How The Mining Pool Works: Pplns Vs. Solo | 2miners Blog
How the Mining Pool Works: PPLNS vs. SOLO Lets make it clear what mining is and how the mining pool works. We will try to explain it in a simple For Dummies way.Cryptocurrencies run on blockchains. A Blockchain is a sequence of blocks. Each new block is a piece of data. It contains information about the transactions accomplished within the last minutes or seconds (conditionally).Each new block contains a puzzle based on the data from a previous block. This irreversibility makes the blockchain special. These puzzles are being solved by your processors, graphics cards, or ASIC hardware. They are very complicated even for modern PCs, and their solving requires a huge amount of time especially if you are alone. However, we have the invention mining pools to take advantage of this issue. Many mining devices work together in a pool to solve the puzzle, finding solutions for the new blocks. Each device receives a computational task of a significant lesser level of difficulty, and the mining pool checks to see whether or not each obtained solution represents a complete solution of the puzzle or not. At the earliest days of the mining, any processor or GPU had the sufficient power required for finding many solutions per day and getting a reward for the detected block. With an increase of the interest to the cryptocurrencies, the difficulty level of the puzzles also increased, and a standalone PC could not find many solutions anymore. Difficulty level was rising because the reward for the newfound block was growing as well as its equivalent in value. That was the time when miners decided to unite their efforts and create the mining pools. Therefore, even weak devices that are working simultaneously on solving the same puzzle have a chance to find its solution which would enable Continue reading >>
Ether Mining With Your Own Hardware | We Will Show You How To Do It
Anyone can buy Ether. We want to earn Ether ourselves and besides that, make the Ethereum network safer. Ether Mining is rewarded with 3 Ether each block. But this is not it. Furthermore, the gas which exists of fees for transactions and contracts, is declared in addition to these 3 Ether per block. It is assumed that, as time goes by, the reward of the gas with 3 Ether per block will exceed a lot. But it is getting even better. Further Ether for uncles will be declared every now and then, in addition to the 3 Ether per block and the reward for the gas. Which means, another up tp 7/8 of the 3 Ether from the block on top. So many Ether After all, we want to point out that Ether solo Mining requires a lot of luck. The computing power of the entire Ethereum Network is tremendous and therefore it will be pretty hard to snatch a block. Still, Ether solo Mining is an exciting thing. In the following, we will show you all the essential equipment you need for a successful start with Ether solo Mining with windows. Continue reading >>
What Is A Bitcoin Mining Pool?
One of the first questions thatanyone interested in mining cryptocurrencies faces is whether to mine solo or join a 'pool'. There are a multitude of reasons both for and against mining pools. However, if the hash rate distribution across the bitcoin network is anything to go by (and it is) then most miners are opting to join a pool. Heres what you need to know. If youre deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate the pros and cons are exactly the same. Going solo means you wont have to share the reward, but your odds of getting a reward are significantly decreased. Although a pool has a much larger chance of solving a block and winning the reward, that reward will be split between all the pool members. Therefore, joining a pool creates a steady stream of income, even if each payment is modest compared to the full block reward (which currently stands at 25 XBTC). It is important to note that it is important for a mining pool to not exceed over 51% of the hashing power of the network. If a single entity ends up controlling more than 50% of a cryptocurrency networks computing power, it could theoretically wreak havoc on the whole network.In early 2014, many voiced concerns that the GHash.io bitcoin mining pool was approaching this threshold, and miners were urged to leave the pool. In bitcoin's case, the current difficulty level is so high that its practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If youre a beginner, joining a mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage small-scale miners to stay involved. Of course, bitcoin is not the only Continue reading >>
Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?
Last updated on August 15th, 2017 at 11:06 pm Getting Started with Ethereum Mining the video guide The good news is that getting started with Ethereum Mining is now easier than ever. You do not need to download the full Ethereum blockchain, which is now over 20+ GBs and still growing! You also do not need to manage clunky command line miners with manual instructions. For purposes of this guide, we are going to do a detailed walk-through of setting up and using the very popular Claymore Miner. Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video. The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes: If youre new to mining Ethereum , this guide covers all the important facts in a simple, low-jargon way. Lets start with some short answers to common questions about Ethereum mining: Q: Whyshould Imine Ethereum tokens (aka ether or ETH)? doesnt mining Ether take up a lot of electricity? A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, its profitable! You can check out the profitability with our Ethereum mining calculator . Q: Can I mine with my CPU (Personal computersprocessor) instead ofan expensive graphics card (GPU)? A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes. Q: Whats the best GPU to use for getting the most ETH for the least electricity? A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading GPU Hardware further down in this post. Q: Continue reading >>
Pool Vs. Solo Mining
This article or section contains information that is no longer up-to-date. Please either update the outdated information or remove the outdated information. Although most miners prefer to mine in pools, there are still merits to solo mining. An article addressing the pros and cons of solo and pooled mining can often answer questions easier than simply asking in: #bitcoin-mining . Additionally, this page can serve as a reference for members of #bitcoin-mining to direct those with questions. The purpose of this page is to explain what the differences between pooled mining and solo mining. This Topic will give pros and cons of each to aid in the decision of a mining approach. Pooled mining "pools" all of the resources of the clients in that pool to generate the solution to a given block. When the pool solves a block, the 12.5 BTC generated by that block's solution is split and distributed between the pools participants. Solo mining is when a miner performs the mining operations alone without joining a pool. All mined blocks are generated to the miner's credit. Pooled mining generates a steadier income. Pooled mining can generate a 1-2% higher income (before fees, if any) due to long polling provided by the pools. Pool mining can suffer interruptions from outages at the pool provider. Pools are subject to DOS attacks and have other downtimes, too. Backup pools and solo mining can be configured for these cases. Pooled mining tends to generate a smaller income due to fees being charged and transaction fees not being cashed out. There are zero fee pools. Until now, transaction fees are not cashed out by any pool. Solo mining is less prone to outages resulting in higher uptime. Solo mining doesn't incur any fees. For each discovered block, 12.5 BTC and the transaction fees are Continue reading >>
Efficient Decentralized Mining Pools for Existing Cryptocurrencies Based on Ethereum Smart Contracts No centralized operators managing the pool. Secure against both malicious and cheating miners, fully protected from DDoS attacks. Even more efficient than centralized pools. All source code is open. Run by the community, built for the community. No centralized operators managing the pool. Secure against both malicious and cheating miners, fully protected from DDoS attacks. Even more efficient than centralized pools. All source code is open. Run by the community, built for the community. Mining in Cryptocurrencies is Highly Centralized More than 80% of mining power in Ethereum emanates from 5 mining pools. Similarly, the main 8 pools control the same fraction of mining power in Bitcoin. Transaction Censorship and Single Point of Failure Pools dictate the transaction sets in new blocks, not miners. Pools are subject to continuous DDoS attacks. If a big pool goes down, the security of the network is significantly compromised. Mining Solo is Difficult for Small Miners High variance of returns, hard for users to plan economically. Decentralized mining pools for Bitcoin (e.g., P2Pool) exist, but are inefficient and not applicable to Ethereum. to cover for their operation costs and gain profits. Decentralize Pools by Leveraging Smart Contracts We essentially replace the centralized pool operators by smart contracts, which is run and managed in a decentralized way on the blockchain. Miners can propose their own sets of transactions. Although being decentralized, our pools can guarantee the same variance in payments as centralized pools. The decentralized formation of SmartPool does not require any infrastructure to operate the pool. SmartPool may take negligible to almost zero Continue reading >>
Viabtc Launches Ethereum Mining Pool
Even though most of the people focus on the current Bitcoin price action, there are other developments to take note of. ViaBTC has launched an Ethereum mining pool, for example. That is a pretty interesting decision, to say the least. The company is best-known for their Bitcoin and Bitcoin Cash mining. It doesnt appear as if the Ethereum mining will become part of their cloud mining contracts, though. Having more mining pools for specific currencies can only be considered to be a good thing, that much certain. Ethereum mining has become a very profitable business in 2017.This is mainly due to the Ether price rising quite a bit. Additionally, a few new GPUs have launched, all of which can mine Ethereum without too many problems. With so many new people joining this ecosystem, theres a growing need for new mining pools. Cryptocurrency is all about decentralization, and the mining aspect should be no different. This is where ViaBTC comes into the picture. More specifically, the Chinese company launched an ETH mining pool this week. They accept users from all over the world. It will be interesting to see how many people will switch over to this new pool in the future. After all, without sufficient hashrate, it will not be profitable to choose this option. Then again, no one wants to see one server control too much hashpower either. An interesting trade-off to contend with, that much is rather evident. Users who choose ViaBTC will be able to choose three different payment methods. There is an option for solo mining, which is always appreciated. Group miners can be paid through PPS+ or PPLNS models. It is good to see different payout options in this regard. After all, not all models work for all miners. Giving ViaBTC users a choice is never a bad thing in this regard. It wil Continue reading >>
Solo Vs Pool Ethereum Community Forum
I have 1.5 GHS and I pool mine, with the high difficulty its better to lock in the set amount of Eth you can get. Also solo mining is a lot more maintince, you constantly have to monitor you geth nodes, if it goes down of the geth server crashes you have all your miners with no work spinning their wheels. Solo mining I think is for professional miners with close to 3GHs of hash basically they treat it as a full time gig. I soloed mined all through October to January before I finally gave up on that. Back then 800mh/s could sometimes pull in 18 blocks a day with good luck. One cool thing about pool mining is I don't do anything, recently with stratum pool mining the workers are far more stable, I can go to my 9-5 7 days a week and not even think about it my 10 miners have stayed up for 2 weeks straight don't have to reboot do anything using a combo of windows 10 and Ubuntu boxes. When I solo mined using the inefficient get-work process I would have miners go down constantly at least one or two a day, have to reboot, restart so I ended up loosing more hash than pooling. If I could find an efficient stratum based solo mining proxy/software I would probably try solo mining again but right now the only open source one uses get-work still. I've been solo mining with just a few hundred MH and average about 30% higher than pool mining still. Heck, I have one 'lucky' rig that with only 55MH has hit 4blocks last week by itself. I use getwork on my local network (although testing the ether-proxy now for a few days. My geth server has not gone down in 12 days since I restarted it, and it also runs 90MH itself while running a 550MH SHA256 Monarch amongst other things. Continue reading >>
Ethereum Solo Mining - Crypto Mining Blog
All About BTC, LTC, ETH mining as well as other alternative crypto currencies Those that actually solo mine crypto coins are familiar with the not user friendly way that things happen and mostly the lack of details on your solo mining statistics over time unlike when using a mining pool. Ethereum is a no exclusion from that rule when solo mining and with not that many pools and some pools having issues, even though the difficulty of the network is not that small, there are still quite a lot of people that solo mine especially if they have more than just a few GPUs. There is now a new open source project called ether-proxy which essentially is an Ethereum solo mining proxy that can help you keep track on how your solo mining for Ether is going on with multiple mining rigs, though it will work even with a single one. EtherProxy relies on Go and needs geth (the Ethereum Go client in order to function as a backend) with the mining part happening just like you do with ethminer pointed at a mining pool. In the local proxy url you set for ethminer to use you can set the share difficulty as well as an ID for each mining instance (or mining rig) that you are using. All the basic stats that you need is being displayed in a clean and simple web-based interface for you to keep track on things like running status of mining rigs, hashrate, blocks found and so on. If you want to try the project yourself, there is already a Windows binary release available to save you some trouble or you can compile from the source code yourself. Ethereum is Getting More User Friendly with AlethOne The C++ implementation of the Ethereum client (cpp-ethereum) is getting more user friendly with the new AlethOne GUI intended to simplify the mining process for users that are not into programming and hate Continue reading >>
Ethereum Mining Pool What Is It And Should You Use One?
Ethereum Mining Pool What is it and should you use one? Once you have established yourself as an ethereum miner and have purchased all the necessary equipment to build a suitable ethereum rig , you need to determine if you wish to remain a solo miner or become a part of anethereum mining pool. Each of these options has benefits and consequences and is dependent on your personal requirements and to some degree on the processing power of your ethereum mining hardware . A mining pool is when a group of solo ethereum miners join forces and combine their processing power for quicker mining results. The shared processing power helps to solve blocks faster and miners can see results quicker than when they mine solo. Each of the contributing miners is paid a share of the block based on their contribution. The hashrate of the rig is determined by the processing power, so the increased resource of pooled ethereum rigs will result in more blocks generated in a shorter period of time. Ethereum mining pools calculate payouts on different methods. A PPLNS payment basis, (Pay Per Last N Shares) involves some luck but offers on average 5% more than PPS (Pay Per Share) where you get a standard payout for each share completed. Some pools also run on a predictable solo mining method where the person who contributed the most to the block gets the whole block. It is important not to confuse ethereum mining pools with ethereum cloud mining . With cloud mining an organisation will own the rigs and do the mining on your behalf and pay you dividends, for mining pool each miner needs to own their own equipment and have software that enables them to join a pool and then earn a share of the blocks mined. The top ethereum mining pool for 2017 is reported to be the joint mining pool of Ethpool and Continue reading >>
Ethereum Mining Guide For All Operating Systems
BestVPN Guides Ethereum Mining Guide for all Operating Systems Ethereum Mining Guide for all Operating Systems Ethereum mining can be difficult, I know! In this guide, Ive covered everything from the bottom up so whether youre a beginner or a pro you should be able to glean some useful insight and learn something new. It doesnt matter if youre planning to do mining using Linux, ethOS or Windows. Ive made sure to cover the steps for each. You will also find some great tips, tricks, optimizations, and solutions to common troubleshooting issues. If you dont have time to read all of it today, then bookmark this page, or sign up to our email list and receive it as a free ebook! Ethereum is an open blockchain platform similar to Bitcoin but with additional in-built flexibilities. With Ethereum, the blockchain can be considered to be intelligent thanks to the Ethereum Virtual Machine and Smart Contracts. Whereas with Bitcoin its a glorified ledger. With Ethereum you can execute code on the blockchain in a distributed way. These are called Smart Contracts. These allow you to set up a system, whereby a person will only receive payment under certain conditions. As Ethereum grows, the scale and complexities of these contracts are expected to increase. Smart Contracts is what has given Ethereum such a solid footing, as like with the blockchain has a functional use. If youre interested in about how Ethereum came about and wanted to find out more about it, then watch this YouTube video by COO, Stephan Tual . Before you determine if you should go on your Ethereum mining adventure; youll need to decide whether its going to be profitable or not. While, on the surface, this is incredibly easy, as Ill show below, you must be aware that mining is very much like trading. Cryptocurrency pri Continue reading >>
700 Mh , Solo Or Use A Pool (ethereum)
As title, I expect a block every 0.97 days but as we know, That can vary, A lot. 12+ exclusive games The Bitcoin Casino by Primedice Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Pool. Mining solo is all about luck. With the difficulty increasing, it will become harder and harder each day to mine it. Calculate how much ETH you would get per day from pool mining, and compare it to the stats you have got from the solo mining calculator. Wish you the best! Quote from: 20kevin20 on July 16, 2016, 07:01:22 PM Pool. Mining solo is all about luck. With the difficulty increasing, it will become harder and harder each day to mine it. Calculate how much ETH you would get per day from pool mining, and compare it to the stats you have got from the solo mining calculator. Wish you the best! I agree with it. I don't recommend solo that it requires the right setting for you to have a block. It is very hard for the noobs to adjust their own geth server and update their nodes especially if they do no know the right setting for this. But, solo mining gives higher return if all settings are perfectly modified. Now, when it comes to pool mining, you will not have to calibrate the settings as they are the one who will do it. Of course, the returns are much lower compared to a solo mining that is perfectly set. But the risk of not getting a block is lower. As someone who usually solo mines it really depends on your internet connection and your ability to administrate your servers, miners, and the environment If you have low latency to most servers and high upload + download, then I'd say solo mine. Solo mining involves keeping your server up, keeping the power on, keeping the miners up, monitoring Continue reading >>
Eth Mining Calculator
There are three ways you can mine Ethereum; each has its perks and demerits, they are solo mining, pool mining and outsourced (cloud) mining. Solo mining might have the best payout of the three methods if you have the financial power to invest in several GPUs and pay mammoth electricity bills. To carry out solo mining successfully, you need to hit at least 100 mega hashes per second and this hash rate will increase as difficulty rises. However, you get all the rewards; they include payment for uncles on top of your earnings. Cryptocurrency mining pools are popular among ETH miners because they allow you to mine ether with a modest hash rate. The hash rates of each miner in the pool aggregate to a level where members earn ETH profitably. The amount you earn is pegged on the speed or hash rate you have contributed. You receive you pay when the amount has reached a payout amount, which is decided by the pool. Pool fees are usually pegged as a percentage and you have to foot the payout costs, which will be deducted from your earnings. While mining from a pool is advantageous if you dont have the heavy mining hardware, the rewards and the pay you get might not be equal to what youd have received if you mined solo. Some pools may pay you, plus all rewards while in others you might not get paid for uncles. This is outsourcing the mining. Cloud mining companies will charge you a fee, usually for a fixed-term contract. A short contract might be one year.Cloud mining is profitable because the GPUs are bought in bulk, hence at discounts. They have the option to base operations overseas, in countries where electricity costs are low.You can get a smart deal if the company hedges you against the fluctuations in the market. These companies also guarantee that the system is always onl Continue reading >>
Ethereum Mining Calculator And Profit Calculator
Ethereum Mining Calculator and Profit Calculator Warning: The coin daemon or block explorer is offline which may cause out dated estimated expected cryptocurrency earnings to be displayed. Days to generate one block mining solo: 177.94 Day(s) (can vary greatly depending on your luck) Days to generate one BTC: 1327.20 Day(s) (can vary greatly depending on the current exchange rates) Days to break even: N/A (can vary greatly depending on the current exchange rates) Estimated Expected Cryptocurrency Earnings The estimated expected cryptocurrency earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected cryptocurrency earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. If you are mining solo, the estimated expected cryptocurrency earnings can vary greatly depending on your luck and stale/reject/orphan rate. Continue reading >>
How Do Mining Pools Work? Is It Better Than Solo Mining?
How do Mining Pools Work? Is it Better Than Solo Mining? Admir Tulic October 24, 2017 420 no comments Lets start with the definition of pool mining: A Mining Pool is a protocol for a group of miners to work together, in order to smooth out their mined coins. Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time. So, 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. The mining pool coordinates the workers. Its just like a lottery pool. Your odds of winning a lottery are very low, so you team up with a bunch of other people and agree to split the winning. This makes your odds of winning much higher, but the amount you win much lower. What a mining pool does is function as a coordinator for all the pool participants doing: Recording how much work all the participants are doing Assigning block rewards proportionally to participants Miners mine differently by running pool software instead of the bitcoin client and just performing hashes for the pool. The pool operator randomly verifies a small portion of the work submitted by each member of the pool. The member miners dont know which of their submissions will get verified so they cant cheat. If they cheat once in a while they might get away with it but not for long enough to matter. Traditionally, pools gave miners work units covering the entire nonce range 0-4,294,967,295. When the miner finishes work, he r Continue reading >>