNEWZ.com
Right now the machines are humming furiously. Bitcoin miners across the world have been performing calculations at an average 56.77 quintillion hashes per second (EH/s) over the last 14 days to compete for mining rewards on the world’s first blockchain, according to data from mining pool.
Data further indicates the average bitcoin mining hash rate in the last 24-hour and three-day periods were 59.58 EH/s and 59.70 EH/s, respectively, even higher than the average 56.77 EH/s from May 15 to June 27, or any 14-day data in the network’s history.
Similarly, data from blockchain also shows the aggregate of bitcoin computing power was around 66 EH/s as of June 22, surpassing last year’s record high of 61.86 EH/s tracked by the site, and has more than doubled since December 2018 when the hash rate dropped to as low as 31 EH/s amid bitcoin’s price fall.
Assuming all such additional computing power has come from more widely used equipment such as the AntMiner S9, which performs calculations at an average rate of 14 tera hashes per second (TH/s), that suggests more than 2 million units of mining equipment may have been switched on over the past several months. (1 EH/s equals to 1 million TH/s)

https://preview.redd.it/b681p3plzdn31.png?width=1440&format=png&auto=webp&s=49efa21d8460553aceb87b64a106170b30a4c76a
The increase in capacity is also in line with bitcoin’s price jump over the first half of 2019, which caused the price of second-hand mining equipment to double in China, and also juiced demand for new machines.
Further estimates the bitcoin mining difficulty will jump by another seven percent at the beginning of the next adjustment cycle, which would be the first time for bitcoin mining difficulty to cross the eight trillion threshold.
Delayed plugging in
Such computing interest comes at a time when mining farms in China, especially in the country’s mountainous southwest, have been gradually plugging in equipment as the rainy summer approaches.
According to a report published by blockchain research firm Coinshare, as of earlier this month, 50 percent of the global bitcoin computing power was located in China’s Sichuan province.
However, it’s important to note that this year, the arrival of the rainy season in China’s southwest has been delayed by nearly a month compared to previous years. As a result, some local mining farms were only running less than half of their total capacity in the past month.
Xun Zheng, CEO of mining farm operator Hashage based in Chengdu that owns several facilities across China’s southwestern provinces, said there had been no rain in the area for over 20 days since early May, which was “unusual.”
“In the past years, it usually starts raining continuously throughout May so [hydropower plants] normally will have enough water resources by early June,” he said.
As a result, in early June his firm was only operating at 40 percent of capacity; it can host more than 200,000 ASIC miners. But as the rain has arrived gradually over the past two weeks, the proportion has climbed to over 60 percent.
Mining farms in China previously estimated that the total hash rate this year during the peak of the rainy season around August could break the threshold of 70EH/s. That means another 300,000 units of mining machines could be further activated, assuming all are AntMiner S9s or similar models.
Those waiting to be switched on will also include new capital in the sector such as Shanghai-based Fundamental Labs, a blockchain fund that has invested $44 million on top-of-the-line mining equipment, which will be activated in June.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Bitgrin - WHO I AM - introduction for new miners & investors

Bitgrin - WHO I AM - introduction for new miners & investors


https://preview.redd.it/y1nyrhkmoj731.png?width=298&format=png&auto=webp&s=93a62ae0fa7614dcc538e1ace8756a0857fae63f

Bitgrin is a privacy focused cryptocurrency on a protocol level based on MimbleWimble and a fork of GRIN coin.
This is about freedom from censorship and the banker regime.
The technology of Grin meets the economics of Bitcoin, for the worlds first
- private,
- scalable,
- decentralized currency with sound economic model (limited supply)

If you're not clear on what i mean by scalability: Bitcoin has a 240 GB blockchain. Ethereum has a 1TB blockchain. BitGrin will stay below 1GB due to the way old transactions get compressed and pruned
that means i can put a full node on your phone, not just a light wallet but a true full node

Bitgrin mainnet launched the 8th of February 2019

Ticker: XBG
Block time: ~60s
Block reward: 4.5 XBG
Next Halvening: Block 2,102,400
Supply: 21,000,000

==========================================================
LINKS
We dont need a central authority declaring stuff official, we need grass-roots support

Website: https://bitgrin.dev/
ANN: https://bitcointalk.org/index.php?topic=5104608.0
Github: https://github.com/bitgrin/bitgrin
Emission Schedule: https://bitgrin.dev/comparision-of-emission/
Latest Kingfish releases : https://github.com/bitgrin/kingfish/releases
Explore : https://explorer.bitgrin.dev/

Discord : https://discord.gg/Nd5BazK
Twitter : https://twitter.com/Bitgrin
Reddit : https://www.reddit.com/xbg

==========================================================


Purpose of MimbleWimble is that no one can see your coins or who you sent them too, while still knowing coins are valid.
This is a huge deal in privacy, and we wish that Bitcoin had that from beginning.

But looks like we have a 2nd chance now. Grin failed that in our eyes with horrible economics


==========================================================
TEAM

Our team is anonymous that won't change
We've got a small team who has been in blockchain dev since around 2011 as well as application developers, good at making things user friendly.
This all started because we were working on the Kingfish wallet which was a Grin wallet, and some miner software for Grin. The tech was very cool, but then this emission schedule and the attitude of the core devs made us realize their priorities wrong.
So Kingfish partners joined bitgrin team. Many of us on the original team were not happy with the economic decisions.
We're actually pretty active in Grin Core team chat.

==========================================================
WHAT IS BITGRIN

BitGrin is a store of value, designed to be easy to use
Bitgrin share the same halvening schedule as BTC. Half as many rewards every 4 years. 4.5 coins per block, and then 2.25 after halving, and so on.

So theres really 3 things we bring to the table
  1. We create an economic incentive for folks to hold there coins with halvenings. This means the coin acts more as a store of value.
  2. We create a dev fee so we don't have to be like the Grin team and beg for donations. We'll take modest salaries to keep things running clean
  3. We are building super simple user friendly tools on top of the protocol so that in time the average user can simply pull out a phone and work with XBG coins

BitGrin makes transactions completely private, hiding the amount of coins a user owns, how many have been sent, and to whom they were sent.

Transactions are blinded, which means no-one can prove that coins have been sent at all!

BitGrin is private by design, even the developers don't know who is sending or receiving coins.

But how does it all actually work?
BitGrin is governed by the laws of mathematics, exploiting some very simple properties of addition and multiplication.
Elliptic curve cryptography is at the root of what keeps BitGrin (and Bitcoin) secure. The standard is also used by countless military, banking, and even government operations. Elliptic curve cryptography is a method of utilizing a secure curve to produce privately known numbers These extremely large numbers are nearly impossible to guess, but can be proven to have been generated by someone with knowledge of their private key.

Let me walk you through the process.
First, a user picks a really, really, really large number. Then they multiply it with the starting point on the curve.
The resulting coordinates on the curve are your public key and that really, really big number is your private key!
You can now securely encrypt values utilizing your private key, and publicly share your encrypted messages along with your public key. Other users in the world can *prove* that you must have knowledge of the correct private key, without them knowing what it is.

And this is the bedrock of almost all cryptography. It keeps the whole world secure!
The trick here is that it's pretty easy to get the coordinates of your public key, but it's nearly impossible to discover another user's private key.

A simple analogy for elliptic curve cryptography
Knowing just the public key is like knowing the location of an indestructible box, with the world's most complicated lock. Without the private key, it is impossible to access it's contents.
This is where, for example, Bitcoin's security model ends.
BitGrin, on the other hand, goes a few steps further.
BitGrin hides your even your *public* key. So now no one even knows *where* your indestructible box is.
This means that no one can see how many coins you have, who you are sending coins to, or how many you have received.
All of this is accomplished using just a few additional mathematical tricks.

How Bitcoin transactions work
To further explain, let's first talk about how Bitcoin transactions work.
Lett’s say you, a Bitcoin user, want to send some funds to another user. You would announce publicly to the network your public key, the amount of coins you would like to send, and proof that demonstrates you are indeed the owner of these coins.
You can see the problem here.
If someone goes through the history of the blockchain, they can clearly see who you received the coins from, who you are sending them to, how many were sent, and even how many you have.
You don't really want people knowing all of that information, do you?
Do you share your bank statements with everyone? Of course not.
Now... How can we fix this? How can we make transactions more private?

How BitGrin transactions work
Let's go over a BitGrin transaction...
BitGrin transactions are completely different than Bitcoin transactions, You can think of them as just a blank credit card with no name, just the number, and everyone who knows this number can spend money with it.
What the blockchain holds is just a list of these "cards", while obscuring the amounts in them, and who is in possession of them, or even who had contents in them prior.

Let's say for example I want to send you three BitGrin.
What we need to do now is prove that I own a credit card (or multiple cards) with the total of at least 3 coins.
We also need to create a new card for you. One whose number is only known by you.
First, I send you a message via a secure channel in between our wallets.
"Hey, I want to send you 3 coins. Here's proof I own at least 3. I'll also pay the fee."
You receive the message and you can compute your part of what it takes to make a new card. Then you send me back the proof that you know the new credit card number,
while not revealing the number to me, by using a special type of encryption.
Next, you send me a very very big number you choose to obscure the amount of coins by moving them by this amount on the elliptical curve.
Then, add to it a public key of the credit card number, made with another operation on the graph.
This will prove you own the coins, without either user revealing their private keys.

Finally, I add the number of coins to the very big number you chose.

We can prove the number of coins didn't change because 5-5 is 0. This is validated by the network to prevent coins from being created out of thin air.
And 5 plus the BigNumber, minus 5 plus the BigNumber, is also zero. By adding a hidden big number known only to us, we hide the amount from everyone else.
I combined all these details together into one large commitment, and then submit it to the BitGrin network.
Now the network needs to validate that no new coins were created and that your new card is valid. This is all done with simple mathematics, and is completely secure.
You now received your money! While it may sound like a long process, all of it is done within less than 1 second from the BitGrin wallet.
Want to spice things up? Generate invoices, transact using QR codes or send it by pigeons!

We're not done yet. This is not all that BitGrin improves.
As you may know, BitCoin transactions can take a very long time to be confirmed, and running a Bitcoin node is a very computer-intensive process.
BitGrin on the other hand is both fast, and extremely scalable! The majority of spent transactions get removed, making the blockchain much smaller than traditional blockchains.
This is done by miners in every block, as well as the entire blockchain over time.

Soon, everyone will be able to download the entire blockchain and synchronize it within seconds or minutes, even on a low powered mobile device or a payment terminal at the local checkout.

With further work and research, BitGrin will improve even more, enabling truly private, scalable digital cash to see mass adoption.

==========================================================
TEAM VISION

- Goal to be simple for end user
Crypto is super hard to use, keeping your money private is impossible. Bitgrin solves those problems making the latest scientific breakthroughs in cryptography, usable by everyone, all while being built on robust bitcoin economics. Bitgrin paves the road to mass adoption
there is a lot of confusion about what crypto is for many folks think it is a way to make money by buying new coins and selling as they mature
ignoring the central idea of decentralized money.
Grin folks invented a better BTC, and then proceeded to apply infinite inflation for reasons I can't explain it's decentralized, lightweight, and fast
but you can't just mint 1 new coin every second, thats not sound monetary policy even USD doesnt do anything that extreme
and yet the buying power of USD falls, even with their small inflation schedule and we already know a schedule that seems to work: the Bitcoin schedule
so why not use this in combination with the lightweight blockchain approach of Grin?
Lightning Network doesnt solve BTC problems, because settlement is important, and scale means fees.
Bitgrin solves all of these problems by offering a truly lightweight settlement layer, with no arbitrary P2P layer on top

__________A few words about others MW coins_____________
Grin has Grin economics: infinite coins forever which is kind of insane, Grin could have easily just limited their supply but they refuse to do that.
Our key differentiator is our economically sound emission schedule
Beam and BitGrin are working towards the same kind of thing, or at least our goals are more in line than they are with the Grin team. Our approaches are pretty different, from a technology perspective though. I fully expect all three projects to coexist and hopefully make each other better
Being “non corporate” isn’t necessarily good. To some degree it’s useful to have profits, a core team, etc
But if it’s too corporate (Beam) then your whole organization is susceptible to issues of centralization such as being shut down by the government.
The decentralized nature of the software prevents that to some extent, but nothing beats being driven by a team of anonymous contributors. That is true censorship resistance. It’s a feature, not a bug.
But we don’t need them to lose for us to win, we can win together, I believe a symbiotic mutually beneficial relationship is ideal with the Grin team.

==========================================================
PREMINE

1M coins are put in to height-locked contracts
about 20k released per month, starting next March 2018
so at launch, dev team has 0 coins
10% for 4 yrs, which amounts to 4% of total supply over time
Just a reminder that the dev fee is quite modest. It’s not like we are holding 90% of the supply like ICOs like to do
1mln pub const DEV_FEE_TOTAL: u64 = 1_000_000; // 1M coins to match Satoshi's Bitcoin holdings >> line 58 https://github.com/bitgrin/bitgrin/blob/mastecore/src/consensus.rs
Payouts are staggered over 4 years by the smart contract
I think as far as the community goes, what you would WANT is developers who are paid for success in the same terms they would expect success as buyers/miners.

==========================================================
FUTURE

It took a lot of work to know what to change, and to understand GRIN codebase and then the generatioin of the genesis block wasnt documented
or it was, but it was incorrect.
Getting seed nodes up and running, making the miners work thousands of little details
BitGrin in particular also has rollback protection
Uses block hash checks to make sure the chain stays stable
BitGrin in particular also has rollback protection
Uses block hash checks to make sure the chain stays stable
Also worth noting this is something added by us. Grin doesn’t support block hash checking
It’s not possible to rewrite any meaningful amount of the chain through a 51% attack. Those attacks are quite limited in exclusively abusing double spend
The team is currently working on porting the entire codebase to be web friendly for web wallets, and offline/non-interactive transactions using BitGrin addresses
basically we want to include a tx pool so users dont need to share ips/files, and can simply use disposable "addresses".
A major improvement with we call XBGJS. This will include tools for other devs to make working with BitGrin easier
Adding non-interactive transactions will be a major improvement

==========================================================
MINING
It's compatible with all grin miners
so any grin miner that works with Grin will also work with BitGrin

==========================================================
ASICS
Community will make those decisions when it comes to it, there is time till end of 2019.
We can fork in to a different PoW, as needed.

There are ongoing discussion about it on discord

==========================================================
COMMUNITY
We dont need a central authority declaring stuff official, we need grass-roots support

Website: https://bitgrin.dev/
ANN: https://bitcointalk.org/index.php?topic=5104608.0
Github: https://github.com/bitgrin/bitgrin
Emission Schedule: https://bitgrin.dev/comparision-of-emission/
Latest Kingfish releases : https://github.com/bitgrin/kingfish/releases
Explore : https://explorer.bitgrin.dev/

Discord : https://discord.gg/Nd5BazK
Twitter : https://twitter.com/Bitgrin
Reddit : https://www.reddit.com/xbg

=========================================================

There is no coin other than bitgrin that has true privacy, scalability, and limited supply it doesn't exist.

I say the more the merrier, this is about growing MW and it’s ecosystem, not about one coin “beating” the other.

But either way competition is healthy, let’s see where this road leads.

Competition is needed for innovation to keep up at a high pace.

Aren't you as excited about that as we are? Join us. Let's change the world !
submitted by Akyr35 to xbg [link] [comments]

Bitclubnetwork switches to Bitcoin Cash on February 1st.

Find below their annoucement.
"Date: 11th of January
Change to Bitcoin Cash February 1st! GPU buyback starts on February 1st No more ClubCoin Virtual Staking Hardware Wallet sales on hold Bitcoin Gold Wallet goes live on January 17th Ethereum withdrawals delayed - new system Monero Upgrades - New System
BitClub switches to Bitcoin Cash on February 1st
This is one of the most important decisions we have ever made ... Please read and share!
We have reached a point where the Bitcoin Blockchain (BTC) has become a major burden. It's slow, it's expensive, and it costs our business and, more importantly, our members (YOU) tens of thousands of dollars a day in transaction fees.
We hoped that a scaling solution would emerge, but that's not the case, and while Bitcoin continues to gain in popularity, it's no longer practical for a company like ours to accept it.
Since the beginning of the year, the average cost of a new member paying $ 99 for signing up is $ 17. We've seen times of $ 25 + and even some as high as $ 40, just to send Bitcoin for a bill. Ouch!
As a company we are mixed with this decision because Bitcoin is really great for miners right now. All of these high fees will be passed on to the blocks and eventually taken down into the pocket of each one.
Currently, each block contains between 4-5 Bitcoin (currently about $ 60,000- $ 75,000) transaction fees, which are included in the 12.5 reward. In some cases we hit blocks with 10+ BTC and the highest was 11.3 bitcoin in a block (block # 500756).
With so much profit, we will continue to pay Bitcoin mines and all mining wins in Bitcoin. However, we no longer accept Bitcoin for payments and all commissions are also paid in Bitcoin Cash.
What does that mean?
From February 1, we will not only accept Bitcoin Cash (BCH) Bitcoin (BTC), which means that you need to purchase Bitcoin cash from a stock exchange or wallet providers to register mining pools or buy. You can also convert your existing BTC to BCH, but either way it's just BCH!
We also pay ALL commissions in Bitcoin Cash!
For example, each binary cycle pays out $ 200 (about 0.013 BTC) bitcoins and the same $ 200 will be paid in bitcoin cash (about 0.08 BCH) as of February 1st. Nothing will change, you will still get exactly the same USD value for everything, but instead of being paid in Bitcoin, it will be credited to your Bitcoin Cash Wallet.
Convert BTC to BCH ...
We will make it very easy for you to convert your BTC to BCH and back to BTC as often as you like. In fact, you can do this within your back office with just a few clicks.
You will be exchanging your virtual balances and we will provide you with the current market price for the swap so that you can easily transfer part of your balance back and forth between BTC and BCH with zero fees.
Soon after we will do it for all other coins as well. So if you want to win Monero or Ethereum Classic and have Ether or BCH, you can easily use this feature to exchange them in your back office before you request a payout. Imagine this as an internal shapeshift
This feature allows you to maximize commissions and wallets with ZERO fees. It gives you full control of your balance and, most importantly, it will help you avoid the huge withdrawal fees on Bitcoin or any other blockchain that could be costly "
If you have any questions please pm me
submitted by johnrednex to btc [link] [comments]

So I finally gave Honeyminer a try. (my personal semi-review)

This review was last updated 11-30-18
When I first was interested in trying this program I couldn't find anything about it. it seems a lot of people were too scared to try it since their is like no information about it other then from the web page itself. to be honest I was a bit scared to try it. I've tried many other software of this kind, on a "test" machine I'm not afraid to lose on a secondary network and router... incase its a scam or gonna give me a virus and I suggest anyone installing mining software do the same as a rule of thumb. please keep in mind the software is still relatively new and they are working to improve it still. They seem to be hiring as well if your interested in helping them grow by working for them look near the bottom for their contact e-mail. ____________________________________________________________________________________________________
This review is for the windows version of Honyminer Because its still relatively new I knew could go one of two ways "sacm software" like most every mobile mining app or even quite a few desktop ones - Or legit. I'm glad to say after using it for a month it seems legit. I was able to withdraw from it no problem. If your system is really crappy It might not work that well on your computer or mining rig. There are no ads and the program doesn't seem to disrupt any day to day activity at least not on my main system, however you can of course expect increased heat production of your system as with any mining software, adequate cooling is important in mining. Anyways Honyminer is as close to an easy one click mining software as I have come. they seem to be making a "pro" version too for more hardcore miners. They do take a fee which is to be expected *look near the bottom for fee information\* but that fee goes down significantly if you have multiple GPU's mining.. The good thing about it for me was it let me kind of set my rig to "autopilot" so to speak. If you wish to see the H/s numbers in real time, go to you settings and view the "expert logs" which will also tell what coin is being mined at the time ____________________________________________________________________________________________________________
Pros
Pro and or con (depending on how you look at it)
Cons:
_________________________________________________________________________________________________
COMPATIBILITY: (sorry it keeps adding asterisks to the card model for no reason)
WORKED ON: every nvidia card tested so far with card models dating back from 20014 to now..
Worked on some surprising low end and or old CPU and GPUs. like the
AMD Radeon R9 380 card in addition to a AMD Athlon II X3 450 Processor and it mines just fine.. of course that processor doesn't make much on its own lol.. but thats an extra 2 or 3 cents per day by itself. I've also tested it with an i3, i2 Most AMD cards worked but I ran into issues with a few so maybe it's easier for me to just tell you what did not work.
DID NOT WORK ON:
--- any of the AMD ATI Radeon HD 4250's tested so far (2) that particular card It didn't work at all for mining like never enabled the gpu but the cpu on that machine did work however it would generate an "error" on start up but otherwise did not disrupt the mining on that system except if I turned on idle earning mode, I would get a bunch of errors as it was trying to access the GPU. we need the functionality to enable or disable hardware individually I think. (errors or no errors it just seems like a good thing to have.)
OR a system that had both a AMD Radeon R7 Graphics and a AMD A8-7650K Radeon R7, (4C+6G) which surprised me considering some of the things that did work lol... but I think it might just might be that one system, but either way can't vouch that it will work. That system was pre-built and wont allow the parts to be changed or easily removed to be worth the effort since I have to use it for other things so unfortunately I can't test these on another mainboard at least not with wasting some time, money and patients that Id rather dedicate elsewhere for now.
I had some issues using one RX Vega 56 card but i think it's was just that card because another one did work just fine.________________________________________________________________________
FEES W/ comparison to nicehash
I'm not sure if this post will be helpful to anyone looking into this software or anyone whos looking to try a different mining software but if it dose great.
-- nicehash charges the following fees as far as "selling/mining" or withdrawing.
Payouts for balances less than 0.1 to external wallet 5%
Payouts for balances greater than or equal to 0.1 BTC to external wallet 3%
Payouts for balances greater than or equal to 0.001 BTC to NiceHash wallet 2%
Withdrawal fees from NiceHash wallet
Withdrawals from NiceHash wallet are subjected to the withdrawal fee, which depends on the withdrawn amount and withdrawal option.
WITHDRAWAL OPTION AMOUNT TO WITHDRAW FEE Any BTC wallet From 0.002 (min) to 0.05 BTC 0.0001 BTC
Any BTC wallet More than 0.05 BTC 0.2% of withdrawn amount
Coinbase More than 0.001 BTC FREE - No fee. but they also say Minimum Coinbase withdrawal limit is adjusted dynamically according to the API overload._____________________________________________________________________________
honyminer fees are based on number of GPU's working.
8% for 1 GPU or for 2 GPUs or more the fee is 2.5%.
The only withdrawal fee is the standard BTC transaction fee that bitcoin charges and it doesn't go to honyminer. When they add the other withdrawal functions that fee cam be avoided I suppose.
_________________________
Earnings: in comparison to nicehash
Update: sometimes software / test networks will give a view that can be off + or - a few percent compared to actual. A lot of different things can affect your earnings including where you are located in the world, I'm not sure how many of you uses more than one mining software day to day , ISP issues, crypto price fluctuation, updates to fee's, and inaccuracies in test software/networks can affect results. but I go back and forth between different ones from time to time and I think that's good practice to keep options open. I notice that honey miner seems to do better for me at night-time and early morning/afternoon is when it has the most trouble raking in the crypto's
That said I've been trying to test to see how this compares to nice hash earnings, with two of my buddies. So this is an average between the 3 of our profits vs loss compared to nice hash, I'm using a two 10 GPU/ 3 cpu setups, while one of my buddies is using two 1 gpu, 2 cpu setups and the other is using two 30 gpu mini farm's. We each have 2 networks each located relatively close by *less than .5 mile the furthest one* one with honyminer running and the other with nice hash and we are looking over 24 hour periods When all three of us have the results for one day, we average our results together. In all we will be looking over a 14 day period. UPDATE: the results below were done well long before the latest update to the software so I do not know if they have changed, Id have to do another round or perhaps some from the community could give me their results and save me a bit of work. I'm not sure when Id have the time to dig into it again. Sorry that it took me so long before I could get on here to post the results of the last few days of the tests.
Seem to be a bit smaller then nicehash at times and higher at other times. it seems to for me at least payquicker and it gets deposited in my nicehash account sooner than I expected.
hopefully when they let up pick which coin to mine on our own it may help somewhat, and any of you who want to move smaller volume will probably benefit when they add the functionality to withdraw other coin/usd.
anyways when their autopilot system works it works great but when it doesn't it's just "okay" for lack of a better word...
_____________________________________________________
Contact: they have a contact us part on their webpage and they also have a reddit page which I was made aware of from contacting them https://www.reddit.com/HoneyMine
Careers: If anyone is interested in working for them the job listings at the time of this typing were for Senior Java Developer(s) and Customer Service Representative(s) the email listed is [[email protected]](mailto:[email protected]). id suggest you check their site for the requirements I just added this part to the review as a courtesy if anyone's interested its not meant to be a focus of it. But I know we have some really talented people on reddit who care about the crypto world passionately so id rather give honyminer a chance to have some of those sort on their team since it might help improve the software faster for the end users.. if that makes sense.
_________________________________________________________
UPDATE: If a question reminds me I left out something I think should have mentioned Ill try to add it here so ppl don't have to scroll all over the place.. I don't write many reviews (for anything) so I don't know if this one was any good or not but I hope it was okay.. and I'm still a new reddit user relatively. I just wanted to make this review mainly because there is next to no information on honyminer when I looked for it and maybe it can help anyone whos interested in it.
browolf2 asked Is it basically like nicehash then? :
A: In a way, its like nice hash that its cloud based, but you get paid not just when your pool completes an order. there are no "buyers" only "sellers" if you look at it that way...I hope I'm wording this the right way.. It's just straight up mining and they take their fee but compared to nicehash the fees for "mining" are different
karl0525 asked: do you know if we can contact the honeyminer dev team and see if they will communicate here on Reddit. Might give them some good ideas what us miners are looking for? Worth a try maybe? Thanks:
A: I submitted a question to their "contact us" part of their webpage and I got a reply from them, this is the message I received below:
Thank you for writing in and for your interest in Honeyminer. We always welcome feedback and suggestions from our users. We are currently planning on expanding our online and social media presence.
Please check our our Reddit page: https://www.reddit.com/HoneyMine
submitted by Joe_Cow to gpumining [link] [comments]

Beermoney Essentials: 6 Ways To Earn Passively With Cryptocurrencies In 2018

Hey guys!
This is my second "Beermoney Essentials" post. Here's the first one about Chrome Extensions if you missed it a year ago. These types of posts basically are just about things have seem to become 'essential' information in terms of Beermoney.
This post is going to be about Cryptocurrency. Cryptocurrency has been becoming more and more popular around the beermoney community, and I think it's safe to say that 2018 will be the year of cryptos.
Here's what this post is NOT. This post will not be the 'here's what cryptos I think you should buy and hodl in 2018'. This post IS going to be about cryptos you can get into and do whatever you want to without having to directly invest in them. So yeah, this post is mostly going to be about mining.

6 Ways To Earn Passively With Cryptocurrencies

Alright, so in this post, I'm going to split things up into 4 parts:

Part 1: GPU mining

Does anyone here remember Nice Hash? (I mean, it technically still is a thing actually). Nice Hash is/was a nice site that would allow you to use your PC to mine. I believe they actually mined ETH (I think), but they were nice because they paid out in BTC (which most people prefer). It was really the easy way for just about anyone to get into mining (assuming you have a decent GPU). Just a month or so ago they claim to have been "hacked" and they lost (at the time) ~$60 million in users' bitcoin. For whatever reason a lot of people wanted them to resume operating after the bits were lost, so they are back up. I won't recommend Nicehash at all. I don't think they were really hacked, and I do think it was an inside job. If you want to use Nicehash, you can. I just really don't recommend it, and there are plenty of alternatives. Here are just a few that I found.

WinMiner

WinMiner is a really neat alternative to NiceHash. From what it seems, the payouts on Winminer are a bit lower, but there are a couple advantages to using this site that might outweigh the lower payouts. First of all, Winminer is really easy to use, you can just download it and set it up, and it's all set. The thing about Winminer that is really nice is that you can get paid out in many different ways. If you want, you can cash out to Bitcoin, but they have a $100 minimum, and the fees are really high, so there's a good chance you won't want Bitcoin. Alternatively, you can withdraw your balance to PayPal, ETH, LTC, Amazon, or iTunes. One thing I don't necessarily like about Winminer is that it does keep your balance in USD at all times, so if you earn for a month and go to withdraw if bitcoin's price goes up 50% in that month, you won't get that bonus reflected on your total cashed out because it was in USD. It's probably not an issue for most people.

Kryptex | Nonref

I have been using Kryptex since just after the announcement of NiceHash being hacked. It has a nice UI and it is very customizable with its settings. This is probably the closest site to the original NiceHash. You can request a payout in Bitcoin any time after you have 0.0006 BTC. One thing about Kryptex is that it does have a referral system. You can earn 10% of your referral's earnings. I shamelessly put my referral link above. Feel free to give it a click if you want.
I don't really prefer this site over WinMiner because it doesn't offer quite as many methods of payments, but here it is anyways.

Part 2: CPU Mining

CPU Mining for Bitcoin has been dead for a long time, but there are still some ways to use your CPU to earn some crypto passively.

LoadTeam

LoadTeam used to be a site that would pay you to test loading websites in the background passively. It was never a lot of money (and it still isn't), but they made the change a few months ago to switch over to Crypto Mining. I actually didn't even notice the switch, but I checked my account after a couple months and I had a few dollars sitting there. LoadTeam offers instant paypal transfers with no fee for all balances over $1. It's pretty nice. I didn't even notice a difference in CPU usage over the last few months. I think of it as an easy couple dollars a month, and it runs entirely in the background.

CoinHive Monero Mining

You might have seen this around a bit. CoinHive is a service that allows sites to mine monero in the background(ish). Some sites have been using Coinhive as an alternate to advertising/adblockers. There are a few sites that have been adding coinhive to their site. You can run this passively in the background.
I don't know all of the sites that have CoinHive, but two big ones I know of are FreeBitco.in and CoinPot.
FYI, I think Freebitco.in links are blocked on reddit, but if anyone wants my referral link, send me a PM. I give 100% of my referral earnings back to my referrals.

Part 3: PoC Mining

Burstcoin Mining

PoC Mining you might not have heard of, but it's fucking cool. PoC = Proof of Capacity. While CPU mining uses a computer's CPU, and GPU mining uses graphics cards, PoC mining uses free storage to mine. The appeal of PoC mining is that it seems like everybody has free storage. Check around your house, maybe you'll find a nice external hard drive with some space on it. You can use this to mine from.
Now I know I said above that this wasn't going to be a post of me telling you what cryptos I recommend for you to invest in, but here's my quick pitch for Burstcoin. Burstcoin is the worlds first (and only) PoC coin. It is the "green" crypto. Mining Burstcoin takes up 400x less power than a crypto like Bitcoin. It's really pretty fucking cool, and I absolutely support the coin. Feel free to read more about Burstcoin on /burstcoin, and check out the recent announcement of Dymaxion.
But you're here to learn how to earn from PoC Mining passively.
Unlike CPU and GPU mining, it is a lot more hard to get into because there are a lot more steps involved to setting it up. You'll actually need to know how to 'plot' your storage and set up a mining pool.
I'm not going to write out the entire process because there are plenty of other resources to help you out.
One thing I really recommend is QBundle 1.6, which is probably the closest thing that will walk you through the process of setting up a wallet for burst and start plotting and then mining with your storage.
One thing I'll also point out is that in order to mine burst with a pool you will need at least one burst in order to set the reward recipient. There are faucets you can get a free burst from, but if you can't get the faucets to work, feel free to send me a PM and I'll send over everyone who wants to get into burst a coin to set the recipient.
Here's a video explaining burstcoin a bit more: https://www.youtube.com/watch?v=Fyj9RIyxLb4
If there are requests, I will happily make a video explaining how to get started mining with Burstcoin.

Part 4: Saving/Investing

Okay, I said this post wasn't about investing in cryptos, and that's not what this section is about, at all.
This part of the post is about using the cryptos you already have to earn more crypto. There are quite a few options in this space, but I do advise you to take all caution when investing your cryptos into anything. Realize that ANYTHING can become a scam when you're not holding your own private keys.

FreeBitco.in

I've mentioned this a few times in the past, but Freebitco.in allows you to use their site has a savings account/wallet and they pay 4.08% annual compounded interest per year on all your balances held (they pay interest daily). I've been hodling bitcoin on there on and off for quite a long while now and it's really nice. Another advantage I could point out is that their site does work as a wallet as well, and while bitcoin's fees are going crazy, you have the option of setting up an automatic weekly cash out (when you're ready to cash out your balance on their site) and the fee is just 3000 satoshi, or you can sign up for a 1-6 hour payment with a heavily reduced fee, or instant with a full average fee. It's really nice having those options.
Freebitco.in does offer a 25% referral bonus for all interest paid out on their site, and I wrote above:
FYI, I think Freebitco.in links are blocked on reddit, but if anyone wants my referral link, send me a PM. I give 100% of my referral earnings back to my referrals.
I have been paying 100% back for over a year now, and I don't plan on changing that.
Please remember: if you do deposit anything onto freebitco.in that is a risk you're taking.

Conclusion

There are a lot of different ways you can use Cryptocurrencies to your benefit. Even if you don't have a good CPU, GPU, or have much free storage, there are still options for you, and maybe you could even consider taking some of your profits from beermoney in 2018 and putting it into upgrading your own set up, or taking some profits and investing into the cryptos you support.
Previous Beermoney Essentials Posts:
Feeling like sending some cryptobits? Feel free:
BTC: 16quTAkbE5sj7doXcPgGBoUemQgdcQRv84
BCH: 1bHj58bVAAPt4wd6SNUbPxBLP6xHFXc5t
ETH: 0x95F33586adb84EE4568C9556a24b340E5eD51604
LTC: LMvtC4Ltaghyb5k5Ssh1sFn9qnqsHfcTpV
XMR: 42B8knrqLAE2BMbiWtqTcrc1W9mNy2PxdVW32oZaBNAJNjDHMWwMJkCFhHWd3aPczi4gYTon73dqX3iv1GK2tUQKJDC2pWV
BURST: BURST-L3AD-N8MX-BVJD-BW54B
submitted by Fishering to beermoney [link] [comments]

The Great NiceHash Profit Explanation - for Sellers (the guys with the GPUs & CPUs)

Let's make a couple of things crystal clear about what you are not doing here:
But hey, I'm running MINING software!
What the hell am I doing then?!?
Who makes Profit, and how?
How is it possible everyone is making a profit?
Why do profits skyrocket, and will it last (and will this happen again)?
But my profits are decreasing all the time >:[
But why?!? I’m supposed to make lotsa money out of this!!!
But WHY!!!
  1. Interest hype -> Influx of Fiat money -> Coins quotes skyrocket -> Influx of miners -> Difficulty skyrockets -> Most of the price uptrend is choked within weeks, since it’s now harder to mine new blocks.
  2. Interest hype drains out -> Fiat money influx declines -> Coins quotes halt or even fall -> Miners still hold on to their dream -> Difficulty stays up high, even rises -> Earnings decrease, maybe even sharply, as it's still harder to mine new blocks, that may be even paid less.
So, how to judge what’s going on with my profits?
Simple breakdown of the relationship of BTC payouts by NiceHash, BTC/ALT Coins rates, and Fiat value:
BTC quote | ALTs quotes | BTC payout | Fiat value ----------------------------------------------------- UP | UP | stable*) | UP stable | UP | UP | UP UP | stable | DOWN | stable*) stable | stable | stable | stable DOWN | stable | UP | stable*) stable | DOWN | DOWN | DOWN DOWN | DOWN | stable*) | DOWN 
Some rather obvious remarks:
More help:
Disclaimer: I'm a user - Seller like you - not in any way associated with NiceHash; this is my personal view & conclusion about some more or less obvious basics in Crypto mining and particularly using NiceHash.
Comments & critics welcome...
submitted by t_3 to NiceHash [link] [comments]

I Created a Custom Lightning Payment Jackpot Website from Scratch, This Is What I Learnt

TL;DR: I wanted to learn how the Lightning Network operates. So I came up with an idea for a jackpot site using the Lightning Network to handle micro-payments. Operating a Lightning node is complicated and challenging for a beginner. Using custodial wallets like Wallet of Satoshi, BlueWallet or Breez is easy to use but not your keys. Please come by and help me test my Lightning integrated new website. I’m happy to help anyone that’s new to Lightning setup a wallet and play a game. It all helps with learning and adoption, that’s why we’re all here! Long Bitcoin, Short the Bankers!

Introduction: Welcome to a brand new concept in random number seeding. Generating a truly random number is quite hard. You could use the current time, divided by the RPM spin of your hard disk, squared by the temperature of your CPU, and so on. Other extreme methods include measuring quantum fluctuations in a vacuum, see ANU Quantum Random Number. All these methods are fine but none of these are really verifiable by a 3rd party. Whoever running the system can change the outcome. I'm not saying they do, simply stating that if the payoff was great enough to alter the 'reported' outcome they could. So what's different here? We're using the Bitcoin blockchain itself as the arbitrator. Every outcome is not only provably fair but verifiably fair and immutable. Trying to cheat this system is impossible.

So that’s the pitch. Make a website using the idea of whoever’s guess is closest, wins the jackpot; using Lightning to handle all the incoming and outgoing payments. I started to look around at other fully functional websites offering Lightning as a payment method. It turns out most use a 3rd party like OpenNode or CoinGate. To me, this defeats the whole purpose of Bitcoin. Why build a website/offer a service/offer Lightning as a payment method if you don’t even own or control your funds. A payment processor could simply turn off withdrawals and it’s over. Not your keys, not your coins!

It’s been quite a learning experience for me. I think the most frustrating thing to figure out and attempt to solve was channel capacity. For example, with a fresh new wallet setup on Bitcoin Lightning for Andriod (blue bolt logo), you can open a channel to anyone fine, but trying to receive money won’t work. I think for a beginneadoption this is the greatest hurdle to understand/overcome.
You need to spend money so the other side has some collateral to send back. One explanation I read was, opening Lightning channels are like a full glass of water, I need to tip some of my water into your empty glass so my glass has some room to fill it back up, it can’t overflow. Another one is like beads on a string. The number of beads is up to you but if all the beads are on your side, the other party can’t push any beats your way because you have them all. There’s ways to fix this. Either spend into the channel or buy incoming channel capacity. On the spend side, you can use websites like lightningconductor.net which allow you to send money to their Lightning node, from your new channel, and they’ll send the coins to your on-chain Bitcoin wallet. This is a simple way to empty your glass or push those beads to the other side and still retain all your money, minus LN and on-chain fees. For incoming capacity, you can use LNBig and get 400k satoshis of incoming capacity for free or lightningto.me, or you can pay lightningpowerusers.com or bitrefill.com to open larger capacity channels to you for a small fee.

For a beginner or someone new to Bitcoin/Lightning, using a custodial wallet like BlueWallet, Wallet of Satosh or Breez is far easier than trying to setup channels and buy or massage incoming capacity. You can simply install the application and using lightningconductor.net BTC to LN you can send some Bitcoin and they’ll forward it on to your lightning wallet, for a fee. These custodial wallets accept incoming transactions of 1 million satoshis or more. So now you’ve got a working wallet that’s got a few thousand satoshis, keep reading!

How to play: Two things are verifiable on the blockchain, time between blocks and transactions included in that block. First choose which block#, by default it will be the next one coming up. Then choose a public alias, others will be able to see your bets but they won’t know if you’ve paid or not, only you can see that. Next, guess the time it will take to mine the next Bitcoin or the number of transactions in that block. You can make multiple guesses. If you want to place a number of spread bets, I suggest opening a spreadsheet and getting it to generate the times or transactions for you. For example, put in 2300, then 2350, 2375, 2400, then drag down to generate as many in the sequence as you want. You can bet a maximum of 25 per invoice. This will hopefully ensure the small transaction amount will be successful. Once you’ve generated an invoice, pay it from the QR code or the lightning bolt11 string.
Now you’re ready to go. Wait till the next block goes active or the block you’ve bet on and you’ll see your bets and everyone else’s. Most importantly, what the final jackpot is. Unpaid invoices are discarded. If the block rolls over while you’re making up your mind the page will refresh and you could lose your input. Please plan your bets in notepad or a spreadsheet. I know this is annoying but I never claimed to be a UX codedesigner! It was a struggle getting all the css, ajax and javascript working, ahhhrrrrggg!! Next is the interesting part as this game can become competitive.

Game theory: As others make bets, you can encapsulate theirs. For example, they guess 2750 transactions, you can bet 2749 and 2751. While at first this seems unfair, what it doesn't show is what bets have been paid for and what have not. Only you can see your own bets that are paid and unpaid. To everyone else they look like paid bets. Only when the next block/jackpot starts can you see what's been paid for as unpaid bets are discarded. By placing dummy bets, unpaid, you can sucker someone in and greatly increase the jackpot payout at no cost to yourself. You can also use the same alias, for example, open up two different browsers, one for real bets and one for fake bets. This is why there’s a 25 bet limit, I don’t want people going too crazy with this. You can check your bets in the footer bar under ‘previous bets’. Also, IMPORTANT, please keep track of your account number at the top. If your session or browser has a problem, you can lose access to your bets and jackpot winnings. If this happens and you receive a new account number, simple use the claim jackpot in the footer to claim your winning jackpot. If you don’t have this, I can’t help you if something goes wrong. Rather than having a login/password system you have a unique account id. Don’t lose it! Now back to the blockchain.

What a minute… I though it took 10 minutes to confirm a block? Not always, actually it does this very rarely. If you average out every block over time, it averages around ten minutes. A block is confirmed when a miner takes transactions from the memory pool, up to ~1.2mb worth. Next, now this is the hard part, they need to generate a hash for that block, but it needs to start with X number of leading zeros. To achieve this, they use a random number called a nonce to seed/salt the hash and hopefully, it contains X number of zeros at the start of the block hash. If not, discard and keep trying. The winning block contains the miners local time, which can sometimes be wrong. This is why sometimes you get negative block times. See block #180966 then the next block, #180967's time stamp is before the first one! Who cares, as long as the later block references the previous block to keep the chain intact. You can’t guess negative numbers but you can guess 0 seconds. Which I guess is like betting on the green zero in roulette.

Ready to play?
Each bet is worth 5,000 satoshis. I wanted it to be expensive enough to prevent spam and also the jackpots be large enough that it would be worth playing. I hope you have fun.
Website is https://blockwisdom.com
My Twitter handle is @nixdice
If you have any questions or issues, please contact me here or on Twitter I’ll try my best to sort it out quickly.
submitted by nixdice to Bitcoin [link] [comments]

Breakdown of the Mining Pool Ecosystem as it currently stands, and why the smaller pools are better than you think.

Hi NIM nation!
The best Proof of Work (PoW) coins have distributed mining networks. Bitcoin has many pools with large amounts of users mining on the network, yet the highest pool hashrate in percentages is BTC.com with only 25% of the hashrate. Exchanges like coins with distributed mining networks like BTC, as it means the risk of a 51% attack on the network by a pool is minimal.
Nimiq, not dissimilar to many other young projects, has a very skewed mining distribution. At the time of writing, beeppool currently has over 51% of the network hashrate, and Skypool combines with Beeppool to claim over 80% of the total hashrate in the last 24 hours. Large exchanges generally frown upon centralised networks like this as they feel they aren't as secure as other networks.
This post will talk about the different pools available for Nimiq mining, and why the Big 2 aren't necessarily the best bang for your mining buck right now if you're a long term miner. Before that, let's start with the big 2
Beeppool
Beeppool is the largest Nimiq mining pool, owned and operated by Blub. They have the best performing mining clients available, and the clients are smart clients capable of verifying transactions so no chance of a 51% attack by Beeppool... but the pool is currently closed due to an effort by Blub to decentralise the network anyway, as he knows it's unhealthy for a coin to have a centralised mining network incase a pool goes down. The fee was raised from 0.7% to 1% on top of this. The pool also only offers manual payouts, which are done whenever Blub gets around to them (usually 1 - 2 times a day). The pool is reliable overall, but being shut off to new users means the hashrate it is at now will most likely stay that way until it is reopened - maybe even drop if users decide to leave to support smaller pools.
Skypool
Skypool offers a variety of mining clients through it's own closed source propriety mining client. It is not a smart client (capable of verifying transactions and receiving jobs on its own), however pool operator Azard claims that the pool operates on a P2P network so a 51% attack isn't possible. Due to the clients being closed sourced, it is impossible to verify this. They were the first Nimiq pool on the block, so they have a lot of first mover advantage. But in their short history they've been plagued by server issues, making the pool unreliable. They also had "hashrate spoofing attacks", which meant the spoofers received more NIM than they should have. This NIM was never distributed to other miners, which made members of the community question what they did with it. They also have a 1% fee, and payout only once a day.
So the two biggest mining pools only offer payouts one - two times a day at a certain time, which is unusual for many pools. They also have the highest fees out of the pools. This is a point that gets lost among miners new and old, so I want to emphasize this before I continue
Pools with higher hashrates DOES NOT mean that you will receive more NIM than pools with lower hashrates. All it means is that you will receive a more consistent payout.
Why is that important? For short term miners, the consistent payout means that they will be more assured to get the NIM they're mining. But for long term miners, it doesn't matter which pool you choose from - if the hashrate is the same, over time your NIM received will be the same regardless if you're on a small pool or large pool... until the fees kick in.
With that being said, it's time to look at some of the smaller mining pools that I have tested and trialed, and look at why they're more appealing options to a longer term miner.
Sushipool
Sushipool has one of the cleanest UIs out of any mining pool for Nimiq. They also have mining clients for any system based off the smart mining client, which means no 51% attacks for Sushipool - plus a webminer for those who don't want to set up a miner on their computer. The Sushipool webminer was also initially used to support the increasingly popular Tamigochi-like game Nimipets, which uses webmining to generate food for their pets. The pool currently has a 1% fee, and unlike the Big 2 pools, it offers automatic payouts for balances over 10 NIM every 3 hours! It also has servers based over the world as well, allowing low ping connections for most users. It has everything the bigger pools have, plus a nice UI on their website and automatic payouts with a 0% fee, and a variety of other small features that make it stand out as one of the better smaller pools.
More info at https://sushipool.com
Porkypool
Porkypool doesn't offer the breadth of clients like Sushipool does, but it's standout feature is that it offers a one line script for Linux users to instantly compile the Linux miner for their system to run on Porkypool servers. There's also the option of web mining if you don't want to install, although this is done on the official Nimiq miner at nimiq.com. They offer servers around the world like Sushipool, and while they don't have a 0% fee deal for the first month, they do offer a competitive 0.8% fee, which is lower than the Big 2. They also offer payouts over 10 NIM automatically every hour! The consistent payouts are attractive to those who needs to sell as they mine to cover costs.
More info at https://porkypool.com/
Nimbus
Nimbus is one of the newest pools, and as such it is only supporting Linux miners currently with Windows miners on the way. However, in spite of this, Nimbus offers some of the best performance on a Linux miner that can be found, and they offer a very competitive 0% fee for people who wish to mine with them now. They have a registration system similar to Beeppool, however there is automatic approval so no waiting for the admins to add you. They also have a personalised mining tutorial for those who wish to use Google Cloud Compute's free trial to mine up to potentially 10,000 NIM for effectively free once you register.
More info at https://nimbus.fun/
Nimiqchain
Nimiqchain recently underwent a relaunch, and is now supported by mining clients for every OS as well as a webminer, and the pool is currently operating on a 0% fee! The pool doesn't require registration, and payouts occur every time a block is found for accounts that are over 10 NIM. They have 4 global servers to connect to for low ping, and the new UI design on the website rivals Sushipool for looks. Well worth a look as they offer competitive fees and a wide range of features
More info here - https://pool.nimiqchain.info/
There are also a number of other smaller pools operating, such as Philpool with a competitive 0.5% fee and an easy to use linux script to install. The ones I have spoken about are the ones I have tested and feel comfortable talking about.
I mine with Beep or Skypool already - why should I switch?
Few reasons
  1. The lower fees mean that over time, if you're in for the long haul you will receive more NIM in pocket and less going to the pool runners. Remember, consistent payouts from larger pools only truly affects short term miners, long term miners will find the payouts average out over time... and besides, if your chosen pool ends up getting a higher hashrates, then the payouts will become more consistent as a result! Win win for everyone
  2. It makes the network more appealing for larger exchanges, and outsider looking in. More exchanges/more outsiders wanting in = more adoption, circulation and use of Nimiq. I'll let you figure out why that's important ;)
  3. The automatic payouts and reliability of the timing of the smaller pool payouts means that in the event that something happens to the pool admins for Beep or Sky, or the pool goes down, you will still be receiving most of your hard earned NIM as you can get your payouts more often. Just ask anyone who tried to withdraw NIM from TradeSatoshi over the last week how frustrating/nerve wrecking it is to have NIM in limbo.
To see the pool hashrates in real time, visit https://poolwatch.info/ for more info. Please note that it uses a logarithmic graph so even if they appear close, they might not be as close as they seem :)
submitted by Mr-Clarke to Nimiq [link] [comments]

Monero Mining Faucet

Edit 3: We've moved to Miningfaucet.org! All previous hashes mined under wallets when we were on GitHub are still valid!
Edit: If you would like to use this site to donate to the Monero Dev team please use this address:
4AFFq5kSiGBoZ4NMDwYtN18obc8AemS33DBLWs3H7otXft3XjrpDtQGv7SqSsaBYBb98uNbr2VBBEt7f2wfn3RVGQBEP3A

Edit 2

Because of a large amount of interest we're ramping up our development. First new integration is that the button will now update when you are mining. This is a rough fix while we work on a Miner-UI similar to the one on CoinHive's main page.
Hello, all, first-time poster here. Since the recent interest in Coin-Hive from the various sites using it, I started a small project utilizing it as a faucet for more users to get their hands on XMR. Give me your feedback and feel free to contribute!
Monero Mining Faucet
The README

Monero Mining Faucet

This site uses Coin-Hive to allow users to mine for XMR using their CPU and receive small amounts of XMR.

Why is it called a Faucet?

Google.

Who is this for?

This is not meant to replace traditional mining. The purpose of this is for someone interested in earning a few XMR instead of traditional faucets. I recommend utilizing this site when you are not paying for electricity. Some examples might be using it while you're at school, at a coffee shop, or if you have very cheap electricity for whatever reason. Maybe you leave it running overnight or over the weekend on your work computer.

No Setup

The site is meant to allow mining for people who may not be able to install and set up a traditional miner on a system.

Low Payout Threshold

Traditional Mining pools require you to mine up around .5 XMR to withdraw your funds. This could take an average computer months to accumulate. With a low payout similar to a faucet it get's small amounts of Monero into the people's hands for them to use and play with but at faster rates than a traditional faucet.

Coin-Hive

Coin-Hive is a JavaScript miner that connects the users CPU to their mining pool. This functions similar a traditional mining pool in that the site can only withdraw funds once it hits 0.5 XMR. However, it is not a very efficient way to mine. Coin-Hive takes a fee of 30%(as compared to the usual 1%) and their miner is only 70% as efficient as a miner written in C++. This brings us to the next section.

How do the Devs make a profit?

We really don't. All of your profit from your hashes goes back to you if you reach the threshold. We get 1024 Hashes for each time you connect to the pool through the captcha and you mine anonymous hashes while you are not logged in with a wallet address. However, because we are not hosting the pool, and GitHub Pages is hosting the site, there is no cost. If your wallet has been inactive for a month we will claim the XMR you earned. This is not a get rich scheme, it is to support the idea of Coin-Hive and to help with the adoption of Monero by making the acquisition of small amounts to play with easier than using a traditional faucet that is concerned with making a profit.

Can I donate to the Devs?

Of course!

Contributing

Think the site is ugly? Have a feature you want to see? Great! Fix it and make a pull request!

Future Features

submitted by Emiller8800 to Monero [link] [comments]

Frequently Asked Questions

NOTICE

This post is a temporary resting place for FAQs while we wait for the release of VertDocs.

What is Vertcoin?

Vertcoin is a digital peer to peer currency focused on decentralization and ASIC resistance. Vertcoin is aiming to be easily accessible to the everyday user without extensive technical knowledge. Vertcoin has started to lower the barrier of entry with lots of video guides and the development of the One Click Miner (OCM).

Why does ASIC Resistance Matter?

ASICs (Application Specific Integrated Circuits) are dedicated mining devices that can only mine one algorithm. Coins like Bitcoin and Litecoin both made GPU mining obsolete when SHA-256 and Scrypt ASICs were created.
ASIC Resistance and How it Makes Vertcoin Decentralized
Vertcoin believes that ASIC resistance goes hand in hand with decentralization.
ASICs are made by companies like Bitmain and almost all the original sellers of ASICs sell on a preorder basis. When pre ordering an ASIC you are buying from a limited batch that the ASIC company has produced. Often times the batch will not be fully filled and the ASIC company will often have left over ASICs. When the ASIC company has left over ASICs they will put them to work mining. Soon enough the ASIC company will have a very large amount of unsold ASICs that are mining and slowly the ASIC company starts to own a large part of the network’s hashrate. When an ASIC company(s) starts to own a large majority of the hashrate the network can become very centralized after a while.
Having your network consist of a few large companies can be very dangerous as they could eventually get 51% hashing power and 51% attack your network, destabilizing the network. When your network is made out of a lot of smaller miners, like Vertcoin, it is much harder for your network to be 51% attacked, therefore increasing network security. By having centralized hashing power your coin effectively centralizing the network as the centralized hashing power can deny transactions and stop any activity they don’t want.

What Ways is Vertcoin Superior to Litecoin and Bitcoin?

Network Difficulty Adjustments with Kimoto Gravity Well
Vertcoin uses a difficulty adjustment called Kimoto Gravity Well which adjusts the difficulty every block, whereas Bitcoin and Litecoin’s difficulty changes every 2016 blocks. By adjusting the difficulty every block Vertcoin’s block time can stay consistent by adjusting for the fluctuation in network hash rate from hash rate renting and part time miners. If a large miner switches off Bitcoin or Litecoin mining the network could be slowed to a crawl until 2016 blocks are mined and the difficulty can change to adjust for the new network hash rate. We observed this happen to Bitcoin when Bitcoin Cash became more profitable than Bitcoin and Bitcoin’s network hash rate saw a steep fall off, slowing the network to a crawl. If this was to happen with Vertcoin the difficulty would adjust after 1 block was mined, allowing Vertcoin to always be profitable to mine.
Anyone can Meaningfully help Verify Transactions
In Proof-of-Work crypto currencies miners help secure the blockchain and get rewarded with the block reward. In ASIC mineable coins like Bitcoin and Litecoin you can’t meaningfully verify transactions unless you pay 1000-2000$ for a ASIC miner. When you mine with a CPU or GPU in a ASIC mineable coin you make no meaningful impact on the network. It is like trying to break concrete with a shovel while everyone else has a jackhammer.
Simple Upgrades Aren’t Held back by 1-2 Large Miners
In ASIC market people buy ASICs in batches in a preorder. With Bitcoin ASICs there is not enough demand for ASICs so the batch often doesn’t get sold out so now the manufacturer has spare ASICs. Now that the manufacturer has spare ASICs they will often start mining with them and eventually the ASIC company has one of the highest hash rates. If the ASIC company doesn’t want a certain upgrade to go through, for example SegWit, they can vote with their hash rate to hold back the upgrade forever or at least until people who want SegWit get more hash rate.
You Have a Say in Protocol Rules and Consensus
In Bitcoin you are a passive observer because you can only issue transactions and you have no part in the process after that. In Vertcoin you can be apart of the process for deciding the ordering of transactions and deciding what transactions get into blocks.
Block Rewards and Transaction Fees are Distributed Evenly
In Bitcoin and Litecoin the block rewards and transaction fees are often given to the large miners in China due to mining centralization created by ASICs. Vertcoin distributes its mining rewards to people all around the world thanks to the mining decentralization.

When will Atomic Swaps Be Ready?

Atomic Swaps can be done in two flavors: On-chain and Off-chain (via Lightning Network). On-chain swaps were actually done already using Blocknet, you can see it in use on Youtube. We're looking into doing it again using Interledger.
However our main focus is to do off-chain Atomic Swaps using Lightning Network technology. Because it has the same benefits as Lightning transactions: No network fees and instant transactions.
For off-chain swaps we need Lightning Network to be fully operational. It's difficult to give an ETA on that since we aren't the ones developing it. U/gertjaap posted a video on the current state of the Lightning Network for Vertcoin a while ago, which you can see here.
This was actually the "bleeding edge" of Lightning Network at the time. was able to use it on VTC's main net, meaning that our blockchain is ready for the good stuff. As you can see however, it can't yet be considered production ready (most users would want a little better UX than a command line app).
Now off-chain Atomic Swaps is a technique based on the same principles as Lightning Network, but adds an extra complexity for it being across chains. So it's basically the same as a "multi hop" Lightning payment, which is not yet built by any of the implementations. They're still working hard on making the single-hop payments robust. So in order for AS to be possible, LN has to be fully operational.
A timeline cannot be given at this time, because frankly we don't know. The implementation of Lightning Network we feel has the most potential is LIT, because it supports multiple currencies in its protocol (where LND is bitcoin-only at the time and requires significant work to support other currencies, which is an essential part of being able to work across multiple blockchains).
LIT is open source and there's nothing secretive about its progress, you can see the development on Github. We even have our lead dev James Lovejoy (u/jamesl22) close to the action and contributing to it where possible (and our team as well through testing it on the Vertcoin chain).
So we're not developing LN or AS ourselves, we're just ready with our blockchain technology whenever it becomes available.
If we have any real progress that has some substance, you can expect us to let the world know. We're not interested in fluffy marketing - we post something when we achieve real progress. And we are not keeping that secret.

How do I Choose the Right Vertcoin Wallet?

Deciding what Vertcoin wallet you should choose can be a difficult process. You can choose between three different wallets: Core, Electrum and Paper. Once you decide you can use the "How to Setup Your Vertcoin Wallets" video guide to assist you.

Core

The Core wallet is the wallet that most people should use. It will store the entire blockchain (~2GB) on your computer. The Core wallet is the only wallet that fully supports P2Pool mining. You will also have to use the Core wallet if you plan to run a P2Pool node or any Vertcoin related server.

Electrum

The Electrum wallet is a light wallet for Vertcoin. You do not have to download the blockchain on your computer, but you will still have your own private keys on your computer. This is recommended for people who don't need to store Vertcoins for very long and just need a quick but secure place to store them.

Paper

The Paper wallet is as the name implies, a physical paper wallet. When generating a paper wallet you will get a pdf that will need to print out. A paper wallet is normally used for long term storage since it is the safest way to store Vertcoins. A paper wallet can also be called "cold storage." Cold storage references the storage of your coins offline, preventing you from getting hacked over the internet.

Ledger Nano S

The Ledger Nano S is a hardware wallet designed by Ledger. A hardware wallet is similar to a paper wallet since it is normally used for cold storage. The hardware wallet is on par with the security of a paper wallet while being easy to use and setup. Note: You should never mine directly to a Ledger hardware wallet.

How do I start mining Vertcoin?

We have many guides available for you to use depending on your computer specifications.
Nvidia GPUs on Windows
Nvidia GPUs on Linux
AMD GPUs on Windows WARNING: Very unprofitable, AMD optimized miner is coming very soon.

Where can I get the One Click Miner (OCM)

You can get the latest version of the One Click Miner in the Vertcoin Discord. The download is pinned to the top of the #oneclick channel.

What do all the Numbers Mean on P2Pool’s Web Interface

I've seen a lot of confusion from new miners on public p2pool nodes, so here's a primer for the most common static node page style, for first time miners: https://imgur.com/K48GmMw

Active Miners on this Node

Address - This is the list of addresses currently mining on this node. If your address does not show up here, you are not mining on this node.
Hashrate
This is a snapshot of your hashrate as seen by the node. It will fluctuate up to 15% from the hashrate you are seeing on your mining software, but will average out to match the output in your mining software.
Rejected Hashrate
This is the amount of your hashing contribution that is rejected, both in hashrate and as a percentage of your total contribution. Running your own p2pool node minimizes this number. Mining on a node that is geographically close to reduce lag also minimizes this number. Ideally you would like it to be less than 1%, but most people seem happy keeping it under 3%.
Share Difficulty
This speaks for itself, it is the difficulty of the share being currently worked on. Bigger numbers are more difficult.
Time to Share
This is how long you need to mine before you will receive any payouts, or any "predicted payout." The lower your hashrate, the higher your time to share.
Predicted Payout
This is the reward you would receive if a block was found by p2pool right now. If it reads "no shares yet" then you have not yet been mining the requisite amount of time as seen in the previous "time to share" column.

Status

Network Hashrate
This is the total hashrate of all the miners mining vertcoin everywhere, regardless of where or how.
Global Pool Hashrate
This is the total hashrate of all the miners mining vertcoin on this p2pool network, be it the first network or the second network.
Local Pool Hashrate
This is the total hashrate of all the miners mining Vertcoin on this node.
Current Block Value
This is the reward that will be given for mining the current block. The base mining reward is currently 50 VTC per block, so any small decimal over that amount is transaction fees being paid by people using the network.
Network Block Difficulty
This is the difficulty of the block being mined. The higher the number, the higher the difficulty. This number rises as the "Network Hashrate" rises, so that blocks will always be found every 2.5 minutes. Inversely, this number falls when the "Network Hashrate" lowers as well.
Expected Time to Block
This is a guess at how much time will elapse between blocks being found by this p2pool network. This guess is accurate on average, but very inaccurate in the short term. Since you only receive a payout when the network finds a block, you can think of this as "Estimated Time to Payout."

Why is P2Pool Recommended Over Traditional Pools?

Decentralisation

P2Pool is peer to peer allowing a decentralized pool mining system. There are many nodes setup around the world that connect to each other too mine together. Many other coins have 1 very large pool that many miners connect to and sometimes the largest pool can have 51% or more of the network hash rate which makes the network vulnerable to a 51% attack. If P2Pool is the largest network then that prevents the Vertcoin network to be susceptible to a 51% attack as P2Pool is decentralized.

PPLNS Payout System

P2Pool uses a PPLNS (Pay Per Last N Shares) payout system which awards miners more the longer they mine, sort of like a loyalty system. A drawback to this system is that part time miners that aren't 24/7 won't be able to earn that much.

2 Networks

While Network 1 is catered towards 24/7 miners and people who have dedicated mining rigs, Vertcoin has a second P2Pool network where part time miners and miners under 100 MH/s can go to mine.

Mines Directly to Your Wallet

P2Pool mines directly to your wallet and cuts out the middleman. This reduces the likely hood that the pool will run away with your coins.

No Downtime

Since P2Pool is decentralized and has different nodes for you to choose from there will be no downtime because the P2Pool network does not die if one node goes down. You can setup a backup server in your miner so that you will have no downtime when mining.

Anonymity and Security

When using P2Pool you use a wallet address making your real identity anonymous, you are simply known by a random 34 letter string. Along with using a wallet address instead of a username there is no password involved P2Pool preventing the possibility of cracking your pool account (If you were on a traditional pool,) and stealing all your coins.

How do I Find a Nearby P2Pool Node

You can find the public p2pool nodes the the P2Pool Node Scanners. If you want to find a network 1 node go here. If you want to find a network 2 node go here.

How do I setup a P2Pool Node?

Linux P2Pool Setup
Windows P2Pool Setup (Text)
Windows P2Pool Setup (Video) This guide setups a network 2 node. When downloading Python download the 32bit version, not the 64bit. Downloading the 64bit version causes problems with the twisted install.
How do I setup a change my node to network 1 or network 2?
In the P2Pool startup script when you type the --network flag add vertcoin1 for network 1 and vertcoin2 for network 2 right after.

How do I Buy Vertcoin?

You can see a video guide on Youtube, "How to Buy Vertcoin with Fiat Using Bittrex and Coinbase"

How can I get help with "X problem?"

The quickest way for you to get help is for you to join the Vertcoin Discord Group. We almost always have knowledgable Vertans, whether that be developers or experienced Vertans, online to help you with whatever problems you may have.

How can I donate to the Developers?

You can donate to the dev fund at https://vertcoin.org/donate/. You can select what you want your funds to go to by donating to the corresponding address. You can also see how much funding is required and how much we have donated.

Where can I see what exchanges Vertcoin is on?

You can see what exchanges Vertcoin is listed on at CoinMarketCap. You can see what exchanges Vertcoin has applied to be on at this google docs spreadsheet.

Where can I see Vertcoin's Roadmap?

The Vertcoin developers currently have a trello board where you can see the goals and what the status of said goal is. You can also vote on what you want the Vertcoin developers to focus on next.

What is the Status of the AMD Optimized Miner?

The AMD Optimized Miner internal beta is aiming to be ready by the end of September. The AMD Optimized Miner is currently being developed by @turekaj on the Vertcoin Discord. He currently does not have a Reddit account and Discord is the only way you can contact him.

What Does Halving Mean?

Halving means that the block reward for miners will be split in half. Halving happens around every 4 years for Vertcoin or 840,000 blocks. This means around December miners will only receive 25 VTC per block instead of the current 50 VTC per block.
If you would like to add another question to this list please comment it and I will get around to adding it ASAP.
submitted by asianboygames to vertcoin [link] [comments]

POW

I did a write up on POW to try and understand it better. What do you think?
Advantages of POW
I decided to start writing my thoughts about some of the more debated aspects of cryptocurrencies in general. Today I am going to focus on “Proof of Work” or the consensus mechanism employed by BTC and other cryptocurrencies.
What is Proof of Work?
POW is the original consensus algorithm that governs the Bitcoin network. The mechanism is used to verify new transactions and create new blocks. The process of verifying transactions and creating new blocks in the blockchain is referred to as mining. Mining is basically having some “ASIC” mining equipment solving very difficult mathematical equations that would take a human years to complete (see the following link for more information on mining https://www.buybitcoinworldwide.com/mining/hardware/). These “miners” can complete the equation in a relatively short period of time. But the mining equipment is competing with miners all around the globe to solve the equations. Every ten minutes (on average) a block is filled with transactions approved by miners. Now this doesn’t mean that every block occurs in 10 minute intervals, but instead it means that the average is 10 mins. So there are some blocks that take 1 minute and some that take 15 minutes to be completed. The difficulty involved with BTC mining is adjusted every 2016 block or roughly every 2 weeks to ensure the mining process doesn’t become to difficult or easy. When a new block is formed 12.5 BTC are distributed to miners for their work. Every block that is created makes the BTC network more robust and more secure. Now some miners have a better “hash rate” than others due to more mining equipment. This means they will likely receive more BTC than a small time mining operation, but that doesn’t mean small time miners cant make some BTC for their troubles. The amount of BTC one receives for each block mined varies. Depending on how much you contributed to discovering the hash (answer) The equation that the mining equipment must solve are similar to what you saw in high school, except much more difficult. (EX: A = B + 3 * 25) To mine a block, a miner needs to hash (answer) the block’s header (mathematical equation) in a way that it is less than or equal to the “target.” Bitcoin uses an algorithm that is called “SHA-256” which is basically a 256 digit alpha numeric code that is a big part of the BTC network and is important to understand if you want to be a miner. (Secure Hash Algorithm) SHA was created by the National Institute of Standards & Technology, and they came with an improved version called SHA-256 where the number is represented as the hash length in bits. No matter what the input the output will always be represented by the 256 alpha numeric code. There is a website that you can actually see how this works by entering any word, from your name to the longest word you can come up with and it will show you exactly what the word you entered is in SHA-256 encryption. I entered my first name (Tim) and this was the results: “aac09a648fc382b6f78897595486e691d00de9dfc742f3ba1930464b56eecda6” So that is my name in SHA-256. (Just wanted to give you an idea of what we are dealing with) Here is the website I used to figure that information out https://md5hashing.net/hash/sha256/aac09a648fc382b6f78897595486e691d00de9dfc742f3ba1930464b56eecda6 Just for comparison I also entered “Mississippi” and the results were “8584ecbb1ea76935b74c3c313980c410cbe26b2ff48806950f2a70ff2ec82493”So the output was different, but the same amount of alpha numeric digits. The website can also decode the encrypted messages as well. So, if you copied and pasted the code I just shared you would see it decoded as Mississippi. This is how encryption works. There is a lot to discuss when it comes to SHA-256, but I feel we have spent enough time on that, so let’s move on to rewards. When Bitcoin was first created the mining rewards were set in stone. Every 4 Years roughly (Its really every 210,000 blocks) there is a “halving” that reduces mining rewards by half. The first halving occurred on 11/28/2012.The reward was reduced from 50 BTC mined per block to 25 BTC mined per block. There was a 2nd halving on 7/9/2016. The reward was cut in half then as well from 25 to 12.5 BTC produced every 10 minutes. The next halving will occur mid 2020. Reducing the reward from 12.5 BTC to 6.25 BTC produced with each block mined. The reason Bitcoin halves the rewards for mining is to basically stretch the mining process out and ensure not all BTC gets mined in 2 years. There are multiple reasons for the halving, but in my opinion keeping miners paid for their work is crucial. Of course, mining BTC is not all about the rewards you receive, but also about the transaction fees you get from the multiple transactions that occur on the BTC network. Many people fret over what will happen when mining rewards are so small that it becomes hard to imagine anyone would want to mine with the reward system being reduced every 4 years and the answer to that is transaction fees. People claim that miners wont work for only transaction fees, which is a valid point, but it fails to consider the growth of BTC. By the time the mining rewards are 0 the transactions on the BTC network will be immense. Not to mention transaction fees may
be raised if necessary. The difficulty in mining 1 block is astronomical. As of December 2018 your chances of mining 1 block was roughly 1 in 7 trillion. This level gets adjusted every 2016 blocks or every 2 weeks approximately. The more miners that are competing with one another the more difficult the “problem” or Bitcoin mining becomes. It also works the other way as well. If miners decide to stop mining the difficulty will then decrease. Now if this wasn’t tough enough for miners, they must also come up with the hash faster than the other miners to receive a reward. This has a lot to do with mining equipment and how much you have. The more mining equipment (“asic miners” or application specific integrated circuit) you have the more hashes you can put out and you obviously would stand a better chance of solving the hash and getting the block reward over someone with 1 asic machine running. Bitcoin once could be mined via a personal computer or laptop, but this has now become impractical and not profitable with the new and faster asic mining equipment that was designed specifically for mining BTC. This mining equipment requires plenty of electricity and it isn’t cheap to operate the equipment. Electrical costs alone could cost more than your net profits from mining. This has caused many small time mining operations to close either temporarily until it becomes profitable to mine once again or entirely and sell off their equipment. We discussed this earlier, but when miners leave it makes the difficulty become easier. It’s a perfectly balanced system if you ask me.
Now there is another option if you want to mine but cant afford the 1000 asic mining machines needed to be competitive. You could join “cloud mining” which is essentially a group of individual miners that pool their hash power together to become competitive and it gives them a better shot at solving the hash. The profit in mining pools is divvied up depending on many factors, but the main factor would be the amount of hash power you add to the pool. So if I had one asic and my friend Phil has 10, he would receive a bigger payout than me thanks to his contribution (which is larger obviously) Mining pools have become a popular way for small time mining operations to become more profitable. This is how the reward system works for BTC miners.
Proof of work is the only true way to be decentralized as control is not centralized in a server somewhere, but instead is distributed across the globe in an immutable “blockchain” that is transparent and not reversible. Naysayers claim POW is inefficient and claim POW is susceptible to “51% attacks” Which is accurate to a degree. People point out coins like Ethereum Classic and Verge as examples of how a 51% attack can occur on the BTC network. This fails to take into consideration the fundamentals of BTC and why it is so difficult and unlikely to be attacked. So, every ten minutes (approximately) a block is produced by the mining process, and when the block is produced it is distributed lightning fast to nodes across the globe and the chain is updated. The speed one would need to work at to attack BTC is astronomical. And the likelihood of failure is likely. Too much risk. But, achieving this feat is easy with smaller chains like Ethereum Classic, but when you consider the difficulty involved when attempting to attack Bitcoin one must consider the cost in mining equipment and electricity which makes an attack on the BTC blockchain so unlikely. Why attack BTC when you can go after smaller chains for much less overhead costs and walk away with quite a bit (like with Ethereum Classic) Im not saying it will never happen, but it will take a lot of work. Every block that gets mined makes BTC more robust and secure along with hash power. People point to mining pools as a likely suspect for future attacks on BTC, but those mining via cloud would all need to agree to attack BTC, all the while needing over half the hash rate of the entire network. Every scenario involving a 51% attack on BTC is extremely difficult and costly. Proof of Work is the only consensus mechanism that can be considered truly decentralized. With that being said not all POW coins are decentralized. Bitcoin is a beautiful example of how decentralized Blockchains should function. Secure and decentralized.
Written by Tim Pace 2/5/2019
submitted by HeisenbergBTC to Bitcoin [link] [comments]

Why I just sold 50% of my bitcoins: GHash.IO

tl;dr: GHash.IO shows that the economic incentives behind Bitcoin are probably very flawed, it might take a disaster to get the consensus to fix it, and if that happens I want to make sure I can pay my rent and buy food while we're fixing it.
I made a promise to myself a while back that I'd sell 50% of my bitcoins if a pool hit 50%, and it's happened. I've known for awhile now that the incentives Bitcoin is based on are flawed for many reasons and seeing a 50% pool even with only a few of those reasons mattering is worrying to say the least.
Where do we go from here? We need to do three things:
1) Eliminate pools.
2) Provide a way for miners to solo-mine with low varience and frequent mining payouts even with only small amounts of hashing power.
3) Get rid of ASICs.
Unfortunately #3 is probably impossible - there is no known way to make a PoW algorithm where an ASIC implementation isn't significantly less expensive on a marginal cost basis than an implementation on commodity hardware. Every way people have tried has the perverse effect of increasing the cost to make the first ASIC, which just further centralizes mining. Absent new ideas - ideas that will be from hardware engineers, not programmers - SHA256² is probably the best of many bad choices. (and no, PoS still stands for something other than 'stake')
We are however lucky that we have physics and (maybe) international relations on our side. It will always be cheaper to run a small amount of hashing power than a large amount, at least for some value of 'small' and 'large'. It's the cube-square law, as applied to heat dissipation: a small amount of mining equipment has a much larger surface area compared to a large amount, and requires much less effort per unit hashing power to keep cool. Additionally finding profitable things to do with small amounts of waste heat is easy and distributed all over the planet - heating houses, water tanks, greenhouses, etc. As for international relations, restricting access to chip fabrication facilities is a very touchy subject due to how it can make or break economies, and especially militaries. (but that's a hopeful view)
Solving problem #1 and getting rid of pools is probably possible - Andrew Miller came up with the idea of a non-outsourceable puzzle. While tricky to implement, the basic idea is simple: make it possible for whomever finds the block to steal the reward, even after the fact, in a way that doesn't make it possible to prove any specific miner did it. Adding this protection to Bitcoin requires a hard-fork as described, though perhaps there's a similar idea that can be done as a soft-fork. Block withholding attacks - where miners simply don't submit valid solutions - could also achieve the same goal, although in a far uglier way.
Solving problem #2 and letting miners achieve low varience even with a small amount of hashing power is also possible - p2pool does it already, and tree chains would do it as a side effect. However p2pool is itself just another type of pool, so if non-outsourceable puzzles are implemented they'll need to be compatible. p2pool in its current form is also less then ideal - it does need a lot of bandwidth, and if you have lower latency than average you have a significant unfair advantage. But these are problems that (probably) can be fixed before adding it to the protocol. (this can be done in a soft-fork)
Do I still think Bitcoin will succeed in the long run? Yes, but I'm a lot less sure of it than I used to be. I'm also very skeptical that any of the above will be implemented without a clear failure of the system happening first - there's just too many people, miners, developers, merchants, etc. whose heads are in the sand, or even for that matter, actively making the problem worse. If that failure happens it's quite likely that the Bitcoin price will drop to essentially nothing - not a good way to start a few months of work fixing the problem when my expenses are denominated in Canadian dollars. I hope I'm on the wrong side of history here, but I'm a cautious guy and selling a significant chunk of bitcoins is just playing it safe; I'm not rich.
BTW If you owe me fiat and normally pay me via Bitcoin, for the next 2.5 weeks you can pay me based on the price I sold at, $650 CAD.
submitted by petertodd to Bitcoin [link] [comments]

such beginner shibe thread wow how to get coin

 how to shibecoin v rich in minutes much instruct so simple any doge can do 

START HERE

UPDATE 1/21/14: I'm not updating this guide anymore. Most of the steps should still work though. See the wiki or check the sidebar for updated instructions.
Before you do anything else, you need to get a wallet. Until there's a secure online wallet, this means you need to download the dogecoin client.
Now open the client you just downloaded. You'll be given a default address automatically, and it should connect to peers and start downloading the dogechain (aka blockchain in formal speak). You'll know because there will be a progress bar at the bottom and at the lower right there should be a signal strength icon (TODO: add screenshots).
If you've waited 2 or 3 minutes and nothing is happening, copy this:
maxconnections=100 addnode=95.85.29.144 addnode=162.243.113.110 addnode=146.185.181.114 addnode=188.165.19.28 addnode=166.78.155.36 addnode=doge.scryptpools.com addnode=doge.netcodepool.org addnode=doge.pool.webxass.de addnode=doge.cryptopool.it addnode=pool.testserverino.de addnode=doge.luckyminers.com addnode=doge.cryptovalley.com addnode=miner.coinedup.comdoge addnode=doge.cryptoculture.net addnode=dogepool.pw addnode=doge.gentoomen.org addnode=doge.cryptominer.net addnode=67.205.20.10 addnode=162.243.113.110 addnode=78.46.57.132 
And paste it into a new text file called dogecoin.conf, which you then place into the dogecoin app directory.
Now restart your qt client and the blockchain should start downloading in about 1-2 minutes.
Once it finished downloading, you're ready to send and receive Dogecoins!

GETTING COINS

Decide how you want to get Dogecoin. Your options are:
I'll go into detail about each of these. I'm currently writing this out. I'll make edits as I add sections. Suggestions are welcome.

MINING

Mining is how new dogecoins are created. If you're new to crypto currencies, read this. To mine (also called "digging"), a computer with a decent GPU (graphics card) is recommended. You can also mine with your CPU, but it's not as efficient.

GPU MINING

These instructions cover only Windows for now. To mine, you'll need to figure out what GPU you have. It'll be either AMD/ATI or Nvidia. The setup for both is approximately the same.

Step One: Choose a pool

There's a list of pools on the wiki. For now it doesn't really matter which one you choose. You can easily switch later.
NOTE: You can mine in two ways. Solo mining is where you mine by yourself. When you find a block you get all the reward. Pool mining is when you team up with other miners to work on the same block together. This makes it more likely that you'll find a block, but you won't get all of it, you'll have to split it up with others according to your share of the work. Pool mining is recommended because it gives you frequent payouts, because you find more blocks. The larger the pool you join, the more frequent the payouts, but the smaller the reward you get.
Over a long period of time the difference between pool and solo mining goes away, but if you solo mine it might be months before you get any coins.

Step two: Set up pool account

The pool you chose should have a getting started page. Read it and follow the instructions. Instructions vary but the general idea is:
When you're done with this, you'll need to know:

Step three: Download mining software

For best performance you'll need the right mining software.
Unzip the download anywhere you want.

Step four: Set up miner

Create a text file in the same folder as your miner application. Inside, put the command you'll be running (remove brackets).
For AMD it's cgminer.exe --scrypt -o stratum+tcp://: -u -p
For Nvidia it's cudaminer.exe -o stratum+tcp://: -O :
Substitute the right stuff in for the placeholders. Then on the next line of the text file type pause. This will let you see any errors that you get. Then save the file with any name you want, as long as the file extension is .bat. For example mine_serverName.bat.

Step five: Launch your miner

Just open the .bat file and a command line window should pop up, letting you know that the miner is starting. Once it starts, it should print out your hash rate.
If you now go to the pool website, the dashboard should start showing your hashrate. At first it'll be lower than what it says in the miner, but that's because the dashboard is taking a 5 minute average. It'll catch up soon enough.
NOTE: A normal hashrate is between 50 Kh/s up to even 1 Mh/s depending on your GPU.

You're now mining Dogecoins

That's it, nothing more to it.

CPU MINING

CPU mining isn't really recommended, because you'll be spending a lot on more on power than you'd make from mining Dogecoin. You could better spend that money on buying Dogecoin by trading. But if you have free electricity and want to try it out, check out this informative forum post.

Trading

Trading has been difficult so far, but Dogecoin just got added to a few new exchanges. If you don't have a giant mining rig, this is probably the best way to get 100k or more dogecoins at the moment. I'll write up a more complete guide, but for now check out these sites:

Faucets

Faucets are sites that give out free coins. Usually a site will give out somewhere between 1 and 100 Dogecoin. Every site has its own time limits, but usually you can only receive coins once every few hours, or in some cases, days. It's a great way to get started. All you do is copy your address from the receive section of your wallet and enter it on some faucet sites. Check out /dogecoinfaucets for more. If you go to each site on there you might end up with a couple hundred Dogecoin!

Begging

This method is pretty straightforward. Post your receiving address, and ask for some coins. Such poor shibe. The only catch is, don't do it here! Please go to /dogecoinbeg.

Tips

At the moment there are two tip bots:
Other redditors can give you Dogecoin by summoning the tip bot, something like this:
+dogetipbot 5 doge
This might happen if you make a good post, or someone just wants to give out some coins. Once you receive a tip you have to accept it in a few days or else it'll get returned. Do this by following the instructions on the message you receive in your inbox. You reply to the bot with "+accept". Commands go in the message body. Once you do that, the bot will create a tipping address for you, and you can use the links in the message you receive to see your info, withdraw coins to your dogecoin-qt wallet, see your history, and a bunch of other stuff.
As a bonus, so_doge_tip has a feature where you can get some Dogecoins to start with in exchange for how much karma you have. To do this, send the message "+redeem DOGE" to so_doge_tip. You'll need to create a tipping account if you don't have one.
If you want to create a tipping account without ever being tipped first, message either of the bots with "+register" and an address will be created for you.

CHANGELOG

  • 1/21/14 - Added note about this thread no longer being updated
  • 1/21/14 - Changed wallet links to official site
  • 12/27/13 - Added 1.3 wallet-qt links
  • 12/21/13 - Added new windows 1.2 wallet link
  • 12/20/13 - Fixed +redeem text
  • 12/18/13 - Added short blurb on trading.
  • 12/18/13 - Updated cudaminer to new version (cudaminer-2013-12-18.zip).
  • 12/18/13 - Fixed +redeem link
  • 12/18/13 - Updates dogecoin.conf, from here.
  • 12/17/13 - Linked to mining explanation.
  • 12/17/13 - Added link to CPU mining tutorial, in response to this.
  • 12/16/13 - Added links to tip commands, link to dogetipbot wiki.
  • 12/16/13 - Note about tip commands going in body, in response to this.
  • 12/16/13 - Added link to cgminer mirror, thanks to scubasteve812 and thanks to Bagrisham.
  • 12/16/13 - Note about removing brackets in response to this.
  • 12/15/13 - Fixed hash rate as per this comment, thanks lleti
  • 12/15/13 - Added info for all other ways of getting money, except for trading (placeholder for now)
  • 12/15/13 - Added windows GPU mining instructions 12/15/13 - Added wallet instructions, list of how to get money
submitted by lego-banana to dogecoin [link] [comments]

Mining Pool Hub Detailed Explanation of Balances & Payout Free Bitcoin mining Site 2020 How to earn Cash with Cryptocurrency  Withdrawal Proof. Mining pools - bitcoin mining pools: how to generate bitcoin using mining pools cryptocurrency #15 Best Bitcoin Mining Pools in 2018 Bitcoin Miner  Automatic payouts - Payouts every week to accounts with at least 5000 Satoshis.

Triplemining is Bitcoin mining pool best payout. Basically, it gathers average-sized pools that have no obligatory fees required and repositions 1% of each block discovered. In turn, the share growth speeds up even more than it possibly could with any of the approaches listed above. The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. Top 10 Bitcoin Mining Pools with Best Payout For 2020 You are welcome to my review on Top 10 Bitcoin Mining Pool with Best Payout. I am sure you are here because you like the idea of investment in bitcoin mining, and you want to know if it is real or not. Slush Pool is the first publicly available mining pool, first annouced in 2010 under the name Bitcoin Pooled Mining Server. Slush Pool allows users to mine BTC and ZEC. Bitcoin can be mined for a 2% fee, while ZEC is mined for free. The pool shares the transaction fees earned with miners. Unique Voting System – Our pool stays politically neutral. ViaBTC is a newly launched Bitcoin mining pool consists of Bitcoin, Litecoin and BitcoinCash mining pool. ViaBTC follows PPS (4% fee) and PPLNS (2% fee) payment modes. The minimum payout offered by this site is 0.0001 BTC. The site works on stratum mining protocol and vardiff by offering sleek monitoring system and also provides merge mining

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Mining Pool Hub Detailed Explanation of Balances & Payout

How do Mining Pools Work And How To Choose a Pool To Join The graph above shows the market share of the most popular bitcoin mining pools 10 Best and Biggest Bitcoin Mining Pools 2018 Best mining ... Bitcoin Miner Automatic payouts - Payouts every week to accounts with at least 5000 Satoshis. ... How to download and start mining. - Duration: 4:59. Fast BITCOIN BTC Miner 85,665 views. In this video I provide a more detailed look at Mining Pool Hub's Auto Exchange and the mysterious Balances page. This is everything you need to know to set up MPH to payout in the coin of your ... Today we look at the top 4 bitcoin mining pools and determine which one is the best. 🏦 Fiat to Cryptocurrency EXCHANGES 1) Coinbase - Buy Cryptocurrency With Fiat → BTC-BCH-ETH-LTC By working together in a pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the day they activate their miner. ... bitcoin doubler, bitcoin faucet ...

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