Bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the reward equally according to the amount of shares they contributed to solving a block.
A share is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining in pools began when the difficulty for mining increased to the point where it could take years for slower miners to generate a block. The solution to this problem was for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block reward on a consistent basis, rather than randomly once every few years. If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are in consensus with the Bitcoin network. The best way is to use the official BitCore client . If you participate in a Bitcoin mining pool then you will want to ensureThe graph below shows the market share of the most popular bitcoin mining pools. It should only be used as a rough estimate and for various reasons will not be 100% accurate.
A large portion of Unknown blocks does not mean an attack on the network, it simply means we have been unable to determine the origin. 24 hours - 48 hours - 4First Bitcoin mining pool in the world Operating since December 2010 Over 939,000 BTC mined since December 2010 Long history of stable and accurateWhere do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn t have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Bitcoin mining is the process of adding transaction records to Bitcoin s public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain aDeepBit - Bitcoin Pooled Mining service . How to start. Register account Download any of this bitcoin miners poclbm-GUI miner (recommended for GPU) www.coindesk.com/information/get-started-mining-pools Find out what a bitcoin mining pools are and how to join them. The same methods can be used for mostReward types & explanation: CPPSRB - Capped Pay Per Share with Recent Backpay. [ DGM - Double Geometric Method.
A hybrid between PPLNS and Geometric reward types that enables to operator to absorb some of the variance risk. Operator receives portion of payout on short rounds and returns it on longer rounds to normalize payments. [ ESMPPS - Equalized Shared Maximum Pay Per Share. Like SMPPS, but equalizes payments fairly among all those who are owed. [ POT - Pay On Target.
A high variance PPS variant that pays on the difficulty of work returned to pool rather than the difficulty of work served by pool [ PPLNS - Pay Per Last N Shares.
Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries. PPLNSG - Pay Per Last N Groups (or shifts).
Similar to PPLNS, but shares are grouped into shifts which are paid as a whole. PPS - Pay Per Share. Each submitted share is worth certain amoutripnt of BC.BTC Guild will be shutting down its mining servers on June 30th, 2015 at 23:59 UTC. Users will still be able to log in and retrieve their history (CSV exports on the settings page) and request withdrawals until September 30, 2015. Why is BTC Guild Shutting Down? This is the second time BTC Guild has announced closure, but this time the decision will not be reversed. The reasons have not changed much since the original announcement.
As mining has become more centralized, BTC Guild has continuously shrunk in proportion to the network, now being less than 3% of the network hash rate. The costs of running the pool have not changed, and the amount of funds at risk in the event of a compromise is significantly higher than what the pool could ever recover from. When the pool was 20-30% of the network, the amount of funds at risk was slightly higher, but the ability for the pool to recover from that loss was present.
At 3% of the network, the pool would not be able to recover from such a loss..